Author: Vardiafrica

The House of Representatives has initiated an investigation into the N1.12 trillion Anchor Borrowers Scheme, a Federal Government initiative for agricultural funding through the Central Bank of Nigeria (CBN). The probe will also include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI), and other agencies. This decision follows the adoption of a motion by Rep. Chike Okafor (APC-Imo) in Abuja on Tuesday. Okafor attributed the increasing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for development. He highlighted that the Federal Government had spent N8 trillion over…

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth. Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate. In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate. “Right now, at 30 percent, there is no way anybody can create jobs. If…

Governors under the umbrella of the South-east Governors’ Forum have resolved to meet with President Bola Tinubu to seek the release of Nnamdi Kanu, the detained leader of the Indigenous People of Biafra (IPOB). Hope Uzodinma, governor of Imo and chairman of the forum, announced the resolution at the end of a meeting of the governors held in Enugu on Tuesday. The governors at the meeting were Hope Uzodinma of Imo, Alex Otti of Abia, Chukwuma Soludo of Anambra, Francis Nwifuru of Ebonyi, and Peter Mbah of Enugu. The Imo governor said the delegation of former President Olusegun Obasanjo, Emeka…

The Sokoto state government says the Sultan lacks the constitutional power to appoint anyone. Speaking during a public hearing on the Sokoto Local Government and Chieftaincy Law 2008 organized by the state house of assembly on Tuesday, Nasiru Binji, commissioner of justice in Sokoto, said the law that empowers the Sultan to appoint anyone contravenes the 1999 constitution. Binji said the executive bill sent to the house of assembly seeks to correct the “mistake”. “Section 5(2) of the constitution stipulates that the executive power to appoint in the state is vested on the governor directly or through his deputy, commissioners,…

The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers. This directive comes in response to findings from consumer market intelligence, which revealed a continued pattern of selective rejection of these bills by financial institutions and forex dealers. In a circular dated 27th June 2024, signed by Solaja Mohammed-J Olayemi, the Acting Director of the Currency Operations Department, and released on Monday on the bank’s website, the CBN reiterated the necessity for strict adherence to…

In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry. Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, on Tuesday. “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to…

A Kano court has adjourned the hearing of the Emirate tussle between Aminu Bayero and Lamido Sanusi to July 4  to entertain all applications and originating motions. The ongoing Kano Emirate tussle court case as of May 27th, had the attorney general, speaker of the Kano State House of Assembly, and the Kano State House of Assembly, asking the court to grant an order of interim injunction, restraining the 15th Emir, Bayero and four other dethroned emirs from parading themselves as emirs, has been adjourned at the kano state high court. During its sitting on the hearing of all pending…

The Defence Headquarters (DHQ) says it will annihilate the terrorists behind recent attacks in Gwoza LGA of Borno state. Edward Buba, director of defence media operations, said this in a statement issued on Tuesday in Abuja. On Saturday, suicide bombers detonated improvised explosive devices (IEDs) in different parts of Borno. 32 people have been confirmed dead from the explosions. A curfew has since been imposed on Gwoza over suspicion of another attack. “The fate of the terrorists that perpetrated these insecurity will be violent and short as troops will stop at nothing to take them out of the battlefield,” Buba said. He added that recent…

The federal government has approved a new withholding tax regime for the country and introduced key changes to the previous tax regime such as reduction of rates for businesses with low margins and measures to curb evasion. Chairman of the Presidential committee on fiscal policy and tax reforms, Taiwo Oyedele disclosed this on his official X handle where he stated that the gazette will be signed in the coming days. According to him, the erstwhile withholding tax system introduced in 1978 had challenges such as the ambiguity necessitated by the increase in transactions that it covered thereby increasing the list of multiple…

Nyesom Wike, minister of the federal capital territory (FCT), says Ireti Kingibe, senator representing the nation’s capital, will not be reelected in 2027. Wike spoke in Abuja on Monday at the flag-off ceremony of the construction of the Mabushi bus terminal. “If we have done well, we have done well. If we haven’t done well, we haven’t done well. I am proud to say that in the short time that President Tinubu has appointed us, we have done well,” Wike said. “You said there are no schools and hospitals. You, as a legislator, what have you done? How many bills…