Day: February 15, 2024

Nigeria’s Inflation Hits 29.9% As Food Prices Soar 

Abibat Babalola

The National Bureau of Statistics (NBS), has said the headline inflation rate increased year-on-year (YoY) by 0.98 percentage points to 29.9 per cent in January 2024 from 28.92 per cent in December 2023. The Bureau disclosed this in its Consumer Price Index, CPI, report for January 2024 on Thursday, noting that food inflation also increased to 35.41 per cent during the period from 33.93 per cent in December 2023. It said, “In January 2024, the headline inflation rate increased to 29.9 per cent relative to the December 2023 headline inflation…

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UK Economy Slips Into Recession

Ganiyu Amodu

The United Kingdom (UK) economy slipped into a recession at the end of 2023, after output contracted by more than expected in the final three months, according to official figures. The Office for National Statistics (ONS) estimated that gross domestic product (GDP) fell by 0.3 per cent in the fourth quarter, following a decline of 0.1 per cent in the previous three months. It meant that the economy entered a technical recession, as defined by two or more quarters in a row of falling GDP. It marked the first time…

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BREAKING: Cooking Gas Price Hits N1,300/Kg

ADEOLA YUSUF

. Gas supply crisis drops Nigeria’s electricity generation from 4,000MW to 2,000 MW daily average   The price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has hit N1,300 per kilogram (Kg) in Lagos, Nigeria. The price was hiked from N1,100 per kg less than 24 hours ago, a survey by Platforms Africa showed. Further checks showed that the price is around N1350 per kg in Ilorin and N1500 in Bayelsa. Consumers have also been paying a price ranged between N1250 and N1300 for a kilogram of LPG…

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Report: Dangote Refinery To Export Two Fuel Cargoes

Ganiyu Amodu

Dangote oil refinery has issued Nigeria’s tenders to sell its first two fuel cargoes for export. According to a report on Wednesday by Reuters, the cargo is the first from the multi-billion dollar refinery. Trading sources with knowledge of the matter told Reuters that the first cargo is 65,000 metric tons of low-sulphur straight-run fuel oil. According to Reuters, Dangote has awarded the shipment to Trafigura and is due to load at the end of February. “At least one refiner said they had been offered the cargo by Trafigura without…

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UK Lawyers Can’t Practise In Nigeria — Minister

Ganiyu Amodu

The Federal Government has retracted its earlier statement on the legal aspect of the Enhanced Trade and Investment Partnership signed with the United Kingdom on Tuesday. This came following criticism from Nigerians over the perceived one-sided nature of the Memorandum of Understanding signed with the UK. The Nigerian Minister for Trade and Investment, Doris Uzoka-Anite, in a thread on X, retracted her earlier statement, emphasising that there was no such legal agreement between Nigeria and the UK. She said, “Earlier today, Nigeria signed a far-reaching MoU with the United Kingdom…

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Nigerian Govt To Distribute 42,000MT Grains Nationwide

Ganiyu Amodu

The Federal Government, on Wednesday, announced that it would distribute the 42,000 metric tonnes of grains approved by President Bola Tinubu to poor Nigerians at no cost. It also announced that the Department of State Services and the National Emergency Management Agency had been engaged in the distribution process to ensure that the commodities get to the targeted citizens nationwide. It disclosed this through the Minister of Agriculture and Food Security, Abubakar Kyari, at a ministerial press briefing in Abuja. Last week, President Tinubu directed the Federal Ministry of Agriculture…

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Technical Glitch Threw 14 Ogun Communities Into Darkness – IBEDC

Abibat Babalola

No fewer than 14 communities in Ogun State are currently experiencing power outages, which Ibadan Electricity Distribution Company, IBEDC, has attributed to technical faults in power installations. The spokesperson of IBDC, Busolami Tunwase, confirmed this to The PUNCH in a phone chat conversation on Wednesday. According to the DisCo, a faulty breaker on the Ijoko 33kV feeder had on Tuesday plunged customers in some parts of Ado-Odo/Ota Local Government of Ogun in darkness. Some of the affected communities are Sango, Gasline, Oyero, Onipetesi, Agoro, Olowoagolo, Okunola estate, Lagos/Abeokuta road, Elerinko,…

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Suspended UNICAL Dean To File No-Case Submission

Abibat Babalola

The suspended Dean of the Faculty of Law at the University of Calabar, Cyril Ndifon, through his counsel, Joe Agi, (SAN), on Wednesday, indicated that he had no case to answer in the sexual harassment charges preferred against him by the Independent Corrupt Practices and Other Related Offences Commission. The professor is currently standing trial on amended four counts of alleged sexual harassment and gratification. Also joined in the matter is his lawyer, Sunny Anyanwu, who was alleged to have harassed the witness urging her to shun the ICPC’s invitation…

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