Nigerian inflation accelerated more than anticipated to a 28-year high, as the nation’s surging currency has yet to reflect on the cost of imported goods. Consumer prices rose an annual 33.2% from 31.7% in February, the National Bureau of Statistics said Monday in a statement published on its website. The new figure represents a 1.5% […]
The World Bank has projected growth in the economies of African countries in 2024, but adds that the expected growth of 3.4% is not enough to reduce in 462 million people in sub-Sahara still living in extreme poverty as at 2023. A press statement by the Bank on Monday, said the growth was forecasted in […]
The Central Bank of Nigeria (CBN) has barred commercial lenders from accepting foreign currency-denominated collateral to grant naira loans. In a letter to all banks, signed by Adetona Adedeji, acting director of the banking supervision department, the apex bank outlined the new regulations to address prevailing practices in the banking sector. The directive highlights the […]
The Central Bank of Nigeria has issued a circular to Bureau De Change operators informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1. However, the apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, […]
President Bola Tinubu on Tuesdays said Nigerian economy is not in distress as widely assumed The president spoke at the Leadership conference and awards, which took place at Transcript Hilton in Abuja. President Tinubu was awarded Leadership Person of the Year 2023 in recognition of his “undisputable can-do spirit”. The award, the Newspaper said is to […]
The Central Bank of Nigeria (CBN), on Friday concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise. The apex bank had offered N500bn at the Open Market Operations (OMO) auction. However, there was significant interest from investors, thus oversubscribing the bills, selling N1.053trn […]
The Central Bank of Nigeria (CBN) on Friday said, it would sell Treasury Bills (TBs) worth N1.64 trillion for the second quarter 2024, Q2’24. Treasury Bills are short term (less than one year) debt securities issued by the government to make up for budget deficit and fund projects. They are used by the CBN to […]
The Central Bank of Nigeria (CBN) has announced a significant decision to resume the sale of foreign exchange to eligible Bureau De Change (BDC) operators across the country. This decision comes after more than two years of suspension, during which the former CBN governor, Godwin Emefiele, halted the sales of foreign exchange to BDC operators […]
The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 29.9 percent in January 2024 from 28.92 per cent in December 2023, the National Bureau of Statistics (NBS) said Thursday. The statistics office said the the January 2024 headline inflation rate showed an increase of 0.98 […]
The International Monetary Fund (IMF), has warned that Nigeria is experiencing a deepening economic crisis. It expressed concern that the stagnant per-capita growth, widespread poverty, and severe food insecurity, have further intensified the persistent cost-of-living crisis in the country. The was disclosed in a recently published report titled ‘Review of Nigeria’s Post Financing Assessment by […]
The Kaduna State House of Assembly has imaugurated a committee tasked with examining financial transactions, loans, grants, and project execution in former Governor Nasir El-Rufai’s administration. El-Rufai, a former FCT Minister, governed Kaduna State between the years 2015 and 2023. DIPLOMATIC DIARY recalls that Governor Uba Sani, had recently lamented that the immediate-past administration of […]
Rivers State commissioner of police, Tunji Rilwan Disu, has been awarded the CP of the year at the maiden edition of the Nigeria police awards and commendation. Attended by vice-president Kashim Shettima; Godswill Akpabio, the senate president; Barau Jibrin, deputy senate president; Abba Yusuf, governor of Kano; Aminu Ado Bayero, Emir of Kano; and heads […]
The Feeral Government through the Ministry of Industry, Trade and Investment, has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country. […]
The Air component of Operation Hadin Kai (OPHK) has successfully neutralized over 30 terrorists, including two wanted terrorist’s kingpin’s, Ali Dawud and Bakurah Fallujah in Borno state. Director of NAF Public Relations and Information, Air Vice Marshal Edward Gabkwet said the air strikes which formed a decisive blow in the fight against terrorism, were executed […]
The Nigeria Civil Aviation Authority (NCAA), has suspended the licences of three private jet operators over abuse of their permits. DIPLOMATIC DIARY reports that the minister of Aviation and Aerospace Development, Festus Keyamo, had in 2023 ordered the cessation of permit for non-commercial flights (PNCF), against engaging in the carriage of passengers, cargo or mail […]
The National Examinations Council (NECO) has postponed the 2024 National Common Entrance Examination into Federal Unity Colleges and the Entrance Examination into Federal Government Academy, Suleja. The National Common Entrance Examination, which was earlier scheduled to be held on 20th April 2024, will now hold on June 1, 2024. Also, the Entrance Examination for Gifted […]
The Federal Government of Nigeria (FGN) has declared the first week of April as Police Week, with the last day of the week, April 7, National Police Day. President Bola Tinubu, represented by Vice President Kashim Shettima, made the declaration on Monday night during the maiden edition of the Nigeria Police Awards and Commendations ceremony […]
The immediate-past governor of Kaduna State, Nasiru El-Rufai on Monday said, Nigeria has performed below its founding expectations: and is yet to achieve economic take-off because it is faced with poverty and poor human capital development indices. El-Rufai also said that leadership has effectively moved several countries to highly developed status in a few decade […]
The coroner inquiring into the circumstances surrounding the cause of death of Sylvester Oromoni, a 12-year-old student of Dowen College, Lekki, on Monday, said the deceased died an avoidable natural death, blaming the passing of young Oromoni on parental and medical negligence. The Lagos coroner, Magistrate Mikhail Kadiri, stated in a 255-page judgement, on Monday, […]
The Transmission Company of Nigeria (TCN), has restored the national grid after a partial failure following a fire incident at the Afam Power Generating Station, in River State. According to a statement by the spokesperson for the commission, Ndidi Mbah, the collapse led to the tripping of units at Afam III and Afam VI. “The […]
