292 Lagos Pensioners Get N1.51bn

By Bliss Okperan President Bola Tinubu has joined other persons and organisations to rejoice with Muslims all over the globe, particularly in Nigeria, over the birthday celebration of Prophet Mohammed. The federal government declared Wednesday, September 27, 2023, a public holiday for Eid-El-Maulud, and the President, as well as his opponent in the 2023 presidential election, Mr Peter Obi of the Labour Party (LP), has joined to celebrate the day. In a statement from the State House in Abuja, Mr Tinubu urged Muslims to use the day “for deep introspection and fervent prayers,” stressing they should “make deliberate efforts to

By Adedapo Adesanya Nigeria faces a crippling fertiliser shortage as 34,000 metric tonnes of Russian Fertiliser meant for Nigeria is stuck at ports in the European Union (EU) as a result of continued war in Ukraine. Russia’s Foreign Minister, Mr Sergey Lavrov, confirmed this development on Saturday at the 78th United Nations General Assembly (UNGA) in New York, noting that 260,000 metric tonnes of Russian fertilisers have been stranded in EU ports since 2022. According to Russian News Agency, TASS, Mr Lavrov informed reporters that, “We are ready to give these fertilisers to African countries for free. It took six

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has charged the National Assembly to continue to cooperate with the executive arm of government, noting that governance is a collective responsibility and not a personal endeavour. He said this at the retreat for the leadership of the 10th National Assembly last Friday at the Four Points by Sheraton, Ikot Ekpene, Akwa Ibom State. Mr Shettima said the administration of President Ahmed Tinubu was committed to safeguarding Nigeria’s democracy and maintaining the fraternal bond between the two arms of government. He described the composition of the federal government as well as

By Adedapo Adesanya The federal government has declared Monday, October 2, 2023, a public holiday to celebrate Nigeria’s 63rd Independence Day, which falls on Sunday, October 1. The Minister of Interior, Mr Olubunmi Tunji-Ojo, made this known in a statement signed by the ministry’s Permanent Secretary, Mrs Oluwatoyin Akinlade, in Abuja on Thursday. Mr Olubunmi acknowledged the global socio-economic hardship, noting that Nigeria is not excluded. He, however, reasserted the government’s commitment to tackling the issues facing the country to reassure Nigerians. “It is today a known fact that difficult Socio-Economic and Security challenges are global, and Nigeria is not

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited last week closed bearish with a week-on-week decline of 0.14 per cent, with the All-Share Index (ASI) and the market capitalisation closing at 51,705.61 points and N27.875 trillion respectively. Similarly, all other indices finished lower with the exception of the CG, premium, banking, pension, NGX Afr bank value, energy and lotus indices, which appreciated by 0.86 per cent, 1.50 per cent, 0.33 per cent, 0.40 per cent, 0.16 per cent, 0.32 per cent and 0.55 per cent respectively, while the Asem and growth indices closed flat. In

Discussions around food and nutrition security took centre stage at the just concluded Senior Policy Seminar hosted by the African Economic Research Consortium (AERC), in partnership with the Central Bank of Nigeria (CBN). The two-day conference, which held from March 9 to 10, 2020 and was supported by the Bill and Melinda Gates Foundation, had the theme Agriculture and Food Policies for Better Nutrition Outcomes in Africa. Prof. Njunguna Ndung’u, the Executive Director of AERC, in his opening address, emphasised that the seminar focused on Agriculture, Food Security and Nutrition Outcomes in Africa because agriculture is the main stay of

By Modupe Gbadeyanka Unity Bank Plc has won the Central Bank of Nigeria (CBN) 2018 sustainable banking award, clenching the award for ‘Sustainable Transaction of the Year in Agriculture’. The bank won the coveted award for its compliance with the Sustainable Banking Principles as it relates to the management of Environmental and Social Risk set out by the CBN for adoption by Nigerian Banks, Discount Houses and Development Banks. While presenting the award to Unity Bank at the just concluded Bankers’ Committee held in Lagos, the apex bank commended the efforts of the lender in promoting the Anchor Borrowers Program

By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State has been commended for approving the downward review of the amended Land Use Charge Law 2018 to 50 percent for commercial property as well as other LUC waivers that will give economic succour to owners of property and taxpayers in Lagos State. Lagos State Commissioner for Finance, Mr Akinyemi Ashade, at a media briefing on Thursday at the Baguda Kaltho Press Centre, Alausa, Ikeja, announced the slashing of the fee by 50 percent. He explained that the “Lagos State government took this important decision for the good of the people” and

By Dipo Olowookere On Thursday, the Nigerian Senate approved the interim report of the Ad-hoc Committee on Promissory Note Programme and a Bond issuance submitted by Senator Francis Alimikhena. The ad-hoc committee was set up to look into the request by President Muhammadu Buhari to issue promissory notes and bonds to settle inherited local debts and contractual obligations the federal government. Last month, the Senate tasked the ad-hoc committee to probe the request and advice it appropriately. On Thursday, the committee laid and presented its interim report after Mr Alimikhena had moved a motion to do so and was seconded

By Aduragbemi Omiyale Mr Adeyemi Adetomiwa has been announced as the acting Managing Director/Chief Executive Officer of Berger Paints Plc, following the retirement of Mr Anjan Sircar. The paint maker in a statement stated that Mr Sincar is retiring from the board upon the completion of his three-year tenure as MD/CEO of the organisation. The appointment of Mr Adetomiwa became effective on Tuesday, January 4, 2022, and prior to yesterday, he was the Chief Operating Officer (COO) of the company. Mr Adetomiwa, who joined the firm in 2019 as COO, brings on board almost three decades of management experience in

Fertiliser plants in the country notorious for diverting the products have been warned to desist from the act or risk being shut down by the government. This warning was given by the Minister of Agriculture and Rural Development, Audu Ogbeh, following allegations that one of the two big urea plants in Nigeria were producing for export while selling to Nigerian farmers at exorbitant prices, making affordability and accessibility difficult. Mr Ogbe said plants diverting fertilisers meant for farmers in the country were frustrating the government’s effort in encouraging agriculture, which it hopes to be another major source of foreign exchange

By Dipo Olowookere Barely one month to the implementation of the capital budget for 2016, several Ministries Departments and Agencies (MDAs) are yet to come to terms with the current economic recession by not implementing the capital budget to the letter and spirit of the 2016 Appropriation Act as passed by the National Assembly, Economic Confidential can report authoritatively. Foremost among the Ministries is the Ministry of Budget and National Planning with the highest allocation of N1.14 trillion, having a capital vote of N404.86 billion and a recurrent expenditure of N142.40bn but nothing to show at the time of writing