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economic challenges

President Bola Tinubu Heads to UK for Two-Week Vacation as Part of Annual Leave
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President Bola Tinubu Heads to UK for Two-Week Vacation as Part of Annual Leave

by Sopuru Sopuru
written by Sopuru Sopuru 1 minutes read

President Bola Tinubu is set to depart from Abuja on Wednesday, embarking on a two-week vacation in the United Kingdom. According to his Special Adviser on Information and Strategy, Bayo Onanuga, this trip forms part of Tinubu’s yearly leave. In a statement titled “President Tinubu Goes on Annual Leave,” Onanuga explained that the President will utilize this period as a working vacation, combining rest with reflection on his administration’s ongoing economic reforms.

Tinubu, who recently returned from a visit to London where he met with King Charles III, will spend this time reviewing the progress of his economic strategies and charting the way forward for Nigeria. The President is expected to return to Nigeria upon the conclusion of his leave.

This marks the 27th international trip Tinubu has taken since assuming office around 16 months ago, and it is his fourth visit to the UK during this period. His travels have included visits to countries such as Equatorial Guinea, Guinea-Bissau, Kenya, Benin Republic, South Africa, Ghana, India, the UAE, the U.S., Saudi Arabia, Germany, Ethiopia, Senegal, and Qatar.

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Minority Caucus Calls for Immediate Reversal of Petrol Price Increase
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Minority Caucus Calls for Immediate Reversal of Petrol Price Increase

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

In response to the recent hike in petrol prices, the Minority Caucus of Nigeria’s House of Representatives has called for an urgent reversal, citing the severe impact it will have on Nigerians. The caucus, led by Minority Leader Kingsley Chinda, emphasized that the decision to increase the price of Premium Motor Spirit (PMS) was made without sufficient consultation and disregarded key principles of transparency, accountability, and fairness.

In a statement titled **”Reverse Petrol Prices Now,”** Chinda urged President Bola Tinubu to implement immediate measures to alleviate the economic challenges Nigerians are facing. He pointed out that the nation is already dealing with rising inflation, unemployment, and a devalued currency, and that any further increase in petrol prices would only worsen these conditions.

The statement highlighted the far-reaching consequences of the price hike, particularly its effect on transportation costs, food prices, and other essential goods and services. Chinda warned that the increase would erode the purchasing power of millions of Nigerians, pushing many deeper into poverty.

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He also criticized the Nigerian National Petroleum Corporation (NNPC) for making the decision unilaterally, without involving key stakeholders such as the National Assembly, which represents the people’s interests. Chinda emphasized that the current economic hardship is driving widespread protests and warned that failing to address the root causes could lead to further social unrest.

The Minority Caucus called on the federal government to reverse the petrol price hike and explore more sustainable solutions to stabilize the economy without burdening the already struggling population. They cautioned that the government must learn from the past, where protests against poor governance were fueled by economic hardship, and avoid actions that could escalate tensions further.

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President Tinubu Appeals for Patience Amid Economic Transition
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President Tinubu Appeals for Patience Amid Economic Transition

by Sopuru Sopuru
written by Sopuru Sopuru 1 minutes read

In a recent video statement released by the State House, President Bola Tinubu has called on Nigerians to remain patient with his administration, promising that the nation is moving from a period of hardship to one of improvement.

Tinubu addressed the ongoing economic challenges facing the country, including the impact of the recent removal of the fuel subsidy and the floating of the naira. He acknowledged that these changes have intensified the difficulties for many Nigerians. The president admitted that the pain felt by citizens was exacerbated by what he termed an “avoidable lag” between the subsidy removal and the implementation of his proposed solutions to alleviate the situation.

The president’s message aimed to reassure the public that efforts are underway to improve the country’s economic conditions and that relief is on the horizon.

Details later…

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 President Ruto Withdraws Contentious Tax Hike Bill After Deadly Protests
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 President Ruto Withdraws Contentious Tax Hike Bill After Deadly Protests

by Sopuru Sopuru
written by Sopuru Sopuru 1 minutes read

Kenyan President William Ruto announced on Wednesday that he would withdraw a controversial bill proposing significant tax hikes. This decision comes after violent protests led to the deaths of more than 20 people and the ransacking of parliament.

Ruto acknowledged the public outcry, stating, “I concede and therefore I will not sign the 2024 finance bill and it shall subsequently be withdrawn. The people have spoken.” Despite the withdrawal, he warned that this would result in a substantial funding shortfall for development programs aimed at helping farmers and schoolteachers, as Kenya struggles to manage its foreign debt.

The protests against the tax hikes began peacefully last week but escalated dramatically on Tuesday when parliament passed the legislation. Police responded to the unrest by firing live rounds at demonstrators, leading to the partial burning and ransacking of the parliament complex.

The Kenya National Commission on Human Rights reported 22 deaths and 300 injuries, and announced an investigation into the violence. The protests were fueled by frustration over the rising cost of living, which was exacerbated by the proposed tax hikes in the 2024 finance bill.

Ruto’s administration argued that the tax increases were necessary to service Kenya’s massive debt, which stands at approximately 10 trillion shillings ($78 billion), or about 70 percent of the nation’s GDP. However, the intense opposition and subsequent violence forced the government to reconsider its position.

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Telecommunication Giants Seek Approval for Tariff Hike: A Push for Industry Sustainability
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Telecommunication Giants Seek Approval for Tariff Hike: A Push for Industry Sustainability

by Chidera Perpetual
written by Chidera Perpetual 2 minutes read

 

In a bid to navigate economic challenges, major telecommunications players in Nigeria, such as MTN Nigeria and Globacom, have submitted requests to the Nigerian Communications Commission (NCC) seeking approval for a tariff increase. This move follows a tumultuous period marked by foreign exchange losses and escalating energy costs, which resulted in some operators reporting losses last year.

The plea for tariff adjustments comes on the heels of similar actions taken by various sectors, including the recent tariff hike by Multi Choice, a prominent South African pay television company. Notably, other entities such as distribution companies (Discos) and brewing companies have also adjusted their prices in response to prevailing economic conditions.

Expressing their collective stance, telecommunications operators, represented by the Association of Licensed Telecom Companies of Nigeria and the Association of Telecom Companies of Nigeria, jointly issued a statement urging the government to expedite the approval process. They underscored that despite facing adverse economic headwinds, the telecommunications industry has refrained from revising its general service pricing framework upward for over a decade, primarily due to regulatory constraints.

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Highlighting the urgency of the situation, the industry associations emphasized that the current price control mechanism, which fails to align with economic realities, poses a significant threat to the sector’s sustainability and could undermine investor confidence. They stressed the need for a more adaptable framework that acknowledges both consumers’ affordability and operators’ financial viability in a fully liberalized and deregulated sector.

Calling upon the federal government to facilitate constructive dialogue with industry stakeholders, the associations emphasized the importance of addressing pricing challenges collectively. They advocated for the establishment of a balanced framework that safeguards consumers’ interests while fostering the industry’s growth and resilience.

In conclusion, the call for tariff adjustments by major telecommunications players underscores the pressing need for regulatory reforms to support industry resilience and growth amidst evolving economic realities. By fostering collaborative efforts between stakeholders and regulatory bodies, Nigeria can forge a path towards a more vibrant and sustainable telecommunications ecosystem, benefiting both consumers and operators alike.

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Multichoice Fined And Ordered To Give Nigerians One Month Free DSTV, GOTV Subscription
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Multichoice Subscribers lament over price increament

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

Subscribers to Multichoice, the leading satellite television service provider in Nigeria, have voiced their frustration over the significant increase in monthly subscription fees for DSTV and GOtv. The announced price adjustments have triggered widespread condemnation across social media platforms, with many subscribers expressing discontent over the apparent insensitivity of the decision amidst the prevailing economic challenges in the country.

Multichoice attributed the subscription fee increment to operational costs and the necessity to enhance service quality. However, the abrupt surge in prices has left many Nigerians questioning the justification behind such steep hikes, especially considering the ongoing economic hardship.

Social media platforms have been inundated with expressions of frustration and calls for government intervention. Mr. Ebuka Victor urged the Federal Government to address the continuous price increases and dismantle the monopoly enjoyed by Multichoice, stating that DSTV’s actions are detrimental to Nigerians’ financial well-being.

Similarly, Mr. Benjamin Chukwucheben raised concerns about the lack of regulatory oversight, questioning the absence of measures to curb the incessant subscription fee hikes by Multichoice.

The Federal Government now faces mounting pressure to intervene in the matter, with calls for regulatory bodies like the Nigerian Communications Commission (NCC) and the Consumer Protection Council (CPC) to investigate the rationale behind the price hike.

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Some subscribers have begun exploring alternative entertainment options, with Mr. Frank Akpata suggesting the use of smart TVs and streaming platforms as viable alternatives to traditional satellite television services.

Ms. Tomi Ifeayinchukwu and Mariam Ajala shared their experiences of relying solely on streaming platforms for entertainment, indicating a potential shift away from DSTV subscriptions, particularly in light of the recent price increments.

As the debate continues to escalate, the Nigerian public eagerly awaits government intervention to address the concerns raised by subscribers and ensure fair and affordable access to satellite television services in the country.

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Air Peace Chairman: Concerns Over Foreign Carrier Conspiracy on Nigeria-UK Route
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Air Peace Chairman: Concerns Over Foreign Carrier Conspiracy on Nigeria-UK Route

by Chidera Perpetual
written by Chidera Perpetual 2 minutes read

In a recent development, Allen Onyema, the Chairman of Nigeria’s indigenous carrier Air Peace, has voiced serious concerns regarding what he perceives as a coordinated effort by foreign airlines operating on the Nigeria-UK route to drive Air Peace out of international operations. On a televised program, Onyema expressed his dismay over what he termed an “unspoken alliance” among these foreign carriers to undercut Air Peace’s presence on the Nigeria-London route by slashing airfares.

During an appearance on Channels Television’s Politics Today program, Onyema didn’t mince his words as he highlighted the potential ramifications of such actions. He warned that if Air Peace were prematurely forced out of the market, Nigeria would suffer significant economic losses, estimating the impact to be potentially tenfold, with billions of naira at stake. Such a scenario, he emphasized, would also exert immense pressure on the country’s currency, exacerbating existing economic challenges.

On March 30, 2024, Air Peace took a bold step in response to what it perceives as an unfair Bilateral Air Service Agreement (BASA) between Nigeria and the United Kingdom. The airline launched direct flight operations from Lagos to Gatwick Airport in London, marking a strategic move aimed at asserting its presence and competitiveness in the international aviation market.

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The allegations made by Onyema underscore the challenges faced by indigenous carriers like Air Peace in competing with well-established foreign airlines. Despite being a relatively new player in the industry, Air Peace has rapidly gained recognition for its commitment to safety, reliability, and customer service. However, the alleged concerted efforts by foreign carriers to drive out competition raise questions about the fairness and transparency of the aviation market.

In light of these developments, it is imperative for relevant authorities to thoroughly investigate the claims made by Onyema and ensure a level playing field for all airlines operating on the Nigeria-UK route. Additionally, there is a pressing need to review and renegotiate existing bilateral agreements to safeguard the interests of indigenous carriers and promote healthy competition within the aviation industry.

Ultimately, the fate of Air Peace and other Nigerian airlines navigating the complexities of international air travel hinges on the ability of stakeholders to address these challenges effectively and uphold principles of fairness, equity, and competitiveness in the global aviation landscape.

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President Sisi Sworn in for Third Term as Egypt's Leader
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President Sisi Sworn in for Third Term as Egypt’s Leader

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

Egypt’s President Abdel Fattah al-Sisi was sworn in Today before parliament for his third term in office, solidifying his position as the head of the Arab world’s most populous nation. With a resounding victory in the December elections, securing 89.6 percent of the vote against three relatively unknown candidates, Sisi is slated to remain in power until 2030.

This six-year term is expected to be the final one for the 69-year-old leader unless further constitutional amendments are made to extend his tenure. The inauguration ceremony coincided with the establishment of Egypt’s New Administrative Capital, situated in the desert east of Cairo, as reported by local media.

Sisi ascended to power following widespread protests against Islamist President Mohammed Morsi in 2013, subsequently winning the presidential elections in 2014 and 2018, each time with overwhelming support of around 97 percent of the vote.

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Despite facing significant economic challenges over the past two years, including a sharp devaluation of the currency and soaring inflation reaching a record 40 percent in the previous year, Egypt received a much-needed boost in the first quarter of 2024. The country welcomed an influx of over $50 billion in loans and investment deals, which Cairo believes will alleviate critical foreign currency shortages and breathe new life into the economy.

President Sisi’s tenure has been marked by both domestic and international scrutiny, with ongoing debates surrounding issues of governance, human rights, and economic stability. As Egypt moves forward into this new term, all eyes will be on the government’s efforts to address these pressing concerns while navigating the challenges and opportunities that lie ahead.

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Nestlé Nigeria Plc Records Loss Due to Naira Depreciation
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Nestlé Nigeria Plc Records Loss Due to Naira Depreciation

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

Nestlé Nigeria Plc, a prominent player in the consumer goods industry, has reported a substantial loss before tax of N104.03 billion for the fiscal year 2023, citing the devaluation of the Nigerian currency as a key factor.

In its audited financial statement for 2023 filed with the Nigerian Exchange Limited, the company disclosed a stark decline of 277 per cent compared to the N71.11 billion pre-tax profit recorded in 2022. Despite a notable increase in revenue, soaring by over N100 billion to N547 billion from N446.82 billion in the previous year, Nestlé Nigeria’s pre-tax and post-tax profits were adversely impacted by the depreciation of the naira.

The Central Bank of Nigeria’s actions to unify segments of the foreign exchange market in June 2023 led to the devaluation of the local currency. Although efforts were made to stabilize the naira, its value is yet to recover fully.

Wassim Elhusseini, Nestlé Nigeria’s Chief Executive Officer, expressed appreciation to the team for their dedication amidst challenging economic conditions. He acknowledged the robust revenue growth and operating profit achieved, despite the adverse impact of the naira devaluation on financing costs and profit after tax.

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Elhusseini reaffirmed the company’s commitment to promoting the power of food through responsible local sourcing and the production of high-quality nutritious food and beverages for Nigerian families. He emphasized Nestlé Nigeria’s dedication to optimizing operations to ensure the availability and affordability of nutritious products, anticipating a positive turnaround in the business environment.

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For the financial year 2023, the company reported a foreign exchange loss of N195 billion and decided not to declare dividends.

Nestlé Nigeria’s financial performance reflects the challenges posed by currency devaluation but also underscores its resilience and determination to navigate through economic difficulties and emerge stronger.

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