Author: Gbenga Oluranti OLALEYE

The Nigerian Senate is expected to approve President Bola Tinubu’s $2.2 billion loan request today, Wednesday, November 20, as part of the government’s strategy to address the N9.7 trillion deficit in the 2024 fiscal year budget. The loan is a crucial component of the external borrowing plan tied to the N28.7 trillion budget proposal for the upcoming year. President Tinubu formally submitted the loan request to the Senate and House of Representatives in separate letters read during the plenary sessions on Tuesday, November 19. The funds will contribute to financing a portion of the budget deficit, which the government has…

President Bola Tinubu has formally written to both chambers of the National Assembly, requesting approval for a fresh external borrowing of $2.209 billion (₦1.77 trillion), as outlined in Nigeria’s 2024 Appropriation Act. This borrowing is part of the government’s broader fiscal strategy to address a portion of the ₦9.17 trillion fiscal deficit in the 2024 budget. In his letter, addressed to Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas, President Tinubu explained that the borrowing was necessary to finance the budget deficit and is in line with Nigeria’s budgetary financing plan. He emphasised that the borrowing plan…

Hon. Ladi Adebutu, the 2023 gubernatorial candidate for the People’s Democratic Party (PDP) in Ogun State, has been released from the custody of the Department of State Services (DSS). Adebutu was detained earlier this week in connection with alleged security breaches during the local government elections held in Ogun State on Saturday, November 16, 2024. Adebutu, a former lawmaker, was released at around 7 a.m. on Tuesday, November 19, after being invited by the DSS for questioning over his alleged involvement in the disturbances in Iperu, Ikenne Local Government Area, during the election. In a statement he personally signed, titled…

The Osun State Park Management System has accused the police of shooting its chairman, Nurudeen Iyanda, also known as Alowonle, while he was in custody. The accusation followed Iyanda’s arrest in connection with a domestic issue on Tuesday, November 19 morning. In a statement issued by the group’s Secretary, Mukaila Popoola, the Park Management System alleged that Iyanda was shot in the early hours of Tuesday under circumstances that warrant a full investigation. Popoola urged members to remain calm and avoid taking the law into their own hands, assuring them that the matter would be pursued through the appropriate legal…

A new report by TLP Advisory, a Nigerian venture law firm, reveals that 51% of startups in Nigeria face significant challenges in securing funding, with currency volatility and limited access to investors cited as the primary barriers. The report, titled “A Decade of the Nigerian Venture Ecosystem: Numbers, Insights & Stories,” was launched on Tuesday, November 19, offering a detailed analysis of Nigeria’s startup landscape over the past ten years. It highlights the growth of the ecosystem, as well as the ongoing challenges, especially amid the country’s economic instability. Despite a record $3 billion in venture capital investments in 2021,…

Benue State Governor, Hyacinth Alia, has approved a new minimum wage of ₦75,000 for state workers, effective November 2024. The governor made the announcement following a meeting with representatives of organised labor on Monday, November 18, in Makurdi. A statement from his Chief Press Secretary, Tersoo Kula, confirmed that the new wage would replace the existing minimum wage structure, reflecting the administration’s commitment to improving workers’ welfare. Governor Alia also assured workers that the remaining three months of the five-month salary arrears, which had been promised by his administration, would be paid as planned in the 2024 budget. These arrears…

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has credited President Bola Tinubu’s initiatives, particularly the decision to halt the importation of fuel, for rescuing Nigeria from a potential economic disaster. Edun made this statement on Monday, November 18, in Bauchi, during the opening of the National Council on Finance and Economic Development (NACOFED) conference, which carried the theme, “Fostering Economic Growth in Challenging Times.” He explained that while President Tinubu’s administration inherited both the nation’s assets and liabilities, decisive steps were necessary to stabilise the economy and move forward. According to Edun, one of the…

The Economic and Financial Crimes Commission (EFCC) has dismissed two of its staff members over allegations of corruption, with plans for their prosecution now underway. EFCC Chairman, Mr. Ola Olukoyede, made the disclosure on Monday, November 18, at the opening of the 6th Annual Criminal Law Review Conference organised by the Rule of Law Development Foundation in Abuja. Olukoyede revealed that the two staff members were dismissed two weeks ago for misconduct, emphasising that such actions are in line with ongoing reforms within the commission. “We cannot be fighting corruption with dirty hands,” Olukoyede stated. “Those who come to equity…

Osun State Governor, Ademola Adeleke, has accused Dr. Abdullahi Ganduje, the National President of the All Progressives Congress (APC), of attempting to destabilise the South West region and undermine President Bola Tinubu’s leadership. The accusation follows Ganduje’s comments about “seizing Osun in 2026” after the APC’s victory in the recent Ondo State governorship election. In a statement issued on Monday, Adeleke condemned Ganduje’s remarks as anti-democratic and said they posed a threat to the peace and unity of the South West. The statement, signed by Adeleke’s media aide Olawale Rasheed, responds directly to Ganduje’s declaration, which appeared to challenge the…

The Confederation of African Football (CAF) has revealed its final shortlist for the prestigious African Player of the Year award, with Nigerian striker Ademola Lookman among the standout nominees. The announcement on Monday highlighted a competitive field of five top African footballers vying for the coveted honor.* Lookman, who has enjoyed a remarkable season with Atalanta, is joined by South African goalkeeper Ronwen Williams, Morocco’s defensive star Achraf Hakimi, Ivory Coast winger Simon Adingra, and Guinea’s prolific striker Serhou Guirassy. The talented five are set to compete for the title of Africa’s best male footballer, with each player having made…