Author: Alade Adisa

The Central Bank of Nigeria (CBN) has increased its Monetary Policy Rate (MPR) to 27.25%.According to a statement, the decision was made during the Monetary Policy Committee (MPC) meeting chaired by CBN Governor, Yemi Cardoso on Tuesday.In July 2024, the CBN raised its MPR by 800 basis points to 26.75 percent, up from 13 percent in May 2022. Stressing that the move will help improve confidence, and enable economic agents to plan in the medium to long term, the CBN governor said, “The committee was, however, unanimous in recognizing that a lot more is required to actualize the bank’s price…

The United States Government has commended the Saturday governorship election of Edo State, praising the people of the state over their peaceful conduct during the polls.The US also commended Governor Godwin Obaseki for his appeal for peace in the aftermath of the election.This was disclosed in a statement signed by Ambassador Richard Mills Jr., United States Ambassador to Nigeria on the Embassy’s website, which read, “The U.S. Mission in Nigeria commends the people of Edo State for the widely peaceful conduct of gubernatorial elections on September 21 and reiterates calls for calm following the announcement of results.According to Mills Jnr.,…

A National Bureau of Statistics (NBS) survey for the first quarter of 2024 has indicated that Nigeria’s unemployment rate in the first quarter of 2024 rose to 5.3 percent, a 0.3 percent points increase from 5.0 percent in the third quarter of 2023.According to the report, released on Tuesday, the unemployment rate for males stood at 4.3 percent, while females experienced a higher rate of 6.2 percent.The NBS defines underemployment as those who work less than 40 hours a week and are willing to work more.In terms of location, urban areas recorded a 6.0 percent unemployment rate, compared to 4.3…

Africa’s richest man, and the President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has called on the Federal Government to put an end to fuel subsidies completely now.In an interview with Bloomberg Television in New York on Monday, Dangote said the government should immediately end all fuel subsidies, adding that the removal would help determine the actual petrol consumption in the country.Dangote further noted that ending petrol imports will have a huge upside in easing currency pressures. The business chief also stated that the refinery can refine 650,000 barrels of crude oil daily, adding that fuel production from…

An Embraer ERJ 145 aircraft operated by Air Peace Airlines, having among its passengers, Omoyele Sowore, suffered a potentially hazardous malfunction when its windshield shattered as it descended into the Nnamdi Azikiwe International Airport in Abuja on Monday.It was, however, learnt that the plane, which had departed from Akure in Ondo State at 8:30 am, landed at 9:40 am without further incident.Sowore, a pro-democracy campaigner and former presidential candidate of the African Action Congress, was travelling to Abuja for a scheduled court trial.He is also the founder of an online news agency, Sahara Reporters and a human rights advocate. After…

Barely 24 hours after Senator Monday Okpebholo of the All Progressives Congress (APC) was declared winner of the Saturday Edo State governorship election by the Independent National Electoral Commission (INEC), the Peoples Democratic Party (PDP) has vowed to go to court to retrieve its ‘stolen mandate.’The party’s position was announced by PDP acting National Chairman, Umar Damagum at a briefing in Abuja, where he charged the people of the state “to remain resolute and undeterred as our party takes sure and firm steps to retrieve the mandate with every means legal and available in a democracy.”Saying the PDP expected the…

The Chairman of the United Bank for Africa (UBA), Mr Tony Elumelu is to head the Disaster Relief Fund recently established by the Federal Government to address national disasters like flooding. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced the birth of the Fund to State House correspondents at the State House, Abuja, at the end of the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu on Monday.The minister said there is a need to be prepared for all eventualities, noting that ”in this era of climate change, no matter the prevention…

Africa’s richest man and business mogul, Alhaji Aliko Dangote, has said he regretted not buying the English Premier League club, Arsenal, when he was interested in owning a football club.The President and Chief Executive of Dangote Group said he wished he had bought the club when it was valued at around $2 billion.He spoke in an interview with Bloomberg in New York, where he disclosed that he missed out on buying Arsenal because he committed his resources to the refinery project.Dangote said, “I think that time has passed. The last time when we had this interview, I told you as…

On Monday, Alhaji Abdullahi Ganduje, the National Chairman of the ruling All Progressives Congress (APC), congratulated Senator Monday Okpebholo, the Edo State governor-elect on his victory at the September 21 governorship election.Ganduje, who spoke while closing the situation room set up at the party’s national secretariat in Abuja to monitor the election, said the APC will use lessons learned in Edo State to recover more states for the party. In a statement by his Chief Press Secretary, Edwin Olofu, the National Chairman noted that the victory was a testament to the trust and hope placed in the visionary leadership of…

The Federal Government has approved the establishment of a disaster relief fund to tackle flooding and other emergencies in the country.This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun while addressing state house correspondents after a Federal Executive Council (FEC) meeting chaired by President Bola Tinubu on Monday.His words: “In this age of climate change, disasters will inevitably occur despite preventive efforts.”The minister emphasized the need to pool resources from different sectors to prepare for such situations.The National Flood Early Warning Systems Centre of the Ministry of Environment had earlier said 123 locations…