The Managing Director of the North-East Development Commission (NEDC), Mr Mohammed Alkali, has stated that the commission needs around $80 billion to implement its master plan for the North-east region. He said this during a meeting in Abuja on Tuesday with the Federation Accounts Allocation Committee (FAAC) Postmortem Sub-Committee, led by Chairman Mr Kabir Mashi, Alkali expressed these financial requirements. The NEDC’s leader highlighted that a significant obstacle to the smooth execution of their master plan is the lack of sufficient funding. He noted that the implementation of the North-east Stabilisation and Development Masterplan (NESDMP) has been ongoing since June…
Author: Temitope Nlewemchi
The Lagos state government has announced the correction of a six-year-old basic salary error in the pay of civil servants across the state. This was announced on the official Lagos state government’s handle on X. According to the post, the adjustment will reflect in the March 2024 salary of civil servants across the state. The adjusted salary impacted aspects such as housing and transportation allowances and had been ongoing for six years in the Public Service. Governor Babajide Sanwo-Olu is receiving praise for the amendment. Employees are commending his dedication to their well-being. After comprehensive negotiations between the Staff Union…
President Bola Tinubu has offered scholarships to the children of the 17 soldiers who were murdered in the Okuama community, Bomadi LGA in Delta state. The president also granted posthumous national honours to the soldiers who lost their lives. Tinubu disclosed this in a speech on Wednesday while attending the burial of the late soldiers at the military cemetery in Abuja. He referred to the deceased soldiers as “patriots, brave and noble men,” emphasizing that they died protecting and defending Nigeria against various threats, and assured that their sacrifices would be commemorated and respected for generations. “The four gallant Officers…
The collapse of Baltimore’s Francis Scott Key Bridge is posing a significant threat to the intricacies of the global supply chain, particularly automobile imports which could have telling effects on Nigeria. In the immediate aftermath of the incident, the United States Ports Authority announced the closure of the Port of Baltimore, a pivotal maritime hub. The accident, which precipitated the tragic presumption of death for six construction workers, unfolded as they succumbed to the icy waters below during what started as a routine workday. Why the Port is critical The Port of Baltimore, links cities such as Washington, D.C., Philadelphia,…
The Lagos State Ministry of Finance has released the Land Use Charge bill for 2024 to all property and business owners in the state and has incentivized early payment. Owners who settle their Land Use Charge within 30 days of receiving the bill will be granted a 15% discount. This development was announced in a statement on the Lagos State Government’s official Facebook page on Wednesday. “The Lagos State Government, through the Ministry of Finance, has announced the release of the Year 2024 Land Use Charge (LUC) bills to all residents and property owners in the State. “Property owners and…
The Government of Ontario, a province in Canada has said that its allocation of international study permits will prioritize postsecondary educational programs at public institutions. This was stated in a news release by Ontario’s news agency. Nairametrics learns that the aim of this is to better equip graduates for high-demand jobs that align with Ontario’s labour market requirements. This means that career colleges, which are usually probate schools, will not get any study permit applications from international students. The announcement follows a decision by Immigration, Refugees, and Citizenship Canada (IRCC) earlier this year to impose a limit on the issuance of study permits to…
Kenya has resolved an oil importation row with its neighbour Uganda finally allowing the East African country to import petroleum products through its port of Mombasa. According to Reuters, the above information was relayed by Kenya’s Energy minister while speaking to a Business Daily newspaper on Thursday. The oil importation row has caused diplomatic problems for the two countries with Uganda seeking an alternative to Kenya’s ports. Landlocked Uganda considered using Tanzanian Ports to import its petroleum products ending decades of seamless collaboration between Uganda and Kenya in the sphere of Oil importation. This was before Kenya made the move to…
The Federal Airports Authority of Nigeria (FAAN), on Thursday, closed the KFC facility at Murtala Muhammed International Airport in Lagos due to allegations of discriminatory treatment towards a physically challenged passenger with reduced mobility who attempted to use the facility. According to a statement by Mrs. Obiageli Orah, Director of Public Affairs and Consumer Protection at FAAN, the closure is in compliance with Lagos State law concerning People with Special Needs. “In line with Lagos State law on People with Special Needs , Part C , section 55 of General Provisions on Discrimination which states that ,”A person shall not…
Uganda’s tourism sector recorded a 48.5 percent growth to reach $1.025 billion last year according to the 2024 Tourism and Trends Statistics report. According to the East African, Uganda’s tourism sector is expected to recover to its Pre Covid 19 levels after the sector witnessed an 83.4 percent rebound supported by tourist arrivals. The authorities attribute the increase in both numbers and revenue to tourists arriving from within Africa and also foreign tourists from the United States, United Kingdom, and India. In the last three years, Uganda has expanded its marketing efforts to southern and western Africa. Ugandan Airways has also…
Sam Bankman-Fried, co-founder of FTX, has been handed a 25-year prison sentence for his role in the collapse of the cryptocurrency exchange, culminating a high-profile case that has rocked the crypto industry. As part of the sentencing, Judge Kaplan ordered Bankman-Fried to forfeit more than $11 billion, showing the magnitude of the financial damage caused by his actions. US District Judge Lewis A. Kaplan delivered the sentence in federal court in Manhattan following Bankman-Fried’s conviction on seven offenses, including fraud and conspiracy. The judge also expressed concern about the potential for Bankman-Fried to engage in further misconduct in the future,…
The Federal Competition and Consumer Protection Commission (FCCPC) conducted a targeted enforcement operation at the Garki Modern Market in Abuja on Wednesday, March 27, 2024, in a move to uphold consumer rights and combat deceptive practices. This operation aligns with the Commission’s mandate under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically focusing on Sections 17(l)(s), 116(2), 124, 125, 138, and 155. The FCPC bust The operation aimed to verify the accuracy of weight claims on 25kg and 50kg bags of rice. The investigation uncovered discrepancies between the stated weight claims and the actual content, indicative of deceptive…
The Debt Management Office (DMO) has disclosed a significant escalation in the country’s public debt, which soared by 10.7% to N97.34 trillion in the fourth quarter of 2023, from N87.91 trillion recorded in the previous quarter. This surge in debt levels was primarily attributed to new domestic borrowing initiatives undertaken by the Federal Government, aimed at partially financing the deficit outlined in the 2024 Appropriation Act, alongside disbursements from both multilateral and bilateral lenders. The DMO’s revelation came through a press statement released on Friday, which meticulously outlined the composition and reasons behind the uptick in the national debt figure. …
There has been a notable surge in the prices of essential food items across various markets in Lagos State in the past two weeks. Notably, a carton of Minimie noodles has soared by 102.6%, jumping from N4,350 to N8,800. Similarly, a large bag of melon seeds now commands a price of N270,000, up from N220,000 at the beginning of March. Another example is the Bonita Slim Pasta pack, which has seen a price hike of N200, rising from N995 to N1,195 in the same period. Despite a strengthening national currency against the US dollar, the upward trajectory of major food…
Nigeria’s allocation of public funds towards critical sectors to essential infrastructure falls short of meeting the demands of a population that is expanding at an approximate annual rate of 2.5%, a Coronation report has said. According to the research seen by Nairametrics, Guy Czartoryski, Head of Research at Coronation said that the record of the Nigerian government in capital expenditure over several decades underscores the need to increase private-sector investment. “Public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate of c.2.5% pa,”…
Major staple food prices across Nigeria increased by double figures month-on-month according to the NBS latest food price watch. According to the NBS Food Price Watch, on the average Food such as Garri, Rice, Beans, Beef, bread increased by as high as 25% with the lowest around 10% between January and February 2024. Rice The average price of 1kg of loose local rice increased by 19.69% from N1,021.79 sold in January 2024 to N1,222.97 in the month of February. On an annual basis, the price of loose local rice increased by 134.81% from N520.84 to its current figure. Beans The…
The Lagos State Government has expressed its determination to push for a ‘special status’ for the state in the ongoing constitution review. The state government has also resolved to explore all avenues to reintroduce the issue of the 37 Local Council Development Areas (LCDAs) in the ongoing Constitutional Review process, to legalise the Council Development Areas. This disclosure is contained in a communiqué issued at the end of the 18th edition of the Executive/Legislative parley organised by the Office of Political, Legislative and Civic Engagement, with the theme, “Engaging All for an Inclusive Governance: Hands On for a Greater Lagos…
The Lagos State Government has announced its plan to demolish illegal structures along the rail tracks in the Agege corridor. Beggars and traders are advised to vacate the area before the scheduled demolition. This decision was communicated by Mr Afolabi Ayantayo, the Lagos State Commissioner for Establishments, Training, and Pension following a meeting involving the Agege Local Government council, state government representatives, and community members held on Sunday to address the impending demolition. Ayantayo observed that reports had been received concerning numerous criminal activities occurring along the rail corridor. He mentioned that shanties were serving as hideouts for criminals who…
The founding Managing Partner and Deputy CEO at Purple Real Estate Company, Mr Obinna Onunkwo, has said that the multifaceted challenges and opportunities within the real estate sector call for strategic policy interventions, innovative financial products, and technological adoption to harness its full potential. He noted this during Nairametrics’ recently held Real Estate Outlook event themed: “How to Succeed in Nigeria’s Real Estate in 2024 – Challenges and Opportunities in a High-Cost Environment”. Onunkwo stressed how the significance of the real estate sector in economic dynamics and policy considerations, indicating that when combined with construction, it stands as the fourth-largest sector. Speaking,…
Peter Obi, the Labour Party’s candidate in the 2023 general election, has demanded a comprehensive review of the 2024 budget in light of the recent scandal involving a purported N3.7 trillion padding by the Senate. In a statement on Monday, the former Anambra State governor said that the National Assembly needs to begin an immediate reassessment of the budget, given its early stage of execution, to facilitate the urgent redirection of funds to vital sectors. Obi pointed out that Nigeria is dealing with a range of critical challenges in education, healthcare, economic, and power sectors, necessitating immediate attention and budget…
The International Labour Organization (ILO) has revealed that forced labour in the private economy generates $236 billion in illegal profits annually. This disclosure is contained in a new report titled, ‘Profits and Poverty: The economics of forced labour’, by ILO from Geneva and can be seen on its website. It stated that the total amount of illegal profits from forced labour has risen by $64 billion (37%) since 2014, a dramatic increase that has been fuelled by both a growth in the number of people forced into labour, as well as higher profits generated from the exploitation of victims. The…