Burkina Faso’s military junta, which seized power in a coup in 2022, has decided to prolong its rule for another five years, according to Colonel Moussa Diallo, head of the organizing committee for the national dialogue process. The decision came after discussions during a two-day national consultation session. The transition period will now last for…
The Federal Workers Forum (FWF) criticized President Bola Tinubu’s proposed N54,000 minimum wage, stating it would exacerbate the financial struggles of Nigerian workers. In a press release issued by Comrade Andrew Emelieze, the National Coordinator (FWF), the workers expressed concern that the proposed wage was insufficient to cover basic needs such as transportation and food….
The Central Bank of Nigeria (CBN) has issued a directive requiring all Bureau de Change operators (BDCs) in the country to reapply for operational licenses. This directive comes alongside the introduction of new licensing requirements and categories for BDCs, as well as revisions to permissible activities within the sector. According to a statement signed by…
The Central Bank of Nigeria attributed the recent fluctuations in the foreign exchange market to seasonal fluctuations in demand for dollars. During its 295th Monetary Policy Committee (MPC) meeting in Abuja, the bank highlighted the interplay between demand and supply in a functioning market system as the underlying cause of the volatility. Members of the…
Segun Alebiosu, currently the executive director/chief risk officer/executive compliance officer at First Bank of Nigeria Plc, is poised to assume the role of managing director following the resignation of Adesola Adeduntan after nine years in office. The bank’s board has reportedly approved Alebiosu’s appointment, pending a formal notification to the Nigerian Exchange Limited. With nearly…
The Presidency has announced plans to introduce approximately 2,700 Compressed Natural Gas (CNG)-powered buses and tricycles before May 29, coinciding with President Bola Tinubu’s first year in office. The initiative aims to establish 100 conversion workshops and 60 refueling sites across 18 states by the end of 2024. According to Mr. Bayo Onanuga, the Special…
The Minister of Finance, Wale Edun, announced during a press briefing in Washington DC that Nigeria, under President Bola Tinubu’s administration, has secured a loan of $2.25 billion from the World Bank. This loan comes with favorable terms, including a 40-year repayment period, a 10-year moratorium, and a nominal 1 percent interest rate. The Minister…
The loan is to be funded by the UK Export Finance (UKEF) an export credit agency. NPA has also opened discussions with another funding agency to secure… The Nigerian Ports Authority (NPA) has successfully secured a loan of approximately $700 million from Citibank to facilitate the rehabilitation of the Apapa and Tin-Can Island Ports in…
The Economic and Financial Crimes Commission (EFCC) has surrounded the residence of Yahaya Bello, the former governor of Kogi State, in Wuse, Abuja. This action follows a recent meeting between Bello and President Bola Tinubu at the State House, as reported by SaharaReporters.
The National Bureau of Statistics (NBS) announced that Nigeria’s annual inflation rate surged to 33.20% in March, up from 31.70% in February. This marks a 1.50% increase compared to the previous month. Year-on-year, the inflation rate rose by 11.16%, significantly higher than the rate recorded in March 2023, which stood at 22.04%.