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>Posts tagged "Nigeria"

You know the feeling you get when it’s almost that time of the year and oga landlord is ready to collect the rent you owe. Imagine having to plan yourself for the year and there is that inevitability of rent. Now think about the Federal Republic of Nigeria being in this exact situation. Ridiculous right? Apparently, Nigeria pays an annual rent of N66.6m (sixty-six million six hundred thousand).

Look at these figures, the rent payment for the state house was scheduled at N22.4 million in 2015, but by 2016, it had risen to N27.73 million. Despite the public outrage and economic uncertainties that followed 2016, provision for house rent in 2017 increased by almost 123% to N77.54 million. The 2018 budgets, as well as the 2019 and 2020 budgets, included 66.6 million in rent payments.

The question on everyone’s mind now is who is Nigeria’s Landlord? It has to be a person or cooperation right? Ibrahim Babangida, a former Head of State and the first occupant of Aso Rock, has joined the chorus of critics of the residential rent provision, requesting the Nigerian government to clarify who the landlords are.

He said this; “I built Aso Rock and I wonder who the current Landlord is. I read a certain N22M for the payment of Aso Rock rent. Rent to who, me or GEJ?” Babangida asked in 2016.

Regarding a 1976 proclamation by the Military Government of Murtala Mohammed for a more centralised nation’s capital, Ibrahim Babaginda built Aso Rock Presidential Villa on October 13, 1989.

The Aso Rock Presidential Villa was finished on November 1, 1991, and President Babangida became the first Head of State to occupy it on December 12, 1991.

So kindly ask this question to as many people that care to answer, maybe, just maybe we will get an answer on this subject soon.

The only certainty right now is that somewhere, there is a landlord collecting money from the Federal Republic of Nigeria annually and we just want to know who.

You know the feeling you get when it’s almost that time of the year and oga landlord is ready to collect the rent you owe. Imagine having to plan yourself for the year and there is that inevitability of rent. Now think about the Federal Republic of Nigeria being in this exact situation. Ridiculous right? Apparently, Nigeria pays an annual rent of N66.6m (sixty-six million six hundred thousand). Look at these figures, the rent payment for the state house was scheduled at N22.4 million in 2015, but by 2016, it had risen to N27.73 million. Despite the public outrage and economic uncertainties that

The central bank of Nigeria has devalued the naira (NGN) by 7.6% against the dollar (USD) as the country moves towards a unified exchange rate system for the local currency being the biggest oil producer in Africa. The CBN replaced the fixed rate of 379 NGN to a USD used for official transactions with the nafex or the I&E exchange rate of 410.25 NGN per USD, following the date curated from the CBN's website. The unification of these rates is supposed to improve the Nation's currency-management system and assist in meeting the conditions of investors and the International Monetary Fund for transparency.

Nigeria’s economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased for the first time in a year. Gross domestic product in the continent’s biggest oil producer expanded 0.5% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on Twitter on Sunday. That compares with 0.11% growth in the fourth quarter. The median of three economists’ estimates in a Bloomberg survey was for an increase of 0.9%. The slow pickup in growth could reinforce central bank Governor Godwin Emefiele’s view that it’s still

There are reports that Nigeria has not been able to sell some of its oil. Indian refineries have slowed down buying Nigerian oil as a result of COVID-19. India is a large buyer of Nigeria’s Agbami, Akpo, Bonny Light and Forcados. According to private sources, there are about 5 shipments of Nigeria Bonny deferred into June (with 2 of them already delayed from April). When cargo is “deferred,” it does not mean that there was some kind of logistical issue, it generally means that no buyers were found. A source who pleaded anonymity also confirmed that “the problem with the lack of demand for Nigeria’s

After 27 years of marriage and $146 billion in collective wealth, Bill & Melinda Gates announced their divorce via a statement posted on Bill Gates’ Twitter account on the 4th of May. The internet was abuzz instantly; the Twitter threads and think pieces went up hastily. Not only was theirs yet another in a long list of celebrity and billionaires’ divorces, but their separation also put hundreds of public health initiatives and research hinged on their donations in a precarious position. Since the inception of the Gates Foundation, the philanthropic couple has donated over $36 billion of their wealth to

Nigerian President Muhammadu Buhari on Friday confirmed his nation's commitments to the Paris Agreement at the U.S.-led climate summit. Speaking virtually to the White House from Abuja, Buhari said since 2016, Nigeria had undertaken "major environmentally sound and climate friendly programs." He said institutional frameworks have been made to cut emissions by 2030. "Beyond ending gas flaring by 2030, the oil and gas sector has undertaken steps for diversification, risk management systems, insurance (indistinct) research and development and energy crisis planning", Buhari said. Kenya's President Uhuru Kenyatta laid out the African nation's targets for clean energy and reducing carbon emissions at the U.S.-led climate

Bank deposits rose by N6.95tn between February 2019 and February 2020, the Central Bank of Nigeria said. The CBN disclosed this in its report on some of the personal statements of members of the Monetary Policy Committee obtained by our correspondent on Thursday. Part of the statement read, “However, there were moderate declines in returns on equity and returns on assets and a significant rise in the share of operating incomes in total interest incomes of Deposit Money Banks. “All measures of bank size, total assets, credit, and deposits significantly rose year-on-year. Over N4.56tn additional credit was created in the last one year,

Operators in the Nigerian air space have witnessed several difficulties due to some operational challenges, precipitated by what most of them describe as an unfriendly business environment. While some of the challenges like scarcity of forex and high maintenance cost are still creating holes in operators’ pockets, most of the airlines have made smarter moves to reduce some of their operational costs. This was disclosed by the Nigerian Civil Aviation Authority (NCAA), and the airlines. According to its Director-General, Captain Musa Nuhu, the airlines have re-strategised by using cost-effective aircraft for business. He said, “Already, there is a paradigm shift. People are beginning to

It is no longer news that Nigeria was once the giant of Africa; these recent times have called for a re-evaluation of the country’s economic stand and position. Despite the fluctuations in the world prices from 1960 to 1961, the Nigerian GDP was at a growing rate because exports were on the increase. Food produced by farmers was sufficient to feed the entire nation. Several developmental strides were witnessed across every sphere of the country as a result of the infrastructure put in place from the proceeds of the farm produce. However, in these current times and seasons, the tables have turned.

In the past week, at least 239 people were killed and 44 others kidnapped in separate violent incidents across Nigeria mostly by the heavily armed terrorist group, Boko Haram. Twenty-seven boys and their teachers were taken from a school in Kagara, Niger state. At least 20 students and three staff members of Greenfield University, a private academic institution in Kaduna, northwest Nigeria, 3 were killed last week and 2 more killed yesterday. Gunmen invaded the Federal University of Agriculture, Makurdi, the Benue State capital, and abducted an undisclosed number of students as confirmed by the institution confirmed on Monday, April 26,

New Release: The African Economic Congress 2020 Report.