Author: Vardiafrica

Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marks the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%. The latest inflation rate figures are based on the National Bureau of Statistics (NBS) CPI report for July 2024. According to the report, the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024. On a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it stood at 24.08%. This indicates an increase in the…

The Nigerian National Petroleum Company (NNPC) Limited says 63 illegal refineries were discovered and confiscated in one week. In a documentary on Wednesday, NNPC said the fight against oil theft was yielding results. The national oil company said about 177 incidents of oil theft were recorded between August 3 and 9 by different incident sources. According to NNPC, Tantita Security Services recorded four incidents, Shell Petroleum Development Company recorded 11, and Pipeline Infrastructure Nigeria Limited (PINL) recorded 26. NNPC said Maton Engineering Company reported 20 incidents; NNPC 18 Operating Ltd recorded one, NNPC Command and Control Centre recorded 51, and government security…

22-year-old content creator and food consultant Munachimso Brian Nwana has achieved the world record for the most fast food restaurants visited in 24 hours. Brian visited 150 different establishments, smashing the previous record of 100, which was set last year by American YouTuber Airrack. Before that, the record had belonged to TikTok stars Nick DiGiovanni and the late Lynn “Lynja” Davis. Both of those record attempts occurred in New York City, whereas Brian’s took place in Abuja, the capital of Nigeria. He said: “New York has clusters of restaurants and adequate public transportation systems, so doing this in Abuja was much more daunting…

President Bola Tinubu has signed into law a bill seeking to increase the salaries and allowances of judges in the country by 300 percent. The judicial office holders’ salaries and allowances bill, which was passed by the senate  in June, will allow the chief justice of Nigeria (CJN) to earn N64 million annually. In a statement on Tuesday, Basheer Lado, special adviser to the president on senate matters, said Tinubu’s signing of the bill marks his “unwavering commitment” to the welfare of Nigeria’s workforce. “This extraordinary move underscores Mr President’s absolute prioritization of the welfare of Nigerian workers above all else…

President Bola Tinubu is presiding over the meeting of the National Council of State. The meeting which is being held at the Council Chamber of the State House Abuja has in attendance former presidents Goodluck Jonathan and Muhammadu Buhari. Former Heads of State, Generals Gowon Yakubu, and Abdulsalami Abubakar are joining virtually. Also present for the meeting are the President of the Senate, Godswill Akpabio; the Secretary to the Government of the Federation, George Akume and the Chief of Staff to the President, Femi Gbajabiamila. Governors Siminalayi Fubara of Rivers State, Hope Uzodinma of Imo State, Babagana Zulum of Borno…

The Nigerian National Petroleum Corporation (NNPC) Limited has explained the reason behind its decision to reduce its stake in Dangote refinery to 7.2 per cent. Chief Corporate Communications Officer of NNPC, Olufemi Soneye, in a recent interview on the Berekete Family Radio Programme, published on YouTube on Sunday. Soneye said NNPC realised that Compressed Natural Gas (CNG) is more affordable as a better energy alternative for Nigerians, so chose to rather reallocate its investment into projects across the country. According to him, an average Nigerian can fill up his car with N10,000 with CNG, creating a huge investment opportunity in…

Bello Matawalle, the Minister of State for Defence, has revealed that an increasing number of African countries are now procuring arms and ammunition from the Defence Industries Corporation of Nigeria (DICON). He made this announcement in Abuja during the 60th-anniversary celebration of DICON and the launch of the maiden Africa Defence Industries Conference. DICON, established in 1964 to boost national security by reducing reliance on foreign arms, has grown its capabilities significantly over the years. Despite facing various industry challenges, DICON has remained committed to self-reliance and now possesses the capacity to produce military vehicles, artillery, and other defence equipment.…

The Minister of Finance, Wale Edun, has met with key stakeholders in the oil and gas industry, following President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPCL), to sell crude oil to local refineries in naira. Those in attendance included the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Group Chief Executive Officer of NNPCL, Mele Kyari, Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Permanent Secretary of the Ministry of Finance, Lydia Jafiya. Disclosing this in a post on its official X page, the Finance Ministry said the meeting…

President Bola Tinubu has inaugurated 30 hybrid power compressed natural gas (CNG) buses. In a post on X, Bayo Onanuga, the president’s special adviser on information and strategy, said the buses were inaugurated on Monday at the State House in Abuja. Onanuga said the CNG buses were donated by Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and Nigerian National Petroleum Company (NNPC) Limited. “Twenty of the buses were donated by Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), while NNPC donated 10,” Onanuga said. The special adviser said the buses were assembled locally by Innoson Motors. On August…

Edo politician Philip Shaibu says he is back in his role as the Deputy Governor of Edo State and has directed his staff to follow suit. He also warned banks carrying out transactions with the Office of the Deputy Governor of Edo State without his express consent about the illegality of such transactions. In a video broadcast on Monday, Shaibu mandated those yet to resume work since his “reinstatement” to do so or face the consequences According to him, the judgement of the Federal High Court which reinstated him indicated that his office has never been vacant. He also disclosed that…