A poorly thought out and poorly timed monetary policy sends Nigeria into a tailspin. Even for an administration notorious for its capricious decision-making, the outgoing Buhari government’s decision to implement a complex currency-swap policy on the eve of a national election has been something of a head-scratcher. To say that the policy is proving very costly is to put it mildly. While both President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor Godwin Emefiele remain...
Hajia Zaniab Ahmed, the Minister of Finance, Budget, and National Planning, has revealed that President, Muhammadu Buhari is concerned about the pain Nigerians are going through in accessing the redesigned naira notes. Ahmed disclosed this on Thursday when she was featured at the 65th State House briefing organized by the Presidential Media Team and likened the current situation experienced by Nigerians to a patient having a wound or deep sore, but must submit to excruciating...
Despite the billions of new naira notes purportedly printed by the Central Bank of Nigeria and the diverse channels the apex bank listed for the dispense of the naira, the transition to its usage is causing untold hardship to the masses. Long queues at banks and filling stations have become the new normal hence the outrageous hike in food items and other commodities. The pressure is too much and if not strategically arrested can lead...
The Lekki Deep Sea Port, Nigeria’s deepest sea port situated within the Lekki Free Zone in Lagos and currently the largest in Africa, was inaugurated by President Muhammadu Buhari on Monday. The President who arrived at the venue in a helicopter alongside the Governor of the State, Mr. Babajide Sanwo-Olu cut the ceremonial tape at the Port at 4:42 pm The Managing Director of the Nigerian Ports Authority, NPA, Mr. Mohammed Bello-Koko said the agency...
The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the new naira notes “will fight corruption” in Nigeria. The CBN Governor who made the remark during a one-day sensitization meeting with stakeholders on the redesigned naira notes and the use of e-naira, organised by the Apex Bank in Jigawa state, stressed that the new naira notes of 200, 500 and 1000 where re-designed to fight corruption in Nigeria. Emefiele, who was represented by Rifkatu...
Digital economy has gained traction in the lexicon of Nigeria’s public office seekers, to the extent that many “youth empowerment” programmes of power seekers now contain some sort of activities relating to acquisition of digital skills, by the citizenry. But in reality, many of those with thriving digital footprints, set out on their own without any form of “empowerment”. This is the story of Geeksvillage, just like many other digital and tech solution providers in...
AWKA — Anambra State Governor, Prof. Chukwuma Soludo has submitted the 2023 appropriation bill to the State Assembly for consideration and eventual passage in due time. The appropriation bill titled, “Budget of Acceleration”, has a total budget size of N258, 970, 175 and as such, by far the biggest budget size ever submitted to the House by any governor of the state. High point of the governor’s remarks during the budget presentation includes the fact...
More facts have emerged as to why the Governor of Anambra State, Prof. Chukwuma Soludo, has moved a segment of what was before now known as the Ministry of Trade, Commerce and Industry, to his office. The Ministry which was renamed on Monday during the State Executive meeting at the Exco Chambers in Anambra State Government House, transformed into the Ministry of Industry. Although it retained the commerce component, the trade component was moved to...
The Nigerian currency, naira, is one of the world’s worst-performing currencies, after Ghana’s cedi and the Sri Lankan rupee, a Bloomberg report says. According to the report, though the naira was performing pretty well against the dollar at the official market, ordinary Nigerians are grappling with a 37 per cent drop in the widely-used black market, where the exchange rate of the local currency is largely determined by the level of demand for the dollar. “While the naira...
ONITSHA — Despite the huge revenue potential of Anambra State, only a paltry sum finds its way into the government coffers. In Onitsha alone, the main market is acclaimed to be the biggest in West Africa. With all the commercial activities in top gear across the state, Anambra still has no place in the league of the top ten states in Internally Generated Revenue across Nigeria. What this means is that given the direct correlation...
