Allocations To FG, States, LGs Rise By N65BN
Allocations from the Federation Account to the three tiers of government increased to N65.15bn as against N400bn in December 2016 and N465.15bn in January this year. According to figures released by the Federation Account Allocation Committee on Tuesday, there was also an increase of N76.27bn in gross statutory revenue from N248.63bn in December 2016 to N324.99bn in the month of January.
Nigeria Targets 7 Million Tonnes Of Rice By 2018
The Minister of Agriculture and Rural Development, Audu Ogbeh, says the Federal Government is targeting the production of seven million tonnes of rice by 2018. Briefing journalists in Abuja on Wednesday, Mr. Ogbeh said that the target, which would be achieved by the second quarter of 2018, was to meet the national consumption rate.
“I think we have attained the level of being one of the largest producers of rice, even though many people are still in doubt about that.
Oil Prices Rise As OPEC Aims Deeper Cuts
Oil prices rose more than one dollar a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher. OPEC Secretary General, Mohammad Barkindo, told an industry conference in London that January data showed conformity from participating OPEC nations with output curbs above 90 percent and oil inventories would decline further this year.
Naira Devaluation Looms In Spite Of Buhari’s Opposition
Traders increased bet that Nigeria will allow the naira to weaken after the central bank eased some capital controls and the President, who opposes devaluation, extended his sick leave in the U.K. Forward contracts rose to the highest level since November after the Central Bank of Nigeria said it would “increase the efficiency of the foreign-exchange market” and make hard currency available to Nigerians needing to fund business trips and overseas school and medical bills.
Corruption, Falling Naira Responsible For Recession – Ibrahim Magu
Acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, says that endemic corruption in the country as well as falling value of the Naira are responsible for the current recession facing the country. Magu said this today at the launch of the Women Against Corruption campaign, in Lagos.
Trade Between Nigeria And South Korea Drops By 60%
South Korea says the volume of trade between it and Nigeria has dropped from $4.5 billion (about N1.42 trillion) in 2014 to $1.8 billion (about N567.5 billion) in 2015. The Korean Deputy Minister for Multilateral and Global Affairs, Jongmoon Choi, said this in Abuja at the end of bilateral meeting between both countries. Nigeria and South Korea expressed worry over the decrease of $2.7 billion in the volume of trade between the two countries.
Air Peace Receives 12th Aircraft, Opens Lekki Office
Nigeria’s domestic carrier, Air Peace, has taken delivery of its 12th aircraft, a Boeing 737-500 with 114-capacity. Air Peace Chief Operating Officer, Mrs. Oluwatoyin Olajide, told newsmen, on Wednesday, in Lagos, that the aircraft landed at the Murtala Muhammed Airport , Lagos at about 2.15pm, on Tuesday.
Check Expiry Date On Drugs, Packaged Foods, Cosmetics Before Purchase – Pharmacist Cautions
A Jos-based Pharmacist, Mrs. Rotkang Okunlola, has urged members of the public of the need to always check expiry date on drugs, beverages, packaged foods and cosmetics before purchase. Okunlola, on Wednesday, said that most people never cared to check expiry dates on items upon purchase, adding that such attitude could be risky.
UNICEF Spends N6.1 Billion In 8 Years On Jigawa’s Malnourished Children
UNICEF on Wednesday said it spent about N6.1 billion to procure Ready-to-Use Therapeutic Food, RUTF, to treat severely malnourished children in Jigawa from 2009 to date. Abdulai Kaikai, the UNICEF Chief, Bauchi Field Office, said this at an advocacy meeting with stakeholders on the management of severe acute malnutrition in the state. Mr. Kaikai said that within the period under review, 280,980 severely malnourished children were treated with RUTF and 55,094 lives had been saved.
Youths, Traders Rally Against Customs ‘Extortion’
There was a violent protest today in Sango-Ota area of Ado Ota Local Government Area of Ogun State. Daily Sun gathered that vehicular and human traffic along the ever-busy Abeokuta-Lagos Expressway was paralyzed, as rioting youths and traders at Sango market are said to have blocked both sides of the road at Ota, just before the bridge. Unconfirmed reports say that the youths and traders were protesting over what they called ‘invasion’ of the market by men of the Nigeria Customs Service.
