Sabinews Evening News Update for October 2, 2015
‘Those who invited wanted ISIS chief to Nigeria arrested in Kano’
The Nigeria Immigration Service (NIS), yesterday, denied playing any part in the process that led to the issuance of Nigerian Visa to the wanted ISIS chief, Ahmed Al Assir in Lebanon, even as it said two men connected to Al Assir, who he was coming to visit in Nigeria, had been arrested in Kano and immediately handed over to the National Security Adviser, General Babagana Monguno (rtd). Read more
Independence: Kaduna frees nine prisoners
Governor Nasir El-Rufai of Kaduna State on Thursday freed nine prisoners serving various jail terms in the state to mark the nation’s 55th Independence anniversary. He also said five convicted prisoners had their death sentences commuted to various prison terms.
The governor, who stated this at a colourful parade by the army, police, para-military and other security operatives as well as school children, held at the main bowl of the Ahmadu Bello Stadium, Kaduna, noted that the gesture to extend mercy to the prisoners was in pursuant to section 212 of the Nigerian constitution as conferred on him. Read more
Ogun Assembly screens commissioner-nominees on Wednesday
The Ogun State House of Assembly will on Wednesday, October 7, screen the commissioner-nominees on the list sent to the House by the state governor, Senator Ibikunle Amosun.
A statement by the Clerk of the State House of Assembly, Mr. Muyiwa Adenopo, indicated that the approval of the nominees by the House would assist the governor to constitute the State Executive Council. Six former commissioners, who served with the governor in his first term in office, made the list. Read more
Borno: Boko Haram poisoned water – Military
The Nigerian Military has confirmed that Boko Haram terrorists poisoned sources of drinking water in Maiduguri, Borno State.
It, however, said that no human lives have been lost, though there were animal casualties. Director, Defence Information, Col. Rabe Abubakar, stated these during an interactive session with defence Correspondents in Lagos. Read more
‘Those who invited wanted ISIS chief to Nigeria arrested in Kano’
The Nigeria Immigration Service (NIS), yesterday, denied playing any part in the process that led to the issuance of Nigerian Visa to the wanted ISIS chief, Ahmed Al Assir in Lebanon, even as it said two men connected to Al Assir, who he was coming to visit in Nigeria, had been arrested in Kano and immediately handed over to the National Security Adviser, General Babagana Monguno (rtd). Read more
C’River workers begin indefinite strike
Workers in Cross River State will on Friday embark on an indefinite strike following government’s inability to meet their demands.
Bulletins circulated by the Organised Labour Action Committee indicated their demands to include salaries of local government workers and teachers, salaries of staff of the Cross River University of Technology, weigh-in allowances and other salary related payments. Read more
Amaechi seeks prayers, support for Buhari administration
The immediate past governor of Rivers State, Mr. Rotimi Amaechi, has called on Nigerians to support the President Muhammadu Buhari administration in achieving success, growth and sustainable development as the country clocks 55.
Amaechi made this call in a statement issued in Port Harcourt Wednesday night through his media office to mark the nation’s Independence anniversary.’ Read more
Nigeria no longer business as usual – Saraki
Senate President Bukola Saraki on Thursday said the process of lawmaking in Nigeria would no longer be business as usual.
He said he would ensure that the National Assembly under his leadership would be people-oriented. Saraki spoke in an interview with State House correspondents shortly after taking part in an event to mark the country’s 55th Independence anniversary inside the Presidential Villa, Abuja. Read more
Fayose cancels independence celebration
Gov. Ayo Fayose of Ekiti state on Thursday cancelled all forms of fanfare as well as stadium parades usually held on Independence Day celebrations.
NAN reports that Fayose in a broadcast said there was nothing to celebrate in view of the economic situation in the country.
“I do not think it is proper to engage in jamboree when it is almost becoming increasingly difficult to pay workers salaries. Read more
CBN Supports Manufacturer with N2bn Grant
The Central Bank of Nigeria (CBN) through its Commercial Agriculture Credit Scheme (CACS) has granted EriscoFoods Limited N2 billion to expand its operations.
Interest on the loan is pegged at nine per cent and it is part of the central bank’s effort to support agricultural value chain. Also, Erisco Foods has revealed that the loan would pave the way for it to meet the consumption needs of Nigerian as well as to export. Read more
Nigeria’s Forex Reserves Fall by $1bn
Nigeria’s foreign exchange reserves fell 3.14 per cent to $30.48 billion by September 23 from $31.47 billion a month ago, data published by Central Bank of Nigeria showed on Wednesday.cbn
The reserves were down 23.03 per cent from a year ago, according to Reuters.
To reduce the deterioration of the reserves, the Central Bank of Nigeria has been implementing a dose of restrictions on imports of non-essentials. Read more
CBN Concerned about Growth as Nation awaits Cabinet
The Central Bank of Nigeria (CBN) will retain foreign currency controls because of concerns about slowing growth, a senior bank official said on Wednesday as the nation awaited a new cabinet.
President Muhammadu Buhari submitted the list of his nominees for cabinet posts to the Senate for approval on Wednesday, but the names were not immediately made public. Read more
NACCIMA rates economic performance low in third quarter
The Nigerian Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has rated the nation’s economic performance as at the end of the third quarter low and below expectations following inability of the Federal Government to put in place, policy thrusts, which are expected to drive the economy.
NACCIMA National President, Chief Bassey Edem, stated that while the private sector appreciates the enormity of the task inherited by the new administration and its effort in ensuring that the economy is re-engineered to meet up with the yearnings of the business community, “it is important to note that what an average Nigerian desire at the moment is for the ‘Change’ they voted for to be translated into a significant positive impact on the real sector and the economy in general”. Read more
NLC Asks Buhari to Stem Economic Slide Towards Recession
The Nigeria Labour Congress (NLC) on Wednesday asked President Muhammadu Buhari to immediately begin to think about creative economic measures that would save Nigeria from a possible economic recession in 2016.
Parts of where the NLC listed that it would want the government to concentrate its efforts to get the economy back on track included: agriculture, solid minerals, textiles and taxation on luxury goods. Read more
CBN: banks have sufficient liquidity
There is liquidity in the banking system, the Central Bank of Nigeria (CBN), said yesterday.
But the apex bank is concerned that Africa’s biggest economy is slowing.
Monetary Policy Director Moses Tule, said yesterday that the bank’s decision last week to cut the cash reserve ratio to 25 per cent from 31 per cent had injected 300 billion naira ($1.51 billion) into the financial system. Read more
CBN raises concern over declining growth
The Central Bank of Nigeria, CBN, has raised concerns over the continued slow down of the country’s economic growth.
The central bank on Wednesday also said the banking system had enough liquidity to take up what foreign investors might sell after JP Morgan removed Nigeria from its bond index. The CBN plans to retain foreign currency controls because of concerns about slowing growth, a senior bank official said on Wednesday. Read more
Nigeria Customs sensitises stakeholders on CET model
IN a bid to boast the country’s economy through trade, the Nigeria Custom Service in partnership with ECOWAS and German Cooperation, GIZ, has sensitized stakeholders on the Common External Tariff (CET) model.
The new system of tariff was introduced by ECOWAS in January this year and was also approved by the federal government of Nigeria in April. Read more
Accessing intervention funds for agribusiness
Agriculture constitutes one of the most important sectors of the Nigerian economy. In terms of employment, agriculture is by far the most important sector, engaging about 70 percent of the nation’s labour force. The importance of the sector necessitated the government over the years to establish many intervention funds in the agricultural sector that would be entrepreneurs can take advantage of.
Agricultural Credit Guarantee Scheme Fund (ACGSF)
Agriculture constitutes one of the most important sectors of the Nigerian economy. In terms of employment, agriculture is by far the most important sector, engaging about 70 percent of the nation’s labour force. The importance of the sector necessitated the government over the years to establish many intervention funds in the agricultural sector that would be entrepreneurs can take advantage of. Read more
‘Improving female education will hasten Nigeria’s economic development’
NIGERIA will not meet its economic or social potential as a nation until female education attainment rates are met, Pearson’s Managing Director in Nigeria, Muhtar Bakare, has said.
He said that despite the on-going declarations from African leaders, improvements to female education across the continent have been slow to happen. According to him, at 58%, Nigeria’s literacy rate for females remains around eight points lower than the male literacy rate. His words: ”The net ratio for female primary school attendance is also significantly lower at 56.7% – compared to 61.6% for males. Read more
