Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso has explained why the apex bank has been raising the monetary policy rates consecutively. Cardoso, speaking at a press conference on Tuesday after the monetary policy committee’s (MPC) 297th meeting in Abuja, said that the multiple interest rate hikes have restored confidence in the naira. The MPC at its meeting yesterday increased the monetary policy rate (MPR), which benchmarks the interest rates, to 27.25 percent in September from 26.75 percent in August – an increase of 50 basis points. Cardoso, while defending the hikes said the monetary tightening has…
Author: Michael Chibuzo
Africa’s Richest man and CEO of the Dangote Group, Alhaji Aliko Dangote has revealed that Nigerians purchase premium motor spirit (PMS) at cheaper prices than Saudi Arabians. Dangote made this known in an exclusive interview with Bloomberg News. Dangote was responding to a question on whether this is the right time for Nigeria to totally get rid of petrol subsidies. He said, “I think it is (the right time), because all countries have actually gotten rid of subsidies.” “Let me give you an example, Saudi Arabia. Saudis, the citizens believe that oil is our own God-given gift, so the government…
By Michael Chibuzo Oando, Nigeria’s biggest indegenous energy company has become a very easy target for contrived and hollow attacks from mischievous political interests. This is the case only because the visionary entrepreneur associated with Oando, Jubril Adewale Tinubu is President Bola Tinubu’s nephew. So, all of a sudden, any conspiracy theory that any political opponent of the President wishes to make about happenings in the oil industry must touch on Oando Plc or Wale Tinubu for it to appear like a ‘major revelation’. And of course, these sore losers have a sizeable gullible audience to lap it up. Routine…
By Michael Chibuzo On Saturday 21st September, 2024, Edo people went to the polls to pour out all the pent up anger they have managed to cage within them for so long. The result of course as expected was a trashing of a tyrant and his intended godson as the candidate of the All Progressives Congress, Sen. Monday Okpebholo strolled to a victory cooked by the people across the three Senatorial Districts of Edo State. Some may be wondering who exactly is the tyrant that received a trashing on Saturday. Well, it’s the incumbent Governor of Edo State, Godwin Obaseki.…
In the just concluded governorship election in Edo State, the Candidate of the Labour Party in the election and former President of the Nigerian Bar Association, Olumide Akpata, SAN failed to win any of the 4,519 polling units in Edo State, analysis by Podium Reporters reveal. Yesterday night, the Independent National Electoral Commission (INEC) announced Monday Okpebholo, candidate of the All Progressives Congress (APC), as the winner of the 2024 Edo state governorship election. Okpebholo, a senator, won the election with 291,667 votes to defeat his closest rival, Asue Ighodalo of the Peoples Democratic Party (PDP), who polled 247,274 votes.…
…as 25yr old Bamidele Mofiyinfoluwa emerge winner of #OneNigeria/UnityFabric Competition First Lady of Nigeria, Senator Oluremi Tinubu has unveiled the #OneNigeria/UnityFabric, which she described as a symbol of national unity. The fabric was designed by 25 year old Miss Mofinyinfoluwa Bamidele a graduate from the University of Ibadan. Bamidele, who went home with a prize of N25 million, emerged the winner of a fabric designs competition, organised by the Renewed Hope Initiative (RHI), chaired by First Lady Senator Oluremi Tinubu. The First Lady, in her keynote address at the unveiling of the #OneNigeria/UnityFabric and announcement of the winner of the…
The National Bureau of Statistics (NBS) says Nigeria’s inflation rate declined to 32.15 percent in August – the second consecutive decline recorded in 2024. The NBS in its consumer price index (CPI) report for August, released on Monday revealed that the CPI, which measures the rate of change in prices of goods and services, declined by 2.22% on month-on-month basis compared to the rate recorded in July 2024. Also according to the NBS report, food inflation for the month of August dropped to 37.52% as prices of major food and non-alcoholic beverages continued to slow down. The headline inflation rate…
By Tunde Rahman By the time the Department of State Services released Nigeria Labour Congress President, Comrade Joe Ajaero, last Monday evening September 9, he had become contrite, remorseful and perhaps ashamed of his uninformed action. The labour leader was invited twice by the secret police and twice he failed to honour the invitation. As I learnt, during the second invitation, Ajaero even told the new DSS boss who telephoned him that he was traveling out of the country and could only honour the invitation on his return. What an insufferable arrogance! However, unbeknownst to him, at the behest of…
President Bola Tinubu has expressed delight at the strings of successful offensives being undertaken by the Nigerian military against bandits and other criminal elements in the North West who have been terrorising innocent citizens in the area. The President’s delight was conveyed in a press release by the Special Adviser to the President on Information and Strategy, Bayo Onanuga. “President Bola Tinubu receives with relief, the news of the strings of successful operations against security threats in the north-west by troops of the Nigerian military”, the statement said. He added that the success of the operations gives further assurance that…
The Bayelsa State Government has awarded a N45 billion contract to construct a new 9-storey secretariat complex in the state capital, Yenagoa. This according to Governor Duoye Diri, is part of efforts of his administration to improve working conditions for civil servants in the state capital. This announcement was made during the 136th executive council meeting presided over by Governor Douye Diri, where the architectural blueprint of the building was presented to the council. The Bayelsa State Governor said the decision to build the new secretariat was in response to civil servants’ requests for more office space during the last…