CBN Raises Interest Rate to 27.50% as Inflation Persists

BusinessNewsNigeriaCBN Raises Interest Rate to 27.50% as Inflation Persists

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

The Central Bank of Nigeria, CBN, has increased the monetary policy rate, MPR, from 27.25 per cent to 27.50 per cent to address the nation’s persistent inflation. This decision was announced during the Monetary Policy Committee, MPC, meeting held at the apex bank’s headquarters in Abuja on Tuesday. The MPR is the benchmark interest rate used by the CBN to regulate lending and borrowing in the economy. By raising the MPR, the CBN aims to...

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523 Arrested for Crime in Kaduna as Police Rescue Over 100 Hostages

Crime & SecurityNewsNigeria523 Arrested for Crime in Kaduna as Police Rescue Over 100 Hostages

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

The Kaduna State Police Command has arrested 523 suspects for various crimes between October and November 2024. Commissioner of Police Ibrahim Abdullahi disclosed this on Monday, stating that the suspects were arrested for crimes including kidnapping, cattle rustling, phone snatching, and rape. The arrests included 26 suspected kidnappers, 12 cattle rustlers, 97 phone snatchers, and 10 rape suspects. Over 350 individuals were apprehended during raids on criminal hotspots. Recovered items included five AK-47 rifles, two...

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Benue State Hit by Deadly Attacks, Dozens Killed in 2 Counties

Crime & SecurityNewsNigeriaBenue State Hit by Deadly Attacks, Dozens Killed in 2 Counties

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

Armed men suspected to be bandits launched deadly attacks in Benue State between Sunday and Monday, killing dozens and displacing residents in Azege settlement, Tombo council ward, Adabo, and Tse Gwebe in Logo and Katsina-Ala counties. Community leader Joseph Anawah said over 300 armed men attacked Azege and nearby areas early Sunday. “They numbered over 300 well-armed men, suspected to be militia from outside Nigeria. Perhaps they were hired from neighbouring countries because their appearance...

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Nigerian Air Force Strikes Kill Terrorists, Destroy Food Depot in Lake Chad Basin

National SecurityNewsNigeriaNigerian Air Force Strikes Kill Terrorists, Destroy Food Depot in Lake Chad Basin

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

Nigerian Air Force (NAF) jets have conducted airstrikes in the Tumbuns area of the Lake Chad Basin, killing terrorists and destroying a food storage facility. NAF spokesman Air Commodore Olusola Akinboyewa announced the operation’s success in a statement on Monday, saying it was conducted on November 23 after detailed Intelligence, Surveillance, and Reconnaissance (ISR) missions. “This strategic location, identified through meticulous intelligence efforts, served as a critical food storage site and a sanctuary for terrorist...

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Nigeria’s GDP Grows by 3.46% in Q3 2024

BusinessEconomyNewsNigeriaNigeria’s GDP Grows by 3.46% in Q3 2024

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

Nigeria’s economy grew by 3.46 percent in Gross Domestic Product (GDP) in the third quarter (Q3) of 2024, up from 3.19 percent in Q2 2024, the National Bureau of Statistics (NBS) reported. This marked an improvement from 2.54 percent in Q3 2023. “In the quarter under review, aggregate GDP at basic price stood at N71.13 trillion ($42.15 billion) in nominal terms,” the NBS stated, noting a year-on-year growth of 17.26 percent compared to N60.66 trillion...

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Nigeria’s Unemployment Rate Drops to 4.3% in second quarter, 2024

EconomyNewsNigeriaNigeria’s Unemployment Rate Drops to 4.3% in second quarter, 2024

By Ezinwanne Onwuka (Senior Reporter)November 25, 2024

…GDP Grows by 3.46% Nigeria’s unemployment rate has decreased to 4.3 per cent in the second quarter (Q2) of 2024, showing a reduction from 5.3 per cent in Q1 2024, according to the latest report by the National Bureau of Statistics, NBS. The report, released on Monday, also indicated a slight increase in unemployment compared to 4.2 per cent recorded in Q2 2023. The report shows that male unemployment stood at 3.4 per cent, while...

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Tinubu Taps Lt. Gen. Oluyede for Army Leadership, Awaits Assembly Approval

NewsNigeriaPoliticsTinubu Taps Lt. Gen. Oluyede for Army Leadership, Awaits Assembly Approval

By Ezinwanne Onwuka (Senior Reporter)November 24, 2024

President Bola Tinubu has written to the National Assembly seeking the confirmation of Lieutenant General Olufemi Olatubosun Oluyede as the substantive Chief of Army Staff, COAS. According to presidential spokesperson Bayo Onanuga, the President sent separate letters to the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, on Friday. The request aligns with the provisions of Section 218(2) of the 1999 Constitution (as amended) and Section 18(1) of the...

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Nigeria Saves $20 Billion Through Fuel Subsidy Removal

NewsNigeriaPoliticsNigeria Saves $20 Billion Through Fuel Subsidy Removal

By Ezinwanne Onwuka (Senior Reporter)November 24, 2024

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government’s implementation of market-based pricing for premium motor spirit (petrol) and foreign exchange has saved Nigeria approximately $20 billion or five per cent of its Gross Domestic Product as of 2 October 2024. Edun made this known on Friday during the validation of federal civil service policies and guidelines, an event marking the first 100 days in office...

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INEC to Commence Continuous Voter Registration in First Quarter of 2025

NewsNigeriaPoliticsINEC to Commence Continuous Voter Registration in First Quarter of 2025

By Ezinwanne Onwuka (Senior Reporter)November 24, 2024

The Independent National Electoral Commission, INEC, has announced plans to resume nationwide Continuous Voter Registration, CVR, in the first quarter of 2025. The commission disclosed that the exercise would initially take place at the Local Government Area level before being extended to registration areas. This development was revealed in a memo dated 20 November 2024, signed by INEC Secretary Rose Oriaran-Anthony and seen by TheCable. The memo directed resident electoral commissioners across the country to...

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Dangote Refinery Reduces Petrol Price to N970 Per Litre

NewsNigeriaPoliticsDangote Refinery Reduces Petrol Price to N970 Per Litre

By Ezinwanne Onwuka (Senior Reporter)November 24, 2024

The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit, also known as petrol, for marketers. The price has been slashed from N990 per litre to N970 per litre. In a statement released on Sunday, the Group Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, disclosed that the price reduction is to show appreciation to Nigerians and the government for their support throughout the year. “As the...

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