Author: straightnewsng.com

By Straightnews Despite the surging borrowing costs, Nigeria continues to maintain a strong presence in the global debt market, according to the International Monetary Fund (IMF).  During a press briefing at the IMF/World Bank annual meetings in Washington DC, Tobias Adrian, the IMF’s Financial Counsellor, noted that Nigeria and other frontier markets have been active in the debt market throughout 2024, despite financing costs being significantly higher than pre-2021 levels. Recall that data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.…

By Straightnews President Bola Tinubu has rejigged his cabinet, relieving five of their appointment and appointing seven ministers on Wednesday.  Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate. In September, presidential spokesman Bayo Onanuga said the President would reshuffle his cabinet but didn’t give a time to the reorganisation. Related news 45 Nigerian ministers…

By Straightnews The need for National Assembly to consider carrying all the stakeholders along on the constitutional amendment of the State Independent Electoral Commissions (SIECs) in the country has been emphasised. Speaking exclusively with journalists in Uyo on Tuesday, October 21, the Executive Chairman of Akwa Ibom State Independent Electoral Commission (AKISIEC), Elder Aniedi Ikoiwak listed the stakeholders to include the Governors, Members of the state Houses of Assemblies, and State Independent Electoral Commissions, among others. This is as the National Assembly is considering amendment to the 1999 constitution to create room for the conduct of local government elections by…

By Straightnews The Nigerian Government has approved the ExxonMobil’s sale of Mobil Producing Nigeria Unlimited to Seplat Energy. However, the government has refused to grant approval for Shell’s $2.4 billion divestment of its onshore and shallow water assets to the local consortium, Renaissance. These assets include an estimated 6.73 billion barrels of crude oil and condensate, along with 56.27 trillion cubic feet of gas. Announcing the government’s decision, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, stated that while the government had processed five divestment applications, only four were approved. Related news Udoma acquires…

Nigeria supplies uninterrupted 24-hour electricity to neighbouring countries- Togo and Benin, but gives her citizens less than 20 hours at times blackout, the Managing Director and CEO of the Transmission Company of Nigeria (TCN), Sule Abdulaziz, revealed. Straightnews gathered that as at October 14, this year, Benin Republic and Togo owed Nigeria $5.79 million for the energy consumed in the second quarter (Q2) of 2024, the Nigerian Electricity Regulatory Commission (NERC) said. The NERC said in its second quarter 2024 report that the international customers paid $9.81 million between April and June 2024, out of the $15.60m invoiced for the…

Akwa Ibom Government has formally awarded and mobilised contractor to the site for the dualisation of Uyo Village Road in the state capital. However, the government did not mention the cost of contract, and deadline for completion of the project. Straightnews had earlier reported the deplorable state of  Uyo Village Road and the hardships inflicted on road users due to a bad portion of the road coupled with refuse dumped on the road. Related news: Midnight at Uyo Village Road  Addressing a press conference at NUJ Press Centre on Sunday, the State Commissioner for Works and Fire Service, Professor Eno…

By Agency Report In a manner apparent of vote buying, Elon Musk said on Saturday that his America Pac, the Donald Trump-allied political action committee, will give $1m every day to someone who signs his petition ahead of November 5 presidential election. Straightnews learnt that this appears to incentivize Republicans in battleground states to register to vote against Democratic Presidential candidate, Kamala Harris. “We are going to be awarding $1m randomly to people who have signed the petition,” Musk said at a town hall event in Pennsylvania. “One of the challenges we’re having is how do we get the public…

Former Nigeria’s Vice-President, Atiku Abubakar and the Federal Capital Territory (FCT) Minister, Mr. Nyesom Wike, have refused to wink eyes for one another over political differences. Earlier, Atiku had criticized Wike for referring to Atiku as a “rejected politician” in Port Harcourt, shortly after the outcome of the local government polls in Rivers, where the Action Peoples Party (APP) won 22 out of 23 chairmanship seats. Atiku stated that the local government elections in Rivers State revealed that “the citizens of Rivers are astute and resolute, unwavering in their rejection of any form of political oppression, harassment, or the machinations…

By Agency Report United States of America has voiced against the Palestinian push to expel Israel from the United Nations, calling it a “political theatre.” In a statement on his verified Twitter account, Senator Lindsey Graham emphasized that Israel’s survival is at risk on multiple fronts, including political and security threats. Graham’s remarks come as tensions between Israel and Palestine continue to escalate on the international stage. The Palestinian Authority has sought to garner support for removing Israel from the UN, an effort Graham dismisses as symbolic but potentially damaging. Related news We’re ready for cease-fire talks with Israel –…

By Straightnews A public commentator, Citizen Matthew Koffi Okono (MKO), sees Bola Tinubu’s opposition against the removal of fuel subsidy 12 years ago to his eventual removal as the country’s President as contradictory to known ethos. Tinubu, then a chieftain of Action Congress of Nigeria (ACN) had opposed the removal of fuel subsidy by ex-President Goodluck Jonathan administration in 2012, accusing the President of breaking social contract with the people. However, on May 29. 2023 Tinubu announced that the fuel subsidy regime was gone during his inauguration Nigeria’s President. In 2012, Jonathan’s administration increased fuel price from N67 to N97 but reduced it to N87 in January…