Author: New Daily Prime

Governments of African countries have expressed dissatisfaction with the new collective quantified goal (NCQG) of $300 billion a year by 2035 climate finance deal proposed by world leaders at the United Nations Conference of Parties (COP29). On Sunday, November 24, at the closing plenary of COP29 in Baku, Azerbaijan, world leaders reached a consensus on the “Baku Finance Goal,” which aims to provide $300 billion annually to support climate adaptation and mitigation efforts by 2035. The negotiations were extended by 33 hours, and COP29 President Mukhtar Babayev announced that the deal, despite challenges, represented the best possible outcome given the…

The Nigerian Labour Congress (NLC) has strongly criticized the National Bureau of Statistics (NBS) for its recently released unemployment data, which showed a decline in the national unemployment rate to 4.3% in Q2 2024. The NLC dismissed the report as “fiction,” accusing the NBS of presenting a misleading narrative that contradicted the harsh economic realities faced by Nigerians. Chris Onyeka, the NLC’s National Assistant General Secretary, described the figures as “a fabrication” intended to mislead the public. He argued that the country’s unemployment situation is worsening, citing closures of factories, increasing inventory, and reduced consumer spending. Onyeka further questioned the…

The Nigerian National Petroleum Company Limited (NNPCL) has requested an additional N1.19 trillion subsidy refund for July 2024, citing exchange rate differentials on Premium Motor Spirit (PMS) importation and joint venture taxes. This request has sparked concerns from state governments, who have raised questions about the NNPCL’s accounting practices and the transparency of its financial claims. According to a report from The PUNCH, the findings are based on the Federation Account Allocation Committee (FAAC) Postmortem Sub-Committee report for September 2024. The report reveals that exchange rate differentials for PMS imports stood at N4.56 trillion in June 2024, due to under-recovery…

A total of approximately N3.87 trillion has been earmarked for recurrent expenditure across 13 Nigerian states in their proposed budgets for the 2025 fiscal year. The recurrent expenditure accounts for a significant portion of the total budget proposed by the states, highlighting the emphasis on administrative costs, including salaries and overheads, while also directing substantial funds toward capital projects aimed at boosting infrastructure development. The total proposed budget across these 13 states for 2025 is N9.07 trillion, with N3.87 trillion allocated for recurrent expenditure, representing the ongoing costs of running the government and providing essential services. The remaining N5.845 trillion…

Lagos State Governor, Babajide Sanwo-Olu, has suspended his Senior Special Assistant on Print Media, Mr Wale Ajetunmobi, following a controversial post on his personal X account. The suspension was confirmed in a statement issued by the Governor’s Special Adviser on Media and Publicity, Gboyega Akosile, on Tuesday, November 26. The statement, titled ‘Governor Sanwo-Olu suspends aide,’ highlighted that the suspension followed Ajetunmobi’s misrepresentation of facts related to a past incident on his social media account. Ajetunmobi’s suspension stems from a tweet in which he claimed that arsonists responsible for burning down the Television Continental (TVC) station during the 2020 #EndSARS…

Manchester City manager, Pep Guardiola, has acknowledged that his side’s aspirations to win a fifth consecutive Premier League title could be shattered if they suffer another defeat to table-toppers Liverpool next Sunday. Guardiola made the statement after watching his team endure a 4-0 loss to Tottenham Hotspur on Saturday, marking their fifth defeat across all competitions and their third consecutive league defeat. The loss leaves City with a daunting 11-point deficit behind Liverpool, who can extend their lead to eight points if they secure a victory against Southampton on Sunday. In an interview with ESPN, Guardiola conceded that an 11-point…

Bright Okpocha, widely recognized as Basketmouth, the multi-talented artist has shared his decision to forgo private performances to maintain the integrity of his craft. This announcement was made during an engaging discussion at the premiere of his debut feature film, ‘A Ghetto Love Story.’ As an influential figure in the entertainment industry, Basketmouth is more than just a musician he is a producer, actor, comedian, and singer whose contributions have had a profound impact on the Nigerian entertainment scene. In light of his recent project, the artist took the opportunity to explain why he believes that artistry must remain uncompromised.…

The Peoples Democratic Party (PDP) has reassured its supporters that the party’s governors and key stakeholders are united in their efforts to re-strategise and restore hope for Nigerians by stabilising the party. Plateau State Governor, Caleb Mutfwang, made this statement on Friday, November 22, during a Gala Night at the Banquet Hall, Government House Rayfield, in Jos, the state capital. The event served as a platform for the PDP Governors’ Forum to hold an important strategic meeting. Governor Mutfwang expressed his gratitude to the governors and party members who had travelled from across the country to participate in the forum. …

The Peoples Democratic Party (PDP) has commended Governor Ademola Adeleke for his “giant strides” in governance as he nears his second anniversary in office as Governor of Osun State. In a statement released via its official X handle on Friday, the PDP leadership highlighted several significant achievements under Adeleke’s administration, with a particular focus on infrastructure development, healthcare reforms, and community empowerment. “The @OfficialPDPNig Government in Osun State under His Excellency Ademola Adeleke has made significant strides across various sectors since assuming office two years ago,” the party declared. Earlier on Friday, November 22, it was reported that the Osun…

The Bank of Industry (BoI) has revealed plans to disburse N120 billion to two million micro, small, and medium enterprises (MSMEs) across Nigeria by the end of 2024. This initiative forms part of the bank’s ongoing strategy to stimulate economic growth by providing affordable capital to businesses. BoI provides loans to MSMEs at single-digit interest rates, offering a significant contrast to the 35% interest rates charged by commercial banks, particularly in light of the recent increase in the Central Bank of Nigeria’s (CBN) Monetary Policy Rate (MPR). At a press conference in Lagos marking the bank’s 65th anniversary, Olasupo Olusi,…