SENATE APPROVES DEATH PENALTY FOR DRUG TRAFFICKERS. (PHOTO).

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 Senate Approves Death Penalty For Drug Traffickers The Senate has approved the death penalty for those convicted on the charge of drug trafficking in the country. The punishment prescribed in the extant NDLEA Act is a maximum sentence of life imprisonment. The resolution of the Senate followed its consideration of a report of the Committees on Judiciary, Human Rights and Legal Matters and Drugs and Narcotics, National Drug Law Enforcement Agency (NDLEA) Act (Amendment) Bill, 2024. The Chairman of the Committee on Judiciary, Human Rights & Legal Matters presented the report during plenary, Sen.Mohammed Monguno (APC-Borno North). The bill, which passed its third reading, aims to update the list of dangerous drugs, strengthen the operations of the NDLEA, review penalties, and empower the establishment of laboratories. Section 11 of the current Act prescribes that “any person who, without lawful authority; imports, manufactures, produces, processes, plants or grows the drugs popularly
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NIGERIA'S FOREIGN RESERVES DECREASE TO $24BN RECORD LOW IN 2024- IMF. (PHOTO).

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 Nigeria’s foreign reserves decrease to $24bn record low in 2024 – IMF


International Monetary Fund says Nigeria’s foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year.


IMF’s latest country report for Nigeria disclosed this, signalling potential challenges for Africa’s largest economy.


It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.


“Through 2024–25, the financial account will likely deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows.


“Hence, despite a current account surplus, officially reported reserves are projected to decline to $24 billion in 2024 before increasing again to $38 billion in 2028 as portfolio inflows resume,” the report stated.


But Central Bank of Nigeria data showed Nigeria’s foreign reserves stood at $33.12 billion as of February 8, 2024.

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