The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the Ministry of Finance has released N50 billion to the FCT to finance ongoing capital projects. The amount, according to the minister, is 50 per cent of FCT’s N100 billion 2023 supplementary budget, approved by the National Assembly. Wike made the announcement, after an inspection tour of some ongoing projects in the FCT, in Abuja on Thursday. The minister said that he has directed the Permanent Secretary to immediately make payments to the contractors handling projects in FCT. “I am happy to announce to you that the Ministry…
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The President, Bola Ahmed Tinubu recently signed the N28.78 trillion 2024 Budget into law at the State House, Abuja after it had been passed by the National Assembly on Saturday. The ceremony was witnessed by the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; Minister of Budget and Economic Planning, Alhaji Atiku Bagudu; and the National Security Adviser (NSA), Malam Nuhu Ribadu were also in attendance. Also on the ground were the Chief of Staff to the…
Defecting from one political party to another has in recent times, become the order of the day for most of the country’s political stalwarts. According to records, the first known political defection in Nigeria was in 1951 when members of the National Council for Nigeria and Cameroon (NCNC) defected and joined the Action Group (AG). The development denied Dr Nnamdi Azikiwe the power of the majority paved the way for Chief Obafemi Awolowo to become the Premier of the Western Region. The trend which had been criticised by both observers and party big wigs is said to be thriving because…
It was a harvest of capital gains for the shareholders of Transport Hotels PLC, Chams Holding Company PLC and WG PLC, as they towered above the ten companies that topped the winners’ chart on Nigeria Exchange Limited (NGX) in capital appreciation in 2023, with price gain that ranged from 721.8 percent to 1022.9 percent. Transcorp Hotels PLC posted the highest capital appreciation as the share price jumped from N6.25 in 2022 to close at N70.18 on the last trading day of 2023, an increase of 1022.9 percent. The company is a subsidiary of Transnational Corporation of Nigeria (TRANSCORP). Its market capitalisation…
President Bola Tinubu has thrown his weight behind Dr. Paul Adalikwu, Secretary General, Maritime Organisation of West and Central Africa (MOWCA) with a fresh directive that the planned investigation and recall of Adalikwu initiated by the Federal Ministry of Transportation be stopped immediately. In a letter signed by the President’s Chief of Staff, Rt. Hon. Femi Gbajabiamila, Tinubu said the plan by the Federal Ministry of Transportation in August to recall the MOWCA SG is inappropriate as the organisation’s scribe has ceased to be an employee of Nigeria and only subjected to rules of the organisation he is serving until…
By Sodiq Adelakun Nigeria’s foreign exchange reserves have fallen to a six-year low of $32.87 billion at the end of December 2023, according to data from the Central Bank of Nigeria (CBN). This is the lowest level since September 2017 when the reserve fell to $32.17 billion. The decline came as the central bank attempted to support the Naira, which fell more than 49 percent in 2023 following a series of devaluations. The move was part of an effort by the administration of Mr Bola Tinubu to unify the exchange rate and eliminate Nigeria’s multiple exchange rate regime. Nigeria’s multiple…
North-Central Governors on Tuesday gave N100 million to the families and the affected communities in the Plateau killings while on a visit to the state on Tuesday. The delegation included the Governor of Nasarawa State, Abdullahi Sule, Benue State, Rev. Fr. Hyacinth Alia, Niger State, Umaru Bago, and the host, Caleb Mutfwang, who were at the Government House, Jos. Speaking on behalf of others, the Chairman of the North-Central Governors’ Forum and Governor of Nasarawa State, Abdullahi Sule, insisted that those who attack innocent people and kill indiscriminately are terrorists and must be treated as such, and called for the…
By Ismail Azeez, Osogbo Osun State Governor, Ademola Adeleke has said his government has successfully reset the button of the state public service. Adeleke disclosed this at the annual inter-religious prayer section on Tuesday, held at the state government secretariat, Abere, said his administration has broken jinx in critical areas and proved that Osun people can experience good governance despite all odds. He stated that through God and people of goodwill the present administration has succeeded where opponents never gave them a chance. The governor noted that the government addressed workers’ welfare and put a smile on the faces of…
Persistent inflation and foreign exchange challenges are expected to impact the fourth-quarter financial results of companies in the consumer goods sector in 2023, according to a report by Meristem Securities Limited. The report, titled ‘Consumer Goods Sector Update for December 2023,’ highlighted that major players in the industry incurred foreign exchange losses of N472.35bn in the first nine months of the year. This emphasises the significant impact of the Naira’s depreciation on the financial well-being of consumer goods companies. “Therefore, our outlook for the consumer goods sector in Q4:2023 is mixed. While positive signs, such as anticipated price hikes and…
The Nigeria Football Supporters Club (NFSC) says it has begun massive mobilisation of Nigerians resident in Cote D’Ivoire to storm Abidjan, to cheer the Super Eagles to victory in the 2023 AFCON. Mr Bright Urenyere, Chairman, Mobilisation Committee, NFSC, Cote D’Ivoire chapter, said this in an interview with the newsmen. Newsmen reports that hostilities for the 24-nation continental spectacle kicks-off from Jan. 13 to Feb. 11 in six stadia across five cities in Cote D’Ivoire. Urenyere noted that the Cote D’Ivoire chapter of the NFSC, which was established over three decades ago, remained the only registered supporters club on ground…