Author: Friday Omosola

The National Economic Council (NEC) has taken decisive steps to tackle the ongoing issues plaguing Nigeria’s power sector, including the recent power grid collapses, by establishing a committee to implement the National Electrification Strategy. This initiative is aimed at ensuring reliable and affordable electricity access across the country. At the 146th meeting of NEC held on Thursday at the Presidential Villa, Abuja, Vice President Kashim Shettima, who chairs the Council, underscored that access to electricity is a fundamental right, essential for economic growth. He emphasised that ‘electricity is the oxygen of economic growth’ and must be treated as a basic…

Former Vice President Atiku Abubakar has expressed deep concern over Nigeria’s escalating debt crisis, following a recent World Bank report that ranks the country as the third most indebted nation to the International Development Association (IDA). In a statement released on his social media platform, Atiku criticised President Bola Tinubu’s intention to borrow an additional N1.7 trillion to cover a shortfall in the 2024 budget through Euro Bonds. He described the move as alarming, particularly because the proposed loan is benchmarked at an exchange rate of N800 to 1 USD, while the current Central Bank of Nigeria exchange rate has…

Vice President Kashim Shettima has underscored the crucial role of Nigerian youths in advancing Africa’s development, stating that they are indispensable to repositioning the continent. Speaking at the 2024 Youth Legacy Conference held at the Banquet Hall of the Presidential Villa in Abuja, Shettima reaffirmed the federal government’s commitment to youth empowerment as a cornerstone of President Bola Tinubu’s “Renewed Hope Agenda.” Represented by Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President, Office of the Vice President, Shettima emphasised that youth inclusion in governance and economic activities is not just symbolic but a necessity for sustainable development. “There…

The Federation Account Allocation Committee (FAAC) has disbursed N1.411 trillion to the three tiers of government for October 2024, reflecting an increase in revenue compared to the previous month. The funds, derived from statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, were shared at the FAAC meeting in Bauchi, chaired by the Accountant General of the Federation, Dr Oluwatoyin S. Madein. According to the FAAC communiqué, the federal government received N433.021 billion, states got N490.696 billion, and local government councils were allocated N355.621 billion. Additionally, oil-producing states received N132.404 billion as derivation revenue (13%…

President Bola Tinubu has reiterated his administration’s resolve to prioritise social investment programs to safeguard the welfare of Nigeria’s vulnerable populations amid ongoing economic reforms. He made this assurance during a courtesy visit from International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil. Acknowledging the challenges posed by the reforms, Tinubu expressed his determination to cushion their impact while ensuring long-term benefits. He highlighted social safety nets and educational access as critical tools to reduce poverty and improve opportunities for underprivileged children. “We have started seeing positive results…

President Bola Tinubu has called on African militaries to unite in addressing the continent’s security challenges, emphasising the importance of cooperation and solidarity in fostering peace and stability. The President made this appeal on Wednesday while declaring open the second edition of the Africa Military Games at the Moshood Abiola National Stadium, Abuja. Represented by Vice President Kashim Shettima, President Tinubu described the event as a historic platform to enhance military cooperation, camaraderie, and unity across Africa. Themed “Enhancing Military Cooperation in Africa through Sports,” the games mark a revival of the tradition initiated over two decades ago in Nairobi,…

The 2023 presidential candidate of Labour Party (LP), Peter Obi, has reiterated the need for aggressive investment in education as a catalyst for national development. The former Governor of Anambra State said this at the First International Conference of Peaceland University, Enugu, themed “Digitalisation in education: staying ahead of the curve.” Mr Obi emphasised the transformative power of education in driving progress and reducing poverty. Mr Obi, who attended the conference as a special guest, described it as an opportunity to interact with students and inspire them in their academic pursuits. He highlighted the urgent need for Nigeria to embrace…

Lagos State Governor, Babajide Sanwo-Olu will present the Y2025 Appropriation Bill to the Lagos State House of Assembly on 21 November by noon. Mr Sanwo-Olu, Special Adviser on New Media, announced this on his X page on Thursday. The budget, themed ‘Budget of Sustainability’ is a blueprint for continuity, resilience and prosperity for Lagosians. It is structured around five key pillars, including Infrastructure Sustainability, Economic Diversification, and Institutional Reforms. READ ALSO: Sanwo-Olu sues EFCC over arrest threats The governor is expected to present an ambitious budget above the N2.3trn approved for Y2024. Details later.

Operatives of the Rivers State Police Command have rescued a kidnap victim and recovered an operational vehicle in Oyigbo, Rivers State. According to a press release from the Command’s spokesperson, Grace Iringe-Koko, the incident occurred on November 17 at about 8:23 p.m. Iringe-Koko said a distress call was received indicating that four armed men, operating in a black Toyota Corolla kidnapped one Madabuchi Julius at Sabbath Filling Station in Oyigbo, after firing sporadically to scare off bystanders. Iringe-Koko noted that Police operatives were immediately mobilized to the scene. The police spokesperson added that on sighting the officers, the kidnappers attempted…

Edo State Governor, Monday Okpebholo, has dissolved the governing councils of all state-owned tertiary institutions. He also ordered the immediate disengagement of the management staff of Edo Specialist Hospital and Stella Obasanjo Hospital in Benin City. The governor made these decisions known through a statement issued on Wednesday by his Chief Press Secretary, Fred Itua. The directives were outlined in a “Government Special Announcement” dated November 20. “It is hereby announced for the information of the General Public that the Governor of Edo State, His Excellency, Senator Monday Okpebholo has approved the dissolution of the Governing Councils of all State…