IMF leaves Nigeria’s 2022 growth rate at 2.7%, raises 2023 projection
The International Monetary Fund (IMF) has reaffirmed a growth rate of 2.7 percent for Nigeria in 2022. This growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast in October 2021. IMF disclosed this in its latest World Economic Outlook (WEO) report released on Tuesday. It also raised the […]
NLC suspends planned protest against petrol subsidy removal
The Nigeria Labour Congress (NLC) has suspended its planned nationwide protest over petrol subsidy removal. The protests had been scheduled to hold on January 27 and February 2. Ayuba Wabba, NLC president, announced this to journalists on Tuesday in Abuja. He said the union decided at its national executive council meeting […]
Buhari to security agencies: Take advantage of 5G to tackle insecurity
President Muhammadu Buhari has directed all security institutions to leverage the 5G technology, when deployed, to enhance security in the country. He spoke on Tuesday in Abuja while launching the national policy on 5G for Nigeria’s digital economy. According to a statement by Femi Adesina, presidential spokesman, Buhari said the federal government […]
‘Inflation will drop in 2022’ — CBN holds interest rate at 11.5%, other parameters constant
The monetary policy committee of the Central Bank of Nigeria (CBN) has voted to retain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on the MPR. […]
FAAN, customs face off over ‘security breach’ at Lagos airport
The Federal Airports Authority of Nigeria (FAAN) says no agency is above standard security procedures at the Murtala Muhammed International Airport (MMIA), Lagos, or any other airport in the world. FAAN said this on Tuesday via its official Twitter handle in confrontation with tweets made by the Nigeria Customs Service (NCS) over an […]
Petrol subsidy: FG proposes 18 months extension for PIA implementation
The federal government says it will propose 18 months extension to the national assembly for the implementation of the Petroleum Industry Act (PIA). Accordingly, this will allow the federal government to continue to make provisions for costly subsidy payments, gulping N1.4 trillion in 2021. PIA, which made provision for deregulation of the […]
Reps agree to include consensus candidate clause in electoral bill
The house of representatives has aligned with the senate on a clause providing the consensus candidate option for political parties. When both chambers of the national assembly revisited the electoral act amendment bill last week, the house approved indirect and direct primaries, but the senate went a step further by including the consensus […]
NUPRC to invite reserve bidders for marginal field bid round
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will invite eligible reserve bidders for the 2020 marginal field bid round programme. This is coming after specific initial bid winners failed to pay the requisite signature bonuses within the stipulated time. Gbenga Komolafe, NUPRC’s chief executive officer, said this in a public […]
Eight killed in stampede at Cameroon-Comoros AFCON match
At least eight people have been killed, with several others injured following a stampede during Cameroon and Comoros match at the ongoing Africa Cup of Nations (AFCON). An official of the Confederation of African Football (CAF), who confirmed the incident to TheCable, said the stampede occurred after thousands of fans attempted to force […]
‘I won’t be allergic to criticism’ — Abiodun Alabi assumes duty as Lagos CP
Abiodun Alabi, the new commissioner of police in Lagos state, has assumed duty. TheCable had reported that Usman Baba, inspector-general of police, directed the posting of Alabi as the new Lagos police chief. Alabi succeeded Hakeem Odumosu following his promotion to assistant inspector-general of police (AIG). Prior to the posting, Alabi […]