Canada cuts immigration Targets by 21%
Canada is slashing the number of immigrants it allows into the country from 500,000 over the next three years. Prime Minister Trudeau said his government “didn’t get the balance quite right” when it bolstered immigration post-pandemic to address labour shortages. Despite already announcing reduced targets for both international students and temporary foreign workers, Minister of Immigration, Marc Miller, yesterday announced that the permanent resident figures will be reduced to 395,000 in 2025; 380,000 in 2026 and 365,000 in 2027. According to Miller, the plan is to help pause population growth in the short term to achieve well-managed, sustainable growth in the long term.
No Deadline For The Circulation of Old Naira Note
The Central Bank of Nigeria (CBN) has clarified that there is no deadline for the circulation of old Naira notes. Its Acting Director of Corporate Communications, Hakama Sidi Ali, in a statement yesterday, dispelled rumors that the N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024, stressing that these claims are false and intended to cause confusion within the country’s payment system Mrs. Ali who reiterated that the CBN has instructed all branches to continue issuing and accepting both the old and redesigned denominations of the Naira, emphasized that all Naira banknotes will remain legal tender indefinitely, while encouraging Nigerians to embrace digital payment methods to reduce dependency on cash.
World Bank Aim To Implement Gender Strategy 2030
As the world grapples with the realities of gender inequality, the World Bank Group today (Thursday 24th October 2024), announced a set of actions and concrete goals that aim to boost economic opportunities for more women, toward implementing Gender Strategy 2030 President of the World Bank Group, Anjay Banga speaking at a flagship event on […]
NERC Scrutinizes TCN Over Incessant National Grid Collapses
The Nigerian Electricity Regulatory Commission (NERC) today scrutinized the management of the Transmission Company of Nigeria (TCN) over its handling of the nationwide outages and system inefficiencies. The NERC at the public hearing organized in Abuja to unravel factors responsible for the incessant grid collapse raised concerns about TCN’s outdated infrastructure, including decades-old transformers, and its failure […]
Nigeria set to Increase VAT on Luxury Goods
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has said the federal government plans to raise Value Added Tax (VAT) to 15%, primarily on luxury goods and services. The Minister while speaking at the Global Investors forum on the sidelines of the World Bank/IMF annual meetings in Washington DC, US, […]
FG Approves Production of 1 Million Textbooks for Nigerian Schools
The Federal Executive Council (FEC) has approved a memo to print and distribute one million science textbooks to secondary schools across Nigeria. Minister of State for Petroleum Resources, Heineken Lokpobiri, who made the disclosure while briefing newsmen in Abuja after FEC meeting, said the initiative was part of the Petroleum Technology Development Fund (PTDF) STEM […]
FG Renames and Merges Ministries
The Federal Government has officially renamed the Ministry of Niger Delta Development to the Ministry of Regional Development, tasked with overseeing all Regional Development Commissions across the country. According to the Federal Executive Council (FEC) resolutions, the National Sports Commission (NSC) will assume the responsibilities of the former Ministry of Sports Development with Shehu Dikko as […]
President Tinubu reshuffles Cabinet, Sacks 5 Ministers, Appoints 7
Agric Minister Calls for Scaling Agricultural Extension Models
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has urged agricultural sector stakeholders to expand the results of innovative extension service models to address food insecurity in Nigeria. Speaking at the opening of the National Agricultural Extension Service Impact-sharing Workshop today in Abuja Kyari, represented by the Director of the Federal Department of […]
IMF Raises Alarm Over Inflation In Sub-saharan Africa
The International Monetary Fund (IMF) has expressed concerns over the increased Inflation rate at double-digits in the Middle East and Sub-Saharan Africa. Speaking at a Press Briefing on the updates of the World Economic Outlook in Washington DC, the IMFs Director Research Dept, Pierre-Olivier Gourinchas said despite steady growth rate at 3.6percent for year 2024 and growth projections of about 4.2percent in 2025, there are concerns on the impact of Conflicts, flooding and Insecurity challenges on the economies. He added that advanced economies like the US are making steady progress in quelling inflation. Our Correspondent, Raliat Adenekan reports that Jean Natal, Division Chief, Research Dept, IMF furthermore says though inflation stabilizing in some African countries, however sub-saharan Africa especially Nigeria is experiencing heightening Inflation rate at 32percent and high debt burden, alluding to the fact that tightening monetary policy is key.
