The Federal Government has declared that Nigeria can no longer continue to subsidize electricity as the country must begin to move towards a cost-effective tariff model. This is as it stated that the country is currently indebted to the tune of N1.3 trillion to generating companies (GenCos), while the gas companies are being owed $1.3 billion. This was disclosed by the Minister of Power, Adebayo Adelabu, while addressing a press conference on Wednesday, February 14, 2024, in Abuja, where he revealed that the country’s power debt has continued to skyrocket. While speaking at the press conference which also had the…
Author: Editor-in-chief
Governor Seyi Makinde of Oyo state just acquired a Private Jet and that will make him the first ever occupier of Agodi Government House to join the League of private Jet owners in Nigeria. Recall that the sage, Jeremiah Oyeniyi Obafemi Awolowo, the Cicero of Esa Oke, John Ajibola Ige, Otun Olubadan, High Chief Rashidi Adewolu Ladoja, the Great Lam Adesina, Baba Kolapo Isola and Abiola Ajimobi have had the opportunity to occupy the office of Governor of Oyo state as democratically elected Governors before Makinde. Just like Makinde, late former Governor Ajimobi had two terms of four years. I…
The letter, which was obtained by SaharaReporters, dated 5th of January, 2024, and signed by State Secretary of APC, Ibrahim Zakari asked the Nigerian Police Force to arrest the sixteen individuals and charge them to court according to terms provided by the party. Aleaked memo from the All Progressives Congress (APC) in Kano State has shown how the party got across to the Nigeria Police Force, and attempted to use the security agency to arrest and silence 16 notable persons in the state for allegedly inciting people against their party via social media posts, The letter, which was obtained by…
Bayo Onanuga, a media aide to President Bola Tinubu, says South Africa’s national minimum wage is higher than Nigeria’s, underlining the so-called giant of Africa’s abject poverty. Nigeria is a very, very poor country,” Mr Onanuga said in an interview with ARISE TV on Monday night. The presidential spokesman stressed that Nigeria is a poor nation with exaggerated wealth. I will tell (you) why I say we are a poor country. I think we have a wrong impression of the wealth of our country. It is exaggerated,” Mr Onanuga said. Mr Onanuga added, “Start from minimum wage: when you compare…
The Central Bank of Nigeria (CBN) has raised the exchange rate for computing Customs duties at the nation’s seaports again, making it the fourth increase in 10 days. Information obtained from the official trade portal of the Nigeria Customs Service shows that the exchange rate was reviewed upward yesterday, February 12, from 1,417.635/$ to N1,444.56/$. This is as the Sea Empowerment Research Centre (SERC) called on the minister of finance and coordinating minister of the economy, Wale Edun, to direct the CBN to stop the incessant increment of exchange rate for customs duty assessment. The latest increase represents a 1.9…
Amidst the excruciating suffering faced by Nigerians, the International Monetary Fund (IMF) has called on the Federal Government to phase out completely fuel and electricity subsidies because they do not reach those who need the government’s support. The IMF, however, acknowledged that “Temporary and targeted support to the most vulnerable in the form of social transfers is needed, given the ongoing cost-of-living crisis.” The Fund stated that the government’s policy intentions are well placed to address risks of a downside scenario where difficult trade-offs may arise between urgent humanitarian needs and debt service, including to the Fund, and in such…
Fairly used car dealers in the United States of America (USA) and Canada are gradually winding down their respective businesses over the incessant hike in Nigeria Customs ‘ duty rates, DAILYFOCUS NIGERIA findings have revealed. With the continuous dominance of the dollar over the naira, exporters of vehicles from America and Canada respectively, can no longer cope with the situation, which inturn has led to gradual halt of fairly used vehicles exportation to Nigeria. Findings further revealed that vessels sailing to Nigeria from the two countries since December 2023 might be the last for a long while due the lull…
IN a smell test, it won’t definitely smell like rose to an average sensitivity person. I’m talking about the N1.8 billion request by the Secretary to the Government of the Federation, former Benue governor, George Akume, to discuss the national minimum wage discourse. The President eventually approved N500 million, leaving a opening for more, to fund the roundtable, considering that Akume only shaved N800 million, from his original intent. The leaked communication between the President and his most senior cabinet member is all over the internet. Nothing to burnish, nothing to tarnish. Akume in the memo to his boss said…
This is what Kurumi’s Ijaye looked like after it was attacked and defeated by Ibadan forces in 1860/61: “Old people, men and women and young children were being carried to the river Ose to die,” wrote John Iliffe in his Poverty in Nineteenth-Century Yorubaland. He continued: “Whilst many others were left to perish in the streets. There being no food for them, that many, in order to obtain the means for subsistence, put themselves and children in pawn and others even sold their relatives to procure food to eat.” A Baptist missionary was reported to have taken responsibility for feeding…
This is not the best of times for Nigerian families, who have had to adopt bizarre cost-cutting measures to cope with the recent hardship occasioned by the dramatic hike in the prices of goods and services. Several of them lamented that their income could no longer take care of their daily needs, adding that the prices of staples had almost tripled in the market. Rice, which is arguably one of the commonest consumed staples in the country, has risen to N77,000 per bag. In December, the National Bureau of Statistics stated that the country’s inflation rate hit a 27-year high…