Author: Akintayo Adams

According to data released by the National Bureau of Statistics (NBS) on Monday, inflation rate in Nigeria increased to 33.20 percent, compared to 31.70 percent at February 2024. The analysis showed that food inflation skyrocketed to 40.01 percent in March 2024. On a year-on-year basis, the headline inflation rate was 11.16 percentage points higher in March 2024 than the 22.04 percent recorded in March 2023. The headline inflation rate in March 2024 was 3.02 percent, which was 0.10 percent lower than the 3.12 percent recorded in February 2024, according to the month-on-month basis analysis. More to come as stories unfold…

The Oyo State Government, on Monday, through the state’s Commissioner for Information, Dotun Oyelade, said Saturday’s invasion of the State Secretariat in Ibadan, the state capital, by self-acclaimed Yoruba Nation agitators clad in camouflage can be described as an act of terrorism. He berated the act, adding that there are better ways of fighting for what they want other than violence or bloodshed. He further claimed some people are behind it as sponsors and they’ve succeeded in landing themselves in trouble. He said, “Sponsors of the invasion of the Governor and State House of Assembly’s office have succeeded in landing…

The Economic and Financial Crimes Commission (EFCC) revealed that major fraudulent dealings involving COVID-19 funds, World Bank loan, Abacha recovered loot has been discovered at the ministry of humanitarian affairs. This was contained in a statement credited to Dele Oyewale, EFCC spokesperson, who explained that the funds were disbursed by the federal government to the ministry with the aim of executing poverty alleviation programmes. He said the commission’s recent investigation into dealings of the ministry has led to the recovery of ₦32.7 billion and $445,000 The EFCC mouthpiece further added that “suspended officials” of the ministry were linked to the…

In the early hours of Monday, April 15, 2024, according to data provided by the Nigerian System Operator’s portal (niggrid.org), Nigeria’s national grid experienced another collapse. It was said to have occured at 2:00am when the grid recorded a never-seen before Zero Megawatts (MW). According to reports, it generated 52.3MW around 7:10 am. This collapse marks the fifth grid malfunction in 2024, and the latest in a long list of collapse over the years, adding to challenges that have long been synonymous with Nigeria’s power sector. Meanwhile, the Transmission Company of Nigeria (TCN) nor the DisCos are yet to issue…

President Bola Tinubu has assured Nigerians that his administration will continue to support and promote the Open and Distance Learning (ODL) to enhance access to higher education in the country. He gave the assurance at the 13th Convocation and Investiture of the third Chancellor of the National Open University of Nigeria (NOUN), Ewuare II, the Oba of Benin, on Saturday in Abuja. The President, who was represented by Dr Biodun Saliu, the Deputy Executive Secretary, National Universities Commission (NUC) said, “We will continue to do this in order to improve quality, access and affordability.” He said the deployment of ODL…

Nigerian Labour Congress (NLC), and Trade Union Congress (TUC) has demanded ₦615,000 as the new minimum wage for workers in the country. In a conversation with The Punch under anonymity, a leader within the organized labor disclosed that the revised salary of ₦615,000 per month was agreed upon following consultations by the NLC and TUC. The source, who was a member of one of the sub-committees set up by the government to work on getting a new minimum wage for the country, however, said the wage might still increase, following the recent hike in electricity tariff. He said: “We (NLC…

Guaranty Trust Holding Plc, the parent company of Guaranty Trust Bank, a leading Nigerian financial institution, announced on Friday its intention to seek shareholder approval to raise a maximum of $750 million in capital. This is expected to happen during a meeting scheduled for May 9, 2024. This development align with the efforts of other banks to increase capital reserves in order to meet new regulatory targets set by CBN. The Central Bank of Nigeria, in March, announced minimum capital requirements for banks to bolster the country’s financial system and enable lenders to play a more significant role in aiding…

Nigeria is advancing towards becoming a dominant force in the global economy, as outlined in a pioneering report by Goldman Sachs. Goldman Sachs’ report, titled “25 Largest Economies in the World by 2075,” situates Nigeria ahead of well-established economic powerhouses such as Germany, the United Kingdom, Brazil, and Egypt. The report predicts a significant global power shift, with China surpassing the United States as the world’s leading economy by 2050, a position it’s expected to maintain until 2075. India is forecasted to secure the second position, with the United States and Indonesia closely trailing in third and fourth place respectively.…

The Governor of Osun State, Senator Ademola Adeleke, has enhanced security protocols around governmental facilities in the state to prevent any potential seizure by purported Yoruba activists. In a statement, the governor’s spokesperson, Mallam Olawale Rasheed, disclosed that Adeleke has instructed his Special Adviser on Security Affairs, Mr. Samuel Ojo, to promptly coordinate the mobilization of combined security units to safeguard the State Government Secretariat, the Government House, and other vital government premises, including the headquarters of the Osun State Broadcasting Corporation (OSBC). “In line with the Governor’s directive, security men and women were deployed to identified locations yesterday to…

Sequel to the invasion of Oyo State Secretariat by Yorùbá Nation Secessionists, Ekiti state police command has revealed that it has deployed more security operatives to strategic government offices in the state to avoid a similar event. Speaking, the Commissioner of police in Ekiti state, Kunle Akinwale said the command was not unaware of Saturday’s occurrence in Oyo state and had stationed its tactical team at the government house and offices including the state of house assembly. “The issue is that, if it can happen in Oyo state, it can happen anywhere. We are fully on the ground here in…