The relentless instability in Nigeria’s forex exchange market and the persistent weakness of the naira pose a substantial threat to the country’s ambitious goal of becoming a $1 trillion economy. A recent analysis by Nairametrics reveals that naira devaluation has led to a staggering loss of approximately $193 billion in the country’s Gross Domestic Product…
The Nigerian Naira experienced intraday fluctuations, reaching a high of N1130 against the U.S. dollar, signaling volatility in the official market. Despite the initial depreciation, the currency closed unchanged in the parallel market. This depreciation followed a recent gain against the dollar in the official market, where the exchange rate reached N814.60/$1 on Thursday. However,…
A wave of insecurity continues to grip Imo State in Nigeria’s South-east as gunmen launched a deadly attack, killing two police officers at Ahiara Junction in Ahiazu Mbaise Local Government Area. The assailants struck on Monday during the visit of the newly appointed Commissioner of Police in the state, Danjuma Aboki, to officers in the…
President Bola Tinubu is poised to present the 2024 Appropriations Bill to the National Assembly in a historic move on Wednesday. The Secretary of the Research and Information Department of the National Assembly, Ali Barde, confirmed this significant development to reporters on Monday. The Appropriations Bill encapsulates the budget proposals for the upcoming fiscal year,…
In a significant move to enhance airport security and streamline passenger experience, the Federal Government of Nigeria has announced plans to procure customised explosives and narcotic detection screening systems for five international airports in the country. The decision, revealed by the Minister of Aviation and Aerospace Development, Festus Keyamo, follows concerns about the prolonged delays…
Sitting forlornly on a wooden bench outside his now-demolished house, Mr Peter Lawrence stared at the remnants of his once-comfortable home, now reduced to twisted metal, disjointed slabs, and shattered furniture. The King’s Royal Estate in the Abule Ado area of Lagos State witnessed the abrupt destruction of numerous houses by officials of the Federal…
In a groundbreaking move towards fostering accessible education, the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, announced plans for the imminent launch of the Students’ Loan Scheme in January 2024. This initiative aims to provide Nigerian students with the financial support needed to pursue their educational aspirations. Gbajabiamila revealed the streamlined process…
In a significant move towards restructuring Nigeria’s power sector, the Electricity Act 2023 has been enacted, mandating the federal government to craft a national electricity policy and a strategic implementation plan. The legislation, signed into law by President Bola Tinubu on June 9, empowers states, companies, and individuals to generate, transmit, and distribute electricity. This…
The surreptitious trade of e-Call-up tickets by intermediaries has catapulted haulage costs by a staggering 200% at Lagos ports—Apapa and Tin-Can Island, reports LEADERSHIP. The electronic Call-up system, commonly known as Eto, designed to streamline truck access to ports, has been marred by malpractices. Managed by the private sector firm, Trucks Transit Parks Limited (TTP),…
The Court of Appeal in Abuja delivered a decisive blow to the Peoples Democratic Party (PDP) on Monday, upholding the election victory of Governor Ahmad Aliyu in Sokoto State. The appellate court rejected a petition filed by the PDP and its candidate, Saidu Umar, challenging the declaration of Aliyu, a member of the All Progressives…