President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation. Speaking at the inaugural meeting of the 31-member Council held at the Council Chambers in Abuja, President Tinubu, who chairs the Council, underscored the need for innovative solutions to the country’s economic challenges, noting the importance of public-private partnerships in driving economic reforms. ”We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas…
Author: Michael Chibuzo
…mining lease licence now N3 million; more royalties underway in new mining rates regime The Federal Government, through the Ministry of Solid Minerals Development, has announced a new regime of rates for the mining sector to enhance ease of doing business and consolidate ongoing reforms. At a press conference today, the Minister of Solid Minerals Development, Dr. Dele Alake stated that the review underscores the federal government’s commitment to increasing revenue from solid minerals to enhance service delivery and bolster mining’s contribution to economic development. Under the new regime, investors applying for a Mining Lease license will pay N3 million,…
The federal government has responded to misleading narratives around the partnership agreement between the EU and member countries of Organisation of African, Caribbean and Pacific States (OACPS), an organisation which Nigeria belongs to. The Minister of Information and National Orientation, Mohammed Idris, on behalf of the federal government said that the Samoa Agreement in which Nigeria is a signatory to was signed in by Nigeria in the interest of the country. Giving a background to the Samoa deal, the Minister said, “on 28 June 2024, Nigeria signed the Samoa Agreement at the Organisation of African, Caribbean, and Pacific States (OACPS)…
The Court of Appeal has dismissed an order of a Rivers State High Court which restrained Martin Amaewhule and 24 other pro-Wike lawmakers from parading themselves as Members of the Rivers State House of Assembly. While delivering judgement, the three-member panel of the appellate court led by Justice Jimi Olukayode-Bada, held that the trial court lacked the jurisdiction to entertain the suit in the first place, as such matters can only be heard and determined before a federal high court. Details later…
As part of efforts to expedite the process of expanding consumer credit access to Nigerians, President Bola Tinubu on Wednesday approved the appointment of nine persons into the Board of the Nigerian Consumer Credit Corporation (CREDICORP), the agency driving the implementation of the consumer credit scheme. According to a press release signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the following persons were appointed by the President into the Board of CREDICORP: (1) Otunba Aderemi Abdul – Board Chairman (Independent Non-Executive Director) (2) Engr. Uzoma Nwagba – Managing Director/Chief Executive Officer (3) Mrs. Aisha…
One of the major faces organising the ongoing #EndBadGovernanceProtest especially in Lagos, Inibehe Effiong has come under criticisms from Nigerians especially on social platforms who accused him of working for Atiku Abubakar in the wake of a viral picture showing the Akwa Ibom lawyer taking selfies with the son of Atiku Abubakar in one of the protest grounds in Lagos. Inibehe Effiong is the lead Solicitor of Omoyele Sowore’s Take It Back movement who are the major visible organisers of the 10 Days of Rage and before the commencement of the protests announced he was offering pro bono legal services…
By Michael Chibuzo The word, restructuring is one of the most overused political terms whenever you ask an average Nigerian politician and indeed a lot of Nigerians what should be the solution to the “dysfunctional” governance system in Nigeria. “True federalism” is another term that follows it closely. It is common during public lectures or what I call political “mouth shows” to hear speakers list things that Nigeria must do to realise its great potentials. One of such things is restructuring of Nigeria’s federalist system to meet the standards people often refer to as “true federalism”. Many have advocated for…
A former Senate President and Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, is reportedly set to join the All Progressives Congress (APC) from the Peoples Democratic Party (PDP). The development was disclosed by the APC Chairman in Ebonyi State, Chief Stanley Okoro Emegha, during a rally in Ivo, Anyim’s local government area, on Saturday. Emegha revealed that he had made personal efforts to persuade Anyim to join the party, citing his wealth of experience and leadership qualities. He expressed delight at Anyim’s acceptance, stating that his pictures were used in the rally with his consent.…
President Bola Tinubu has strongly condemned the bomb attacks, which resulted in the loss of precious lives and the maiming of other citizens in the Gwoza Local Government Area of Borno State. President Tinubu in a state house press release signed by his chief spokesperson, Ajuri Ngelale described the attacks as desperate acts of terror and a clear manifestation of the pressure mounted against terrorists and the success achieved in degrading their capacity to launch offensives. The President declared that the purveyors of wanton violence shall have a certain encounter with justice, and that these cowardly attacks were only but…
Leading fast-moving consumer goods company, PZ Cussons Nigeria has reported a gross profit of N60.6 billion for the fiscal year ending May 31, 2024. This figure represents an 84% increase from the N32.95 billion gross profit the company posted in the previous fiscal year. PZ Cussons Nigeria also posted a revenue of N152.2 billion during the fiscal year under review, representing a 33.5% growth from the N114 billion revenue it generated in the previous fiscal year. This meant that its cost of sales for the fiscal year was N91.6 billion, a 13% year-on-year increase. The company however declared a net…