Author: Akintayo Adams

The World Bank has approved three new loan requests totaling $1.57 billion in financing for Nigeria to bolster human capital and build resilience against climate change. Announced on September 26, 2024, the funding will target healthcare, education, and infrastructure, particularly for women, children, and vulnerable populations. The financing includes $500 million to address governance issues constraining health and education services, $570 million for strengthening primary healthcare, and $500 million for the Sustainable Power and Irrigation for Nigeria (SPIN) project to enhance dam safety and irrigation services. The loans will support key reforms aimed at improving service delivery in education and…

Minister of Power, Adebayo Adelabu’s claims that 40 percent of electricity consumers in Nigeria enjoyed 20 hours of uninterrupted power supply. This was made known by Adelabu in a statement on Sunday. According to him, Nigeria’s electricity generation has hit 5,500 megawatts. “The major achievement is the fact that today we generate over 5,500 megawatts of power, we transmit and distribute it, and over 40 percent of customers today enjoy over 20 hours of regular power supply across the nation. You can see that there is a significant improvement between when we came in and now, which we intend to…

The Nigerian government has confirmed that starting from October 2024, the Nigerian National Petroleum Company Limited (NNPC) will begin supplying crude oil in Naira to the Dangote Refinery. This move aims to lower the cost of Premium Motor Spirit (PMS), commonly known as petrol. The confirmation was made by Dare Adekanmbi, spokesperson for Zacch Adedeji, Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency. The decision follows a recent approval by the Federal Executive Council, under President Bola Tinubu, for local refineries to purchase crude in Naira, effective from October 1, 2024. The NNPC is…

The Popular Front for the Liberation of Palestine (PFLP), on Monday, confirmed the deaths of three of its leaders in an Israeli airstrike targeting Beirut’s Kola district. This marks the first attack within the city during the recent wave of violence in the Middle East. Eyewitnesses reported that the strike hit an upper-floor apartment, intensifying Israeli operations against Hezbollah in Lebanon and the Houthi militia in Yemen. Although Israel has yet to officially comment on the Beirut strike, it aligns with the increased military activity in the region, with Israel targeting Hezbollah and Houthi positions in response to missile attacks.…

Jamilu Abdullahi, an Abuja-based Bureau de Change operator, has testified in the trial of Ali Bello, disclosing how $300,000 was delivered in cash for the payment of school fees for the daughters of former Kogi State governor Yahaya Bello. Abdullahi, the third prosecution witness, detailed his involvement in various financial transactions involving the Kogi State government under Bello’s administration, testifying before Justice Obiora Egwuatu of the Federal High Court in Abuja. The case, prosecuted by the Economic and Financial Crimes Commission (EFCC), involves allegations of money laundering and misappropriation totaling over ₦3 billion against Ali Bello, who is the current…

Governor Siminalayi Fubara of Rivers State has approved the construction of a modern psychiatric hospital in the Obio-Akpor Local Government Area, where former Rivers governor and now Federal Capital Territory (FCT) Minister Nyesom Wike hails from. This development comes amid ongoing tensions between Fubara and Wike, who have been at odds over the control of Rivers State. Wike has accused Fubara of turning against those who helped him rise to power, threatening to “teach” the governor and his supporters a lesson when the time comes. During a reception in Port Harcourt, Wike dismissed the significance of money in politics, emphasizing…

Tottenham delivered a stunning performance to dismantle a 10-man Manchester United at Old Trafford, intensifying the pressure on United manager Erik ten Hag. Spurs, despite missing the injured Son Heung-min, dominated the first half, with Brennan Johnson scoring an early third-minute goal following a brilliant run by Micky van de Ven. United struggled to keep pace and were reduced to 10 men when Bruno Fernandes was sent off for a reckless challenge on James Maddison just before halftime. By then, United had already been outclassed, with Tottenham creating multiple chances but failing to capitalize, notably with Timo Werner missing a…

FIFA has sanctioned Argentina goalkeeper Emi Martinez with a two-game ban for “offensive behavior” and “violating principles of fair play.” The Aston Villa shot-stopper received the punishment for actions during the recent Copa America, including repeating a controversial gesture he made during the 2021 World Cup final and mishandling camera equipment operated by Jhonny Jackson. As a result, Martinez will miss Argentina’s upcoming World Cup qualifiers against Venezuela and Bolivia, scheduled for October 10th and October 15th. The Argentine Football Federation (AFA) expressed disappointment with the decision, stating their disagreement with FIFA’s disciplinary ruling. Get instant and latest news updates…

Nigeria’s money supply (M2) surged by 65% year-on-year, reaching ₦107.1 trillion in August 2024, according to data from the Central Bank of Nigeria (CBN). This reflects a modest month-on-month increase of 0.75% from ₦106.3 trillion in July 2024, and a significant jump from ₦64.8 trillion recorded during the same period in 2023. In response to the sharp rise in M2, the CBN’s Monetary Policy Committee, during its 297th meeting, voted to raise the Monetary Policy Rate (MPR) by 50 basis points, pushing it to 27.25%. Alongside this, the Cash Reserve Ratio (CRR) for Deposit Money Banks was hiked by 500…

The Academic Staff Union of Universities (ASUU) has issued a stern warning, holding the Federal Government responsible for any potential industrial unrest in Nigeria’s public universities. This comes after years of unresolved issues leading to strike actions. In a statement signed by the union’s Federal University, Dutse (FUD) Chairman, Dr. Salim Ahmad, ASUU criticized the government’s failure to address lingering concerns, despite numerous attempts at dialogue. The union expressed frustration that both the current Tinubu administration and the previous Buhari administration have remained indifferent to their demands. ASUU pointed out that after extensive consultations, the National Executive Council (NEC) met…