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FG May Slash Worker’s Salary To Reduce Cost Of Governance
Civil servants in Nigeria might do well to prepare for the worse as there are strong indications that the federal government may cut workers’ salaries as part of efforts to reduce the high cost of governance. The country’s finance minister, Zainab Ahmed, revealed this while speaking at a policy dialogue on corruption and the cost of…
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‘270 million Facing Starvation Globally’
A worldwide coalition of non-governmental organisations and Civil Society Organisations has raised concerns over the increasing number of people, estimated at 270 million, facing starvation globally. The group under the aegis of the International Council of Voluntary Agencies (ICVA) wrote in an open letter to leaders of nations across the world endorsed by 260 NGOs…
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Total Halts Its $20 Billion Gas Project In Northern Mozambique
Total has announced it has halted all operations on its $20 billion investment in a liquified natural gas project in northern Mozambique as a result of the violent extremist insurgency there. The French-owned energy company’s announcement has cast doubts on the future of the gas project, which had been expected to bring large and sustained…
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Nigeria Spent $160m forex On Food Import In January
The Central Bank of Nigeria has revealed that the country spent $160m from its foreign exchange on food importation in January. According to figures obtained from CBN’s economic report on ‘Sectoral utilisation of foreign exchange’ for January showed that this was lower than $310m spent in December. The report reads: ‘“Total foreign exchange utilisation by…
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Nigerian Worsening Power Sector Gains Global Recognition
Nigeria’s worsening power sector has beat Democratic Republic of Congo (DRC) to become the country with the highest number of citizens that lack access to power. World Bank Group Practice Manager, West and Central Africa Energy, Ashish Khanna, disclosed this in his presentation during a virtual engagement with power reporters in Abuja on Wednesday, April…
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Senate Approves Over $1.5billion External Loan For The FG
The Nigerian Senate on Tuesday, April 21, approved a total of $1.5billion and €995million external loans for the Federal Government. The Senate said the €995m loan would be used for agricultural mechanization across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across…
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PenCom: Over 2,000 Workers Withdrew N3.18bn From Voluntary Pension
After making additional voluntary contributions, a total of N3.18bn was withdrawn by 2,210 workers from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months. While 1,286 active contributors withdrew N2.17bn in the third quarter of 2020, another 924 contributors withdrew N1.01bn in the fourth quarter of 2020. The National Pension Commission…
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NBS: Employment Declines By 2% In February
The National Bureau of Statistics (NBS) said the share of Nigerians working in February 2021 dropped by 2 percent from 72 percent recorded in September 2020. According to the data by the COVID-19 impact monitoring in February 2021, the share of Nigerians who were working in February 2021 was close to 70 per cent. The…
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Electricity: 78% Nigerian Consumers Get Below 12-Hour Daily Supply
The World Bank has said a total of 74 percent of power users in Nigeria are dissatisfied with the supply of electricity across the country. The World Bank also stated that 93 percent of metered power users paid their bills regularly while 78 percent of electricity consumers in Nigeria received less than 12 hours of…
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Nigeria Foreign Trade Drops
Nigeria’s total foreign trade for 2020 dropped by 10.32 percent – a 32.42 trillion naira according to a report by the National Bureau of Statistics. During this period, Nigeria’s export stood at 12.52 trillion naira while imports amounte d to 19.9 trillion naira. This means that the country imported more goods and services than it…