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Headlines

Insecurity:”Nigerians should carry arms for self-defence” Ned Nwoko insists

by Folarin Kehinde October 31, 2024
written by Folarin Kehinde

Ned Nwoko, the lawmaker representing Delta North Senatorial District, again has called for Nigerians to bear arms for self-defence.

Speaking on Channels Television the senator defended a bill he proposed to allow Nigerians to bear arms.

According to the lawmaker, if Nigerians begin to bear arms, criminality will be reduced.

Giving an account of his personal experience, Nwoko said he lost his Senior Legislative Aide (SLA) to kidnappers in November.

“The estate was attacked by kidnappers going from house to house.

When they got to their door, my SLA told his wife to hide with the children. He opened the door to talk to them, and he was taken away. We never saw him alive again,” he said.

According to the Senator, if his aide or other community members had guns with them, the kidnappers would not had the audacity to attack them.

October 31, 2024 0 comments
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Headlines

Hardship: Nigerians opts for chewing sticks as prices of toothpastes soars

by Folarin Kehinde October 21, 2024
written by Folarin Kehinde

Nigerians dump toothpastes turn to chewing sticks as economic hardship bites harder

In recent months, the soaring cost of basic commodities, including toothpaste, has forced many Nigerians to revert to traditional practices, such as using chewing sticks to maintain oral hygiene.

With toothpaste prices skyrocketing, families across the country are turning to more affordable alternatives to manage their finances amidst the harsh economic conditions.

Chewing sticks, which have long been used in Nigeria for their medicinal and antibacterial properties, are making a comeback.

For many families, the price of toothpaste, which can now exceed N5,000 for a supply that lasts less than two weeks, has become a luxury they can no longer afford.

As a result, people like Mr. Vincent Osamese and Miss Adunni Hungbo have reverted to using chewing sticks, citing the financial relief it provides.

Osamese, a photographer, shared his experience with Vanguard: “A few months ago, I introduced the use of a chewing stick in my house when I realized I was spending N4,000 on toothpaste in just three weeks.

“My children use toothpaste like water, and my wife initially objected, but after experiencing the cost firsthand, she switched to chewing sticks herself.”

Similarly, Hungbo, a trader, noted how the sudden increase in toothpaste prices led her to find an alternative.

“The toothpaste I used to buy for N1,500 was now N2,000. I couldn’t afford it, so I switched to a chewing stick for N100, and it’s been working fine for me,” she said.

As Nigeria’s inflation and economic struggles persist, more families are looking for ways to cut costs.

Mr. Fehintola Ademide, a plumber, stated: “With rising fuel prices and the general cost of living, it’s becoming impossible to afford basic things.

“Toothpaste is just one of many items affected. I’ve switched to chewing sticks, and my wife has introduced powder paste for the children.”

Chewing sticks, derived from plants with medicinal properties such as Garcinia kola and Anogeissus leiocarpus, have been proven to have significant antibacterial activity.

According to research by the National Library of Medicine, these sticks are effective against various bacteria, including those associated with dental diseases.

For families like Maureen Agu’s, chewing sticks have become a practical and affordable solution.

“Myself and my two grown children now use chewing sticks, and I’ve introduced powder paste for my younger kids. We all have to cut costs wherever we can,” she said.

This shift toward traditional methods of oral care reflects the larger economic pressures facing Nigerians today.

As costs continue to rise, many are being forced to adapt to practices to save cost and survive the harsh economic conditions in the country.

October 21, 2024 0 comments
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Tinubu
Headlines

FG to Tackle Poverty, Plans Cash Transfers for 20 Million Poor Nigerians

by Folarin Kehinde October 16, 2024
written by Folarin Kehinde

The Federal Government has unveiled a comprehensive plan to provide cash transfers to 20 million poor Nigerians in a move to address poverty and improve living standards.

According to Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the social investment program aims to impact 60% of the poorest citizens, directly supporting 20 million households.

He made the disclosure at a panel session titled ‘Fiscal Reforms for a More Secure Future’ during the 30th Nigeria Economic Summit in Abuja on Tuesday.

He said the government’s economic reform agenda focuses on reducing inflation, creating jobs, and stimulating growth in key sectors such as agriculture, manufacturing, oil, and housing.

Edun attributed the increased revenue to the effective application of technology, which has reformed the civil service and improved domestic resource mobilization.

He said, “In terms of revenue, the number one place to look was inwards, domestic resource mobilisation. That’s where the government started. By the first half of this year, revenue had doubled.

“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.

“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to government.

“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.

“That is how President Tinubu’s government is spending the money which is being yielded from better oil production.”

Edun also revealed that the government is focused on agriculture, manufacturing, oil, and housing as vital drivers of the country’s economy.

“We are looking to food production to help bring down inflation,” he explained.

“We aim to make food more available, affordable, and to reduce the cost of living for Nigerians.”

October 16, 2024 0 comments
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Headlines

“Nigerians will not experience increase in fuel prices again” says Akpabio

by Folarin Kehinde October 11, 2024
written by Folarin Kehinde

The Senate President, Godswill Akpabio, has assured that Nigerians would no longer experience increase in the price of fuel because the Nigerian National Petroleum Company Limited (NNPC Ltd) has terminated its exclusive purchase agreement with Dangote Refinery, to allow other marketers to buy the product directly from the refinery.

Mr Akpabio said this while commissioning the renovated Senate Press Corps Centre at the National Assembly, Abuja on Thursday.

The Petrol pump prices rose to N998 and N1,030 per litre on Wednesday at various outlets of the NNPC Ltd in Lagos and Abuja, respectively.

The senate president said with the recent development, the price of fuel would stabilise and there would not be any increase in the price of the product again because there would be adequate circulation the country.

He said the more the supply of fuel across the country, the cheaper its price would be.

“I don’t expect any increase in pump price. I will expect the market forces to determine. And I expect that now that the NNPCL is no longer going to bring petroleum products into the country, it means those who have the capacity will bring. And you know, the more the product is available, the cheaper the price.

“So, at the beginning, if I look at the increase. I believe strongly that in the next… with the production from Dangote and the other refineries, when they become functional, and they found that it is now open to all, they will bring in good products into the country,” Mr Akpabio said.

“I can assure you that you may not even see pump prices. If there is an increase in pump prices, we will access it, and if there is a need for us to intervene, we will do so.

“If you look at it, actually, what is happening is not compromising, it is deregulation. If you are taking away the consumer subsidy, and then you want people to pay for the actual price of what they consume, it means if you have five cars, you will now use one or two. You understand? It simply means that you are going to stop the idea of subsidy in order to make sure that the monies are use.

October 11, 2024 0 comments
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Headlines

Nigerians lambast lawmaker’s wife for ’empowering’ youths with sugarcane

by Folarin Kehinde September 12, 2024
written by Folarin Kehinde

Hajiya Fatima Aliyu Aminu Garu, wife of Hon. Aliyu Aminu Garu, Member Representing Bauchi Federal Constituency, has been criticised for allegedly distributing sugarcane sticks to some youths as an empowerment initiative.

Pictures of the event has attracted ridicule and criticisms for the lawmaker’s wife.

Weighing in on the situation, Bauchi State Chapter of the Peoples Redemption Party (PRP), expressed disappointment.

In a statement, State Secretary of the PRP Abdulazeez Haruna, said, “This gesture falls short of the expected standard of representation for the good people of Bauchi Federal Constituency.

“As a party, we believe that genuine representation goes beyond mere tokenism and selective empowerment programs. The people of Bauchi Local Government Area/Federal Constituency deserve more than just meagre handouts and superficial gestures. They deserve meaningful developmental initiatives that address their pressing needs and concerns.”

“We are calling on Hon. Aliyu Garu to account for his actions and inactions in the National Assembly. Specifically, we demand to know what tangible developmental initiatives he has brought to the people of Bauchi Local Government Area since his election. How many bills has he sponsored that have positively impacted the lives of the people? What concrete projects has he initiated or supported to improve the welfare and livelihoods of the constituents?

We urge Hon. Aliyu Garu to demonstrate his commitment to serving the people by working towards tangible benefits that transcend mere tokenism and handouts. We also call on the people of Bauchi Local Government Area/Federal Constituency to hold their representative accountable for his actions or lack thereof. It is time for a change in representation that truly reflects the aspirations and needs of our constituents.

“While we stand ready to provide a more effective and people-centered representation to the good people of Bauchi Local Government Area in particular and Bauchi State at large, we equally demand better representation from Hon. Aliyu Garu and all other public office holders who have been entrusted with the responsibility of serving the people,” Haruna added.

All efforts made to get the reaction of the member representing Bauchi Federal Constituency was not successful but one of his aides told Daily Trust that the lawmaker had travelled out of the country on an official assignment.

September 12, 2024 0 comments
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Headlines

US court sentences Nigerian brothers to 17-plus years for sextorting over 100 people

by Folarin Kehinde September 6, 2024
written by Folarin Kehinde

Samuel Ogoshi, 24, and his brother Samson Ogoshi, 21, from Nigeria who were extradited to the US to be tried on charges of conspiring to sexually exploit multiple minors, have each been sentenced by a US court to 17 years and six months in prison and five years of supervised release.

The US Justice Department announced their sentencing on its Facebook page yesterday following the death of a male high school student in the state of Michigan.

“These defendants sexually exploited and extorted more than 100 victims, including at least eleven minors, resulting in the tragic death of a 17-year-old high school student,” Attorney General Merrick B. Garland said in the same Facebook post.

“To criminals who commit these schemes: you are not immune from justice. We will track you down and hold you accountable, even if we have to go halfway around the world to do so,” US lawyer Mark Totten added.

The Ogoshi brothers used hacked social media accounts to create fake profiles, extorting sexually explicit images from victims and threatening to reveal these images unless payment was made.

The Ogoshi brothers were charged in November 2022 alongside Ezekiel Robert, another Nigerian, in connection with the sextortion scheme that led to 17-year-old Jordan DeMay’s death.

The Ogoshi brothers were extradited to the US in August 2023 and pled guilty in April.

The third Nigerian Robert’s extradition is pending following an appeal.

September 6, 2024 0 comments
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Business

Nigerians to pay more for cement as production costs increase by 121%

by Folarin Kehinde August 29, 2024
written by Folarin Kehinde

The combined impact of Naira depreciation and high inflation has led to a 121% increase in cement production costs, dashing hopes for lower prices.

Smuggling to neighbouring countries, where cement fetches higher prices, has also made the situation worse.

In Chad and Cameroon, a 50kg bag of cement ranges from $120 to $150.

With an exchange rate of N1,600 per dollar, this translates to N240,000 to N270,200 per bag, significantly higher than the N8,000 price in Nigeria.

Kabiru Rabiu, Group Executive Director of BUA Cement, confirmed the pressure from illegal smuggling, noting that cement is being taken across borders for higher margins.

“One of the pressures that we see is that there is a lot of illegal smuggling of export of cement to Cameroon and Chad.

“What happens is that if you take cement just across the border to some of these markets, it is selling at $150 to $270.

“That is why we realize that a lot of our cement is actually not only going to the North East but to Maiduguri in particular because there are a lot of distributors taking this cement across borders because it offers a lot of margins,” he told Vanguard.

Despite a significant revenue increase of 84.5% to N1.116 trillion in Q1’24 for leading manufacturers like Dangote Cement, Lafarge Africa, and BUA Cement, the 121% spike in production costs to N586.6 billion overshadowed profits, leading to a 4.1% decline in combined Profit Before Tax (PBT).

End users, including block moulders and builders, are also feeling the pinch.

The National Association of Block Moulders of Nigeria (NABMON) has urged the government to reduce import duties on cement components to attract foreign investment and lower prices.

The National President, NABMON, Mr Adesegun Banjoko, gave the advice, saying “the price of one bag of cement in Nigeria, currently in the region of N8,000 and N9,000 was still considered too expensive.”

Another builder in Lagos, Sikiru Ajala Enterprise, said: “The average cement price for Dangote Cement is N9,000, Lafarge N8,500 and BUA N8,000 is still very costly.

“This is the major reason why most of us builders are not building as many houses as possible. When you go to the banks for a loan they ask for 30 to 35 percent interest. How can we cope with this?”

The rising energy costs, input materials, and exchange rate volatility are major contributors to the price hike.

As the Naira weakens, input costs rise, with consumers ultimately bearing the burden.

August 29, 2024 0 comments
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Business

Economic hardship: Passengers opt for road travel as plane tickets rise to over N150,000

by Folarin Kehinde July 17, 2024
written by Folarin Kehinde

Due to a continuous surge in airfares, many passengers travelling from Lagos to various destinations such as Abuja, Port Harcourt, Kaduna, Owerri, and Kano are increasingly switching to road travel.

Over the past year, the average price for a one-way airline ticket has surged by more than N150,000.

BusinessDay’s calculations indicate a 180.4 per cent increase in the average price of a one-way trip from Lagos to Abuja, now costing N143,000 compared to N51,000 last year.

The Abuja to Port Harcourt route has seen an even steeper rise, with prices jumping 389.85 per cent from N45,000 in 2023 to N220,434.

Similarly, a one-way ticket from Abuja to Enugu, which was N90,000 in 2023, now exceeds N200,000, especially when booked on short notice.

Charles Orizu, a businessman and frequent traveller, said, “I now take night buses to Abuja from Enugu due to the high cost of airfare. Before now, I rarely travelled by road.”

He noted that Air Peace charges N200,000 for a one-way trip from Enugu to Abuja, which is unaffordable for him.

Emmanuel Kunaiyi, another frequent traveller, has reduced his air travel due to the high ticket prices.

“Flight tickets are extremely high. I understand that airlines are battling the high cost of aviation fuel, but it is still ridiculously high for an average Nigerian,” he said.

Sarah Wilson, a University of Uyo student from Lagos, has stopped flying to school because of the airfare hike.

Amaka Anagor, a businesswoman, expressed her frustration, stating, “I can no longer travel by flight to Owerri with my family because of the cost of tickets, which are unaffordable for me. I would rather travel by road, which is less expensive.”

Praise Ujunwa, an educator and regular traveller, recalled paying N27,000 for a ticket in December 2020. By May 2024, the price had escalated to N90,000 for a one-way trip from Uyo to Abuja.

She lamented the cost, noting that a round-trip would now require nearly half a million naira, making it unaffordable for the average Nigerian.

Airlines operating in Nigeria face high aviation fuel costs, which have risen from N230-N250 per litre last year to above N600 per litre across all airports.

July 17, 2024 0 comments
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Headlines

“There is poverty in the land, you are not the only ones suffering”, Tinubu tells Nigerians

by Folarin Kehinde June 18, 2024
written by Folarin Kehinde

President Bola Tinubu has emphasized that Nigerians are not the only ones facing poverty in the world.

In a statement on Tuesday, June 18 by presidential spokesperson Ajuri Ngelale, Tinubu said this in Lagos when he received a delegation from the National Assembly who came to felicitate with him on the occasion of Eid-el-Kabir.

While admitting that there are poverty and suffering in the land, Tinubu said the challenges must be tackled.

The delegation was led by the Senate President, Godswill Akpabio, alongside the Deputy Senate President, Jibrin Barau and Deputy Speaker of the House of Representatives, Benjamin Kalu, among others.

One of the ways of tackling them, he explained, is to eliminate banditry and terrorism so that farmers cab return to the farm.

According to him, it is imperative for Nigerians to have a change of value system for the nation to make progress.

“Yes, there is poverty; there is suffering in the land. We are not the only people facing such, but we must face our challenges.

“We must find a way to eliminate banditry and terrorism so that farmers can bring out food from the farmland.

“If you do not have good roads to bring the food to the population, even if you grow the food and you are losing 60-70 per cent to damages, you will pay the price,” the president said.

He challenged citizens to have a change of mindset about Nigeria if the nation is to overcome its current challenges.

“The need (for some citizens) to change the rent-seeking mindset and become more productive to the economy is a challenge. The need to stop smuggling and all economic sabotage.

“Why should we have people removing rail tracks and all that, stealing electric cables and sabotaging the economy?

“We must embrace the campaign to change our value system. We must tell our people that the challenge we face is for all of us to change our mindset about our country,” Tinubu stressed.

“The president also commended the leadership of the National Assembly for the support extended to his administration, which he said had resulted in some of the important developments recorded by his administration.

“It is great pride for me to have the best of partners in the National Assembly. We have to drill down and be all-inclusive in our bid to satisfy our people.

“It is daunting, but we cannot run away from the fact that this country must survive the hardship,” he stated.

“The president acknowledged the challenges and the task ahead, assuring the nation of his unwavering determination to turn things around.”

June 18, 2024 0 comments
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Business

Nigerians lament as Davido’s meme coin crashes over 90% in value

by Folarin Kehinde May 30, 2024
written by Folarin Kehinde

Nigeria’s popular singer, David Adeleke, known as Davido, has unveiled a meme coin called $Davido on Wednesday, May 29.

However, his meme coin has faced significant criticism from Nigerians after its value plummeted just a day after its release.

The Pump.fun platform, the coin quickly garnered attention but saw a steep decline of over 93 per cent in its value, trading at $0.000010 as of Thursday morning.

Social media platforms have been flooded with comments from disappointed investors and fans, expressing their frustration over the coin’s rapid drop in value.

The swift decline in the coin’s value has sparked widespread criticism and disappointment among Davido’s fanbase, many of whom feel misled and have incurred financial losses as fans and investors took to his comment section to express their disappointment and frustration.

A tweep by #lidocaine_v2 said, “Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back”

Another tweep from #Ugochukwu_96 read, “I just pity all those who invested in the rubb!sh coin of yesterday. Many people lost their hard-earned money because they are too stubborn. Today, you’re giving to the orphanage to receive public praise. Same script all the time.Take from Peter and give Paul. No wahala na onchain ”

Davido teamed up with leading blockchain platforms Phantom and Solana to realise his vision as the $Davido meme coin garners attention, captivating both fans and investors.

Data by CoinMarketCap shows that the token was trading at $0.000010 on Thursday morning, down by over 93 percent from its highest point on Wednesday when it was launched.

Meme coins are digital tokens inspired by internet memes.

The pioneering cryptocurrency in this genre is Dogecoin (DOGE), which gained considerable attention upon its launch in 2013.

Dogecoin remains one of the top 10 largest cryptocurrencies currently, boasting a market capitalization of just over $8 billion.

May 30, 2024 0 comments
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