Tag: Nigeria

‘Nigeria on edge of bankruptcy’ – Prof. Akinyemi

Aminu Imam
Prof Bolaji Akinyemi

…Says Tinubu’s govt borrowed in 6 months more than his predecessor Former Foreign Affairs Minister, Professor Bolaji Akinyemi, has said that Nigeria is on the verge of bankruptcy due to incessant borrowing, adding that in six months, President Tinubu’s administration has borrowed more money than the previous government. Prof Akinyemi stated this while delivering the keynote address during the 2024 edition of the ‘Diamond Award for Excellence’, which was held in Lagos. Speaking on the topic: ‘Emerging Challenges and Governance in Africa: Nigeria Perspective’, he said although the problems we…

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Five US researchers foresee Nigeria becoming a failed State in 2030

Aminu Imam
US Researchers

A group of five United States of America (US) academics have authored a research work on: “Failed State 2023, Nigeria – A Case Study”, and revealed that Nigeria, as an independent country, can fail for number of reasons. The academics, Col Christopher J. Kinnan, Daniel B. Gordon, Col Mark D. Delong, Douglas W. Jaquish and Col Reuben S. McAllum, who are both Staff of Center for strategy and technology (CSAT), Air University Maxwell Air Force Base , Alabama 36112, USA, came up with the occasional paper series established by the…

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Nigeria’s oil-dependence straining economic growth, widening inequalities’ – AfDB

Aminu Imam
The Nigerian National Petroleum Corporation has said it would resume oil search in the Chad Basin

Senior Special Adviser to the president of African Development Bank (AfDB), Oyebanji Oyelaran-Oyeyinka, has raised concerns that Nigeria’s continued dependence on oil revenues will make it vulnerable to economic shocks, exacerbating poverty and widening inequalities. Speaking at the honorary symposium held in Lagos to celebrate the 70th birthday of Gboyega Fatimilehin, the co-founder of Diya, Fatimilehin & Co, Oyelaran-Oyeyinka said oil dependence has encouraged overconsumption during peak oil prices periods which has stunted the country’s economic growth. While delivering his lecture, titled “The Paradox of a Rich Country and its…

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‘Nigeria in worst situation apart from civil war years’ – Tinubu

Aminu Imam
Tinubu and Service Chiefs

President Bola Tinubu says the country will prevail against the adversaries undermining its peace and security, saying Nigerians are living in the worst situation apart from the civil war years. Tinubu, represented by Senate President Godswill Akpabio, gave the assurance while inaugurating the Headquarters of the Defence Intelligence Agency (DIA), yesterday, in Abuja. The President said his confidence was anchored on the unwavering commitment of members of the Nigerian Armed Forces and the intelligence agencies, including the DSS, NIA and the DIA. He said, “You have all led me in…

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Numana Community in Kaduna decries killings of its members, land takeover by herdsmen

Abdul-Azeez Ahmed Kadir
Uba and Hadiza

Numana Community in Sanga Local Government of Kaduna State is decrying incessant attacks and killings of its members and alleged takeover of their lands by people they alleged are herdsmen.  The community said the attacks are unprovoked leading to kiilings of innocent, unarmed peasant farmers especially in Ambe village of the Local Government where the State Deputy Governor Hadiza Sabuwa Balarabe hails from. A statement by Comrade Ahmed Gani, President, Numana Community Development Organisation (NCDO) said during the unfortunate incident few days ago, six people were killed while many others…

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UK expresses support for Tinubu’s ‘Renewed Hope’ agenda

Aminu Imam
UK Commissioner

The British High Commissioner to Nigeria, Richard Montgomery, has said the United Kingdom (UK) was impressed by the security strategies President Tinubu has put in place. Montgomery stated this during a High-level Dialogue on Delivering the Renewed Hope Agenda, on the theme: “Nigeria’s Global Ambitions: From Hope to Reality,” in Abuja on Friday. He also reiterated the UK government’s support for the Nigerian government in terms of security, transparency and accountability in governance, andapplauded Tinubu’s agenda, saying it focused on priorities and delivery. He said, “I’d like to use this…

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Nigeria tops Africa’s oil production, with 1.28m bpd in April

Aminu Imam
Nigeria oil production

The Organisation of Petroleum Exporting Countries (OPEC) has said Nigeria’s average daily crude oil production increased to 1.28 million barrels per day (bpd) in April. This was contained in its latest monthly oil market report, released on Tuesday. OPEC gathers data on crude oil production from two sources: direct communication from member countries and secondary communication, such as energy intelligence platforms. The report indicates that Nigeria’s current output marks a 4.07 percent increase from the 1.23 million bpd recorded in March, representing the first month-on-month production growth in the year.…

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IMF worries over FG’s re-introduction of fuel subsidy

Aminu Imam
IMF Tinubu

The International Monetary Fund, (IMF) has said the silent re-introduction of fuel subsidy by the President Bola Tinubu administration is expected to gulp almost half of its projected oil revenue this year. According to the IMF, which made this recommendation in the latest IMF Staff Country Report for Nigeria, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43trillion ($5.9bn) of its projected N17.7trillion of oil revenue. The Bank of America had projected that it could cost Nigeria between $7bn and $10bn this year if it imported between…

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Prince Harry, Meghan visit Nigeria, campaigns for mental health

Aminu Imam
Prince Harry, Meghan

Prince Harry and his wife, Meghan Markle, visited Nigeria yesterday, as part of his promotion of the Invictus Games, the sporting event he founded for wounded military veterans. The couple arrived in the Nigerian capital, Abuja yesterday, where they visited a school to open an event on mental health for students there. Greeted by a drum and dance group from the Igbo ethnic group, Prince Harry and Megan toured the Lightway Academy, where they were welcomed by pupils. Wearing a traditional Nigerian bead necklace around his neck, he told students,…

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Microsoft sacks its Lagos office staff, as it plans exit from Nigeria

Aminu Imam
Microsoft

Microsoft has sacked its workers at the Africa Development Centre (ADC) in Lagos, Nigeria as it plans to exit the country. The ADC is Microsoft’s initiative in Africa for an Engineering Centre to provide local solutions with global scalability as well as provide employment opportunities and further enhance technological innovations on the continent. A company source, who confirmed the development yesterday, said the workforce was laid-off but the reasons are still unknown. The company has also reportedly shut down the Centre. According to reports, industry insiders who spoke to newsmen,…

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