Latest News
FEATURES
The Nigerian Army is reportedly facing a significant manpower shortage due to a high number of voluntary retirements, with the Mechanical Engineering Corps particularly affected.
Recent data shows over 1,008 soldiers have resigned in the past four years, including 196 in August 2024 alone.
In a memo dated October 16, 2024, the Mechanical Engineering Corps expressed concern over the exodus, instructing commanding officers to contact discharged soldiers interested in returning.
Lt Col A. Muhammed, who signed the memo sighted by The PUNCH, emphasized the importance of experienced technical manpower for effective equipment support.
It partly read: “The deployment of technical manpower is essential for effective and efficient equipment support in the field which is based on trades/expertise of technicians. NAEME is currently experiencing an acute shortage of manpower.
“The dearth of manpower in the Corps is further compounded by the large number of voluntarily discharged soldiers in recent years. Consequently, I am directed to request Comds/COs to reach out to discharged skilled soldiers in their AOR who are willing to be re-engaged to the NA on a contract basis.
“I am to add that names of discharged personnel willing to be re-engaged should be forwarded to this Headquarters NLT 19 Oct 24 using the attached proforma. Grateful to treat and acknowledge.”
Retired Brig Gen Bashir Adewinbi supported the initiative, stating that retired officers returning to service is common in many nations, though he highlighted the importance of recruiting individuals genuinely committed to military service.
He noted that while the military offers numerous benefits, commitment is essential to retaining personnel.
He told The PUNCH, “It is not unusual for retired Army officers to come back and participate in the security architecture of a nation. This practice is common in other advanced countries.
“If there is a plan to implement this here, I believe it is a good idea.”
Asked what could be done to discourage soldiers from resigning from the service, Adewinbi said the military must ensure those enlisted were genuinely interested in the service.
He said, “As of today, the military is well-organised and well-structured. The welfare system is adequate, and the training we received was never a source of complaint. If, as you said, they are leaving in their numbers, it suggests that something might be wrong with recruitment.
“The focus should be on recruiting people who are genuinely interested in serving, rather than those simply looking for employment because they have no other options.
“Those truly dedicated to the military will remain regardless of the challenges or conditions. They won’t abandon their duty. Unfortunately, some people in this country are merely searching for jobs.”
Brig Gen Peter Aro (retd) pointed out that many soldiers leave early to secure a better future, citing concerns over inadequate post-service support and systemic injustices.
He mentioned that soldiers face uncertain futures after retirement, with few resources or support structures available.
Aro expressed frustration that highly qualified personnel are often forced into early retirement, stressing the need for systemic change to prioritize soldiers’ welfare and dignity.
He said, “Retirement in the army comes in many forms — whether it’s reaching the mandatory service age, being deemed medically unfit, or voluntary retirement. But for those choosing to retire voluntarily, it’s often not just about leaving on their terms; it’s about survival, about securing a better future before they end up like so many forgotten veterans before them.
“These men and women dedicated their youth, their strength, and in some cases, their lives to safeguard this nation. And what do they have to show for it? Only a privileged few, those who were fortunate enough to interact with civilians learned the ropes of life beyond the barracks.
“They gained the wisdom and exposure needed to find alternative ways to make a living, but most weren’t so lucky.”
He also alluded to the injustice in the system as being responsible for why soldiers were resigning.
Aro said, “We’ve seen this injustice play out time and again in our country. Remember when a former Chief of Army Staff, without strictly following the Terms and Conditions of Service, forced officers into retirement long before they were due?
“These men and women were left adrift, unprepared for life after service, and today, many of them are struggling to survive. It’s clear from the indifference of our political leaders that the welfare of military personnel is not a priority.
“This is especially true for soldiers — those whose daily lives are bound by the discipline and sacrifices of service, leaving little room for the kinds of civilian interactions that might prepare them for life after the Army.
“While police and paramilitary officers often have the chance to mingle, invest, and build civilian connections, our soldiers —the ones who stand on the front lines defending the sovereignty of our nation — return from years of service without the same opportunities.
“Many veterans who risked their lives for this country don’t even have basic life insurance. The poor conditions of service in the Nigerian Army, coupled with the unchecked power of leadership to “hire and fire” at will, have driven many to seek early retirement simply to protect their futures.”
[NaijaNews]
Traditional and community leaders in the Sokoto East Senatorial District have religingushed their titles and declared support for Senator Ibrahim Lamido representing the senatorial zone.
The leaders at a press conference in Sokoto, said they decided to support the senator because of his drive in curtailing insecurity in their villages.
Lamido and two other federal lawmakers had accused the All Progressives Congress (APC) led administration in the state of not adequately addressing the people’s concerns.
The senator, who is also an APC member, accused the party and Governor Ahmed Aliyu of not doing enough to support internally displaced persons scattered across the state and fighting against banditry.
Sokoto has, in recent years, become an epicenter of bandits and terrorists atrocities.
However, the traditional and community leaders, who attended yesterday’s press conference to show solidarity with Lamido are Ubandoman Gatawa, Danmalan Ubandawaki, Salihu Dealer Katukan Gobir, Isah Haruna, Dangaladima Bashar, Hassan S Fada, Yakubu Maigari, Malam Haruna Village head of Kumbuli, Alhaji Ibrahim Gatawa and Mu’azu Mohammed Gatawa.
Others are Nasiru Angi, Masur Yanusa, Shamsu Ahmed PRO, Garba Saidu, Malam Addini Matasa, Aliyu Mohammed, Mubarak Idris Gatawa, Maigari Lawali Shuaibu, Maigari Bashar Kanwuri, Maigari Sale Danfaru, Maigari Haruna Tsalba, Maigari Nasiru Hande, Maigari Umaru Danfaru, Maigari. jadi Taketsaba, Maigari Samaila Jatau, Maigari Hassan Maifata, Maigari Ayuba Kwadare.
The rest are Murtala Ubandoman Gobir, Abdulahi Ima Exco, Aliyu Mahe Gobir , Hassan Mailafiya, Chairman Tylor, Malam Labbo Mai Dussa, Samaila Katambara, Lawali Sarkin Makera, Babangida Sodangi, Alhaji Bale Gajare and Alhaji Malami Katuma.
The mass resignation of traditional titles comes after the resignation of the District Head of Sabon Birni, Abdullahi Muhammad Bawa.
Bawa, in his resignation letter said he resigned his position as district head of Sabon Birni with effect from October 16, 2024.
In the letter which he personally signed, Bawa said he resigned to show solidarity with Lamido who he said showed more concern for the people.
Lauwali Shuaibu, the ward head of Taka-Tsaba, said their decision to drop their titles was in appreciation of Lamido’s commitment towards improving their wellbeing, noting that he “always comes to our rescue whenever bandits attack our people.”
He continued, “Our support will encourage Senator Lamido to continue with the good work he has been doing to our people.”
Another traditional ruler, who resigned his position, Jamilu Gwanda Gobir who holds the title of Ubandoman Sarkin Gobir, said their decision was aimed at salvaging Gobir district.
Another community leader, Alhaji Murtala Ubandoman, who dropped his title of Gobir in Sabon Birnin local government, said the senator’s development initiatives and his quest to free the area from the shackles of banditry and kidnappings are commendable.
“It’s a well-known fact that Sen Lamido brought Civilian JTF all the way from Maiduguri to fight bandits in Isa and Sabon Birni local government areas worst hit by banditry, and they have been recording success. As communities, we are living comfortably with them.
“Imagine the majority of our village communities in Sokoto East; after investing so much on our farmlands, we cannot have access to harvest our crops due to banditry.
“I have paid so many ransoms for my brothers and my family members, and as I am talking to you, my son is in the hands of kidnappers; I have nothing to secure his freedom.”
Also speaking, Jamilu Gwanda Gobir and Lawali Shuabu Taketsaba also commended the senator’s push to free their communities from criminal elements.
“It is up to the government to decide whether to dethrone us or allow us to continue as community leaders, but we will continue to support the good will of the Senator. What we are doing is for the benefit of our communities, and we are doing it with their support and cooperation.”
[Leadership]
Petrol consumption has drastically reduced in Nigeria with filling stations recording sharp drop in patronage as reports from across the country indicate.
This is largely connected to the high cost of premium motor spirit (PMS), also known as petrol, with a litre selling as much as N1,200 in some parts of the country.
The outright removal of fuel subsidy from PMS by President Bola Ahmed Tinubu’s administration on May 29, 2023, has triggered an increase in pump price, rising from N198 first to N580, and ultinately to between N998 and N1,200.
This represents an increase of about 600 per cent from N198, when it was sold pre-May 29, 2023.
With the high cost of the product, it has become virtually unaffordable to many Nigerians with citizens parking their vehicles at home, and filling stations recording low sales, as confirmed by stakeholders in interviews with our reporters.
There are conflicting reports on the daily petroleum consumption. While some reports said it has dropped by over 50 per cent, another report suggested it has dropped by 92 per cent from what it was in 2023.
But reports from across the states indicated a drastic drop with some filling stations complaining of very low patronage while many state that they are at the brink of shutdown.
Kano
Rising fuel cost has forced many car owners in Kano to park their vehicles and use alternative means of transportation.
While some use commercial tricycles to commute, others resort to trekking to reach their destinations.
A staff of Aminu Kano Teaching Hospital, Tijjani Muhammad, told Daily Trust that he has parked his car and is now using public transport to go to work.
The staff said he stopped conveying his children to school and asked them to use commercial tricycles. They too, he said, sometimes trek to school.
“I cannot afford to buy fuel at its current price. For me, driving my car is now a luxury because fuel price is prohibitive, and also same with food stuff. So, I have to choose which one is necessary.
“I decided to park my car and now trek to my workplace, which is even a daily exercise after all”, he said.
Aminu Dan Malam, a businessman at Kaloma area of Kano, said he has two cars but the high cost of petrol has forced him to park one.
“I now use motorcycle to go round for my business. And considering that we have to be taking the children to school, my wife is using the smaller car for that purpose.
“We hope the federal government will fast track the CNG initiative which they said will bring down the cost of transportation.
“What we are witnessing now in the country is not really good. The fact that petrol stations are recording low sales and people are parking their cars means low productivity. It is really not good because it also means consumption is not increasing. No economy can grow without production,” he said.
Abubakar Sadiq, a manager at an Aliko Oil petrol station, said sales have dropped to 10,000 litres a day compared to 15,000 litres daily in the past two months.
Sadiq, however, explained that though sales in terms of volume have dropped, sales in terms of cash collection remain unchanged because of the difference between the current price and the previous one.
“Car owners no longer fill their tanks like before because you need at least N55,000 now to have your tank filled. Many people just buy N20,000 or N25,000 worth of fuel and then plan their movements,” the station manager told one of our correspondents.
Unlike Danzaria, Hamza Adamu, an accountant in a private firm, said he has parked his car now because his monthly pay is not enough to buy fuel at its current price.
Kaduna
Alhaji Tajudeen Ajigbade, a resident of Kaduna said majority of people have now left their cars at home due to the present harsh realities.
“I know someone who has a car but rides a motorcycle instead because he has parked the car due to the cost of fuel. Let the government look at the situation with a human face because it is affecting many people,” he said.
He added that he does not drive around “carelessly” with his vehicle.
A manager at a filling station in Mando, Kaduna, Alhaji Balarabe Salis, said business is no longer what it used to be because their daily sales has dropped by almost 50 per cent.
According to him, prior to the fuel price increase, his filling station usually sells 5,000 litres of PMS daily, but now it finds it difficult to sell 2,000 litres in a day.
Borno
As the fuel price continues to rise, parents in Maiduguri said they grapple with the surging cost of transporting their children to school.
Most parents interviewed said they now close from work between 1pm to 2pm to pick their children home, while others parked their vehicles at the school to wait for the closing hours.
Abdulkareem Lawan, a parent residing in Bulumkutu bypass, explained how he made some adjustments to cope with the situation.
“As a father, I am groaning within myself because the situation has turned ugly. I spend N70, 000 on fuel monthly just to take my four children to school. So, I was forced to cut down on my movements.
“What I now do is to park my vehicle close to my children’s school and hops Keke Napep to my work place, and return after the school hours. It is more economical,” he said.
Gombe
In Gombe, managers of private fuel stations have also complained about low sales as a result of poor patronage by motorists amid the incessant hikes in petrol price.
Some station managers who spoke with Daily Trust, said that they are recording low sales currently, compared to a few months ago when the price was below N1,000 per litre.
Malam Shamsudeen, who is the manager of Dan Marna Filling Station, located along Biu Road, said two months ago they used to sell between 18,000 and 20,000 litres daily, which is about two trucks of 45,000 litres every week. “But it is no longer the same,” he said.
Also, a staff of AYM Shafa Filling Station, located along Dukku Road, said before the recent increase, they sold a truck of 45,000 litres within three days.
“However, it is now taking us almost two weeks before we can sell the same 45,000 litres truck. This is when the neighbouring filling station adjacent to us is not selling. If they have fuel, it takes much longer to sell that quantity,” he said.
A public servant, Najib Sani said he only uses his car twice a month since the removal of the fuel subsidy over a year ago.
Benue
In Benue State, many petrol stations have closed down business while others continued to record low sales occasioned by the steady rise of fuel price.
Our correspondent reports that the situation has forced many car owners to also abandon their vehicles.
A manager of a private petrol station, Iorlumum Tyokyer, said they are recording low sales not just because people have parked their cars at home but that purchasing the product from major marketers also drives up the cost.
He said: “This situation is hurting us financially, and we are operating at a loss. We are deeply concerned about the fuel situation in the country. The government promised relief once the fuel subsidy was removed, but that hasn’t been our experience.
“The poor are struggling more, with transport and food prices skyrocketing, making survival challenging. I urge the federal government to take immediate action to lower fuel prices from what it is currently”, he said.
Tyokyer worried that only two months ago, fuel price skyrocketed to N950, which was beyond the reach of many Nigerians, but now selling at least N1,250 in private stations, causing them to continue recording lower sales.
Kwara
In Kwara State, a filling station owner at Offa Garage, who did not want his name in print, said sales have dropped compared to before the latest fuel hike.
“We used to sell 11,000 litres daily before the latest increment by NNPCL. But now, we hardly sell 8,000 litres a day, which is about a 25 per cent drop.
“And this is because fuel is a perfectly elastic product that has no alternative for now. If there is an alternative that is much available, it will reduce to 50 per cent”, he said.
On his part, the manager of a station at Oko-Olowo said the issue depends on the location of the filling station.
A lecturer at one of the polytechnics in Kwara State, who simply identified himself as Mr. AbdulSalam, told Daily Trust that he has since parked his car because of the hike.
Lagos
In Lagos, Daily Trust findings showed that some filling stations have stopped dispensing while those selling are recording low turnover.
A manager at one of the NNPCL outlets in Ikeja, expressed concern over the level of patronage, saying it has declined since the hike in the price of fuel.
He added that many customers rarely fill up their tanks while those that filled their tanks rarely return to refill until the end of the month.
“It is a shame that that Nigeria which has a large deposit of oil is facing energy crisis. It is a reflection of the kind of people we are,” he said.
The manager said that they organised training for fuel attendants on how to manage customers’ temperaments, stating that many customers are prone to aggression due to the cost of living.
Edo
In Edo State too, petrol stations are grappling with low patronage following the increase in the pump price of petrol.
In the state, most of the fuel stations sell a litre for N1,250, N1,200, N1,195, while the cheapest, which is the NNPC, sells a N1,100.
Pump attendants and managers of some of the filling stations, who spoke on the development, said the number of litres sold daily has drastically reduced.
One of the station managers, Cyril Irafidon, who works with Conoil Filling Station in Benin City, noted that many people have parked their cars while others have converted theirs to CNG.
On his part, a manager at one of the Total filling stations, Collins Eghe, said the business is no longer what it used to be as vehicle patronage has really gone down.
Anambra
The latest fuel price hike is affecting both dealers and buyers in Awka, the Anambra State capital.
Mr. Stanley Onyejikwe, manager at the Silluch filling station in Amaenyi, Awka South Local Government Area, stated that the fuel price hike has significantly impacted buyers’ purchasing power.
Concerns over declining productivity
While Nigerians are facing the reality of a deregulated petrol regime, there are concerns over its effect on the economy and the productivity of Nigerians.
Dr. Garuba Dauda, an oil and gas expert and development policy analyst, said the drop in sales will inevitably affect the economic performance because energy, which is one of the biggest drivers of any economy must be accessible and affordable.
“To realise a functional economy, its availability, accessibility and affordability must be guaranteed. At the moment, the purchasing power of citizens is very low due to its unaffordability. Amidst present economic hardship precipitated by the hike in the prices of petroleum products, it is only expected that only survival needs would pre-occupy the attention of many happy people. Hence, driving cars is not on the physiological needs of many people”, he said.
Another energy expert, Ma’aruf Isma’il, advised the federal, state and local governments to fast track the energy transition programme.
“The implication of not having affordable fuel is much. A situation where civil servants cannot go to work because they cannot afford the transportation cost, and business people are also cutting their movements is a recipe for chaos. Productivity will be grounded.
“My advice to the governments at all levels is that they should subsidise the CNG conversion process. They should also provide the infrastructure. We cannot afford the snail speed at which some of these things are being handled. The economy will be grounded if nothing is done,” he said.
But an industry player, Tunji Oyebanji in a chat with one of our correspondents, assured that the situation would normalise. “People are adjusting, smuggling is reducing. Things will take time to settle down,” he said.
[DailyTrust]
Lawyer and politician, Oba Mekunu Owolabi Salis, has urged President Bola Tinubu, institutions and individuals to make a representation for Nobel Peace Award to be conferred on former Head of State, Gen Yakubu Gowon.
In a tribute to Gowon on his 90th birthday, he described him as one of the most effective leaders on the continent.
He said the sense of unity with which he executed the civil war and reintegrated Igbo into Nigeria, stand him out as a great leader.
“It is for this reason that this illustrious leader stands out as the most deserving beneficiary of the Nobel Peace Award” said the polar tourist, who made a record as the first black African to have travelled to North and South Pole.
He described Gowon as an astute leader, who assembled a most efficient team in Tony Enahoros, Obafemi Awolowos, Aminu Kanos, among others, who were celebrated for their patriotism, efficiency and devotion to Nigeria’s greatness.
He recalled that the tribulation and vicissitudes, which Awo encountered during the Coker Commission and the Treason trial, whether wrongly or rightly, were seen by the Yoruba stock as a persecution.
But the release of Awo from prison and opportunity given him to serve, on Gowon’s assumption of office, appeased the Yoruba and gave them a sense of national belonging.
“This succeeded in enabling him to mobilise the Yoruba in the drive towards actualisation of the greater Nigerian dream.And when you consider this with his integration of the Igbo, you cannot but salute his acumen in political engineering and state craft, ” said the Ikorodu-born Lagosian, who, in 2019, contested for governor on the platform of AD.
“If we also consider that Awolowo never made it as president despite his vast talent … then the opportunity offered him to serve in the Gowon administration… could be seen as a most soothing balm in compensatory atonement for whatever deprivation Awolowo, and his supporters might have suffered…’’
“In another breadth,the fore-going would undoubtedly be seen as an epic opportunity for self-fulfillment, just as it also stands as a redeeming feature in Awolowo’s trajectory of public service, because Awo would have died a completely dissatisfied man,and Nigerians would not have been availed of the opportunity of his excellent stewardship,especially his remarkable ability to manage the war-time economy effectively without Nigeria borrowing a single penny from extraneous sources”,said the Ikorodu-born High Chief.
Narrating in the context of the Nobel laureate Wole Soyinka,Salis remarked:”Quite in keeping with his abiding conviction that a man must not offend fellow man to the extent that he departs the earth with the burden of grief of that offence carried to his grave, we would remember how Gowon caught the whole world in pleasant disbelief when he dramatically appeared at a birthday anniversary of the Ishara-born Professor of Dramatic Arts to apologize for his action in ordering his arrest and detention for close to two years on the allegation of espionage committed by him in complicity with Ojukwu during the Nigeria- Biafra civil war.
“The philosophical attitude and exemplary equanimity with which he contended with the buffetings of fate in his private personal capacity as demonstrated in the unaffected calmness with which he received the news of the military coup against him while attending the O.A.U. summit in Uganda and the swiftness with which he was able to adjust to student life as shown in the newspapers in those days,in lavish scornful expose at an occasion when he was sighted on a queue among much younger students taking his turn for his own ration of food, in his early days as an undergraduate at the University of Warwick,coupled with the resilience with which he coped with the severe trauma arising from the jeers and stigma issuing from the spurious allegation of complicity in the infamous Dimka coup,levelled against him,will go down in history as a most inspiring demonstration of moral courage and an unshaken faith that truth shall always prevail over falsehood,just as light will always prevail over darkness at end,no matter how rough it may appear in the beginning”said the acclaimed social critic, activist and politician.
[TheNation]
The Federal Government is pressing ahead with critical tax reforms not just to boost tax revenue and efficiency but also to meet the requirements for a $750m loan from the World Bank.
This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations.
The other second part of the loan package was for the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project.
For the second loan, The PUNCH earlier reported that the Federal Government had obtained $751.88m out of the approved $1.5bn so far.
However, there has yet to be a disbursement for the first loan of $750m.
PUNCH Online observed that disbursement for the first loan is tied to specific fiscal and governance conditions under the Accelerating Resource Mobilisation Reforms programme.
The ARMOR programme includes three main result areas: implementing tax and excise reforms to increase Value-Added Tax collections and excise rates on health and environmentally friendly products; strengthening tax and customs administrations to enhance VAT compliance and audit effectiveness; and safeguarding oil and gas revenues by increasing transparency and net revenue contributions.
PUNCH Online obtained a copy of the signed loan agreement between Nigeria (through the Ministry of Finance) and the World Bank on Sunday.
The agreement document read in part, “The bank agrees to lend to the borrower the amount of $750,000,000 as such amount may be converted from time to time through a currency conversion (“Loan”), to assist in financing the programme described in Part 1 of Schedule 1 to this Agreement (“Programme”) and the project described in Part 2 of Schedule 1 to this Agreement (“Project”, and together with the Programme, hereinafter jointly referred to as the “Operation”).
“The borrower may withdraw the proceeds of the loan in accordance with Section IV of Schedule 2 to this Agreement. All withdrawals from the loan account shall be deposited by the Bank into an account specified by the Borrower and acceptable to the bank.”
According to the Disbursement Linked Indicators set out in the loan agreement, the loan will only be released upon achieving measurable progress in key areas.
These include raising VAT collection through improved regulations, increasing excise taxes on health and environmental products, and boosting corporate tax compliance through enhanced digital infrastructure.
Central to the ARMOR programme is the government’s plan to increase VAT rates and expand taxpayer compliance.
Some of the loan targets include increasing VAT collections to 1.8 per cent of non-oil Gross Domestic Product, unlocking $105m of the loan.
Also, there is a target to register 660,000 VAT filers, which will release $30m from the loan.
An e-invoicing system for VAT traders, once launched, will trigger $20m, with an additional $45m upon 30 per cent trader adoption.
In an effort to boost VAT revenue, the Federal Government is considering a bill proposing an increase in the VAT from 7.5 per cent to 10 per cent by 2025.
VAT refers to a consumption tax on goods and services levied at each stage of the supply chain where value is added.
In the executive bill seen by PUNCH Online, the legislature also intends to increase the VAT to 12.5 per cent by 2026 through 2029.
“VAT shall be charged on the value of all taxable supplies at the following rates (a) 2025 year of assessment 10 per cent; (b) 2026, 2027 2028, and 2029 years of assessment 12.5 per cent (c) 2030 year of assessment and thereafter 15 per cent,” the document reads.
Also, a copy of the Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme dated March 2024 showed that the government is required to reintroduce the excises on telecom services, EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.
Further findings by PUNCH Online also showed that one of the tax bills at the National Assembly included this excise tax.
The Federal Government has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill to overhaul Nigeria’s tax framework.
The bill, titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and Related Matters,” was dated October 4, 2024.
An analysis of the proposed legislation showed that it seeks to introduce excise duties on services such as telecoms, gaming, gambling, lotteries, and betting provided in Nigeria.
Also, the program outlines specific allocations for technical assistance, with $5m each going to the Federal Inland Revenue Service and the Nigeria Customs Service to support their capacity to implement these new measures effectively.
This includes the development of systems for better data sharing, risk-based audits, and compliance processes, as well as substantial investments in program management and capacity building.
There will also be $10m for project management, tax policy capacity-building and other expenses.
In total, the amount makes the $20m investment financing before the release of $730m in line with fiscal targets met.
The FIRS will receive $5m to develop and implement critical initiatives aimed at enhancing its operations and revenue collection capabilities.
This funding will support the development and implementation of a robust third-party data sharing platform, along with administrative control programs to streamline operations and enhance efficiency.
Also, the FIRS will develop a VAT lottery system and an e-invoicing system, both of which rely heavily on advanced software and extensive communication planning. These systems are designed to boost VAT collections and improve compliance among taxpayers.
The funding will facilitate the creation of a risk-based audit assessment program for VAT and Corporate Income Tax, aimed at enhancing the effectiveness and efficiency of audit processes within the agency.
Similarly, the NCS will receive $5m to enhance its administrative processes and improve compliance.
This funding will be used to design and implement new administrative processes, including the establishment of sanctions for non-compliance with excise rules.
The NCS will also develop centralised control room systems equipped with backup and disaster recovery capabilities, ensuring operational continuity and resilience in case of emergencies.
Moreover, the funding will support capacity-building initiatives, enabling the NCS to effectively manage and implement these new systems and processes, ultimately leading to improved compliance and operational efficiency.
The loan also focuses on customs reforms to improve trade compliance and increase revenue.
Directing 15 per cent of cargo through the Green Channel will unlock $35m, while a compliant trader programme under the Authorized Economic Operator framework is linked to $15m.
Other loan-linked targets include reducing tax expenditures by eliminating corporate bond interest exemptions and rationalising the Pioneer Status Industry Tax Incentive scheme by the end of 2024, each unlocking $10m.
Also, excise taxes on health-related products and environmentally harmful goods will increase. A presidential order to introduce these excises will trigger $10m, with an additional $30m if revenue from green taxes reaches 0.2 per cent of non-oil GDP.
The Federal Government recently inaugurated a Joint Committee of staff of the Nigerian Investment Promotion Commission and FIRS to review the current guidelines for the administration of the PSI, validate the cost of the incentive to Nigeria, and recommend changes to the qualification and administration.
The Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms plans to replace the abused pioneer status with priority sector incentives, rewarding companies based on their investments in the economy.
Also, in one of the executive bills, the Federal Government plans to introduce an Economic Development Incentive Certificate as a tax incentive for companies investing in capital projects.
As outlined in the bill, firms seeking the certificate must submit their applications through the Nigerian Investment Promotion Commission, accompanied by a non-refundable fee of 0.1 per cent of the capital expenditure, capped at N5m.
The NIPC will review and recommend the applications to the Minister for approval, after which the Minister may forward the recommendation to the President.
A part of the bill read, “The application shall be accompanied by a non-refundable fee of 0.1% of the qualifying capital expenditure incurred or to be incurred, subject to a maximum of N5,000,000.00 and no further fee shall be payable in respect of such application.
“The NIPC shall recommend the application to the Minister, for approval or otherwise, including the projected tax expenditure impact report in its recommendation.”
The tax bill noted that approval from the President is mandatory before the certificate is issued.
Once granted, the NIPC is required to submit an annual report detailing the sectors and companies that benefited from the scheme to the Minister, who must present the report to the President and the National Economic Council within 30 days.
[Punch]
There are indications that the local currency is set to fully reverse its gains as the depreciation trend enters a new height, hitting N1,740/$1 in the parallel market at the close of trading last weekend.
However, the Naira remained stable with minor appreciation in the Nigerian Autonomous Foreign Exchange Market, NAFEM, as dealers speculate that the Central Bank of Nigeria, CBN, would likely intervene any moment from now to curtail the pressure on the exchange rate.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,600 per dollar from N1,601.2 per dollar on Thursday, indicating N1.2 appreciation for the naira.
Dealers who spoke to Financial Vanguard at the weekend said they expect the exchange rate to close this month around N1,750/$1 while 2024 may end at over N1,800/$1.
If this trend continues, by the end of the year, the local currency will have wiped out the gains it made in March this year when it suddenly appreciated massively, climbing down from an all-time high rate of N1,820/ $1 in February 2024 to N1,310/ $1 and further down to N1,240/ $1.
However, the appreciation was halted in April; subsequently, depreciation began and sustained until last week.
Year-on-year, YoY, Naira depreciated in the parallel market by 70.5 per cent to N1,705 per dollar at the close of the third quarter trading on September 30, 2024, from an average of N1,000/ $1 in September 2023.
Year-to-Date, YtD, depreciated by 16.7 per cent from N1,490/ $1 in January 2024.
The Naira recorded a massive 104% YoY depreciation in the official segment, NAFEM, to N1540.78 per dollar in September 2024 from N755.27 in September 2023. However, YoY NAFEM has recorded just 9.9 per cent depreciation to N1600/ $1 last weekend from N1,455.9/ $1 in January 2024.
Analysts and dealers have blamed the sustained depreciation of the local currency on supply shortages.
Fiscal, and monetary authorities in divergent tunes.
The monetary and fiscal policy authorities appear to be seeing the problem differently. At the last Monetary Policy Committee (MPC) meeting, the Governor of the CBN, Mr. Yemi Cardoso, who doubles as the MPC Chairman stated that members of the MPC had noticed a correlation between the period of FAAC disbursement and demand pressures in the foreign exchange market.
According to him, the apex bank will monitor future FAAC allocation disbursement to determine the impact on the FX market.
Cardoso stated: “Furthermore, members observed a strong correlation between FAAC releases and liquidity levels in the banking system as well as its impacts on the exchange rates.”
“The committee therefore agreed to increase monitoring of future releases to address its effects on price development.”
This position creates the impression that fiscal actions have been undermining the exchange rate stability with demand pressures.
However, last week in Washington DC, on the sidelines of the just concluded World Bank Group annual meetings, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the problem with Nigeria’s foreign exchange market is supply and as an oil-producing nation, Nigeria could address that by significantly increasing her oil production output.
He stated: “The key about the foreign exchange market really is supply and as you know we are an oil-producing country, we just need to get our oil production up and that will deal with that issue of foreign exchange supply and pressure on foreign exchange anytime there are large flows.”
This implied that rather than demand pressure from whichever quarters, the problem is inadequate supply.
Meanwhile, forex dealers have said the acute shortage amidst demand pressures has shifted the exchange rate near the Central Bank of Nigeria’s (CBN) “fear index”, a development which they believe would compel the apex bank to launch emergency defensive measures including raising the volume of supply intervention involving all dealers to boost FX liquidity.
They also believe such a reaction from the apex bank would prevent the exchange rate from further deterioration and possibly pull it back from the fear zone.
Since August 8, the CBN has not conducted retail Dutch FX auctions it resumed in 2024 as the apex bank tinkers with a ‘minimal intervention’ approach, a behaviour some dealers believe was not unconnected with the challenges of limited forex resources available to it.
Some of the dealers told Financial Vanguard that the expected intervention from the apex bank would be complemented by a plan by the CBN to test-run its new Automated FX Trading model next month.
The model which is designed to enhance transparency and controls in the market, is planned to go live from December, ditching a nearly decade-old over-the-counter trading system in a bid to enhance transparency and remove market distortions.
According to the apex bank, the new system would “facilitate a market-driven exchange rate accessible to the public”.
In a circular released on October 02, 2024 which provided the guidelines for the new system, the CBN stated: “This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight.”
The CBN said a two-week test run would be carried out in November, without specifying the exact dates.
Naira may rank worst globally
The current rate of depreciation would likely present Naira as the worst-performing currency worldwide in 2024.
The Federal Government had celebrated the sharp appreciation of the Naira in March 2024, noting that the development ranked it as one of the best-performing currencies then.
However, with the renewed depreciation trend, the World Bank, last week ranked the Naira amongst the worst-performing in sub-Sahara Africa.
Dealers comment
Commenting on the state of the parallel market, some of the dealers told Financial Vanguard about their supply and demand situation in the official market.
According to them, when big buyers fail to get supply from the official market they resort to the black market.
They also said the supply they get from some people connected in the official market may be difficult to get, a situation which makes the USDollar to be very scarce and forces the exchange rate to go up.
Mr. Liasu Moshood, a black market trader said: “The depreciation of Naira in the market is due to the rush for dollars by importers who don’t have access to the official foreign exchange market. “There is less dollar supply everywhere and not all of us come to the market now because you can hardly get dollars you want to trade.
“These importers are sourcing large amounts of dollars from our market because those Bureau De Changes cannot meet their demands. Even the banks.
On his part, Mr. Idris Daud, a trader projected the dollar to close the month at N1,750 per dollar and end the year at N1,800 threshold. “Today, the dollar is sold between N1,730 and N1,740, especially by top foreign exchange black market dealers.
“The demand pressure now is high as more organizations are trying to import goods for the festive season in December and at the same time some are trying to restock before year-end as they are not certain what the foreign exchange rate might be before the end of the year. This is another reason for the pressure.
“There is also less inflows of foreign exchange getting to our end and we end up with little supply.
“I foresee the naira closing this month at N1,750 against the dollar and in the next three months at N1,800 per dollar on the back of continued pressure on demand and supply factor.”
[Vanguard]
Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, says his principal has never called himself the minister of petroleum.
In 2023, Tinubu appointed Ekperipe Ekpo as minister of state for petroleum resources (gas), and Heineken Lokpobiri as minister of state, petroleum resources (oil).
Speaking on the president’s recent cabinet reshuffle, on Sunday, when he featured in a Channels Television programme, Onanuga said the president never saw himself as the substantive petroleum minister.
”You people in the media gave him that position. There are two ministers of petroleum. As far as the president is concerned, there are two ministers there and one of them focuses on gas,“ he said.
”This present government found that in the past, Nigeria neglected that gas sector. Nigeria is more of a gas country than an oil country.
”Former president Obasanjo recently said he made a mistake by not focusing on gas and Tinubu is rectifying that.”
In the last administration, former President Muhammadu Buhari had appointed himself the minister of petroleum resources.
In his first term, Buhari appointed Ibe Kachikwu as minister of state for petroleum resources. Kachikwu was replaced by Timipre Sylva in the second term.
[TheCable]
Why is the government betting big on a technology that promises much, but has so far delivered little?
Admin
Amid the hum of cooling fans and squelch of vacuum pumps, a new home for 12 quantum computers has opened in Oxfordshire, as part of a bid to put the UK ahead in a global race to harness the technology.
Quantum computers promise to solve problems too hard for even the most powerful supercomputers - like those requiring vast numbers of parallel computations like complex weather simulations, the binding of drugs to their targets, or the vagaries of financial markets.
While prototypes have proven that the weird world of quantum matter can be used to perform calculations - none are yet large or stable enough to be of much use.
"With its focus on making quantum computers practically useable at scale, this centre will help them solve some of the biggest challenges we face," said science minister Lord Vallance.
Quantum computers exploit the strangeness of quantum physics to replace the "bits" - zeros and ones - that encode information in classical computers with something fundamentally different.
If manipulated in the right way, matter can be coaxed into quantum bits - or qubits - that can be both a zero and a one at the same time.
This power, and the fact qubits can become "entangled," or interact with each other means a relatively small number of qubits can perform more calculations in parallel than a classical computer chip ever could.
However, even the slightest interference from the outside world can destroy a fragile qubit, so building groups of them large enough that last long enough to make a reliable computer is a major challenge.
The new National Quantum Computing Centre at the Rutherford Appleton Laboratory in Harwell is designed to accelerate that research.
The 4,000-square-metre facility is designed to host multiple competing designs of quantum computer and around a hundred scientists working on them.
Some commercial, others developed by university teams - to try to solve hardware and software problems in parallel.
"The UK National Quantum Computing Centre is central to this critical work, bringing together internationally leading researchers and technologists from across academia and industry to ensure that the UK's quantum computing ecosystem thrives," said Prof Dame Ottoline Leyser, chief executive of UK Research and Innovation that is funding the centre.
Competition is fierce. Big tech firms like Google, Microsoft, IBM and Amazon are all investing in quantum technology. So too are other states, led by China, which directs more government funding into the field than anyone else.
The potential for quantum computers to crack the encryption tools used to keep most online traffic secure gave rise to the term "Q-day" - when the first machine emerges with the capability to decrypt the internet.
It's still some way off, but helps explain why governments are interested in betting big on a technology that promises much, but has so far delivered little.
[SkyNews]
Taiwan Semiconductor Manufacturing Company (2330.TW), opens new tab suspended shipments to China-based chip designer Sophgo after a chip it made was found on a Huawei AI processor, according to two people familiar with the matter.
Sophgo had ordered chips from TSMC that matched the one found on Huawei's Ascend 910B, the people said. Huawei is restricted from buying the technology to protect U.S. national security. Reuters could not determine how the chip ended up on the Huawei product.
Sophgo said in a statement on its website on Sunday that it was in compliance with all laws and had never engaged in any business relationship with Huawei. Sophgo, which is affiliated with cryptocurrency mining equipment company Bitmain, said it had provided a detailed investigation report to TSMC to prove that it was not related to Huawei.
TSMC declined to comment. Huawei did not immediately respond to a request for comment. The U.S. Department of Commerce said it was aware of reports of potential violations of U.S. export controls but it could not comment on whether any investigation was ongoing.
Advertisement · Scroll to continue
Tech research firm TechInsights discovered the TSMC chip on Huawei's Ascend 910B when it took apart the multi-chip processor, a different source told Reuters on Tuesday. Alerted to the finding, about two weeks ago TSMC notified the U.S., the source said.
About the same time, TSMC also halted shipments to a client, Reuters reported on Wednesday, citing a Taiwan official who said the suspension came after the company discovered a chip it supplied to the client ended up in a Huawei product.
TSMC alerted Taiwan and U.S. authorities, and began a detailed investigation, the official said. But the official did not name the client, which the latest sources identified as Sophgo. The Information tech news outlet also reported the name on Saturday.
TSMC, the world's largest contract chipmaker, said earlier this week it had not supplied Huawei since mid-September 2020, and that it "proactively communicated" with the Commerce Department regarding the matter.
"We are not aware of TSMC being the subject of any investigation at this time," the company statement said.
Shenzhen-based Huawei said in a statement on Tuesday it has not produced any chips via TSMC after the U.S. imposed new export rules on the company in 2020.
In 2020, the U.S. expanded its authority to stop shipments of foreign-produced items to Huawei that are the direct product of U.S. technology or software, including TSMC's chips.
Before then, TSMC supplied chips for Huawei's Ascend series, sources told Reuters earlier this year. Its Ascend 910B, released in 2022, is viewed as the most advanced AI chip available from a Chinese company.
In August, the Research Institute for Democracy, Society and Emergency Technology (DSET) in Taiwan reported that Bitmain, which it described as a leading Chinese integrated circuit design enterprise and supplier of cryptocurrency mining machines, was "aiming to challenge the AI chip market dominance of Nvidia (NVDA.O), opens new tab and AMD (AMD.O), opens new tab."
The DSET report described Sophgo as a Bitmain affiliate.
Sophgo was co-founded by Micree Zhan, who also co-founded Bitmain, according to a corporate registration database.
The company also communicated with the U.S. Federal Communications Commission in 2023 using a Bitmain email address and the name Xiamen Sophgo Technologies Ltd.
In 2021, prosecutors raided Bitmain's operations in Taiwan and accused two Bitmain affiliates of illegally recruiting Taiwanese semiconductor engineers and illegally conducting research and development activities, according to a statement by the New Taipei prosecutors office.
Four Taiwanese defendants pleaded guilty and were given fines, according to the statement.
Sophgo's website says it has research and development centers in more than 10 cities in China and other countries.
[reuters]
Up to 50% of twins develop their own communication pattern with one another. Most lose it over time, but for the Youlden twins it has become a normal way of communicating.
Twins Matthew and Michael Youlden speak 25 languages each. The 26th is Umeri, which they don't include in their tally.
If you've not heard of Umeri, there's good reason for that. Michael and Matthew are the only two people who speak, read and write it, having created it themselves as children.
The brothers insist Umeri isn't an intentionally secret language.
"Umeri isn't ever reduced to a language used to keep things private," they say in an email. "It definitely has a very sentimental value to us, as it reflects the deep bond we share as identical twins."
An estimated 30-50% of twins develop a shared language or particular communication pattern that is only comprehensible to them, known as cryptophasia. The term translates directly from Greek as secret speech.
Nancy Segal, director of the Twin Studies Center at California State University, believes there are now better and more nuanced words for the phenomenon, and prefers to use "private speech". In her book Twin Mythconceptions, Segal also uses the phrase "shared verbal understanding" to refer to speech used within the pair.
"Based on available studies, it is safe to say that about 40% of twin toddlers engage in some form of 'twin-speak'," writes Segal. "But that figure does not convey just how complex twins' language development turns out to be."
Umeri is now written using the Latin alphabet, though the Youlden twins tried to design their own alphabet for the language
Roy Johannink from the Netherlands is father to teenage twins Merle and Stijn. Thirteen years ago, when they were babies, he took a video of them babbling to one another and shared it on YouTube. To date, their conversation has had over 30 million views. Johannink happened to have his camera on hand at the moment the two first began to verbally interact with each other.
"I was a little surprised that they saw each other," remembers Johannink. "They thought: 'Hey, I'm not alone in this moment. There's another one of me! It's us against the world.'"
Segal explains that like Merle and Stijn (who went on to lose their shared language when they learnt Dutch), most twins outgrow their private words as they gain more exposure to other people beyond the home.
But for the Youlden twins, this wasn't the case. They didn't outgrow their language. Quite the contrary, they enriched and perfected it over the years.
Matthew and Michael Youlden/ SuperpolyglotbrosBorn and raised in Manchester in the UK, the Youlden twins grew up surrounded by different ethnicities and cultures, fostering a love of languages.
Memories of when Umeri first began are hazy, but the brothers remember their grandfather being confused when as pre-schoolers, the two would share a joke between themselves he would not understand.
Then came their first family holiday abroad, at the age of eight. They were headed to Spain and decided they were going to learn Spanish, convinced that if they didn't, they'd struggle to order ice cream. Armed with a dictionary and with little understanding of how the grammar worked, they began to translate phrases word for word from English into Spanish. Later they took on Italian, and then turned their attention to learning Scandinavian languages. Pooling together various grammatical elements of all the languages they had studied, the brothers realised Umeri could actually become a fully-fledged language itself.
This chimes with Segal's observations. According to her, in general, "twins do not invent a new language, they tend to produce atypical forms of the language they are exposed to. Even though it's unintelligible, they still direct it to other people".
The Youlden twins began to standardise and codify Umeri. At one point, they even tried to design their own alphabet but realised (when they got their first computer) it would be of little use considering there was no Umeri font. Umeri is now written using the Latin alphabet.
Preserving a language spoken by few people comes with its own challenges, however.
"Twins have this shared language, that at some point they stop using, as if they feel ashamed of it," says Matthew. "This is also not something unique to twin languages."
Anyone speaking a minority language – meaning a language not shared by much of the rest of society – may grow shy of speaking it, "especially if you are raised with a minority language where you are maybe ostracised or looked at funnily at school," he says. "We thankfully never had that [reaction from others]." On the contrary, in the Youlden home, their parents never saw the development of Umeri between the brothers as a negative thing.
LET'S TALK
Let's Talk is a BBC series exploring the wonder and mystery of languages.
When the brothers would swerve off to converse in their own language when with extended family, the response tended to be "they're off doing the language thing again", recalls Matthew.
Karen Thorpe is a specialist in child development, education and care research at the Queensland Brain Institute at the University of Queensland. She has in previous roles extensively studied language development in twins.
"For me, it's about a very close relationship," she says. "Rather than seeing it as something strange and unusual, private language is really about a beautiful thing that humans do when they're very, very close to one another. But is that exclusive to twins? I don't think so. I think it's exclusive to very special, close relationships."
She also regards it as a normal development feature. As she put it in a 2010 research paper: "It is simply that young children who are just beginning to speak tend to understand each other rather better than do their parents or other adults."
For others, such as the Youldens, the languages are a combination of closeness and intellectual curiosity, though Thorpe says this long-term, conscious development of a private language is relatively rare.
The Youlden twins keep inventing new words to keep up with modern life – whether it's 'iPad' or 'lightning cable'
There are limited case studies available on cryptophasia – or "twin language" – and some of the most well-known are rooted in psychiatry.
June and Jennifer Gibbons are one such example. The Bajan-born twins grew up in Wales in the 1970s. As one of the sisters told the BBC, they had a speech impediment and were bullied for it at school. As a result, they stopped speaking to others and only spoke to one another.
To others, including their own parents, their speech sounded incomprehensible. At 19, after being arrested for crimes including arson and theft, they were sent to Broadmoor, a high security psychiatric hospital in England, and became the youngest female patients there. "We were desperate, we were trapped in our twinship and trapped in that language, we tried everything to separate ourselves," said June in a BBC podcast about their lives.
Most twins forget any language they might have shared uniquely with one another as toddlers, Thorpe says, but some do retain certain words and non-verbal communication traits such as gestures. "They might not have something that we would call an exclusive language, but they do have something that's quite special," says Thorpe.
Getty ImagesHer work has also found however that twins are mildly more at risk of language delay, but having a private language does not necessarily contribute to this. Language delay is more likely associated with twins having less individual attention from adults, research suggests. Prematurity, pregnancy and birth complications can also play a part.
"One thing I tell parents is: make sure you talk to your children one at a time, so that they have exposure to language," recommends Segal. "One problem with twins is that parents tend to leave them alone because they entertain each other, but then they don't have adult language models."
For the Youlden twins, creating Umeri has been nothing but a positive experience. The language is constantly developing as the brothers think of new words for things that have emerged with modern day life. "Whether it's 'iPad' or 'lightning cable' – all of these are words that didn't exist 20 or 30 years ago," says Matthew.
They now run their own language coaching company supporting individuals, educational institutions and private companies with language learning. Michael lives in Grand Canaria and Matthew in the Basque Country. They still converse with one another in Umeri.
They don't plan to pass down the language to any children they may have in the future, however, finding it strange to share the language with someone else.
"It's a unique language spoken by two people," says Michael. "It's one of those things that unfortunately does have an expiry date to it."
[BBC]
More...
President Bola Tinubu has extended his warmest congratulations to President Luong Cuong of the Socialist Republic of Vietnam on his historic election to the esteemed leadership position by the parliament.
Cuong, 67, has served in the Vietnamese army for over 40 years and has been a Politburo member since 2021.
The president, in a release issued on Sunday by his Adviser on Information and Strategy, Bayo Onanuga, welcomed President Cuong’s post-election promise to promote Vietnam “as a friend, a trusted partner, an active and responsible member of the international community”.
President Tinubu reaffirmed that the enduring warmth and friendliness of the relations between Nigeria and Vietnam, as evidenced by the steady growth in trade and cultural exchange, are rooted in a shared commitment to fostering a more peaceful world.
The president assured the Vietnamese leader of Nigeria’s commitment to improving bilateral relations across various sectors, including trade, agriculture, food production, education and cultural and technological exchange.
President Tinubu hoped for President Cuong’s successful leadership in serving his people and humanity.
[Thisday]
Dr. Olutoke Abraham, a resident doctor at the Federal Medical Center in Abeokuta, has challenged the widespread belief that low sexual activity contributes to prostate cancer.
Speaking at a medical outreach organized by the Rotary Club for traders at Abeokuta’s Tarmac Phone Village, Abraham emphasized that age, smoking, and obesity—not sexual activity—are significant factors increasing the likelihood of developing prostate cancer, especially among African men aged 50 and above.
“There is a general myth suggesting that either reduced or increased sexual activity could cause prostate cancer, but this is simply untrue,” Abraham clarified, underscoring the lack of scientific backing for such claims.
“Instead, research consistently shows that risk factors like age, smoking, and obesity have stronger correlations with prostate cancer.”
He further noted that prostate cancer is now the most prevalent cancer among Nigerian men, accounting for 11% of all cancers affecting men in the country. This statistic, he stressed, highlights the urgent need for regular health screenings.
Dr. Abraham urged middle-aged and older men to prioritize their health by routinely visiting hospitals for preventive checkups, pointing out that men in Nigeria tend to seek medical care less frequently than women.
“Studies show that women generally demonstrate better health-seeking behavior than men, who often neglect their health in favor of work or caring for family members,” he explained. This trend, Abraham warned, may lead to delayed diagnoses and poorer health outcomes for men.
He recommended that men over 50 undergo regular evaluations, including blood pressure, blood sugar, and prostate-specific antigen (PSA) tests. These screenings, he said, are crucial for detecting prostate cancer in its early stages before it spreads to the bones, spine, or other organs.
“Early detection is key,” Abraham emphasized. “If prostate cancer is caught early, it can be effectively managed or even removed to prevent serious complications.”
With prostate cancer on the rise in Nigeria, Abraham’s message serves as a reminder of the importance of medical awareness and proactive health measures, especially among men at higher risk.
[NationalDaily]
No additional bodies from the wreckage of the helicopter that crashed on October 24, 2024, has been found, the Nigeria National Petroleum Company Limited (NNPCL) has stated.
In a statement Sunday, Olufemi Soneye, the Chief Corporate Communications Officer, stated that search was still ongoing.
Soneye said: “The NNPC Ltd wishes to announce that beyond the three bodies found in the ill-fated helicopter operated by East Winds Aviation that crashed on Thursday in Port Harcourt, no other bodies have been recovered.”
He said the company further noted that intensified search and rescue operations for the remaining bodies along with relevant authorities were still ongoing. “Once again, our hearts and prayers are with family members of this unfortunate incident.”
It will be recalled that at about 11:22am on the fateful day, the NNPCL announced it lost contact with the Helicopter – Registration Number: 5NBQG, engaged by NNPC Limited, that took off from Port Harcourt NAF Base en-route the FPSO – NUIMS ANTAN. The helicopter was operated by East Winds Aviation.
The NNPL said that there were eight persons on board (six passengers and two crew members), saying the appropriate authorities had been contacted, including the Ministry of Aviation. It was at that point that the three bodies were announced as found.
[BusinessDay]
The Governor of the Central Bank of Nigeria, Yemi Cardoso, has announced a reduction in market volatility, attributing it to the foreign exchange reforms undertaken by the apex bank.
Cardoso disclosed this during a press briefing in Washington, USA, following meetings with stakeholders from the World Bank.
He explained that the bank’s bold and unconventional reforms have boosted foreign exchange supply and increased remittance inflows into the country.
Additionally, he highlighted that the bank has curtailed arbitrage and speculative activities, while also eliminating the front-loading of foreign exchange demand.
“Since assumption of office a year ago, we’ve been focused on how to address inflationary concerns, restore investors confidence in financial markets and stabilizing the exchange rate. Enhancing the financial system, fostering financial inclusion and enhancing transparency in our monetary policy decisions and communication.
“We embarked upon bold and necessary reforms to return to the path of monetary policy orthodoxy as well as removed observed distortion in the foreign exchange market. Our efforts have yielded significant progress as volatility in the foreign exchange market has abated immeasurably and remittances have also increased significantly.
“We’ve achieved increased transparency and improved overall supply in the foreign exchange market, leading to reduced arbitrage, speculative activities and eliminated front loading of foreign exchange demand,” Cardoso stated.
Bank Recapitalization Policy
Cardoso also commented on the CBN’s recapitalization policy for deposit money banks.
According to the apex bank governor, the initiative aims to support a N1 trillion economy by 2030.
However, he acknowledged that much work remains to be done, stressing the importance of maintaining and consolidating current progress through an efficient market system and the deepening of financial inclusion.
“The CBN recapitalization policy has prompted deposit money banks to strengthen their financial position, a process expected to result in a more robust and resilient banking sector by March 2026. The exercise is meant to support the realization of the N1 trillion economy by 2030.
“We recognize that much is still needed to be done to fully achieve our goals. Our paths forward include consolidating and sailing current progress through an efficient market system and deepening financial and economic inclusion, particularly for small businesses, households, women and young people in Nigeria.
“By leveraging smarter technology and remote banking solutions, we aim to reduce transaction cost and expand financial access, ensuring that every Nigerian, regardless of location or demographics, can meaningfully participate in our involving financial system,” Cardoso said.
What you should know
Since last year, Nigeria has faced currency fluctuations in the foreign exchange market, triggering widespread instability across all sectors of the economy.
- At the height of the crisis, the naira depreciated to as low as N1,900/$ against the dollar earlier this year.
- However, the currency rebounded to approximately N1,600/$ in September, maintaining a range of around N1,650 with signs of stability.
- In response, the CBN introduced several measures and directives to manage the currency, including crackdowns on the informal FX market, such as BDC operators, and the crypto market.
- This month, the naira has shown relative stability against the dollar, accompanied by a significant rise in foreign exchange inflows into the reserves.
[Nairametrics]