FG launches National Gold Purchase Programme to boost Naira’s value

Asiwaju on Gold 

The Federal Government yesterday announced the official launch of the National Gold Purchase programme, (NGPP), which aims to increase the country’s reserves and boost the value of the Naira. Minister of Solid Minerals, Dele Alake, revealed this information through his official X account, when he presented the gold bars to President Bola Tinubu at the Presidential Villa in Abuja. He explained that the bars were sourced from artisanal and small-scale gold miners and refined by an agency of the Ministry, the Solid Minerals Development Fund. The Minister also disclosed that…

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Nigeria loses N636bn oil revenue, as production dips

Oil rig

The repeated slump in Nigeria’s monthly oil outputs since January 2024 has resulted in a revenue loss of about N636.3bn, findings have revealed. Oil production data obtained from a Federal Government agency indicated that Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January this year, but this nosedived to 1.25mbpd in May. Figures obtained from the Nigerian Upstream Petroleum Regulatory Commission showed that while the total volume of crude produced in January was 44.22 million barrels, it dropped to 38.8 million barrels in May. This represents a…

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“Sanction civil servants collecting salaries after relocating abroad” – Tinubu orders

Tinubu orders

…Demands refund of money fraudulently collected President Bola Tinubu has directed that all civil servants collecting salaries from the government after relocating abroad should be made to refund the money. The President also directed that the supervisors and department Heads of the culprits must also be punished for aiding and abetting the fraud under their watch. Tinubu gave the directive on Saturday, at the award night organised by the Office of the Head of the Civil Service (HOCSF) of the Federation to commemorate the ‘2024 Civil Service Week’. The event…

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Crude oil: Ɗangote accuses IOCs of manipulating prices, frustrating refinery’s survival

Dangote accuses

Vice-President, Oil and Gas, at Ɗangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Ɗangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high costs. Speaking to a group of energy editors at a one-day training programme, organised by…

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North-West Security Summit begins in Katsina today

N'West Security Summit

The North-West Governors Forum, in collaboration with the United Nations Development Programme, (UNDP), is set to host the maiden edition of the North-West Peace and Security Summit in Katsina State. The two-day summit, with partnership from the Media Trust Group, owners of Daily Trust, Trust TV, Trust Radio and other titles, will be held today Monday, June 24 and Tuesday, June 25. The landmark Summit aims to address the pressing security challenges facing the region, including banditry, terrorism and communal conflicts. President Bola Ahmed Tinubu is expected to deliver the…

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₦121.7tr debt: ​”Hold World Bank to account” – SERAP tells Inspection Panel

SERAP World Bank

Socio-Economic Rights and Accountability Project, (SERAP), has sent a complaint to the World Bank’s Inspection Panel, urging the Panel “to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and Nigeria’s 36 State governors and to review the implementation of all Bank-funded projects by successive governments since 1999”. In an issued letter, dated June 22, 2024 and signed by SERAP Deputy Director, Kolawole Oluwadare, SERAP urged the Inspection Panel “to determine the extent to which Bank Management has followed or…

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Tinubu’s govt. spent N14.77bn on presidential jets in 11 months — Report

presidential jets

President Bola Tinubu’s administration has spent a total of N14.77bn on the repair and maintenance of the presidential air fleet over the past 11 months, as revealed by a published  report yesterday. According to reports, the expenditure, which was disbursed in 11 payments from July 16, 2023, to May 25, 2024, was managed through the State House’s Presidential Air Fleet Transit Funds account. The significant spending comes amid plans by the National Assembly to authorise the purchase of two new aircraft. This decision follows the discovery that the President’s 19-year-old…

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FG’s interest spending on debt to gulp 36% of revenue in 2024 – Moody’s rating agency

9ja debt servicing

…Keeps Nigeria’s rating unchanged Global ratings agency, Moody’s has stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.   The firm stated this in its review of the Nigerian economy, where it maintained the country’s credit outlook as ‘positive’, citing the sustenance of reforms instituted in 2023.  According to the firm, the hawkish monetary policy stance of the Centeal Bank of Nigeria (CBN) has pushed interest rates for local borrowing by the Federal Government from an average of 12.8% in 2023 to…

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Nigerians to start using three-in-one ID card August -NIMC

NIMC ID

Nigerians will in two months begin utilising the services of the proposed three-in-one identity card, the National Identity Management Commission, (NIMC), has confirmed. It said the single multipurpose card combining multiple functions of identity, financial and social services will be made available to citizens across the country by August this year. A high-ranking member of the implementation team, who asked not to be named, disclosed this during an interview on Friday. The official stated that the Commission had been working tirelessly to meet its goals, adding that the plan remains…

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Restructuring: “Nigeria needs a new Constitution for progress” – Ayo Adebanjo

Ayo Adebanjo

A prominent leader of the Pan-Yoruba socio-cultural organisation, Afenifere, Ayo Adebanjo, has expressed deep concern over Nigeria’s current socio-economic challenges, attributing them to ineffective governance and an outdated Constitution. In a recent interview, Adebanjo criticized President Bola Tinubu’s administration for its lack of sincerity and failure to address the country’s pressing issues, urging for the implementation of the 2014 National Conference report as a step towards national reform. Adebanjo highlighted the government’s refusal to meet workers’ demands for a new minimum wage, contrasting it with the high salaries of National…

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