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.
FG Halts Export Of Cooking Gas To Crash Price
From November 1, Nigeria will stop exporting locally produced Liquefied Petroleum Gas LPG, also known as cooking gas. Minister of State Petroleum Resources, Ekperikpe Ekpo, who announced this during a meeting with stakeholders in Abuja, said the measure is to mitigate the price of the gas that has been soaring steadily. On pricing framework, Ekpo said the Nigerian Midstream and Downstream Petroleum Regulatory Authority, will engage stakeholders to create a domestic LPG pricing framework within 90 days. He added that within 12 months, facilities will be developed to blend, store and deliver Liquefied Petroleum Gas, ending exports until the market achieves sufficiency and price stability.
WAEC Commence Computer Based Examination Friday
West African Examinations Council will from Friday, October 25, commence its Computer-Based West African Senior School Certificate Examination for private candidates, until December 20, 2024. Its spokesperson, Adesina Fadekemi, explained that the CBT examination will have multiple-choice questions rendered on screen, and candidates would be required to give their responses on the screen. Similarly, the essay and practical questions will be rendered on-screen, but candidates would have to give their responses using provided answer booklets. Meanwhile, WAEC has also provided an option for candidateswho wish to use Paper and Pen mode, for the whole examination papers.
FG Unveils Reforms for Economic Growth
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has unveiled an ambitious agenda for economic reform to reduce inflation, create jobs, and foster growth in key sectors. Speaking at the 30th Nigeria Economic Summit (NES30), in Abuja yesterday, the minister said that government was focused on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy. He said that the intention was to tackle poverty by enhancing agricultural productivity and food security, which is essential to lowering the high inflation rate. Edun added that the government was partnering with the African Development Bank (AfDB) to establish agricultural processing zones, which would provide a robust supply of raw materials for domestic industries.
National Grid Successfully Restored after Collapse
The Transmission Company of Nigeria has announced that the national grid has successfully restored about 90 per cent of bulk power supply across its substations nationwide, following a system collapse that plunged the country into a blackout. Its spokesperson Ndidi Mbah in a statement late yesterday, explained that bulk power supply has been restored to the Abuja axis and other major distribution load centres throughout the country. She noted that while recovery efforts began immediately, there was a setback at approximately 10:24 AM on Tuesday, but the TCN has made significant progress in the recovery process, ensuring that about 90 per cent of its substations nationwide now have bulk power availability. Mbah clarified that the partial disturbance did not impact the Ibom Gas generating station, which had been isolated from the grid.
VP Vows To Reverse Unemployment Rate In Nigeria
Vice President, Senator Kashim Shettima, has vowed that the President Bola Tinubu administration will reverse Nigeria’s growing unemployment rate and low labour force participation. This, he said, is the impression of an unfavourable society the Human Capital Development (HCD) Programme is designed to avert under the administration of President Tinubu. Senator Shettima who made the […]
FG considers Zero VAT for Pharmaceutical Products
Ministry of Health and Social Welfare has finalised the Executive Order Harmonised Implementation Framework that abolishes Value Added Tax (VAT), and Excise Duties on pharmaceutical products and medical devices. Minister of State for Health and Social Welfare, Dr. Tunji Alausa, told journalists in Abuja yesterday that the development, which has been cleared for gazetting, was […]
Abuja High Court Affirms Abure As Labour Party National Chairman
A Federal High Court in Abuja has returned Julius Abure as Labour Party’s National chairman. Delivering the judgement yesterday, Justice Emeka Nwite declared the 2024 Labour Party national convention held in Nnewi, which re-elected Abure, as valid, stating that the convention was in line with all laid down laws in Nigeria. Announcing this in a statement, the party’s National Publicity Secretary, Obiora Ifoh, noted that Justice Nwite also ordered INEC to grant due recognition and all privileges to the Labour Party’s National Working Committee, as led by Abure. Abure, has offered the olive branch to Mr Peter Obi and other agitated members of the party, believing that the judgment became the foundation for other rulings, reflecting the strength and fairness of the country’s judicial system.
FG revises Consolidated Public Service Salary Structure
The Federal Government has approved the revision of the Consolidated Public Service Salary Structure, backdating it to July 2024. Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, who announced this at a press briefing yesterday in Abuja, said his Commission would issue further directives on how pensioners, NYSC members and interns would benefit from the implementation. He directed any federal public service, whether self-funded or treasury funded, that had not received a circular to this effect, specifically from the National Salaries, Incomes and Wages Commission, to contact it for further directives.
Senate Adjourns Plenary In Honour Of Late Ifeanyi Ubah
The Nigerian Senate today suspended plenary in honour of late Senator Ifeanyi Uba who passed away during the annual recess of the National Assembly. The Red Chamber resumed its plenary sessions today (Tuesday) from the annual recess that began in late July. President of the Senate, Godswill Akpabio read several correspondences from President Bola Tinubu, which includes the Supplementary […]
