The Debt Management Office (DMO) has debunked reports by U.S.-based financial, software, data and media company, Bloomberg, that Nigeria is planning to restructure its debt. Bloomberg’s report had quoted Nigeria’s Finance Minister, Mrs Zainab Ahmed as saying that Nigeria had appointed consultants to advise the government as it faced a rising debt-service burden. But the DMO in a statement on Thursday, said Bloomberg’s report was wrong because Nigeria is not considering to restructure its debt or extend the repayment period of its credit obligations. The DMO said that the minister’s statement was taken out of context. “Over the years, Nigeria’s…
Author: Newsdesk
…Naira anticipated to become stronger once refinery starts production The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the Dangote Petroleum Refinery, upon which the hope of the nation rests for fuel sufficiency is now 97 percent completed. The agency has also commended the work done in the project. The refinery, with 650,000 barrels per-day installed capacity is expected to double the total output of Nigeria’s existing ailing refining infrastructure and meet 100 per cent of the Nigerian requirement of all refined products will pump out fuel any moment soon, the Agency declared. The NMDPRA made this…
The Independent National Electoral Commission (INEC) on Thursday, tasked politicians in the country to promote politics of ideology and avoid abusive or derogatory language. Mrs Hauwa Aliyu Kangiwa, the INEC Administrative Secretary in Sokoto state made the call at a meeting with the executives and candidates of the Peoples Democratic Party (PDP) in the state. She said the meeting was convened to give highlights in INEC guidelines and rules on tracking financing and general electioneering process and campaign activities of parties. According to her, candidates and parties’ spending limits have been spelt out by INEC, which must not exceed same.…
A Federal High Court in Dutse, Jigawa state has discharged and acquitted former governor of Jigawa state, Ibrahim Saminu Turaki of N8.3 billion corruption charges leveled against him by the Economic Financial Crimes Commission (EFCC). The EFCC and three companies had been dragged before the court on 33-count charge bothering on diversification and misappropriation of state funds since May 4, 2007. Justice Hassan Dikko in his ruling, struck out all charges and discharged all the accused persons for want of diligent prosecution. The court further ordered that the travel documents of the 1st accused person be released to him with…
The European Commission has opposed a plan to support expanding fertilizer production in Africa because it would clash with the European Union’s climate goals. (Fertilizer production and use account for about 5 percent of greenhouse gas emissions.) But as EU countries expand domestic and overseas fossil fuel infrastructure to reduce reliance on Russian energy, it is hypocritical to limit the agricultural potential of other countries to meet green goals. Restricting aid to African countries for fertilizer production because it conflicts with climate goals, while also demanding natural gas from the continent, is absurd and unfair. Supporting these countries through a…
No fewer than 11 political parties have fielded candidates for the 2023 governorship election in Borno. The lists of the candidates is contained in a document released by the Independent National Electoral Commission (INEC) in Maiduguri. INEC’s Head of Department, Voter Education and Publicity (VEP) in the state, Malam Shuaibu Ibrahim, confirmed the development in Maiduguri on Thursday. According to the Commission, the incumbent governor, Babagana Zulum is seeking re-election under the platform of the All Progressive Congress (APC). Major contenders in the race include Zulum leading opponent, Ali Jajari of the People’s Democratic Party (PDP) and the Action Alliance…
Rivers state governor, Nyesom Wike is on Thursday, leading five other aggrieved governors of the Peoples Democratic Party (PDP), to meet in London, United Kingdom over the lingering crisis rocking the party. The five governors, Seyi Makinde (Oyo), Okezie Ikpeazu (Abia), Ifeanyi Ugwuanyi (Enugu) and Samuel Ortom (Benue), recently withdrew their membership of the PDP Presidential Campaign Council, insisting on the removal of the National Chairman of the party, Iyorchia Ayu. Wike, Makinde, and Ortom met in London in September, and today’s meeting is expected to take certain decisions ahead of the 2023 poll.
A senior advocate of Nigeria (SAN), Dr Emeka Obegolu has advised legal practitioners in the country to specialize particular areas of legal practice, to strategically position themselves and fit properly for the 21st Century Legal Practice. He gave the advise at a training themed “Demystifying Construction Law”, organized by the Abuja Branch of Nigerian Bar Association (NBA) on Wednesday. Obegolu specialises in Alternative Dispute Resolution (Arbitration and Mediation), Criminal law and Commercial law practice, Petroleum Law, pre and post-election matters, and constitutional law to mention but a few. According to him, specialization allows a lawyer to show measurable credibility and…
Nigerian government says it has agreed to modify its payment platform, the Integrated Personnel and Payroll Information System (IPPIS) to accommodate the peculiarities of the University Transparency Accountability System (UTAS) and Universities Peculiar Personnel Payroll System (UP3S). The Academic Staff Union of Universities (ASUU) has been on strike for eight months over disagreement with the federal government, based on ASUU’s claim that government had breached agreements reached since 2019 on the peculiarities of their individual payment platforms – UTAS, IPPIS, among others. However, “The lecturers were told that the IPPIS will be modified to accommodate the peculiarities of UTAS. It…
The Kwara House of Assembly has passed the N187.2 billion Revised Supplementary budget estimate forwarded by Gov. AbdulRahman AbdulRazaq. The revised fiscal policy was passed after considering the report of the House Committee on Finance and Appropriation on “Revised Supplementary Appropriation 2022 Bill”. The report was submitted by the Chairman of the committee, Mr Ibrahim Ambali (APC-Owode/Onire). Ambali noted that the approved Revised Budget Estimate was against the sum of N187.5 billion initially proposed, indicating a decrease of N308.3 million. He said Capital Expenditure is now N86.9 billion against N89.3 billion originally proposed, while proposed Recurrent Expenditure stands at N83.7…