Author: Akintayo Adams

It has been learned that cement manufacturers have agreed to sell a 50 kg bag of cement for a retail price of between N7,000 and N8,000, depending on the location nationwide. Nonetheless, the producers declared that the reduction in price from the going rate would be contingent to the accomplishment of specific government initiatives aimed at addressing significant obstacles encountered by the sector. This was revealed by Works Minister David Umahi following a Monday meeting in Abuja with prominent manufacturers. The discussion took place against the backdrop of the commodity’s price skyrocketing to almost N13,000 in a number of retail…

A nine-year-old male lion murdered Mr. Olabode Olawuyi, a veterinary technician, at the Obafemi Awolowo University (OAU) Zoological Garden in Ile-Ile, Osun State, on Monday. According to a statement issued by the University’s Public Relations Officer (PRO), Abiodun Olarewaju, Mr. Olawuyi—who had overseen the Zoological Garden for more than ten years—was ambushed while providing food for the untamed creatures in their den. The university spokeswoman stated that although the other employees present at the scene did everything in their power to save their supervisor, the deceased had already suffered serious injuries from the wild animal. A thorough study into the…

According to a contract that was negotiated two weeks ago between Kylian Mbappe and Real Madrid, the French striker will join the white squad as a new player on July 1. This information has been confirmed by MARCA, and so, after seven years, the pursuit that started in the summer of 2017 is about to conclude. due to Kylian’s previous strong commitment to Real Madrid. During his meeting with PSG on Tuesday, the player informed them of his decision to leave the team on June 30. He also requested not to receive any more offers of renewal. The reason for…

Following his attendance at the 37th Ordinary Session of the Assembly of the African Union Heads of State and Government, President Bola Tinubu of Nigeria has arrived in Abuja. At approximately 4:00 p.m. local time, NAF 001 touched down in the Presidential Wing of the Nnamdi Azikiwe International Airport, capping his fifteenth overseas voyage since taking office nine months prior and accruing 73 days of foreign travel experience. Top government officials, including Secretary to the Government of the Federation George Akume, National Security Advisor Nuhu Ribadu, Chief of Staff Femi Gbajabiamila, and Minister of State for Defense Bello Matawalle, received…

In the third quarter of 2023, there was a 0.8% increase in Nigeria’s unemployment rate. The National Bureau of Statistics noted that this was a noteworthy increase, pointing out that the jobless rate increased from 4.2% in Q2 2023 to 5.0% in Q3 2023. The country’s official statistics custodian, the NBS, revealed this in a study titled “Nigeria Labour Force Survey Q3 2023” that it released on Monday. “The employment-to-population ratio was 75.6% in Q3 2023 with a decrease of 1.5% compared to a ratio of Q2 2023. “The combined rate of unemployment and time-related underemployment as a share of…

At the parallel market, Nigerian local currency is currently trading for more than 2,000 naira against the British pound. On Monday, the Federal Capital Territory’s Bureau de Change operators verified the prices. “We are selling the pounds for more than N2,000 right now, and there is still a strong and steady demand for these currencies.” In the parallel FX market, where the naira is unofficially trading at N1,673 from N1,670/$ on Friday, the naira also lost value in relation to the dollar. Despite the Central Bank of Nigeria enacting several initiatives to support the foreign exchange supply, these developments continue.…

President Bola Tinubu’s son Seyi Tinubu has advised Nigerians to put up with the country’s current economic suffering. He added that the president’s recent difficult choices ought to have been made years ago and that getting through this difficult period was essential for Nigeria to have a better future. Seyi Tinubu expressed hope for the future, saying that even though there are still difficulties, the country’s prospects are bright. In a Monday post that he uploaded on his Instagram account, he made this point. Seyi Tinubu cited his father Bola Tinubu, using the hashtag #OurGenerationWillYieldTheFruitsOfThisHardship: “There is no joy in…

According to reports, the Academic Staff Union of Universities is the umbrella organization through which the Federal Government has started paying academics’ salaries that have been withheld. Prof. Gbolahan Bolarin, the chairperson of ASUU at the Federal University of Technology, Minna, acknowledged the development on official records, stating that it is factual. The money has begun to come in. Four of the eight months that the ASUU withheld the pay of its employees were released, as approved by President Bola Tinubu Tinubu in October 2023. The salaries were withheld when the administration of former President Muhammadu Buhari invoked a ‘No…

According to the National Pension Commission (PenCom), defaulting employers were required to pay N25.45 billion in unremitted contributions between 2012 and 2023. At the Finance Correspondents Association of Nigeria (FICAN) Annual General Meeting (AGM) this past weekend, Mr. Ibrahim Buwai, Head of PenCom’s Corporate Communications Department, revealed the figures. He stated that N12.93 billion in principal as well as N12.52 billion in fines were recovered.He noted that late payments are subject to fines and two percent interest per month under the Pension Reforms Act, which is still in effect. Buwai went on to say that all of these recoveries are…

The National Bureau of Statistics (NBS) has released data showing that Foreign Direct Investment (FDI) investment in Nigeria’s equity market fell to $377.37 million in 2023, almost a 10-year low, due to a lack of foreign exchange, among other reasons. The NBS reported $377.38 million, an 18.48% decrease from the $462.91 million reported in 2022, in its most recent report on Nigeria’s capital importation for 2023. Foreign investors left the Nigerian market in June 2023 as a result of the unpredictability surrounding the general elections in 2023, but trust was regained when President Bola Tinubu announced the abolition of fuel…