Economy - Abia ThinkTank News

Aug

2024

CBN Approves Merger Of Unity, Providus Banks

CBN/Commercial Banking, Economy, News Flash

CBN Approves Merger Of Unity, Providus Banks The Central Bank of Nigeria, CBN on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks. “The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,”…

Aug

2024

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By Abia ThinkTank

LG Autonomy: EFCC Issues Strong Warnings To LG Chairmen

Crime, Economy, News Flash, Politics

LG Autonomy: EFCC Issues Strong Warnings To LG Chairmen LG Autonomy: EFCC Issues Strong Warnings To Local Govt Chairmen The Economic and Financial Crimes Commission has pledged to closely monitor local government activities to ensure good governance, accountability, and transparency. This follows the recent Supreme Court judgement granting financial autonomy to local governments. It disclosed this at a national dialogue organised by Agora Policy, themed “Enthroning Accountability in Local Government in Nigeria”, in Abuja on Monday. A representative of the EFCC Chairman, Friday Ebelo, said, “Good governance encompasses three essential elements: accountability, transparency, and citizen participation. For these elements to…

Aug

2024

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By Abia ThinkTank

Food Inflation: Expect Bumper Harvest, Agriculture Minister Assures Nigerians

Agriculture, Economy, News Flash

Food Inflation: Expect Bumper Harvest, Agric Minister Assures Nigerians The Minister of Agriculture and Food Security Abubakar Kyari says the country is expecting a bumper harvest before year-end. Food inflation has reached 40 per cent according to data from the National Bureau of Statistics (NBS), pushing the prices of essential commodities beyond the reach of millions of Nigerians. But Kyari said the Federal Government has measures in place to address the situation including ramping up farming which would increase food production. “It [bumper harvest] is about October-November this year. That’s when we are going to have the harvest. We are…

Aug

2024

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By Abia ThinkTank

Broadcast By President Tinubu On The Nationwide Protest

Abuja, Economy, FGN, News Flash, Presidency

BROADCAST BY HIS EXCELLENCY BOLA AHMED TINUBU, PRESIDENT AND COMMANDER-IN-CHIEF OF THE ARMEDFORCES OF THE FEDERAL REPUBLIC OF NIGERIAON THE NATIONWIDE PROTEST DATE: SUNDAY 4TH AUGUST 2024 My fellow Nigerians, I speak to you today with a heavy heart and a sense of responsibility, aware of the turmoil and violent protests unleashed in some of our states. Notably among the protesters were young Nigerians who desired a better and more progressive country where their dreams, hopes, and personal aspirations would be fulfilled. I am especially pained by the loss of lives in Borno, Jigawa, Kano, Kaduna and other states, the…

Aug

2024

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By Abia ThinkTank

Hunger Protest: Will Turn Into A Revolution – Aliyu Llias

Columns/Opinions/Letters, Economy, Human Rights, News Flash

Will Turn Into A Revolution And There Is Nothing He Would Be Able To Do About It -Aliyu Llias According to the report from the Sun, Economic and financial experts have outlined immediate actions the Bola Tinubu administration should take to address the ongoing nationwide protests. In discussions with Saturday Sun, they suggested measures such as subsidizing food costs, reducing governance expenses, and ensuring transparency in the distribution of palliatives. The protests, which began on Thursday over rising living costs and hunger, have escalated into violence, property destruction, and loss of life across the country. Aliyu Ilias, an economist and…

Aug

2024

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By Abia ThinkTank

Hunger Protest: Emir Of Kano Explodes

Columns/Opinions/Letters, Economy, News Flash

Emir Of Kano Explodes “I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation. “The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela. “The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting…

Aug

2024

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By Abia ThinkTank

Protesters Storm Streets With Russian Flags In Kano

Economy, Human Rights, Kano, News Flash

Protesters Storm Streets With Russian Flags In Kano Some youths protesting against economic hardship in Kano State have taken to the streets, waving Russian flags and calling on President Vladimir Putin, to intervene over the crisis in Nigeria. Recall that angry Nigerian youths started protesting on Thursday, 1st of August , demanding better governance and an end to issues such as food inflation and the high cost of living. The sight of Russian flags highlights the deep frustration with the Nigerian government’s handling of the economic crisis, which has compounded the issues of hunger and hardship across the nation with…

Aug

2024

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By Abia ThinkTank

EndBadGovernance:Slain Protesters Must Not Die In Vain – Peter Obi

Columns/Opinions/Letters, Economy, Human Rights, News Flash

EndBadGovernance: Slain Protesters Must Not D¡e In Vain – Peter Obi The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has expressed grief over the deaths of several Nigerians during the ongoing nationwide #EndBadGovernance protests. He said on Saturday on his X handle that the protesters died in the battle for a better Nigeria and expressed hope that their legitimate demands would be addressed, and Nigeria would improve. Daily Trust reports that some protesters were killed and many others injured, following the commencement of the nationwide hardship protest, which started on Thursday. The…

Aug

2024

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By Abia ThinkTank

Abia State Government Places Premium On The Revitalization Of The Agricultural Sector

Abia State, Agriculture, Economy, Good Governance, News Flash

Abia State Government places premium on the revitalization of the Agricultural sector. The Abia State Deputy Governor, Engr. Ikechukwu Emetu, FNSE reiterated the present administration’s commitment to formulated policies and programmes aimed at boosting food production and enhancing productivity in area of comparative advantage like cocoa. Engr. Emetu, who disclosed this during the inauguration of the members of Abia State Cocoa Development committee at the Government House, Umuahia, said that Governor Alex Otti's administration places high premium on the revitalization of agriculture in the state with special provision made for integrated rural agriculture promotion. The Deputy Governor pointed out that…

Jul

2024

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Court Restricts Protest In Lagos To Freedom Peace Park

Human Rights, Economy, News Flash

Court Restricts Protests In Lagos To Freedom, Peace Park A Lagos High Court has restricted protesters in Lagos taking part in the proposed August 1 nationwide protest, to the Gani Fawehinmi Freedom Park in Ojota and Peace Park, Ketu area of the state. The court presided over by Justice Emmanuel Ogundare gave the restriction on Tuesday following a preemptive exparte application filed the state Attorney -General and Commissioner for Justice, Mr Lawal Pedro, SAN, seeking to maintain and secure public safety and prevent irreparable loss of lives and property in the state during the period of the protests. Listed in…