Author: Fishe

Central Bank of Nigeria continues its’ efforts to rescue the naira against the grip of the dollar, as Thursday saw the Naira exchanges at N702.19 to the dollar at the Investors and Exporters window. Report by NAN posited the local currency depreciated by 5.75 per cent compared to N664.04, which it exchanged for the dollar on Wednesday. The open indicative rate stood at N658.50 to the dollar on Thursday. An exchange rate of N791 to the dollar was the highest rate recorded within the day’s trading before it settled at N702.19. The Naira sold for as low as 461 to…

National Bureau of Statistics (NBS), released Nigeria’s inflation for May, and it rose to 22.41 per cent, the figure holds. NBS released the Consumer Price Index Report on Thursday. The NBS report showed that in May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023’s headline inflation rate, which was 22.22 per cent. The figure represented an increase of 0.19 per cent points when compared to the April 2023 headline inflation rate. On a year-on-year basis, the NBS data indicated that the headline inflation rate was 4.70 per cent higher compared to the rate recorded…

The wake of Thursday saw President Bola Ahmed Tinubu on inaugurated the National Economic Council at the Council Chamber of the State House, Abuja. The exercise was prompt following the Presidents’ order last week for the council members to nail down intervention plans to mitigate the effects of the petroleum subsidy. Mr. President inaugurated the NEC members at 11:25 am, and task them with the responsibility of growing the nation’s economy, while stressing the enormousity of the challenges ahead. “Therefore, there will be no excuse for failure or complain as all the elected officials, asked, campaigned and danced for the…

Doing what is right in any society will always spur the desired outcome. This saying has proven sancrosant as Nigeria regained its’ position as the largest oil producing country in Africa. Nigeria displaced Angola, according to a monthly oil report by the Organization of Petroleum Exporting Countries, OPEC, to claim the leaders’ spot. Preceding report by OPEC in April positions Angola to have produced more crude than Nigeria. However, Nigeria reclaimed the top spot on Africa’s largest producers list, surpassing Libya and Angola after reporting 1.18 million barrels per day, bpd for May 2023. OPEC disclosed this recently in its…

The Economic and Financial Crimes Commission (EFCC), has gotten a new executive chairman in Mr. Abdulkarim Chukkol, in acting capacity following the suspension of Abdulrasheed Bawa. The commission stated this in a post on its verified Facebook page on Thursday. Until this new role, he was the Director of Operations of the Commission. “A pioneer staff of the Commission and an illustrious member of the EFCC Cadet Course One, Mr. Chukkol is a consummate and vastly experienced investigator with speciality in cybercrime and money laundering”, the commission said. The acting EFCC Chairman, holds a bachelor’s degree in Agricultural Economics from…

The Narcotics Control Bureau (NCB), of India and the National Drug Law Enforcement Agency (NDLEA), of Nigeria have decided to work together to stop the flow of illegal drugs between both countries. According to NDLEA’s Director of Media and Advocacy, Femi Babafemi, the two agencies signed a Memorandum of Understanding (MOU), on Wednesday in Abuja. NDLEA’s chairman and CEO, Brig. Gen. Buba Marwa (retd), who signed the MoU on behalf of the NDLEA, said the agreement represented a strong partnership in the effort to eliminate drug abuse and illicit drug trafficking in the two countries. “This bold step taken by…

Speaker of the immediate past 9th House of Representatives, Femi Gbajabiamila, has resigned his membership of the 10th House following his resumption of work as the Chief of Staff to President Bola Tinubu. Gbajabiamila tendered his resignation letter on Wednesday on the floor of the House before Abass and the members of the House. After laying his letter of resignation before the House, the new Speaker, Tajudeen Abbas, read it out to the members. The former Speaker subsequently took a bow before the new Speaker and the members before walking out of the chamber amidst cheers and standing ovation from…

The Presidential Election Petition Court (PEPC), on Wednesday in Abuja admitted in evidence three sets of reports prepared by a group of statisticians on the electoral forms used during the last presidential election. The reports were brought before the court by a renowned statistician, Samuel Oduntan in aid of the petition by former Vice President Atiku Abubakar challenging Bola Tinubu as the winner of the February 25 presidential poll. In spite of objections by the Independent National Electoral Commission (INEC), Tinubu and the All Progressives Congress (APC), the presiding justice of the court, Justice Haruna Simon Tsammani admitted the three…

The Central Bank of Nigeria has permits commercial banks to freely trade foreign exchange at any rate. The authorisation means that banks now have the power to sell forex at a market-determined rate. At filing this report, it was gathered that some banks have pegged the USD to Naira rate at N699 to N750, suggesting that Nigeria is now operating a freely floating exchange rate in line with President Bola Ahmed Tinubu’s pledge to unify the rate. Reacting to the development in an Arise Television interview on Wednesday, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC),…

The Nigeria Data Protection Act, of 2023 provides a legal framework for the protection of personal information and the practice of data protection in Nigeria. Dr. Vincent Olatunji, the National Commissioner, Nigeria Data Protection Bureau (NDPB), said this at the NDPD Strategic Roadmap and Action Plan (SRAP), validation workshop in Abuja, following a report making the rounds by NAN. The bill was sent to the Senate and House of Representatives for consideration and passage on Tuesday, April 4 2023, via a letter from former President Muhammadu Buhari. “Now an Act, the new law establishes the Nigeria Data Protection Commission and…

Speaker of the 10th House of Representatives has emerged in the person of Tajudeen Abbas, a member of the House of Representatives from Kaduna State. Mr. Abbas beat hollow two opponents against him by polling 353 votes, while former Deputy Speaker Idris Wase and Aminu Jaji managed three votes each. Idris Wase and Aminu Jaji powered votes were as casted for themselves and the lawmakers that nominated them. Mr. Abbas was nominated by former Majority Leader, Ado Doguwa and was seconded by Nnaji Nnolim, a member of the PDP. The former deputy speaker was nominated by Tijjani Ismail and seconded…

Senator Godswill Akpabio has been elected the President of the 10th Senate. A former governor of Akwa Ibom State, Godswill Akpabio, has been elected as the Senate President of the 10th Assembly. Akpabio is the preferred candidate of the All Progressives Congress. The voting in the election of a new Senate President had commenced with Akpabio and former Governor of Zamfara State, Senator-elect Abdulazeez Yari, going toe to toe. Following a jiffy recess, Sani Tambuwal, the Clerk of the National Assembly announced Akpabio as the Senate President, combing 63 votes choice his rival with 46 votes. The election which kicked…