Author: Akintayo Adams

The $700m Obiafu/Obrikom/Oben gas pipeline, also known as OB3, was started in 2016 and is scheduled to be completed in March 2024, according to a Federal Government announcement made on Tuesday at the ongoing 7th Nigeria International Energy Summit in Abuja. President Bola Tinubu also gave some explanations for why his government had to remove the gasoline subsidy despite its difficulty. During his remarks at the summit, Ekperikpe Ekpo, the Minister of State for Petroleum Resources and Gas, gave a couple of status reports on Nigeria’s gas industry. He described the OB3 gas pipeline as one of the largest gas…

The Central Bank of Nigeria’s Monetary Policy Committee raised the benchmark interest rate to a record 22.75% by 400 basis points. This was revealed by CBN Governor Olayemi Cardoso on Tuesday in Abuja during the reading of the minutes from the first MPC meeting of the year. Speaking to reporters during the two-day meeting in Abuja, Cardoso stated that the committee had decided to increase the cash reserve ratio from 32.5 percent to 45 percent and modify the asymmetric corridor surrounding the MPR from plus 100 to -300 basis points to +100 to -700. He said, “All 12 members of…

Seyi Makinde, the governor of Oyo State, participated in the nonviolent demonstration on Tuesday alongside the Nigeria Labour Congress’s state chapter. Makinde gave the demonstrators hope that the current suffering would soon come to an end during the demonstration. Beginning from the NLC state secretariat in Agodi, the state capital of Ibadan, the workers staged a protest that continued all the way to the Gate – NTA – Yemetu roundabout, where Governor Makinde joined them. Speaking, the governor said, “I am aware of the hardship in town and the difficulty the people are going through but I will be part…

The Nigerian Central Bank has declared its intention to offer foreign exchange valued at $20,000 to all qualified Bureau De Change operators nationwide. This occurs more than two years after Godwin Emefiele, the suspended former governor of the CBN, halted the selling of foreign currency to BDC operators in that particular forex market segment. This was revealed by the top bank in a fresh circular that was released on Tuesday and bearing the signature of Hassan Mahmud, Director of the Trade and Exchange Department. The goal of the action, according to the circular titled “Sale of Foreign Exchange to Bureau…

The Social Protection Policy (SPP) Document was released by the government of Oyo State. The United Nations Children Fund (UNICEF) and the State Ministry of Budget and Economic Planning collaborated to prepare this document, which aims to lessen social and economic vulnerability while advancing social justice, equity, and inclusive development. The document’s goal is to lower the poverty rate by 50% by the year 2031, according to a statement made by Professor Olanike Adeyemo, Secretary to the State Government (SSG), at the document’s unveiling in Ibadan. The SSG noted that the Social Protection Policy Document is a ray of hope,…

To address the nation’s current economic issues, Oyo State Governor Seyi Makinde has urged Nigerians to expand the export market and draw in international investors. At the State International Trade Fair’s official opening (EXPOYO 2024), which took place at the International Trade Fair Complex on Sango-UI Road in Ibadan, he made the announcement. “Showcasing the Economic Potentials of Oyo State through Agriculture, Micro, Small, and Medium Enterprises” is the fair’s theme. The governor listed the difficulties the country’s economy is facing, such as growing inflation and a declining value of the dollar, and he urged swift action to resolve these…

Following the inauguration of 11 justices recently nominated by President Bola Tinubu, the Supreme Court on Monday became fully composed of 21 justices for the first time in its history. As per the 1999 Constitution, Section 230 (2) (b) states that the composition of the Supreme Court of Nigeria should be determined by an Act of the National Assembly, with a maximum of 21 justices. Over time, the criterion proved to be challenging to fulfill, prompting some, including Justice Olukayode Ariwoola, the Chief Justice of Nigeria (CJN), to conclude that the supreme court was “jinxed” to fail to meet the…

Benjamin Kalu, the Deputy Speaker of the House of Representatives, stated on Monday that federal legislators’ pay does not allow them to fulfill their elected duties at home. Kalu asked for understanding, emphasizing that the ordinary lawmaker’s take-home pay is a “far cry” from what some people suggest. She said that calling for a 50% wage cut is not the answer to the current issue. On Monday, the deputy speaker remarked during his appearance on “Politics Today” on Channels Television. “At the moment, talking about the salary of the National Assembly. I have said this over and again, it is…

The Nigeria Labour Congress, along with other associated unions, is getting ready for the scheduled demonstrations that it announced in response to the nation’s high cost of living, inflation, insecurity, and suffering. When Pressmen got to the Labour House headquarters in Abuja at 7:12 a.m., they saw a throng of disgruntled Nigerians and various union workers entering the building. It isn’t different across the nation, including Ibadan, the Oyo State Capital where the Police & Members of the State-owned Amotekun are getting ready as seen in Areas around the State Secretariat & the popular Mokola Roundabout. Following the elimination of…

U.S. President Joe Biden expressed hope that the Israel-Gaza war will halt by this coming Monday, with a goal of progress. There has reportedly been some progress in the continuing talks between the officials of Israel and Hamas in Qatar. “My national security advisor tells me that we’re close,” President Biden said at a speech in New York City, highlighting the possibility of a resolution. Israel responded to the Hamas gunmen’s raid with a massive air and ground campaign that resulted in captives and losses, which further exacerbated the conflict. 29,782 people have died in Gaza since the start of…