Author: Ogochukwu Ndubuisi

Naira Rallies as CBN Intervention Keeps FX Market Liquid The naira rallied against the US dollar after the Central Bank of Nigeria (CBN) foreign exchange market intervention boosted liquidity. Spot FX data from the CBN platform showed that the exchange rate settled at N1518.88 at the official window, reflecting reduced liquidity pressure experienced last week. The recalibration of the naira exchange rate followed $50 million in FX sales to authorised dealers last week when it became necessary for the CBN to intervene in the official window. The authority sold dollars to banks as companies FX demand outpaced the amount of…

Nigeria Gives Air Peace the Nod for Direct Flights to Brazil The Nigerian government has given the nod for Air Peace to start operating direct flights to Brazil. According to the Minister of Foreign Affairs, Yusuf Maitama Tuggar, the federal government has designated Air Peace to commence direct flights to Brazil as soon as the airline provides an aircraft for the route. This development is part of the outcome of President Bola Ahmed Tinubu’s meeting with his Brazilian counterpart, President Luiz Inácio Lula da Silva. In exchange, Brazilian carrier LATAM will operate cargo services between Nigeria and Brazil. The minister…

Nigeria Seeks 25% Boost in OPEC Quota by 2027 – NNPC Nigeria is set to push for a 25% increase in its oil production quota by 2027, citing growth in refinery capacity and improved production, according to the Nigerian National Petroleum Company Limited (NNPC). The state-owned oil company, led by Group Chief Executive Officer Bashir Ojulari, aims to raise its crude oil production quota from the current 1.5 million barrels per day (bpd) to 2 million bpd, as reported by Argus Media. Ojulari stated that Nigeria’s current production is slightly below the quota at around 1.4 million bpd, with condensate…

CTC Didn’t Mandate Senate to Reinstate Natasha – Adaramodu The Senate has said that the Certified True Copy (CTC) of Federal High Court judgment on Sen. Natasha Akpoti-Uduaghan’s suspension did not contain any express or mandatory order directing her recall or reinstatement before expiration of the suspension. Chairman, Senate Committee on Media and Pubic Affairs, Sen. Yemi Adaramodu, said this in a statement in Abuja on Sunday. Senator Adaramodu was responding to a letter addressed to the leadership of National Assembly, dated July 11 and authored by the law firm of Numa SAN on behalf of Akpoti-Uduaghan. He said the…

Former President Muhammadu Buhari Dies in London The family of former President of the Federal Republic of Nigeria, Muhammadu Buhari, has announced his death on Sunday. The former president died at a clinic in London, according to his spokesperson, Garba Shehu, and former aide, Bashir Ahmad. Buhari was said to be 80 or 81 years old, although some sources reported him as 82. He served as Nigeria’s president from 2015 to 2023 and previously as a military head of state from 1983 to 1985. His funeral arrangements are expected to be announced by the family in accordance with Islamic rites…

Why Senate can’t Reinstate Natasha Now – Spokesperson The Senate has said that it cannot reinstate Sen. Natasha Akpoti-Uduaghan until it considers the contents of the Certified True Copy (CTC) of the court judgement in the case involving her and the Senate President, Godswill Akpabio. The Chairman, Senate Committee on Media and Public Affairs, Sen. Yemi Adaramodu, stated this in an interview with the News Agency of Nigeria on Sunday in Abuja. The senate had, on March 6, suspended Akpoti-Uduaghan for six months amid the sexual harassment allegation she had made against Akpabio. The suspension came after a recommendation from…

Legacy Debts: FG Plans Settlement of Outstanding Gas Obligations The Federal Government (FG) says it plans to settle all outstanding debts owed to gas producers, including long-standing legacy debts. Mr Abel Nse, Senior Technical Adviser to the Minister of Petroleum Resources (Gas), disclosed this during a panel session organised by Sahara Group on Friday in Lagos. The event, with the theme, “Harnessing Gas for Africa’s Sustainable Future”, aimed to foster dialogue around the continent’s energy needs. Nse stated that President Bola Tinubu had directed relevant ministries and agencies to prioritise the resolution of the debt issue. “The Federal Government is…

161m Nigerians now Food Insecure- FG The Federal Government says about 161 million Nigerians are currently food insecure, even as it intensifies efforts to avert an impending food and nutrition crisis. Alhaji Nuhu Kilishi, Director of the Nutrition and Food Safety Department, Federal Ministry of Agriculture and Food Security, said this on Friday in Abuja. He was speaking during a stakeholders’ consultative meeting on the development of a Food and Nutrition Security Crisis Preparedness Plan (FNSCPP). The plan is a spin-off of the Accelerating Nutrition Results in Nigeria (ANRiN) project, a state-led, World Bank-funded initiative aimed at reducing malnutrition by…

NNPC CEO Account for N210 Trillion or Face Arrest – Senate A major standoff is looming between the Senate Public Accounts Committee and the Nigerian National Petroleum Company Limited (NNPC) CEO, Bayo Ojulari. The lawmakers have issued a firm warning to the NNPC boss to account for N210 trillion in financial discrepancies or face arrest, prosecution, and public exposure. The Senate committee, led by Chairman Senator Aliyu Wadada, expressed outrage over NNPC’s persistent refusal to comply with multiple invitations and the non-appearance of its top leadership. The lawmakers described NNPC’s attempts to evade accountability as “insulting” and warned that the…

Nigeria, UAE Partner to Equip Youth With Digital Skills  The Federal Government of Nigeria has sealed a landmark partnership with the United Arab Emirates (UAE) to equip Nigerian youth with cutting-edge digital skills, entrepreneurial training, and global exposure. This initiative is designed to foster innovation, enhance job creation, and integrate Nigeria’s youth into the global digital economy. The move marks a bold step in President Bola Tinubu’s vision for a tech-driven future as part of wider efforts to empower more than seven million young Nigerians through initiatives like the Nigerian Youth Academy (NiYA). Mr Ayodele Olawande, Minister of Youth Development,…