Author: Vardiafrica

US President Joe Biden was unveiling new plans Monday to reduce student loan debt for millions of Americans, in a fresh bid to win over young voters who will be crucial in November’s election. The Democrat’s proposals come after his initial, bigger ambitions to cancel several hundred billion dollars of debt were struck down by the conservative-dominated US Supreme Court in June. “The plans, if implemented, would provide debt relief to over 30 million Americans,” the White House said in a statement ahead of a speech by Biden in Madison, Wisconsin. The plans would wipe out accrued interest for 23…

The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for naira loans. This was contained in a circular dated April 8, 2024 and directed to all banks by CBN’s Acting Director of Banking Supervision Department, Adetona Adedeji. The apex bank official listed two exceptions to the rule as foreign currency collateral which are Eurobonds issued by the Federal Government or guarantees of foreign banks, including Standby Letters of Credit. “The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans,” the circular partly read.…

Some members of the Peoples Democratic Party (PDP) in the house of representatives have asked Umar Damagum, acting chairman of the party, to tender his resignation. The lawmakers made the demand during a press conference in Abuja on Thursday. They accused Damagum of anti-party activities. The PDP currently holds over 100 members in the house of representatives. The legislators accused Damagum of allegedly masterminding the “doctoring” of caretaker committee members lists in Rivers and 10 other states. “We currently have in the PDP a national leadership that is in bed with the All Progressives Congress (APC) and is working extremely hard…

Festus Keyamo, minister of aviation and aerospace development, says Emirates Airlines is prepared to resume flight operations to Nigeria. Keyamo spoke during an interview on Arise television on Monday. Emirates, had in November 2022, suspended flight operations to Nigeria over its inability to repatriate its revenue from the country. The federal government had, in September 2023, said the airline would resume services in Nigeria — signalling a resolution of the dispute. The assurance followed a meeting between President Bola Ahmed Tinubu and Mohamed bin Zayed, president of the United Arab Emirates. But since the meeting and federal government’s announcement, Emirates is yet to…

THE Federal Government has unveiled the upgraded Citizens’ Delivery Tracker App, which will enable all citizens to view the deliverables and key performance indicators for all ministries and give their own assessment. The tracker is available at app.cdcu.gov.ng; it can be downloaded on Google Play Store and Apple Store. Hadiza Usman, Special Adviser to the President on Policy and Coordination and Head of the Central Delivery Coordination Unit (CDCU), spoke at the go-live event of the app on Monday in Abuja. Usman said the initiative was in tandem with President Bola Tinubu’s promise at the Cabinet Retreat for ministers, presidential…

The newly appointed Deputy Governor of Edo State, Marvellous Omobayo has vowed to finish Godwin Obaseki’s second term strong. Omobayo made this vow in his inaugural speech as the Deputy Governor of Edo State. Omobayo was sworn in on Monday by the Chief Judge, Daniel Okungbowa. He said, “The oath of office l have just taken is my legal acceptance speech. It defines the legal limits that l can or cannot exceed while in office. “Beyond this legal ceremony, it is imperative that l publicly express my profound gratitude to our respected Executive Governor, His Excellency, Governor Godwin Obaseki, and…

Omobayo Godwins has been inaugurated as the Edo Deputy Governor, hours after Philip Shaibu was impeached by the state house of assembly.  The 37-year-old who was beaming with a smile, was sworn in around 1:40 pm on Monday by the Chief Judge of Edo State Justice Daniel Okungbowa. In a day that began with the impeachment of Shaibu as the state’s deputy governor, Omobayo’s inauguration at the Edo State Government House in Benin City marks a major twist in the political history of the state. After he took the oath of office, an excited Omobayo who was dressed in a…

Philip Shaibu says his impeachment as the Edo State deputy governor is a threat to the nation’s democracy and believes it was a “flagrant abuse of power” by the Edo State House of Assembly.  “It is a dangerous descent into dictatorship and a threat to the foundation of our democracy. Let it be clear that this impeachment was hatched because of my ambition to contest the Edo State 2024 governorship election under the Peoples Democratic Party, PDP. An ambition that is a legal right to all citizens of the Federal Republic of Nigeria.” The Edo State Assembly impeached Shaibu on Monday in…

The political atmosphere in Edo State took a new shape on Monday when the state’s House of Assembly impeached embattled Philip Shaibu as deputy governor, ending a long-drawn drama between him and Governor Godwin Obaseki. He was impeached during the House’s plenary session in Benin City, the Edo State capital in a move that began months ago following the soured relationship between Obaseki and Shaibu. Shaibu’s impeachment followed the adoption of the report of a seven-man committee set up by the chief judge of Edo State Justice Daniel Okungbowa to investigate allegations of misconduct against the deputy governor. During plenary at…

The Central Bank of Nigeria (CBN) said it has sold a total of $10, 000 to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible invisible transactions. A statement by the apex bank on Monday said the $10, 000 sale was at the rate of N110/$1, adding that the BDCs are to sell to eligible customers at a spread of not more than 1.5 per cent above the purchase price. The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs…