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Analysis-Nigerians' cost of living pain deepens as election looms

Analysis-Nigerians' cost of living pain deepens as election looms

By Libby George and Abraham Achirga LONDON/ABUJA, Aug 10 (Reuters) - Grace Adama puts her earrings on in her two-room flat before grabbing her handbag and leaving for work in Abuja, Nigeria's capital.
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RMAFC Reports N1.16 Trillion Fuel Subsidy Expenditure in 2021

RMAFC Reports N1.16 Trillion Fuel Subsidy Expenditure in 2021

RMAFC Reports N1.16 Trillion Fuel Subsidy Expenditure in 2021
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‘We saw death and suffering’: Dozens of Nigerians freed after 6 months in jihadi captivity

‘We saw death and suffering’: Dozens of Nigerians freed after 6 months in jihadi captivity

At least 163 Nigerian captives, mostly women and children, have spoken of the suffering and fear they lived in for six months They were handed over by security forces in Kwara on Friday and were anticipating their return home to reunite with their families
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BCDA Leadership Dispute Halts N10bn Allocation Amidst Ministry's Withholding

BCDA Leadership Dispute Halts N10bn Allocation Amidst Ministry's Withholding

The Border Communities Development Agency (BCDA) in Nigeria is currently facing a leadership crisis that has led to the withholding of a N10 billion allocation by the Federal Ministry of Finance. The dispute arose after President Bola Tinubu appointed Abdulrazak Namdas as the new Director-General, replacing Dr. Dakorinama George, who was said to have resigned to contest an elective office. However, George has refused to vacate the position, claiming he never resigned. This standoff has resulted in the Ministry of Finance withholding funds until the leadership issue is resolved, as they require compliance with statutory and administrative requirements before releasing public funds. The BCDA, established to develop border communities, is now unable to execute its projects due to this impasse.
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Alliance of Sahel States Transforms into Confederation Amid Regional Tensions

Alliance of Sahel States Transforms into Confederation Amid Regional Tensions

The Alliance of Sahel States (AES), initially formed by Burkina Faso, Mali, and Niger in September 2023, has evolved into the Confederation of Sahel States. This transformation is part of a strategic move to counter local armed groups and jihadist insurgencies, as well as to resist ECOWAS's threats of force aimed at restoring civilian rule. The AES was established as a defense pact and security framework, aiming to provide collective military assistance against threats from groups linked to Al Qaeda and ISIL. The alliance also seeks to end Western and French influence in their countries. The AES has faced strained relations with Nigeria, particularly criticizing President Bola Tinubu's comments on regional security.
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Union Calls for Review of OBR Amid Concerns Over Economic Growth

Union Calls for Review of OBR Amid Concerns Over Economic Growth

Union Calls for Review of OBR Amid Concerns Over Economic Growth
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Japanese Yen Depreciation Continues Despite Intervention Efforts

Japanese Yen Depreciation Continues Despite Intervention Efforts

The Japanese Yen is experiencing significant depreciation, despite multiple intervention efforts by Japanese and US authorities. The interventions, aimed at stabilizing the Yen, have not succeeded in reversing its downward trend. The depreciation is attributed to Japan's fiscal policies and debt issues, with the Bank of Japan's yield suppression efforts being a central factor. The Yen's decline is seen as a symptom of Japan's broader economic challenges, including its high debt levels and efforts to reflate the economy. Despite Japan's substantial foreign exchange reserves, the market's reaction to fiscal policy changes indicates deep-seated concerns about the country's economic stability.
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FIDE World Amateur Blitz Chess Championship: Efemuai Wins U2300 Open Title, Indian Players Excel

FIDE World Amateur Blitz Chess Championship: Efemuai Wins U2300 Open Title, Indian Players Excel

FIDE World Amateur Blitz Chess Championship: Efemuai Wins U2300 Open Title, Indian Players Excel
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Nigerian President Announces Rescue of 308 Abductees in Largest Single-Day Operation

Nigerian President Announces Rescue of 308 Abductees in Largest Single-Day Operation

In a significant development, Nigerian President Bola Tinubu announced the rescue of 308 individuals who had been abducted in various attacks in the northern part of the country. The operation, described as the largest single-day rescue in Nigeria's history, involved the liberation of 163 people from the Woro community in Kwara state and 145 from Niger state. The abductees were freed from a forest and are currently receiving medical attention. The president praised the security forces for their bravery and efficiency in executing the operation. Abductions, particularly at schools, have been a persistent issue in Nigeria, often carried out by armed groups known as bandits who seek ransoms.
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ICPC Clears Nigerian Presidency, Indicts Fake Agency Director

ICPC Clears Nigerian Presidency, Indicts Fake Agency Director

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has cleared the Nigerian Presidency of any wrongdoing in the case involving the Presidential Foreign Investment Promotion Council (PFIPC). The ICPC's interim report, presented to President Bola Tinubu, recommends prosecuting the council's promoter, Adeniyi Adeyemi, for forgery and impersonation. The investigation revealed that Adeyemi created fictitious agencies using forged documents and unlawfully occupied government facilities. No federal funds were disbursed to the fake agency, but the investigation exposed weaknesses in verification processes across several government departments. Adeyemi refused to answer questions from a House of Representatives committee, citing the absence of his lawyers.
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Nigeria Prepares for 2027 FATF Evaluation with Focus on Anti-Money Laundering Framework

Nigeria Prepares for 2027 FATF Evaluation with Focus on Anti-Money Laundering Framework

Nigeria is gearing up for the 2027 Financial Action Task Force (FATF) Mutual Evaluation, with the Nigerian Financial Intelligence Unit (NFIU) and the Federal Ministry of Justice spearheading a nationwide assessment. The evaluation will scrutinize the effectiveness of Nigeria's anti-money laundering and counter-terrorism financing measures. Attorney-General of the Federation, Prince Lateef Fagbemi, emphasized the importance of collaboration among law enforcement agencies to ensure success in the evaluation. He highlighted that Nigeria's previous removal from the FATF Grey List was a result of concerted efforts and that the upcoming evaluation is an opportunity to further strengthen the country's financial crime prevention frameworks.
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New Government Faces Economic Challenges with High Fiscal Deficit and Debt

New Government Faces Economic Challenges with High Fiscal Deficit and Debt

New Government Faces Economic Challenges with High Fiscal Deficit and Debt