Author: New Daily Prime

Neither the US nor China is willing to assume the responsibility “The 1929 depression was so wide, so deep and so long because the international economic system was rendered unstable by British inability and United States unwillingness to assume responsibility for stabilising it.” Such was the economic historian Charles Kindleberger’s conclusion about why the Depression became an international catastrophe. The world economy, he argued, needs a hegemon: a leader willing to incur some cost and risk for the sake of the whole. “For the world economy to be stabilised,” he wrote, “there has to be a stabiliser, one stabiliser.”…

Former military president, General Ibrahim Babangida (retd.), has for the first time publicly acknowledged that the late Chief Moshood Kashimawo Olawale Abiola won the June 12, 1993 presidential election, but described its annulment as the “most difficult decision” of his life. Babangida made the revelation in his newly launched autobiography, A Journey in Service, unveiled in Abuja on Thursday, February 120. The book offers a deep dive into pivotal moments of Nigerian history, including controversial decisions during his time in power. While reviewing the book at the launch, former Vice President Yemi Osinbajo quoted Babangida as saying that Abiola, who…

The All Progressives Congress (APC) in Osun State has officially withdrawn from the upcoming local government election scheduled for Saturday, February 22. The party’s decision follows a controversial Court of Appeal ruling earlier this month that reinstated its sacked chairmen and councillors. In a letter dated February 17, which was signed by the APC State Publicity Secretary, Alao Kamorudeen, and addressed to the Secretary of the State Independent Electoral Commission (OSIEC), the party announced its withdrawal from the electoral process, citing the implications of the February 10 judgment. The Court of Appeal’s ruling in Akure nullified a previous Federal High…

The Department for Combating Illegal Migration (DCIM) in Libya has successfully deported 48 Nigerian women and two children with support from Nigeria’s consular services and the International Organization for Migration (IOM). The repatriation was carried out on Wednesday via Mitiga International Airport, ensuring the safe return of the migrants to Nigeria. This effort forms part of broader initiatives aimed at assisting Nigerian nationals who are facing hardships abroad, especially in conflict-affected areas like Libya. Migrant Rescue Watch confirmed the operation in a statement shared on X (formerly Twitter), stating: “DCIM repatriated from Tripoli with 🇳🇬 consular and 🇺🇳 IOM support…

The Federal Ministry of Transportation has refuted reports circulating on online platforms regarding the imminent launch of a high-speed bullet train between Lagos and Abuja, which was claimed to reduce travel time between the two cities from 12 hours to just two to three hours. In a statement issued on Thursday, February 20, the Ministry described the claims as “fake and unfounded,” stressing that they were based on inaccurate information provided by Yinka Idris, the Director of Operations of Geofocus Consortium. Idris had reportedly issued a statement suggesting that the feasibility studies for the project were complete, and that the…

The House of Representatives has urged the Nigeria Police Force and the Federal Road Safety Corps (FRSC) to take immediate action against the growing use of fake vehicle number plates, citing concerns over increasing criminal activities in the country. The motion, sponsored by Matthew Nwogu, the representative for Aboh Mbaise/Ngor Okpala Federal Constituency, Imo State, was adopted during Thursday’s February 20, plenary session. Nwogu emphasised that vehicle number plates are crucial for identifying vehicles and allowing security agencies to trace those involved in criminal activities. He referenced a report from Vanguard dated February 7, 2025, which revealed that many fake…

Governors elected under the Peoples Democratic Party (PDP) have thrown their weight behind Governor Ademola Adeleke of Osun State, as the state grapples with an escalating leadership crisis at the local government level. The crisis began following a controversial Federal High Court ruling in Osogbo last year, which led to the dismissal of Osun State’s local government chairmen and councillors. This decision was overturned by the Court of Appeal in Akure, which reinstated the officials. However, attempts to restore the local government leaders sparked violent clashes, resulting in several deaths across the state. In a statement issued by Bauchi State…

Former military Head of State, Ibrahim Babangida, has expressed deep regret over the annulment of the June 12, 1993 presidential election, describing it as the most difficult period of his life. Speaking at the launch of his memoir, ‘A Journey in Service’, in Abuja on Thursday, Babangida admitted that while the election was credible, his administration failed to complete the process, which he called “a tragic irony of history.” He took full responsibility for the decision, saying the June 12 crisis, which interrupted Nigeria’s democratic progress, was a mistake, but emphasised that Nigeria’s commitment to democracy has endured. Babangida also…

The Senate has called on the National Judicial Council (NJC) to address the alleged removal of Benue Chief Judge, Justice Maurice Ikpambese, in accordance with constitutional provisions. The upper chamber also tasked its Committee on Judiciary and Human Rights with investigating the matter and submitting a report in two weeks. The motion, titled “Looming Constitutional Crisis in Benue State,” was sponsored by Minority Leader Sen. Abba Moro (PDP-Benue) and supported by two other Benue senators. Moro expressed concerns that the Benue State House of Assembly’s purported removal of the chief judge, without proper legal procedure, posed a threat to democracy…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to maintain the country’s benchmark interest rate at 27.50% following its 299th meeting in Abuja. CBN Governor, Olayemi Cardoso, made the announcement on Thursday, highlighting that the committee unanimously agreed to keep key monetary parameters unchanged as it evaluated the economic outlook for 2025. The CBN also kept the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks, and the Liquidity Ratio at 30%. This decision marks a pause after…