The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, totaling $553 million for July 2024. This figure represents a 130% rise compared to the same period last year and is the highest monthly inflow on record.

Hakama Sidi Ali, the acting Director of Corporate Communications at the CBN, attributed this remarkable growth to the bank’s strategic initiatives aimed at enhancing liquidity in Nigeria’s foreign exchange market. These measures included granting licenses to additional International Money Transfer Operators (IMTOs) and implementing a willing buyer-willing seller model to facilitate prompt access to naira liquidity.

The CBN’s efforts are part of a broader strategy to stabilize the foreign exchange market and boost public confidence. With diaspora remittances playing a crucial role in Nigeria’s economy, these initiatives align with the CBN’s goal of doubling formal remittance receipts within a year.

The Central Bank expects these actions to contribute to sustained stability in the foreign exchange market and support broader economic objectives.

Obama used his well-known rhetorical powers to deliver a thundering endorsement of the Democratic presidential nominee, Harris.

Barack Obama, the 44th U.S. president and a marquee name in Democratic politics used his well-known rhetorical powers to deliver a thundering endorsement of Democratic presidential nominee, Kamala Harris.

Obama addresses the party faithful on Tuesday evening. He is expected to pay tribute to outgoing President Joe Biden, who served as Obama’s vice president for eight years.

The Nigeria Labour Congress (NLC) has confirmed that its President, Joe Ajaero, will comply with an invitation by the Nigeria Police Force for investigation over allegations of terrorism, subversion, and other related charges. This decision was made during an emergency National Executive Council (NEC) meeting held on Tuesday, August 20, 2024.

Kabiru Sani, the NLC Deputy President, stated that while the NEC believes the allegations are politically motivated and unfounded, the NLC remains committed to the rule of law and due process, and will therefore honour the police invitation. However, they will request an extension of the appearance date.

Sani warned that if anything happens to Ajaero during the process, the NLC would not hesitate to initiate nationwide protests and strike actions. The NEC has instructed all affiliates and state councils to mobilize their members for potential industrial action, with a nationwide strike set to begin at midnight if necessary.

The NLC also called on civil society allies and the general public to stand in solidarity with the labour movement during this critical period. Sani condemned the alleged harassment of NLC leadership, describing it as an attempt to destabilize the movement, and urged the state to halt any further actions against the Congress.

Bayelsa Deputy Governor Lawrence Ewhrudjakpo has called on tertiary institutions in the state to restore their lost standards by producing graduates of high quality in both learning and character. Speaking during a visit by the Governing Council of the Bayelsa College of Health Technology, Otuogidi, in Yenagoa, Ewhrudjakpo expressed concern that many institutions have allowed their once-high standards to decline.

He emphasized the importance of maintaining high standards, especially in fields like health, where graduates deal directly with human lives. Ewhrudjakpo urged the management of the college to focus on quality over quantity to avoid tarnishing the institution’s reputation.

The deputy governor also assured the council that he would bring their concerns, including issues of funding, infrastructure, and re-accreditation, to the attention of Governor Douye Diri. Additionally, he called on the Niger Delta Development Commission (NDDC) to complete its abandoned projects at the institution.

Bayelsa Deputy Governor Lawrence Ewhrudjakpo has called on tertiary institutions in the state to restore their lost standards by producing graduates of high quality in both learning and character. Speaking during a visit by the Governing Council of the Bayelsa College of Health Technology, Otuogidi, in Yenagoa, Ewhrudjakpo expressed concern that many institutions have allowed their once-high standards to decline.

He emphasized the importance of maintaining high standards, especially in fields like health, where graduates deal directly with human lives. Ewhrudjakpo urged the management of the college to focus on quality over quantity to avoid tarnishing the institution’s reputation.

The deputy governor also assured the council that he would bring their concerns, including issues of funding, infrastructure, and re-accreditation, to the attention of Governor Douye Diri. Additionally, he called on the Niger Delta Development Commission (NDDC) to complete its abandoned projects at the institution.

The Nigeria Labour Congress (NLC) has issued a stern warning of a nationwide strike if its President, Comrade Joe Ajaero, is detained by the Nigeria Police. This declaration follows an emergency National Executive Council (NEC) meeting held on August 20, 2024, at the NLC headquarters, where union leaders discussed Ajaero’s recent police invitation concerning allegations of terrorism financing.

The NEC resolved that Ajaero would comply with the police invitation, but the NLC’s legal team would request an extension for his appearance. The union made it clear that any attempt to detain Ajaero would lead to immediate industrial action, with workers across the nation instructed to prepare for a potential shutdown.

This development comes amid growing tensions between the labour union and authorities, particularly following an alleged raid by security operatives on the NLC headquarters in Abuja on August 7, 2024. The situation has heightened the possibility of significant disruptions nationwide if the conflict escalates further.

The Police Command in Anambra, in collaboration with the Joint Task Force (JTF), has successfully rescued a kidnapped victim in the Ihiala Local Government Area.

On August 20, 2024, SP Tochukwu Ikenga, the command’s Public Relations Officer, announced that the rescue operation followed the busting of a criminal den at Umuduru. The breakthrough came after the arrest of a suspect who confessed to being part of a notorious kidnap gang operating in the area.

The rescued victim, a man in his mid-30s, has been safely returned to his family. The ongoing operation involves a combined team of police, military personnel, and members of the Anambra Vigilance Group (AVG), continuing efforts to ensure further safety in the region.

The fuel subsidy debate remains a hot topic in Nigeria as the country grapples with a persistent fuel crisis. Despite President Bola Tinubu’s 2023 removal of the fuel subsidy, Nigerians are facing ongoing fuel shortages and exorbitant prices, leaving many dependent on black market sellers.

Key Points:

• Fuel Prices and Crisis: After the subsidy removal, fuel prices surged from ₦185 per litre to over ₦600 within a week, leading to widespread panic buying and fuel scarcity. The crisis has forced many Nigerians to rely on black market sellers, who sell at inflated prices and often adulterate the fuel.
• Government Stance: The Nigerian National Petroleum Company Limited (NNPCL) and government officials have repeatedly denied the existence of a fuel subsidy. NNPCL’s Group CEO, Mele Kyari, and Chief Financial Officer, Alhaji Umar Ajiya, have stated that no subsidies are being paid, and any discrepancy in fuel pricing is termed a “shortfall” rather than a subsidy.
• Contradicting Views: The Independent Petroleum Marketers Association of Nigeria (IPMAN) disputes these claims, accusing the government of disguising ongoing subsidies. IPMAN’s national secretary, John Kekeocha, argues that the real cost of petrol should be around ₦1,000 per litre, considering current exchange rates, suggesting that the government is indeed subsidizing the product covertly.
• Market Impact: The crisis has led to increased activity among street fuel peddlers, who take advantage of the situation by selling petrol at inflated prices and often mixing it with other substances that damage vehicle engines. Recent measures by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to curb this by banning the sale of fuel in kegs at stations have been only partially effective.
• Future Outlook: The government has promised to address the fuel crisis by reviving local refineries and reducing dependence on fuel imports. However, Nigerians continue to endure hardship and exploitation as the fuel crisis persists.

The situation reflects ongoing tension between government policies and public realities, with many Nigerians questioning the effectiveness and transparency of the fuel subsidy removal strategy.

The Nigerian Youths for Atiku (NYFA) have expressed strong support for former Vice-President Atiku Abubakar’s potential candidacy in the 2027 presidential elections. In a recent statement, Dare Dada, NYFA’s Director of Publicity, declared that only divine intervention could prevent Abubakar from becoming Nigeria’s next president.

NYFA, along with other support groups from over 28 states, met in Ekiti to strategize for the upcoming elections. Dada praised Abubakar as a philanthropist, entrepreneur, and a leader committed to human capital development. He criticized the current APC-led government for its handling of national issues and promised that NYFA would mobilize youth support for Abubakar.

The group also called on President Bola Tinubu to address economic policies and ensure that changes, such as the removal of oil subsidies and naira devaluation, do not excessively burden the populace. NYFA expressed unwavering loyalty to Abubakar, believing he would provide better governance and address the needs of Nigerians more effectively.

Barrister Niyi Ijalaye, the Resident Electoral Commissioner (REC) for Ogun State, has passed away suddenly following an INEC meeting in Abuja. The incident occurred on Monday evening after Ijalaye, who had appeared in good spirits throughout the meeting, retired to his hotel room and collapsed.

The cause of his death is still unknown, and the electoral community is in shock as they await further details. The meeting, chaired by INEC Chairman Prof Mahmood Yakubu, addressed upcoming governorship elections and vacancies in the National and State Assemblies.

Ijalaye, who was appointed as Ogun REC in March 2022, had previously worked with INEC in other capacities. His unexpected death is a significant loss to the electoral body and has left many colleagues and associates deeply saddened.

Hajiya Zulaihat Radda, the wife of Katsina State Governor, has marked World Humanitarian Day by distributing 3,500 bags of rice and ₦17.5 million in cash to vulnerable households across the state. The distribution is part of her ongoing commitment to humanitarian work, reflecting both empathy and dedication to improving the lives of those in need.

Mrs. Radda emphasized that this initiative is not only a gesture of kindness but also a testament to her and her husband’s commitment to serving the community. The donations were praised by beneficiaries, who expressed that the support would significantly alleviate their hardships and improve their lives.

Ogun State has achieved a significant milestone in rice production, generating ₦1 billion in revenue within just three months of 2024. This success is attributed to the state’s ambitious rice revolution under Governor Dapo Abiodun’s leadership.

The state recently completed harvesting rice from a 200-hectare pilot project at Magboro Rice Farm in Obafemi-Owode Local Government Area. With an impressive yield of 7 metric tons per hectare, the project produced approximately 1,400 metric tons of rice, equating to 20,000 bags of milled rice. This output is expected to bring in about ₦1 billion every three months.

The Ogun State Economic Transformation Project, supported by the World Bank, aims to expand this initiative significantly. Governor Abiodun plans to scale up production to 2,000 hectares and ultimately 5,000 hectares, projecting quarterly revenues between ₦10 billion and ₦25 billion.

The project has not only contributed to the state’s economy but also fostered job creation and improved livelihoods, especially for youths and women involved in the farming process. Governor Abiodun highlighted that each farmer in the project is allocated one hectare, and the successful harvest within three months demonstrates the potential for repeated cycles throughout the year.

Governor Abiodun emphasized the broader impact of the project, stating, “We have no business being hungry in Nigeria,” and reaffirmed Ogun State’s commitment to contributing to national food security while driving economic growth.