₦airaland Forum

Govt magic!

Serves him right....

Nigeria is barely able to cover the cost of imported petrol from its oil and gas revenues, Finance Minister Zainab Ahmed told Reuters on Thursday in Davos, Switzerland.

Ahmed added in an interview at the World Economic Forum in Davos that she hoped Nigerian oil production would average 1.6 million barrels per day (bpd) this year, up from around 1.5 million bpd in the first quarter.

Nigeria exports crude oil and imports refined petrol.

A plan to abolish its petrol subsidy was scrapped ahead of national elections next year in February 2023, putting pressure on the budget as oil prices have risen.

“We are not seeing the revenues that we had planned for,” Ahmed said.

“When the production is low it means we’re … barely able to cover the volumes that are required for the (petrol) that we need to import.”

Nigeria raised $1.25 billion via a Eurobond sale in March at a premium rate and had planned to issue another bond.


But Ahmed told Reuters that the government had “not seen a good opportunity to go in”.

Earlier this week, Nigeria’s central bank surprised markets by raising its main lending rate by 150 basis points to 13%, after inflation rose to 16.82% in April, the highest in eight months.

Ahmed said the central bank move was necessary.

Meanwhile, the U.S. Federal Reserve’s interest rate hikes, including a 50 basis point rise earlier this month, alongside Russia’s war in Ukraine and coronavirus lockdowns in China have prompted a move from riskier emerging markets to safe havens.

“We are certainly very, very concerned,” Ahmed said of the Fed’s policy tightening.

“The actions that the Fed or the central bank in Europe take will affect us.”

https://pmnewsnigeria.com/2022/05/26/zainab-ahmed-nigerias-oil-exports-barely-able-to-cover-cost-of-imported-petrol-diesel/

https://cdn.pmnewsnigeria.com/2020/09/Zainab-Ahmed-Minister-of-Finance-and-Budget.jpg

Allsouls:
Big lies it Dollars politicians are packing for election. Including CBN governor.

Correct....also dwindling oil revenues and excess loan repayments.

The Central Bank of Nigeria has attributed the drop in Nigeria’s external reserves to the high cost of imported refined petroleum products, and not necessarily linked to the ongoing involvement in the FX market to preserve the stability of the local currency.

In the Monetary Policy Meeting communiqué, which was posted on the CBN’s website, the apex bank said, “Gross external reserves declined moderately to $38.36 billion as of May 19th, 2022 from $39.28 billion at end-March 2022. This was attributed to the weak accretion to the reserves from exports and the high cost of importation of refined petroleum products.”

The CBN also indicated that the financial system is stable, however, it still has to be brought down to the prudential level.

“The Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) remained above their prudential limits at 14.6 and 43.7 per cent, respectively. The Non-Performing Loan (NPL) ratio stood at 5.3 per cent in April 2022, compared with its prudential limit of 5.0 per cent, reflecting sustained stability in the banking system, though there remains a need to bring this down to the prudential limit.”

Nigeria’s external reserves depreciated further by 0.11 per cent on Friday, May 20, 2022, to stand at $38.75 billion from $38.79 billion recorded as of the previous day.

https://www.blueprint.ng/cbn-blames-declining-foreign-reserves-on-high-cost-of-importation/

Even if he goes to APC?

a beg......

Next stop......?

na wa ohh....

Tramadol....Panadol....pain killers Don become narcotics.

Who cares

The University Hospitals Birmingham (UHB) National Health Service (NHS) Foundation Trust, on Friday confirmed that Christopher Uche-Ayodeji (Dr Chris), a self-identified employee of the organization is not one of theirs.

POLITICS NIGERIA reports that the yet-to-be unmasked person has confessed to murdering Muslim patients under his/her care as a medial doctor in Northern Nigeria.

“We are aware of false information circulating on social media from an individual who alleges to be linked with University Hospitals Birmingham. We can confirm that this individual is not known to us,” University Hospitals Birmingham NHS Foundation Trust said via its verified Twitter handle.

UHB NHS Foundation Trust is recognised as one of the leading NHS trusts in the United Kingdom (UK). It has more than 20,000 members of staff.

By virtue of section 319 of the Criminal Code, any person who commits the offence of murder shall be sentenced to death.

https://politicsnigeria.com/just-in-nhs-uk-disowns-nigerian-doctor/

Governor Chukwuma Soludo of Anambra State has said that political agitations in the Southeast have turned into a criminal enterprise in which the perpetrators have taken the zone hostage and disrupted the economic life of the people.


Speaking on Wednesday in Lagos during an event by the Anambra State Security Trust Fund, the governor said his administration would do everything possible to take the state back from the hoodlums and return it to the people of the state.


He said that the agitators constituted themselves into a quasi-government, set up roadblocks, collected taxes, tolls and levies from the people and terrorized the people of the state.


He added that kidnapping for ransom, murder, idolatry, and other forms of criminality became a criminal enterprise with those involved making huge sums of money at the expense of the people of the state.


He told the gathering, who were “who is who” from Anambra State residents in Lagos, that it is the responsibility of the government and people of the state to rescue it from the non-state actors who wanted to overwhelm the people.


Soludo stated that it was imperative that the people take the state from the hoodlums and make their homeland livable and prosperous, adding, “Your hosts will not respect you if you do not have a prosperous and livable home.”


He stated that it was in the bid to curb insecurity and other challenges that the state set up the Anambra State Security Trust Fund and called on individuals, corporate entities and organizations to contribute to the fund.


The governor outlined strategies the state has put in place to reverse the situation and called on the people to donate to the fund, adding that the state could not do it alone.


According to Soludo, the budget of the state is less than two per cent of the Gross Domestic Product of the state, meaning that over 98 per cent of the resources in the state are in private hands.


He also outlined strategies to resolve challenges in the education, health, power, infrastructure and other sectors in the state.


Also speaking at the event, Air Vice Marshall Chiobi (Retd), special adviser to the governor on security, said that the state has adopted a technology-driven strategy to curb insecurity, adding that the state needs equipment like armoured personnel carriers, computers, vehicles and others to curb crime and reduce insecurity.

https://independent.ng/wp-content/uploads/Soludo-Smile-750x430.jpg
https://independent.ng/agitations-in-southeast-now-criminal-enterprise-soludo/

Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called "stablecoin" with it.

The Terra Luna token fell from a high of $118 (£96), last month, to $0.09 on Thursday.

The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable.

And spooked investors are now pulling out of major crypto-currencies, sending markets plummeting.

The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar - with one token equalling $1, for example.

But on Thursday, Tether, the most popular stablecoin, also fell off its US dollar peg - to an all-time low of $0.95.

'The panics'
The term "cryptocrash" has been trending on Twitter and Google Search.

And the combined market value of all crypto-currencies is now reportedly $1.12trillion, about a third of its November value, with more than 35% of that loss coming this week.

One bitcoin is now worth about $27,000, according to trading website Coin Market Cap, its lowest value since December 2020 and down from a high of nearly $70,000 late last year.

Ethereum, the second largest coin by value, has lost 20% of its value in 24 hours.

"The collapse of TerraUSD has started what we used to call 'the panics', when major financial institutions sold off large chunks of assets and everyone else tried to take their money out as quickly as they could," economist Frances Coppola said.

"Panic is exactly what's going on here."

On Wednesday, Do Kwon, the founder of Terraform Labs, the company behind TerraUSD and Terra Luna, tweeted: "I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis and we will build our way out of this."

A plan to shore up Terra Luna by creating more tokens was outlined - but having lost large sums, many Twitter users are asking the company to help.

Meanwhile, the company's Discord server, a platform where investors congregate to talk through issues, posted a notice saying it had been "locked down so new people can't come in and spread fear, uncertainty, doubt and misinformation".

Are crypto-currencies the future of money?
At Tether, the chief technology officer took to Twitter to reassure holders of his token the company had enough cash reserves to pay anyone who wanted to sell.

Paolo Ardoino tweeted: "[A] reminder that Tether is honouring [Tether] redemptions at $1 - 300 million redeemed in [the] last 24 hours, without a sweat drop."

Robust regulation
Lawmakers and officials in a number of countries have called for stablecoins to be regulated.

US Treasury Secretary Janet Yellen cited the TerraUSD collapse, in a Senate committee meeting on Tuesday, to ask again for robust regulation.

"It simply illustrates that this is a rapidly growing product and that there are risks to financial stability and we need a framework that's appropriate," she said.

A UK Treasury report last month also laid out plans to regulate stablecoins, which it predicted would become a ""widespread means of payment".

https://www.bbc.co.uk/news/technology-61425209

Minister of Labour and Employment, Senator Chris Ngige has made it clear that he is not in a hurry to resign as directed by President Muhamadu Buhari at the Federal Executive Council (FEC) meeting today, May 11.

Senator Ngige, who spoke to newsmen shortly after the presidential order to all the ministers with political ambition to contest elections in the ongoing processes, said that he would have to consult with the President himself, as well as his constituency before making any decision.

He explained that Buhari had given some time for those that need clarifications on his pronouncement to meet him, saying: “I have no reaction for now because the President said if anyone wants clarifications, the person should meet him.

“So I have to consult him and consult my constituency, Anambra state, because I am holding the office for the government and my constituents.”

Meanwhile, following President Buhari’s order, the Minister of Niger Delta Affairs, Godswill Akpabio has resigned to pursue his presidential bid.

See also: BREAKING: Buhari Gives Ministers Interested In Presidency, Others, Up To May 16 To Resign
Also resigned from the Federal Cabinet is the Minister of Science, Technology and Innovation Ogbonnaya Onu.

The Minister of State for Education, Chukwuemeka Nwajiuba was the first minister to relinquish office among eight cabinet members seeking elective offices in the 2023 general elections.

Other ministers seeking elective offices who might also be resigning are Rotimi Amaechi (Transportation), Abubakar Malami (Minister of Justice and Attorney General of the Federation).

Also, the Minister of Women Affairs, Pauline Tallen, is contesting a senatorial seat in Plateau State, while the Minister of State for Mines and Steel Uche Ogah hopes to become the next governor of Abia State.

https://www.greenbreporters.com/news/im-not-in-a-hurry-to-resign-labour-minister-responds-to-buhari.html

The billionaire businessman was reacting to a Twitter user who asked him about his religious views.

In various religions, hell is referred to as a spiritual realm of evil and suffering. It is often traditionally depicted as a place of perpetual fire beneath the earth where the wicked are punished after death.

On Monday, Musk had shared a cryptic post wherein he seems to be reflecting on his fears about death.

“If I die under mysterious circumstances, it’s been nice knowin ya,” he wrote in the terse post.

Reacting to the post, the verified user named Mohammed had advised him to ensure he embrace God and admit to his supremacy before he dies.

“You won’t die before your day Elon. Anyhow, you are/were a unique figure in this world. I’m only wondering one thing: As a genius, haven’t you find out that there is a great creator of this world yet? If you did, make sure you confess this before your last heart beat. Bless u,” the user wrote.

In his response, the entrepreneur appreciated Mohammed’s advice but said he remains unperturbed about going to hell.

“Thank you for the blessing, but I’m ok with going to hell, if that is indeed my destination, since the vast majority of all humans ever born will be there,” he replied.

Musk has been in the news since his $44 billion acquisition of Twitter.


https://lifestyle.thecable.ng/extra-im-okay-with-going-to-hell-says-elon-musk/

Uber Soldier......

This God of Nigeria sef,

He seems very devilish.

You are aiding your terrorist brothers.....useless man.

Move on Jari....

Sai Borrowhari.....

Uzodinma is anti igbo.....

Nice work India.... truly independent.

Pusssy....