Abia State, led by Governor Alex Otti of the Labour Party, is making headlines with its ambitious fiscal plan for the upcoming year. The state government aims to finance a staggering 71% of its 2024 budget through borrowing, marking a significant reliance on external funds. The proposed budget, amounting to N567.2 billion, was presented to…
In November 2023, the United Kingdom witnessed a notable surge in its overall inflation rate, reaching 28.20%, surpassing the previous month’s rate of 27.33%. This signifies a month-on-month increase of 0.87%, indicating growing economic challenges in the country. Comparing November 2023 to the same month in 2022, the year-on-year headline inflation rate saw a substantial…
In a significant legal development, the Supreme Court of Nigeria has ordered the resumption of the trial of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), on terrorism charges. The case, initiated in 2015, had faced a hiatus following the dismissal of charges by the Court of Appeal in October 2022. The Supreme…
President Bola Tinubu has extended assurances to foreign investors, promising them a business environment marked by efficient and predictable fund repatriation, along with a simplified tax system. The commitment to fostering beneficial trade relations was emphasized as he received Letters of Credence from the Ambassador of Hungary, Lorand Endreffy; High Commissioner of Rwanda, Christophe Bazivamo,…
The political landscape of Rivers State is currently embroiled in a heated crisis, prompting members of the National Assembly to call upon President Bola Tinubu to intervene and address the escalating tensions. The call comes in the wake of a series of resignations from Commissioners in Governor Fubara’s Cabinet over the past 48 hours, adding…
“I see that you intend to travel to Geneva next year and you have budgeted over one billion for that. We can’t keep going on with over-bloated teams on abroad trips. Use the experts we have in your offices in the country to save costs.” The Minister of Trade, Industry and Investments, Doris Uzoka-Anite, is proposing to…
Amidst the recent demolition of the Rivers State House of Assembly Complex ordered by Governor Siminalayi Fubara, reports indicate that a faction consisting of twenty-six members convened a plenary session at the assembly’s residential quarters auditorium. The decision to demolish the Assembly Complex was attributed to the need for reconstruction after an alleged “arson attack”…
Political tensions in Rivers State could escalate and spread nationwide if not swiftly addressed, warns Bode George, a prominent member of the Peoples Democratic Party (PDP). Speaking on Arise Television, George emphasized the urgency of resolving the ongoing political crisis in Rivers State and called on PDP leadership to intervene. Describing Rivers as a crucial…
In 2022, Nigeria emerged as the principal beneficiary of World Bank loans, securing approximately $2.9 billion, according to the International Debt Report for 2023 released by the World Bank. Following closely, Tanzania secured $2.7 billion in loans during the same period. The report underscores Nigeria’s substantial reliance on international financial support, revealing that the country…
The National Assembly Joint Committee on Oil and Gas has taken a stern stance against the Minister of State (Petroleum Resources), Heineken Lokpobiri, and the Minister of State (Gas) Ekperikpe Ekpo for their absence during the budget defense session on Thursday. The committee, comprising the Senate House of Representatives Committees on Gas and all Committees…