The Centre for the Promotion of Private Enterprise (CPPE) has raised concerns over the Central Bank of Nigeria’s (CBN) sustained tightening of the Monetary Policy Rate (MPR), now at 27.50 per cent. Dr Muda Yusuf, Chief Executive Officer, CPPE, stated in Lagos on Tuesday that the continued rate hikes by the Monetary Policy Committee (MPC) could further stifle economic growth. NAN reports that the MPC of the CBN, during its 298th meeting, further raised the country’s interest rate to 27.50 per cent from 27.25 per cent. It, however, retained the Cash Reserved Ratio (CRR) at 50 per cent for Deposit…
Author: Ayo Oye
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The Nigerian Meteorological Agency (NiMet) has predicted sunshine and haziness across the country from Wednesday to Friday. NiMet’s weather outlook, released on Tuesday in Abuja, anticipated moderate dust haze on Wednesday in the northern region, with localised visibility of less than or equal to 1,000m. ”In the North Central region, slight dust haze is expected throughout the forecast period. The southern region will experience sunny skies with a hazy atmosphere, accompanied by early morning mist and patches of clouds. “Thunderstorms with light rains are predicted over parts of Cross River, Delta, Bayelsa, Rivers, and Akwa Ibom States during the afternoon…
The Organised Labour in Cross River has directed state civil servants to return to work on Wednesday. The directive is contained in a statement issued by the state Chairman of the Trade Union Congress, Mr Monday Ogbodum, and made available to newsmen on Tuesday. Ogbodum stated that the directive followed the success of thetwo-day warning strike over the non-implementation of the new minimum wage by the government. According to him, negotiations between the State Government and labour would resume on Thursday. “The strike committee wants to thank all workers for their total compliance in the just concluded warning strike from…
The Central Bank of Nigeria (CBN), says Nigeria’s Deposit Money Banks (DMBs) are satisfactorily resilient amid both external and internal pressures. Mr Yemi Cardoso, the Governor of the CBN, said this on Tuesday in Abuja while presenting a communiqué issued at the end of the 298th meeting of the apex bank’s Monetary Policy Committee (MPC). According to Cardoso, members of the MPC noted with satisfaction the continued resilience and stability of the banking system in spite of significant exogenous and endogenous headwinds. “Key financial soundness indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loan ratio (NPL), and Liquidity Ratio…
President Bola Tinubu has nominated three new members to fill existing vacancies on the board of the Code of Conduct Bureau (CCB). Mr Bayo Onanuga, Special Adviser to the President, Information and Strategy disclosed this in a statement The announcement was made in a formal letter by the President addressed to the President of the Senate,, said in a statement. The nominees are: Alhaji Fatai Ibikunle from Oyo State, Mr Kennedy Ikpeme from Cross River, and Justice Ibrahim Buba, a retired judge of the Federal High Court. “Established in 1979, the Code of Conduct Bureau plays a critical role in…
The Katsina State Government says it will clear all outstanding liabilities it owed staff in the state civil service by December, while that of the Local Governments will be cleared by July, 2025.The Commissioner, Ministry of Budget and Economic Planning, Alhaji Bello Kagara, disclosed the glad tidings at the 2025 budget breakdown, on Tuesday in Katsina.Kagara recalled that Gov. Dikko Radda had presented a budget of N682.2 billion before the State House of Assembly, on Monday, for consideration and subsequent approval.The budget, tagged: “Building Your Future II”, has Recurrent Expenditure of N157.9 billion, representing 23.15 per cent and Capital Expenditure,…
Gov. Umo Eno of Akwa Ibom, on Tuesday presented a budget proposal of N955 billion for 2025 before the state House of Assembly. The 2025 proposal comprises of a recurrent expenditure of N300 billion and capital expenditure of N655 billion. Speaking during the budget presentation, Eno said that the total capital receipts and expenditure for 2025 stood at N655 billion as against the proposed provision of N573.32 billion for 2024. He said that the 2025 Budget, christened: “Budget for Consolidation and Expansion” was predicated upon an oil benchmark of 75.00 dollars per barrel at a production rate of 2.12 million…
The equity market rebounded on Tuesday with a N9 billion gain, driven by renewed investor interest in Tier-one banking stocks. Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank and Stanbic IBTC, among others, boosted market performance. The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N59.169 trillion, rose by 0.01 per cent to close at N59.178 trillion. Similarly, the All-Share Index increased by 14 points or 0.01 per cent, settling at 97,639.88 from 97,626.27 on Monday. The Year-to-Date (YTD) return improved to 30.58 per cent, though market breadth closed slightly negative with 25 losers against 24 gainers. On…
The Nigeria Customs Service in Lagos on Tuesday handed over 21 exotic cars worth over N1.8 billion to the Canadian Government.The Comptroller General of Customs(CGC), Wale Adeniyi, made the hand over at the Federal Operation Unit (FOU), in Lagos.The CGC also disclosed that the International Police (INTERPOL) had also identified countries in West Africa as hub for exotic vehicles stolen from Canada, America and Europe.The News Agency of Nigeria(NAN) reports that among the exotic vehicles that were handed over include Rolls Royce, Labomgini Horicane, Mercedes-AMG and Rang Rover.The CGC revealed that members of the syndicate stole vehicles from foreign countries…
Gov. Nasir Idris of Kebbi, has awarded a N1 billion contract for general rehabilitation of Argungu General Hospital in Argungu Local Government Area of the state. The News Agency of Nigeria (NAN) reports that Idris announced this at the flag-off for the construction of 1km road in Argungu town on Tuesday. “I have awarded the general rehabilitation of Argungu general hospital and the total contract sum is N1 billion. “The amount covers total rehabilitation N500 million, while procurement of modern equipment will also gulp another N500 million. “Just like what I always say, that this government is people-oriented and we…