Anambra LP caucus relinquishes six-month salary amid economic hardship

EconomyNewsNigeriaAnambra LP caucus relinquishes six-month salary amid economic hardship

PilotnewsFebruary 29, 2024

Members of the Labour Party in the Anambra State House of Assembly have pledged to relinquish their salary for six months to alleviate the suffering of the masses. In a communique signed by Hon. Nkechi Ogbuefi, Comrade Henry Mbachu, Hon. Jude Ifeanyi Umen Najiego, Hon. Fred Ezenwa, Hon. Kingsley Udemezue, Hon. Justice Azuka, Hon. Paul Obu, and Hon. Patrick Okafor, the LP lawmakers advocated for the suspension of all non-essential activities, particularly infrastructure projects, for...

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Nigerian workers begin two-day rally over economic hardship

EconomyNewsNigeriaNigerian workers begin two-day rally over economic hardship

By Ezinwanne Onwuka (Senior Reporter)February 27, 2024

Protests broke out all over Nigeria this morning as the authorities failed to convince Nigerian workers to halt their planned nationwide work strike. A government delegation led by Secretary to the Government of the Federation, George Akume, met with the leaders of the labour unions on Monday night, hoping to resolve the issues that warranted the strike but the meeting was deadlocked. “The rally goes on,” said the president of the Nigeria Labour Congress, NLC,...

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Federal Government Support Vulnerable With 42,000 Tonnes Of Grains

Accidents and SafetyEconomyNewsFederal Government Support Vulnerable With 42,000 Tonnes Of Grains

Hassan Umar Shallpella (Regional Correspondent)February 24, 2024

To cushion the effect of hardship faced by Nigerians due to economic recession, the Federal Ministry of Agriculture and Food Security is to support vulnerable populations across the country with 42,000 metric tonnes of assorted food commodities. A statement by the special adviser Information to the President, Bayo Onanuga, said Nigerians will not need to pay for the grain bags, as they are free, attributed the delay in bagging the grains as the bags were freshly ordered...

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FG says its reforms are yielding positive results

EconomyNewsNigeriaFG says its reforms are yielding positive results

Uzoamaka Ikezue (Staff Reporter)February 23, 2024

…Warns it’ll go after saboteurs The Federal Government has said that its policies across various sectors in the country are yielding positive results. This was disclosed on Friday by Mohammed Idris, Minister of Information and National Orientation through a press statement. He pointed out that since the removal of the petrol subsidy, petrol importation has dropped by fifty percent, amounting to one billion liters monthly. Idris noted that according to data released by the National...

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Inflation shoots up to 29.90% as Nigerians lament high cost of living

EconomyNewsNigeriaInflation shoots up to 29.90% as Nigerians lament high cost of living

By Ezinwanne Onwuka (Senior Reporter)February 16, 2024

Nigerians continue to feel the pinch of President Bola Tinubu’s major decisions – scrapping the petrol subsidy and relaxing foreign exchange restrictions – as inflation climbed more than anticipated to a near 28-year high in January. The National Bureau of Statistics, NBS, says Nigeria’s headline inflation rate increased to 29.90 per cent in January. Last month’s rate is a 0.98 per cent increase from the 28.92 per cent recorded in December 2023. Tinubu’s policies caused...

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IMF advises Tinubu to scrap electricity subsidy amidst economic crisis

BusinessEconomyNewsNigeriaIMF advises Tinubu to scrap electricity subsidy amidst economic crisis

By Ezinwanne Onwuka (Senior Reporter)February 13, 2024

The International Monetary Fund, IMF, has praised President Bola Tinubu for embarking on reforms ex-Presidents Muhammadu Buhari, Goodluck Jonathan and Olusegun Obasanjo “shied away from.” According to the IMF, “The new administration has made a strong start, tackling deep-rooted structural issues in challenging circumstances. Immediately, it adopted two policy reforms that its predecessors had shied away from: fuel subsidy removal and the unification of the official exchange rates.” But the global financial institution admitted that...

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Economic Hardship Bits Harder On Beggars In Kogi State

EconomyNewsNigeriaEconomic Hardship Bits Harder On Beggars In Kogi State

Hassan Umar Shallpella (Regional Correspondent)February 6, 2024

With the economic crunch across the country, beggars in Lokoja, the Kogi State capital, have described their condition of living as terrible and unbearable due to the decline of assistance from members of the public. The beggars called on the State and the Federal Government to find meaningful solutions to the current social and economic challenges facing the country. A beggar at the popular old market in Lokoja, who identified himself as Malam Abubakar Alli,...

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Inflation hits 28.92% as food prices skyrocket

BusinessEconomyNewsNigeriaInflation hits 28.92% as food prices skyrocket

By Ezinwanne Onwuka (Senior Reporter)January 15, 2024

Nigeria’s inflation rate in December 2023 climbed to 28.92 per cent as a halt to petrol subsidies stoked transport costs, pushed up the prices of commodities and the naira weakened against the United States dollar. The December 2023 inflation rate is an increase of 0.72 per cent points from the previous month, the National Bureau of Statistics (NBS) said in its report on Monday. The rate increased by 7.58 per cent from that recorded in...

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Kano leads in states with highest Inflation rate as inflation soars to 28.2%

EconomyNewsNigeriaKano leads in states with highest Inflation rate as inflation soars to 28.2%

By Ezinwanne Onwuka (Senior Reporter)December 17, 2023

Nigeria’s inflation rate jumped in November to 28.2 per cent, the National Bureau of Statistics, NBS, said last Friday. The latest rate is a 0.61 per cent rise from October’s 27.33 per cent. The consumer price index, a main gauge of inflation, soared about 6.73 per cent points, compared to the 21.47 per cent recorded in November 2022, NBS said. Rises in the price of goods caused by President Bola Tinubu’s economic reforms, including scrapping...

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Federal Government Pledge To Fish Out Quacks In Mining Sector

EconomyNewsNigeriaFederal Government Pledge To Fish Out Quacks In Mining Sector

Hassan Umar Shallpella (Regional Correspondent)December 17, 2023

Dr. Dele Alake, Minister of Solid Minerals Development, says the Federal Government will ensure the eradication of quackery in the mining sector through professionalism in Nigeria’s extractive industry. The minister disclosed this during the 13th Induction and Certificate Presentation organized by the Council of Nigeria Mining Engineers And Geoscientists COMEG, in Abuja. “As of today, no Mining Engineer or Geoscientist will be recognized by the Ministry of Solid Minerals without COMEG registration. If you are not...

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