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 Bill Gates to inject $2.8bn into Nigeria’s healthcare, nutrition, agric sectors Microsoft Founder and philanthropist, Bill Gates on Wednesday in Abuja revealed plans to inject at least $2.8 billion into the country’s healthcare, nutrition, and agricultural sectors to reflate it. While speaking on his intentions at the National Economic Council, NEC, meeting presided over by Vice President Kashim Shettima at the Presidential Villa, Gates emphasised the critical need to invest in Nigeria’s greatest resource, its people while addressing the economic challenges the country faces. The co-chair of the Bill & Melinda Gates Foundation, Gates has been a long-time advocate for Nigeria, with a commitment to the country totalling over $2.8 billion, the largest of its kind in Africa. His remarks to the NEC highlighted both the challenges and opportunities facing Nigeria, especially in the wake of economic stagnation and rising national debt. He underlined the importance of prioritising pri...

 State Police: Kwara, Sokoto, Adamawa, Kebbi, FCT delay decision – NEC The National Executive Council (NEC) has given the states yet to submit their reports on the proposal for the creation of state police to do so on or before Monday, September 9. It would be recalled that President Bola Tinubu had on Thursday, February 15, 2024, agreed with the need to establish state police as recommended by state governors to curb rising insecurity in the country. States were thereafter directed to submit their reports to the council for deliberation and action. Disclosing the NEC’s ultimatum on the matter to journalists at the end of the Council’s 143rd meeting at the State House, Abuja, on Wednesday, the acting governor of Oyo state, Bayo Lawal, said failure by the four states yet to bring in their reports by Monday would mean whatever decision the Council arrives at would be imposed on them. Though Lawal refused to mention those states involved, the investigation revealed that they were Adam...

 Fuel Hike: Impact on business, goods, services will be severe – LCCI warns The Lagos Chamber of Commerce and Industry, LCCI has said the hike in fuel price from N568 to N855 would trigger widespread price increases, potentially reversing the recent ease in inflation. Director General, LCCI, Dr Chinyere Almona said in a statement on Wednesday that the development would lead to increase in price of everything in the market, stressing that the impact on business would be very severe. She noted that the official price of petrol, now at N855, was a clear indication that the shortfall between the landing cost and the former price level of N568 charged by Nigerian National Petroleum Corporation Ltd, NNPCL had been reduced. Almona, however, said that completely removing it and subjecting Nigerians to a significant fuel price hike presented significant challenges. “A steep price hike would likely trigger widespread price increases, potentially reversing the recent ease in inflation seen in...

  Tricycle rider kills mother, severs son’s private part in suspected ritual attack UMUAHIA—A tricycle rider, identified as Amadi Alozie, has killed his mother, as she tried to rescue her grandson from a suspected ritual attack by his father at Umudosi community in Obingwa Local Government Area of Abia State. Community sources told Vanguard that trouble started for the late woman about 10p.m. when she made an effort to rescue her grandson from his father, who severed his private part in a suspected ritual attack. It was gathered that the tricycle rider had attacked his son, and severed his private part which made the boy give a loud shout which attracted his grandmother. Angered that his plan had been foiled by his mother, the tricycle rider attacked the mother and macheted her to death before neighbours could respond to the attack. A resident of the community told Vanguard that nemesis later caught up with the tricycle rider as he fell into a pit in his bid to escape from the inci...

 Nigeria’s exchange rate weakens to N1,625.88/$1, worst in six months The exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market on Wednesday, August 4, 2024. This marks the lowest exchange rate since March 8, 2024, when it was recorded at N1627.4/$1. According to the FMDQ data for the NAFEM window, the naira’s depreciation on August 4 represents a 0.89% decline from the previous day’s rate of N1,611.34/$1. The naira traded at a high of N1,640/$1 and a low of N1,400/$1, indicating significant volatility in the foreign exchange market. The FX turnover for the day stood at $205.76 million, a marginal drop of 1.84% compared to the previous day’s $209.61 million. The drop in exchange rates indicates a troubling trend for the Nigerian currency, which has been under continuous pressure. This crash occurred amid a reported hike in petrol prices across the country, which may add to the plights of businesses and ordinary Nigerians...

 Nigeria not difficult to manage, needs honest leadership – Obasanjo Former President Olusegun Obasanjo has emphasised that Nigeria’s struggles are due to a lack of quality leadership, rather than inherent difficulties in governing the country. He made this statement at a recent memorial lecture in honour of the late Akintola Williams, organised by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos. Obasanjo highlighted his administration’s achievements, including securing debt relief and building up the nation’s financial reserves. “When I assumed office, Nigeria had just N3.7 billion in reserves, and we were spending N3.5 billion to service debt,” he recalled. “I knew we needed debt relief, and we achieved it. By the time I left office, we had over N25 billion saved in what we called ‘excess crude,’ and our reserves had grown to over N45 billion.” He also paid tribute to the late Akintola Williams, describing him as a wise and dedicated public servant who made sign...

 Shettima, Oyetola commission $115m West Africa Container Terminal Vice President Kashim Shettima officially inaugurated a comprehensive $115 million upgrade project at the West Africa Container Terminal (WACT) in Onne, Rivers State, on Wednesday. This monumental investment underscores APM Terminals’ unwavering commitment to Nigeria’s economic growth and solidifies its position as a key trade hub in West Africa. With this significant upgrade, APM Terminals reaffirms its role as a major player in facilitating global trade and creating opportunities for communities across Nigeria and West Africa. The inauguration ceremony was attended by several dignitaries, including the Secretary to the Government of the Federation (SGF), Senator George Akume, represented by his Senior Adviser (Technical), Professor Babatunde Bolaji Bernard; Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, represented by the Permanent Secretary of the Ministry, Mr. Olufemi Oloruntola; Comptroller-Genera...