Following expectations of possible intervention by the Central Bank of Nigeria in the foreign exchange market to shore up liquidity and tackle unwholesome practices in the market, the Naira has continued to rally strongly against the dollar in both the official and parallel foreign exchange markets. This sentiment was further buoyed by the news of a $3 billion emergency crude oil repayment loan, which the Nigerian National Petroleum Company Ltd secured from the Afreximbank on Wednesday. The facility from Afreximbank is to enable NNPC Ltd to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed…
Author: Michael Chibuzo
The presidency has reacted to speculations that there was going to be a hike in the pump price of PMS across the country soon following a marginal increase in the crude oil price. In a press briefing at State House, the Presidential Spokesperson, Chief Ajuri Ngelale officially declared that there is no increase in the pump price of PMS as earlier clarified by the NNPC Ltd and that in the near term a price increase is not envisaged. The presidential Spokesperson also revealed that the President is working hard to ensure all inefficiencies in the downstream and midstream subsectors…
As the Justices of the Presidential Election Petition Tribunal get ready to deliver judgment on the three petitions filed by the PDP Presidential candidate, Alhaji Atiku Abubakar, Labour Party Presidential candidate, Mr. Peter Obi and the Allied People’s Mandate (APM) challenging the declaration of President Bola Ahmed Tinubu as winner of the 2023 Presidential election, a separate plot to destabilise Nigeria is also steadily being hatched by the supporters of one of the aggrieved losers at the poll. Mr. Peter Obi supporters popularly known as Obidients with the tacit support of Mr. Peter Obi himself, have been displaying anti-democratic…
The Acting National Chairman of the Labour Party, Chief Lamidi Apapa has inaugurated the party’s 24-man caretaker State Working Committee (SWC) for Lagos State with Prince Olumide Adesoyin as the Chairman. The inauguration of the Adesoyin-led State Working Committee is coming on the heels of the earlier position of the Apapa-led National Working Committee of the party disowning the State Executive Committee led by Mrs Dayo Ekong that was appointed by the embattled suspended National Chairman of Labour Party, Mr. Julius Abure. According to the News Agency of Nigeria, Chief Apapa while inaugurating the Lagos SWC stated that there…
…names fake news merchant, Mr. Jackson Ude as the originator of the defamatory news The publisher of a notorious fake news medium, Reportera, Mr. Nnamdi Emmanuel Ibezim has gone into hiding following a petition by the former Lagos State Governor and Minister of Works and Housing, Mr. Babatunde Fashola SAN against Reportera and its publisher/owner over a defamatory and injurious publication alleging that the former Governor was writing judgement for the Justices of the Presidential Election Petition Tribunal. Mr. Nnamdi Ibezim with the twitter handle @iruefiNG is the owner of Reportera media outfit, which doubles as a propaganda outlet for…
By Michael Chibuzo President Bola Ahmed Tinubu on Tuesday inaugurated the Presidential Committee on Tax Policy and Fiscal Reforms headed by a renown tax consultant, Taiwo Oyedele. Part of the mandate of the Committee as the name suggests is to suggest and carry out comprehensive reforms in Nigeria’s tax policy with a target to achieve 18% Tax to GDP ratio in three years. In doing so, the President was emphatic that poverty must not be taxed to allow the poor to breathe. Let’s take a look at some statistics in order to understand the scale of our tax problem. In…
The Economic Community of West African States (ECOWAS), rising from its 2nd Extraordinary meeting over the Niger crisis has ordered its standby force to restore constitutional order in NIger Republic. The President of ECOWAS, Omar Alieu Touray disclosed the declaration while reading the resolutions of ECOWAS on the Niger coup at the ECOWAS Extraordinary meeting in Abuja on Thursday. The regional bloc stated that all efforts made to dialogue with Niger Republic military junta have been defiantly rejected by coup leaders as they condemn continuous detention of President Mohamed Bazoum and his family members. Part of the ECOWAS resolution reads,…
Supporters of the Labour Party Presidential candidate in the 2023 presidential election, Mr. Peter Obi have intensified attacks and propaganda warfare against the nation’s judiciary following clear signs that their hope of ‘recovering an illusionary Obi mandate’ is simply a pipe dream. This coordinated and vicious attack on the judicial institution by the Obidients (as Obi supporters choose to call themselves), is not new however since they have deployed similar modus operandi during the campaigns and the presidential election when they attacked and blackmailed the Independent National Electoral Commission while casting doubts on its independence and integrity. This latest…
By Michael Chibuzo The administration of President Bola Ahmed Tinubu has intensified efforts to wean Nigeria off near total reliance on PMS as transportation fuel following the hike in pump price of PMS that accompanied the fuel subsidy removal on May, 29th 2023. As part of measures to cushion the effects of the subsidy removal, President Bola Ahmed Tinubu had in a national broadcast on July 31st announced plans by the Federal Government to procure 3000 CNG-powered buses to aide mass transit across the country. Some observers raised concerns about the issue of refilling of the compressed natural gas cylinders…
By Michael Chibuzo On October 1, 1960, in a capacity-filled Tafawa Balewa Square in Lagos, the Nigerian National Anthem was sang officially for the first time. As the union jack was lowered and the green white green flag raised, the Freedom Charter was handed over to Jaja Wachuku, the Speaker of Parliament and a new independent nation was born. The hearts of Nigerians that witnessed this historic day at the Tafawa Balewa Square, and across the regional capitals in Enugu, Ibadan and Kaduna were filled with enormous pride and patriotism to their fatherland regardless of their tribe, religion or political…