Author: Akintayo Adams

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…

The Senate has declared that Nigerians alone will determine whether or not to maintain the parliamentary form of governance that is being supported in various areas. There are perhaps sixty members of the House of Representatives who support Nigeria’s return to a parliamentary form of government. In the first Republic, Nigeria operated under a parliamentary style of government from 1960 to 1966. Despite the military intrusions, Nigeria has continued to operate under the presidential system of government since that time. The Senate would not just adopt a resolution that differs with the views of the majority of Nigerians, Senate Spokesman…

At the Nigeria Autonomous Foreign Exchange Market on Friday, dollar sales by Deposit Money Banks and other entities fell by $252 million to $84.1 million. Compared to the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday, this signifies a 74% decrease. In the meantime, the value of the naira dropped from N1,498/$ at the official market’s closing of trading on Thursday to N1,537/$ on Friday. According to an analysis of data from FMDQ Security Exchange, FX turnover fell from $336.11 million on Thursday to $84.10 million on Friday, a 74% decrease.…

The biometric enumeration of traders, artisans, industrialists, and members of cooperative organizations in Oyo State has been approved by Governor Seyi Makinde. The Head of Service, Mrs. Olubunmi Oni, announced the launch of the “Ise D’otun” operation in Ibadan, saying that it will assist the government in obtaining information about the state’s industrialists, traders, craftsmen, and cooperative society members. She continued by saying that the goal of the exercise was to increase democracy’s benefits and make sure that the general public benefited from it. In order to help their businesses grow through various opportunities for support from the government, investors,…

The contractor repairing the Abia stretch of the Enugu-Port Harcourt Highway was threatened with termination by Works Minister David Umahi on Sunday. Olusola Abiola, the director of information for the works ministry, stated in a statement on Sunday that Umahi threatened to terminate the contract with Messrs China Civil Engineering Construction if they did not perform up to expectations in a matter of 14 days. Abiola said, “The minister of works has just directed a 14-day termination notice to Messrs China Civil Engineering Construction handling the Enugu-Port Harcourt Expressway after using all due process on construction. After 14 days, if…

A state committee on food security will be established this week by Governor Ademola Adeleke in response to the growing financial hardship that the people of the state are experiencing. Dr. Bashiru Salami, the Commissioner for Special Duties and Regional Integration, will chair the committee, which will be made up of representatives from relevant commissioners, youth organizations, farmers’ associations, security agencies, religious organizations, and civil society groups. The Committee’s responsibilities include ensuring food production security through farm security, monitoring food pricing and marketing, expanding farming through state incentives, reviewing the efficacy of current palliative measures to identify areas for improvement,…