Ignoring police and Tinubu’s government warnings, NLC persists with nationwide protests.
The Nigeria Labour Congress (NLC) remains steadfast in its decision for the upcoming industrial action despite fresh warnings from the Nigerian Police Force and President Bola Ahmed Tinubu’s government. President Joe Ajaero affirmed that there’s no turning back on the planned protest starting February 27, 2024.
The NLC also warned of nationwide service shutdowns if members face attacks, urging the government to address economic crises and honor agreements with Organised Labour.
Nigeria grapples with soaring inflation, food prices, forex crisis, and economic hardship post petrol subsidy removal, leading to protests. Despite this, the Presidency reiterated its warning to the Nigeria Labour Congress against their planned two-day nationwide protest over the escalating cost of living.
Disruption of commercial activities during the protest.
The police cautioned against disrupting commercial activities during the protest. Mr. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, labeled the planned protest as illegal and a breach of the law. He emphasized that the Attorney-General had notified the NLC’s lawyer of its illegality. Onanuga urged the NLC to abide by the court order and refrain from proceeding with the protest.
The Nigeria Labour Congress (NLC) remains steadfast in its decision for the upcoming industrial action despite fresh warnings from the Nigerian Police Force and President Bola Ahmed Tinubu’s government. President Joe Ajaero affirmed that there’s no turning back on the planned protest starting February 27, 2024. The NLC also warned of nationwide service shutdowns if members face attacks, urging the government to address economic crises and honor agreements with Organised Labour.
The Lagos State Commissioner of Police, CP Adegoke Fayoade, assured Lagosians of the command’s readiness to guarantee safety, traffic flow, and peaceful environments for lawful activities.
He cautioned protesters against actions that could disrupt commercial activities and traffic flow. The police are committed to upholding fundamental human rights, including freedom of movement and dignity. CP Adegoke warned that violators would face legal consequences. Similarly, the Police Commissioner in Ekiti State, Adeniran Akinwale, emphasized maintaining the rule of law during the protest.
RCCG leaders claim birthday storm against City of David is a conspiracy, not Iluyomades’ fault.
Many believed that criticisms surrounding Dr. Siju Iluyomade’s birthday celebration would fade amidst other Nigerian media topics. However, it continues to thrive on social media, with various articles aimed at undermining her significant accomplishments, particularly in empowering the underprivileged in Nigeria.
There’s also suspicion that it’s an attempt to tarnish the reputation of her husband, Pastor Idowu Iluyomade, who leads the Apapa Family of RCCG.
A senior RCCG pastor has confirmed that critics aim to exploit the situation to fulfill their longstanding agenda. Allegedly, this plan is led by Pastor Enoch Adeboye, with the alleged goal of ousting Pastor Idowu Iluyomade from his role as pastor of City of David and head of the Apapa Family.
Sources close to the G.O.
According to sources close to the G.O., certain high-ranking RCCG members are using the criticisms surrounding Mrs. Siju’s birthday celebration to fund articles against Pastor Iluyomade. Allegedly, their sole objective is to gain control of the 14-storey Trinity Towers, constructed by the COD parish, and transfer it to Adeboye’s son. It’s purported that the tower would become the RCCG Headquarters Worldwide, with him at the helm.
An anonymous pastor, speaking off the record, disclosed, “The uproar surrounding Pastor Siju’s birthday is part of a scripted attempt to undermine the accomplishments of the Apapa Family of RCCG, Pastor ID, and Dr. Siju Iluyomade.”
RCCG Leaders Claim Birthday Storm Targets City of David, Not Iluyomades
The issue at hand transcends Herbert Wigwe’s birthday or demise; rather, it’s a plan that has been in motion since the construction of Trinity Towers.
A pastor remarked, “How can we focus so much attention on a birthday celebration to undermine a woman who has dedicated her life and her NGO, Arise Women Organization, to portray RCCG positively through empowerment programs for the less privileged across the country?”
There could be repercussions if the G.O. heeds these advisors, cautioning the church hierarchy to tread carefully to prevent potential internal conflicts.
On the day of the birthday celebration, over 5000 underprivileged individuals who gathered at City of David received Arise Pink Buckets filled with foodstuff, evidencing Iluyomade’s impactful humanitarian efforts.
Another church member, a professor and government official, disclosed rumors from the G.O.’s office about replacing Pastor Idowu with his son, but staunchly asserted such a move would not materialize.
Amidst the buzz surrounding Dr. Siju Iluyomade’s birthday celebration, criticisms persist on social media, seemingly aimed at undermining her significant achievements, particularly in empowering Nigeria’s underprivileged. Additionally, there’s speculation of a plot to tarnish her husband’s reputation, Pastor Idowu Iluyomade, who heads the Apapa Family of RCCG.
Allegedly, top RCCG members are leveraging these criticisms to sponsor write-ups against Pastor Iluyomade, with the aim of gaining control of the 14-storey Trinity Towers, converting it into RCCG Headquarters Worldwide, with Adeboye’s son at the helm.
According to insiders, these controversies are not solely about the birthday celebration or Herbert Wigwe’s demise; the plan has been in motion since the construction of Trinity Towers. There’s concern that the G.O. may heed to these advisers, potentially leading to internal conflicts within the church.
Despite the turmoil, Dr. Siju’s impactful humanitarian efforts are evident, with thousands of underprivileged individuals benefiting from her Arise Pink Bucket initiative. Additionally, rumors about replacing Pastor Idowu with his son are dismissed as baseless by church members, who stand united behind their pastor.
It’s emphasized that the Trinity Towers project was a collective effort, with over 3000 members contributing to its construction, highlighting Pastor Idowu’s significant role in the church’s growth and development.
Iyabo Ojo sparks excitement as she joins in on Young John’s hit song “Big big things” – Watch the video now!
Renowned Nollywood actress Iyabo Ojo showcases her acting prowess by dancing to Young John’s latest track, “Big Big Things,” leaving social media abuzz. Known for her creativity, Ojo shares a video on Instagram grooving to the catchy tune. The song, featuring Kizz Daniel and Seyi Vibez, celebrates aspirations for greatness and the influence of wealth. Since its release on February 23, 2024, “Big Big Things” has garnered widespread attention on music platforms.
In line with the track’s lyrics, the stunning mother of two took on a masculine persona, flaunting bundles of cash and generously spraying it on elegantly endowed ladies. Through the video, she vividly depicts her indulgence in the opulent lifestyle portrayed in the “Big Big Things” song, all while luxuriating inside her plush SUV.Clik here to watch the video.
The video ignited massive reactions among fans
The video ignited massive reactions among fans and industry peers alike. Many hailed her as they took to comment section.
Some reactions are shown below:
medlinboss said, “Ha wahala Ti De o 😂😂😂Kai it’s plenty at talent💯 just be good at what you do cos what 🔥👏👏👏🔥🔥🔥😂😂😂I am still rolling on the floor big big things o 😂”.
queen_vaughan said, “Your talent, skills and perfection in ur crafts just to mention a few of ur qualities is enough to scatter their brain!”
ashakeade28backuppage said, “Ewo ninu yin lose BBL fun Queen Mother? Olopa mako everybody”.
ogunmolaopeyemimakinde said, “I can’t explain the love I have for you sister,I pray one day to see you face to face God when 💕💕💕”.
Iyabo Ojo is a prominent Nigerian actress known for her versatile performances in Nollywood films. With a career spanning several years, she has become a household name in the Nigerian entertainment industry. Beyond acting, Iyabo Ojo is also recognized for her entrepreneurship ventures and philanthropic activities. Her presence in the media and her impactful roles on and off-screen have solidified her status as a respected figure in the Nigerian entertainment landscape.
Crypto trading platform, Binance has assured its Nigerian users of continued support as the website restricted access to some of its customers.
In an e-mail statement sent out this morning to their customers titled “Important Announcement: Nigeria” the platform noted that it was aware that some of its users were currently experiencing difficulties accessing the Binance website along with other platforms in the industry although access to the App was currently available.
“We remain committed to the adherence to local regulations and laws. We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency.
Any changes or updates will be communicated promptly via our official channels” the platform noted.
This development confirms a recent report which revealed that the Nigerian Communications Commission (NCC) has instructed Telcos to restrict access to all cryptocurrency websites in the country including Binance, OctaFX, Coinbase and other cryptocurrency platforms in Nigeria.
Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.
According to an exclusive report by Premium Times, online access to platforms of Binance and other crypto firms have been blocked as confirmed by sources within the major telecommunication companies.
Meanwhile, Binance has assured its Nigerian users of the safety of all user funds and that all accounts were still accessible.
This action comes amid the recent strike by the Nigerian government against crypto platforms suspected of aiding the naira-dollar speculations which have turned out to hurt the economy.
Public statements by government figures have also increased the agitation for the strict regulation of the crypto industry. Recently, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, called for regulatory action in the industry mentioning Binance in particular, for setting exchange rates and operating without oversight.
Prior to the ban, the price of a 12.5kg LPG cylinder had already reached ₦16,875 in Lagos, with reports of even higher costs in other states. This significant increase placed a heavy burden on households, making cooking gas an unaffordable luxury for many.
This decision has sparked mixed reactions. While many citizens welcome the potential relief from high cooking gas costs, some industry experts express concerns about its long-term impact on the economy and potential unintended consequences. Only time will tell if the ban successfully achieves its intended goals.
Former Football Star Dani Alves Sentenced to 4.5 Years in Prison for Rape
In a dramatic turn of events, former Barcelona and Brazil footballer Dani Alves was found guilty of rape by a Spanish court on February 22nd, 2024, after spending over a year in temporary detention. This verdict has sent shockwaves through the sporting world and beyond, raising questions about accountability and power dynamics.
Alves had been held in Brians II prison since January 2023 following allegations of assault at a Barcelona nightclub in December 2022. After a lengthy trial, the court delivered its verdict, sentencing him to four and a half years in prison.
The court also imposed additional penalties, including a substantial financial compensation of $163,000 to the victim and a strict nine and a half year restraining order prohibiting any contact with them upon his release. Furthermore, Alves will be subject to five years of probation following his completion of the prison sentence.
Pulse Sports previously reported that the incident occurred in the early hours of December 31st, 2022, within the VIP section of the nightclub. Despite Alves’s initial claims of consent and his attempts to modify his statements throughout the proceedings, the court ultimately concluded that the sexual encounter was non-consensual, upholding the accusations against him.
This landmark case serves as a powerful reminder that no one, regardless of their fame or status, is exempt from facing the consequences of their actions. It also underlines the importance of prioritizing consent and victim safety in all interactions. The verdict and its associated penalties offer a measure of justice for the victim and bring to light the serious nature of such allegations.
On February 22nd, 2024, Nigerian musician Banky W took to Instagram to shower his wife, actress Adesua, with love and appreciation on her 36th birthday. His heartfelt post, brimming with gratitude and adoration, quickly garnered attention and warmed the hearts of fans.
Opening with a sweet declaration, Banky W called Adesua “the love of my life” and praised her exceptional qualities as a mother and wife. He playfully compared finding her to winning the lottery, highlighting the serendipitous joy she brought to his life.
His message overflowed with endearments, referring to her as his “sunshine,” “heartbeat,” and “safe space,” acknowledging the positive impact she has on his world. He expressed his gratitude for her unwavering support, likening it to nurturing his faith.
Love in air
Beyond her nurturing spirit, Banky W playfully listed his favorite things about Adesua, showcasing his admiration for her beauty, talent, strength, humor, and kindness. He lovingly acknowledged the diverse roles she plays in his life, from gym class captain and family queen to his personal “amala-eating-local-girl” and “Korean-film enthusiast.” He playfully compared her to iconic figures like Michelle Obama, Cardi B, Julia Roberts, Tori Kelly, and Meryl Streep, emphasizing her multifaceted personality.
The post concluded with a powerful declaration of love and commitment. Banky W assured Adesua that he would choose her again without hesitation, expressing his deep and unwavering love. He sweetly called her “living proof” of God’s love for him, further emphasizing the significance of their relationship.
Adesua’s emotional response in the comments section, filled with tears and love emojis, mirrored the sentiment of the post. The couple’s genuine affection and enduring bond resonated with fans and followers, making their celebration a heartwarming highlight on social media.
Governor Uba Sani of Kaduna State confirmed the elimination of wanted terrorist Boderi Isyaku, along with some of his fighters, in a gun battle with Nigerian Army troops in Bada/Riyawa areas of Chikun and Igabi LGAs. The announcement was made in a statement by Samuel Aruwan, the overseeing Commissioner of the Ministry of Internal Security and Home Affairs, titled
“Target Acquired, Justice Served: Boderi Falls To Security Forces.” Boderi, notorious for nearly a decade of terror in Kaduna and neighboring Niger State, inflicted fear, death, and destruction through brutal attacks, mass abductions, and relentless killing.
Elimination of Boderi and his fighters
The successful elimination of Boderi and his fighters is the result of unwavering dedication and meticulous planning by committed troops striving to restore peace and security in the region. Major General VU Okoro, the General Officer Commanding of 1 Division, Nigerian Army, and Force Commander of Operation Whirl Punch, orchestrated the operation with careful planning and intelligence.
During the operation on Wednesday night, troops engaged Boderi and his fighters in the Bada general area of Chikun LGA. Despite the terrorists’ fortified position, the troops executed a successful ambush, trapping Boderi and his associates.
Governor Uba Sani of Kaduna State has confirmed the killing of a wanted terrorist and ruthless killer, Boderi Isyaku.
Sani said Isyaku was neutralised in a gun duel alongside some of his fighters, by troops of the Nigerian Army in Bada/Riyawa general areas of Chikun and Igabi LGAs of Kaduna State.
This was contained in a statement signed by the overseeing Commissioner of the Ministry of Internal Security and Home Affairs, Samuel Aruwan titled, ‘Target Acquired, Justice Served: Boderi Falls To Security Forces.’
The statement reads partly: “Boderi, as he was simply known
The statement reads partly: “Boderi, as he was simply known, had for nearly a decade propagated a reign of fear, death and destruction in Kaduna State and neighbouring Niger State, with a trademark of brutal attacks, mass abductions and cruel, relentless killing.
“His elimination comes as the culmination of tireless efforts by dedicated troops committed to restoring peace and security in the region. The General Officer Commanding, 1 Division, Nigerian Army (and Force Commander, Operation Whirl Punch) Major General VU Okoro, coordinated the operation through meticulous planning and intelligence.
“The troops on Wednesday night came in contact with Boderi and his fighters around the Bada general area of Chikun LGA. Despite the terrorists’ well-fortified position, the troops laid a successful ambush. Boderi and his associates walked into the trap and were cornered.
“The elimination of Boderi Isyaku, as a notable milestone in the ongoing fight against terrorism and banditry, demonstrates the effectiveness of determined and coordinated efforts by security forces in confronting those who seek to spread fear and chaos.”
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The Federal Government plans to halt the export of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, to boost domestic supply and lower prices. This decision follows a recent rise in cooking gas costs.
Stakeholders in the LPG industry, including producers, have been instructed to cease exporting the commodity from Nigeria. According to data from the Nigerian Midstream Downstream Petroleum Regulatory Authority, domestic LPG consumption in 2022 totaled 1.4 million metric tonnes. During this period, domestic production was 600,000MT, while imports stood at 800,000MT.
In 2021, total consumption was approximately 800,000MT
In 2021, total consumption was approximately 800,000MT, with domestic production at 300,000MT and imports at 500,000MT.
There’s been a notable rise in cooking gas consumption, aiming to hit five million metric tonnes by 2029. Despite Nigeria’s LPG exports, the country heavily depends on imports to fulfill local demand.
This suggests that the Federal Government might halt the export of over 600,000MT of cooking gas as part of its efforts to lower domestic prices.
Research indicates that the price of refilling a 12.5kg cooking gas cylinder in cities like Abuja, Lagos, and Kano has surged to approximately N18,000. Specifically, in Abuja, the cost was N17,500, contrasting sharply with less than N9,000 just a year prior.
LPG dealers, represented by the Nigerian Association of Liquefied Petroleum Gas Marketers, had foreseen this increase, predicting a N18,000 cost for a 12.5kg cylinder mid-last year due to consistent price hikes.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo,
To address this issue, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, formed a committee in November 2023, led by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
As of today (Thursday), the price of cooking gas continues to rise, prompting many users to consider shifting to charcoal as an alternative.
In November 2023, a kilogram of cooking gas was priced around N700
During an internal stakeholders’ workshop in Abuja, Ekperikpe Ekpo disclosed that the Federal Government has instructed LPG producers, including international oil companies like Mobil, Shell, and Chevron, to halt exports. The government is engaging with them to reduce cooking gas prices.
In November 2023, a kilogram of cooking gas was priced around N700, but it has now doubled to about N1,400/kg. Some industry insiders warn that prices could escalate further without government intervention.
Ekpo highlighted the Federal Government’s efforts to address gas-related issues by removing taxes and levies on gas-related equipment imports, which serves as a significant incentive.
Regarding LPG (cooking gas), he emphasized ongoing discussions with key stakeholders to cease its exportation, ensuring that all domestically produced LPG remains within the country. This move is expected to boost volume and subsequently lower prices.
He stated ongoing communication with the regulator, NMDPRA, and regular meetings with gas producers like Mobil, Chevron, and Shell, expressing optimism for positive outcomes.
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During an internal stakeholders’ workshop in Abuja, Ekperikpe Ekpo disclosed that the Federal Government has instructed LPG producers, including international oil companies like Mobil, Shell, and Chevron, to halt exports. The government is engaging with them to reduce cooking gas prices.
In November 2023, a kilogram of cooking gas was priced around N700, but it has now doubled to about N1,400/kg. Some industry insiders warn that prices could escalate further without government intervention.
Manufacturing and other sectors are impacted as the economy decelerates to its lowest point in three years.
The nation’s GDP growth dropped to 2.74% in 2023 from 3.10% in 2022, marking its slowest growth since 2020 when the economy shrank due to COVID-19.
According to the National Bureau of Statistics, both agriculture and manufacturing sectors saw reduced growth in 2023. Manufacturing grew by 1.40% in 2023, down from 2.45% in 2022, while agriculture grew by 1.13% in 2023, down from 1.88% in 2022.
In 2023, the non-oil sector grew by 3.04%,
In 2023, the non-oil sector grew by 3.04%, lower than the 4.84% in 2022, while the oil sector contracted by -2.22% compared to -19.22% in 2022. This is despite an average daily oil production of 1.55 million barrels.
The country’s GDP growth for the full year falls below global projections by the World Bank, IMF, and African Development Bank.
The World Bank forecasted a 2.9% growth for Nigeria in 2023, down from 3.3% in 2022. The IMF maintained its 3.2% growth forecast for the same year. The African Development Bank projected a slight increase to 3.1% for Nigeria’s GDP in 2023, citing uncertainties surrounding policy continuity after elections and rising insecurity as factors affecting growth prospects.
In the fourth quarter of 2023, the GDP grew by 3.46% compared to the same period the previous year. Both the industry and services sectors contributed more to the GDP in Q4 2023 than they did in Q4 2022. The services sector particularly drove this growth, expanding by 3.98% and contributing 56.55% to the overall GDP.
Dr. Muda Yusuf, Director of the Centre for Promotion of Private Enterprise, noted that the comparison is year-on-year. He explained that during the fourth quarters of both 2022 and 2023, economic activities were affected by factors like election preparations and uncertainties, which slowed down growth.
BREAKING: Asue Ighodalo wins PDP governorship primary in Edo.
Businessman Asue Ighodalo won the Peoples Democratic Party (PDP) governorship primary in Edo state. Dauda Lawal, the governor of Zamfara and returning officer, declared him the winner with 577 votes.
“I declare Asuelimen Ighodalo the winner of today’s primary with 577 votes,” Lawal announced. “He’s now the Peoples Democratic Party (PDP) candidate for the Edo State election. Congratulations!”
Earlier, Philip Shaibu, the deputy governor of Edo, won the parallel governorship primary organised at his residence.
Bartholomew Moses, the returning officer, who announced Shaibu as the winner of the parallel primary election, said the deputy governor won the exercise with over 300 votes.
Some party delegates who arrived at the lawn tennis court of the Samuel Ogbemudia stadium in Benin City, the state capital, the venue of the primary, were reportedly denied access.
The delegates subsequently moved to Shaibu’s residence where a parallel election was held.
Super Eagles forward Victor Osimhen will work under a new coach at Serie A champions, Napoli following the sacking of Walter Mazzarri.
Struggling Napoli sacked Mazzarri on Monday and brought in Slovakia coach, Francesco Calzona, just a day before hosting Barcelona in the Champions League.
The 62-year-old Mazzarri became the second man to be sent packing this season by the ailing Italian champions.
Mazzarri took charge in November after Rudi Garcia was dismissed but Napoli then fell to ninth in Serie A ahead of Wednesday’s last 16, first leg with barca at the Stadio Diego Armando Maradona.
“I thank Walter Mazzarri, a friend of the De Laurentiis family and Napoli, for having helped the team in a tricky period,” said Napoli owner Aurelio De Laurentiis on X, formerly Twitter.
De Laurentiis confirmed that Calzona has been hired, reportedly until the end of the season, and will be in charge on Wednesday night.”
The new manager will hope to help revive the fortunes of Napoli in the remainder of the campaign.
The Serie A holders managed just six wins in 17 games across all competitions under Mazzarri.
Calzona, who is also the manager of the Slovakia national team, will retain his role and lead the country at the European Championship in the summer.
Calzona guided Slovakia to Euro 2024 but has a huge job on his hands as he returns to Napoli, where he was an assistant under Maurizio Sarri and during Luciano Spalletti’s trophy-less first season with the club.
The 55-year-old will reportedly keep his job with Slovakia while also trying to drag Napoli back up the table after the disappointing end to Mazzarri’s brief second spell in charge of southern Italy’s biggest club.
Marseille have sacked Gennaro Gattuso as their manager and replaced him with Jean-Louis Gasset.
Gattuso took over at the French club in late September and now leaving the club on ninth in Ligue 1.
The Italian claimed just nine wins from his 24 matches as manager, losing six times during his spell in charge.
While Gasset, 70, was recently sacked by Ivory Coast after the group stage of the just-concluded 2023 Africa Cup of Nations (AFCON) tournament, before they eventually went on to win the tournament.
“Olympique de Marseille announces the end of its collaboration with Gennaro Gattuso,” Marseille said in a statement.
“Marseille would like to extend its special thanks to Gennaro and his entire staff for the unfailing commitment and professionalism they have shown on a daily basis, and wishes them all the best for the future,” it added.
Gattuso joined Marseille as a replacement for now Villarreal manager Marcelino, who himself had only been at the helm in the South of France for three months.
Gattuso, who as a player won the World Cup with Italy in 2006, has also had spells managing AC Milan, Napoli and Valencia.
After a slow start to his time in France, four straight league wins in December took Marseille up to sixth in the table.
But Marseille have not won any of their last six Ligue 1 matches, four of which have ended in draws.
Gattuso took charge of 15 league matches at the Stade Velodrome, winning five, drawing five and losing five.
Marseille were also knocked out of the Coupe de France last month after a penalty shootout defeat to league rivals Rennes.
Despite the poor run of form, Marseille remain in the Europa League, finishing second in Group B behind English debutants Brighton.
Tinubu replaces Modibbo with Hafsat Bakari as head of NFIU.
Tinubu appoints Hafsat Bakari as NFIU Director/CEO, replacing Modibbo Tukur. The announcement was made by Special Adviser to the President (Media and Publicity), Ajuri Ngelale on Tuesday, February 20, 2024.
According to the statement, Bakari is a lawyer and financial intelligence expert with extensive experience in anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CFT/CPF).
Prior to her appointment as the NFIU CEO, she served as Deputy Director at the Nigerian Financial Intelligence Unit, and held various roles including Head of the General Services Unit, Head of the Strategy and Reorientation Unit, and Head of the Board Secretariat at the Economic and Financial Crimes Commission.
President Tinubu has instructed the prompt payment of outstanding electricity bills owed to the Abuja Electricity Distribution Company, AEDC.
The President expects Bakari to utilize her experience and expertise effectively in addressing illicit financial flows and other malpractices in the nation’s foreign exchange markets.
In another development, President Tinubu has instructed the prompt payment of outstanding electricity bills owed to the Abuja Electricity Distribution Company, AEDC.
This directive follows the reconciliation of accounts between the State House Management and AEDC.
AEDC management to the State House Permanent Secretary dated February 14, 2024.
Contrary to the AEDC’s initial claim of N923 million debt in a paid advertorial in newspapers, the State House’s outstanding bill is N342,352,217.46, as stated in a letter by the AEDC management to the State House Permanent Secretary dated February 14, 2024.
According to a statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy, “having reconciled the position to the satisfaction of both parties, the Chief of Staff to the President, Rt Hon. Femi Gbajabiamila, has given assurance that the debt will be paid to AEDC before the end of this week.
Contrary to the AEDC’s initial claim of N923 million debt in a paid advertorial in newspapers, the State House’s outstanding bill is N342,352,217.46, as stated in a letter by the AEDC management to the State House Permanent Secretary dated February 14, 2024.
“Following the example of the Presidency, the Chief of Staff also urged other MDAs to reconcile their accounts with AEDC and pay their electricity bills”.
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Peter Obi reacts to CBN’s 9% increase in customs exchange rate.
Just days after reducing the exchange rate for Customs cargo clearance, the Central Bank of Nigeria (CBN) has increased it by nine percent, from N1,515.48 to N1,605.82 per dollar. This inconsistency has drawn criticism from Peter Obi, the Labour Party’s presidential candidate in the 2023 election. Obi urges the government to address these fluctuations, which negatively impact the business environment. The new rate, already reflected on the Nigeria Customs Service (NCS) portal, has further frustrated importers.
NAIJAEYES reported that the CBN made several adjustments to the exchange rate throughout the past year. On June 24, 2023, the rate was adjusted to N589/$, followed by another adjustment to N770.88/$ on July 6, 2023. Subsequent adjustments occurred on November 14, 2023 (N783.174/$), December 2023 (N951.941/$), February 2, 2024 (N1,356.883/$), and February 3, 2024 (N1,413.62/$). Further changes were made on February 10, 2024 (N1,417.635/$), February 11, 2024 (N1,444.56/$), and February 14, 2024 (N1,481.482/$). The rate was reduced to N1,472.756/$ on February 16, 2024, and increased again to N1,605.82/$ on February 21, 2024.
Our Correspondent also reports that the incessant increases have impacted negatively on the trade volume at the Nigerian ports as some importers have abandoned their goods at the ports while others have opted for ports in the neighboring countries.
Obi urged the Federal Government of Nigeria to cease the inconsistent duty charges.
However, in response to the situation, Obi, a businessman and politician, stated in a message on his verified X handle (formerly Twitter) @PeterObi, that prioritizing high Customs revenues over the survival of local businesses, employment, and reasonable cost of living would harm the nation’s economy.
Obi urged the Federal Government of Nigeria to cease the inconsistent duty charges, emphasizing that they were negatively affecting businesses and the cost of goods in the local market.
He emphasized, “The arbitrary and ever-increasing Customs duties are now detrimental to businesses and the cost of goods, posing a significant threat to the economy. The federal government must take urgent action to address this issue.”
This inconsistency leads to losses and contributes to inflation
In a scenario where importers start the importation process based on a specific exchange rate, such as N1000 to $1, and later find out upon arrival of goods in Nigeria that duties are calculated at a different rate, say N1400 to $1, it poses significant challenges for businesses. This inconsistency leads to losses and contributes to inflation, resulting in higher costs of goods and living. Consequently, it may lead to business closures and job losses as calculations were initially based on the prevailing exchange rate and market prices.
If not addressed, importers may opt to use ports in neighboring countries, which would reduce productivity in our ports and worsen the economy due to revenue loss.
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