By Michael Chibuzo The global economic landscape has faced considerable turmoil in the past couple of years. The covid-19 global pandemic as well as the Ukraine war has impacted negatively on many countries including the highly developed economies. Many have slipped into recessions, others are battling with slow GDP growth rate while some are battling rising inflation. In the past one year, the two developing economies of Argentina and Nigeria have had to pass through a baptism of inflationary fire partly exacerbated by decades of unsustainable economic policies bothering mostly on consumer subsidies as well as excessive government spending far…
Author: Michael Chibuzo
By Omogbolahan Babawale The ancient city of Ibadan, the Oyo State capital has yet been thrown into mourning as the Olubadan, Oba Moshood Olalekan Balogun, joins his ancestors. Multiple sources confirmed to PODIUM REPORTERS that the revered king died at the University College Hospital, UCH, Ibadan, few hours after he was moved into the university hospital. Governor ‘Seyi Makinde has also confirmed the demise of the late king. Governor Makinde, on Thursday, announced the passage unto glory of the 42nd Olubadan of Ibadanland, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II. The governor made the announcement in…
By Omogbolahan Babawale The general notion is that bad or negative news travels faster than any news that seems to promote a brand, personality, group and/or any entity, especially in a country like ours – Nigeria where the opposition in cahoots with the media dwell more in propagating bad or negative news about the country. It is not only grotesque but equally lugubriously bizarre that the enervating spirit with which people, particularly the media promotes sensational headlines that purport to present the image of the country in bad light appears to dwindle drastically when any good news or something positive…
By Adebayo Jamiu President TINUBU’s economic policies have consistently demonstrated sound judgment and strategic foresight, leading to the recent attainment of a CCC+ rating in sovereign credit by reputable agencies. This achievement underscores the confidence investors have in Nigeria’s economic trajectory under his leadership. Despite enduring macroeconomic challenges and currency fluctuations, President TINUBU’s administration has navigated these obstacles with resilience, showcasing its commitment to fostering economic stability and growth. In the face of Nigeria’s economic woes, exacerbated by years of mismanagement and the recent removal of fuel subsidies, it’s evident that decisive action is needed to steer the nation towards…
The Minister of Finance and Coordinating Minister of the economy, Wale Edun has revealed that oil production has increased to 1.65 million barrels per day (bpd), from 1.25 million bpd in June 2023. The Minister made this revelation in Abuja at a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA. The Minister noted that with the increase in production, more forex will flow into the country. Wale Edun also added that crude oil is one source of bringing in dollars without causing inflation. “The prices are still elevated and as you know in June 2023, the…
The naira, on Wednesday, appreciated to N1,570 at the unofficial foreign exchange (FX) market from the N1,600 it traded on Tuesday. Currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,550 and the selling price at N1,570 — leaving a profit margin of N20. At the official section of the FX market however, the local currency depreciated by 0.78 percent to finish at N1,615.94/$ on Wednesday — from N1,603.38/$ on March 12. According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded…
Look, I believe Senator Abdul Ningi should have told Nigerians that he was raising an alarm and not stating a fact. In that interview, he spoke as if he had facts. Obviously, He did not! He publicly admitted he was wrong yesterday when the chairman of the senate committee on appropriation, Senator Olamilekan Adeola Yayi spelled out all the details of the 2024 budget and it was added to arrived at N28.7trn total The N3.7trn which Abdul Ningi was hiding under to instigate his northern hypocrisy was what were voted.for the Government Owned Enterprises, GOE, which are statutory bodies…
President Bola Tinubu has approved the appointment of Dr. Dayo Mobereola to serve as the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) for a renewable term of four years. The appointment follows the exit of Mr. Bashir Jamoh, whose tenure recently expired. Dr. Mobereola holds a Ph.D, and an M.Sc in Transport Economics from the University of Wales, United Kingdom. He is a fellow of the Chartered Institute of Transport, England, and a fellow of the same institute in Nigeria. He was the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA) from 2003 to 2015 and…
The senate has suspended Abdul Ningi, senator representing Bauchi central, for alleging that the 2024 budget was padded by NASS Members to the tune of over N3 trillion. The matter was debated in line with the standing order of the senate during plenary on Tuesday which lasted more than three hours. The red chamber eventually suspended the lawmaker following a motion on privilege moved by Solomon Adeola, Senator representing Ogun west. Over the weekend, the Bauchi Senator stirred controversy when he made the allegation of budget padding and was quoted to have said that a “huge damage” has been done…
By Omogbolahan Babawale The Gubernatorial Candidate of the Action Democratic Party, ADP, during the 2022 election in Ekiti State, Erelu Elebute Halle, has announced her decision to leave her party, the ADP to join the ruling All Progressives Congress, APC. Halle made her decision known in Ado Ekiti at the ADP secretariat in Similoluwa, Ado Ekiti, while unveiling the new Chairman of ADP in Ekiti State, Mr Ayodeji Ojo. Speaking to journalists, Halle affirmed that the new chairman had served the party diligently for eight years, adding that she can attest to his ability to take the party to an…