The Washington-based World Bank has disclosed that inefficiencies in public spending are costing Nigeria and other developing nations a significant portion of their investments. The global bank disclosed this in its recent report titled “How Can Developing Countries Power Up Public Investment?” According to the report, more than a third of public investment in emerging markets and developing economies is lost to inefficiencies, undermining potential economic growth and development. In extreme cases, it leads to “white elephant” projects with limited economic returns but high costs and, as a result, undermines sovereign risk and debt sustainability. “Improvements in government spending efficiency…
Author: Abimbola Ogunaike
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President Bola Tinubu’s Chief of Staff (CoS), Femi Gbajabiamila, has finally opened up on the rumour making the round that he is interested in running for governorship in Lagos State Gbajabiamila , a former House of Reps speaker, said he has no time to think about becoming because he is currently occupied with his duties as CoS to the president, just as he also attributed such claims to detractors determined to pull him down. The president’s CoS made this disclosure while addressing the general assembly of the Surulere All Progressives Congress (APC) at the indoor hall of the Teslim Balogun Stadium…
A recent report by Afrinvest has projected that Nigerian Naira to depreciate to N1,804 per dollar fair value at the official market in 2025. According to Afrinvest report, titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles,’ said the projection is based on the belief that the Central Bank of Nigeria may be constrained in the coming months in meeting up with foreign exchange demands and anticipated FX volatility. “We anticipate that exchange rate volatility would persist in 2025, albeit at a modest pace. “Our prognosis is hinged on the belief that the CBN would be constrained from adequately meeting market demand…
Some officers of the Ogun State Police Command have been arrested by the command for allegedly demanding money from the family of a missing girl before taking action on the case, thegazellenews.com reports. The Public Relations Officer for the Nigeria Police Force, Muyiwa Adejobi, who made this disclosure in a post via X handle on Saturday, 28 December, 2024, added that the arrested officers are in detention “Otta missing girl: The policemen who demanded money before they could attend to the case have been arrested and are now in detention for disciplinary action,” the post read. The Force Image-maker reaffirmed the police’s…
Gunmen suspected to be kidnappers on Sunday, 22 December, 2024 abducted an Anglican cleric, his wife and his two children in Ondo State. Rev. Canon Olowolagba and his family were kidnapped along Ise Akoko-Iboropa road in the Akoko North-East Local Government Area of the state. With the development creating tension and panic in Ikaram-Akoko in Akoko North-West Local Council, the hometown of the cleric, residents of the community had engaged in prayers for the release of the victims. While disclosing the incident to newsmen in Akure, the state capital, the Bishop of Akoko Anglican Diocese, Rt. Rev. Babajide Bada, stated…
The World Health Organization (WHO) boss, Tedros Adhanom Ghebreyesus on Saturday, 28 December, 2024 has narrated how he narrowly escaped death in fatal Israeli strikes on the airport in Yemen’s Huthi rebel-held capital. Speaking to BBC radio, Tedros said his ears were still ringing following Thursday’s attack as he prepared to board a flight in Sanaa, stressing that the protection for civilian installations under international law must be respected. Recall that Israeli air strikes hit Sanaa’s international airport and other targets in Yemen on Thursday, 26 December, 2024 The attacks against what Israel’s military described as rebel military targets marked the second time since…
Kwara State Governor Abdulrahman Abdulrazaq, has described his late Chief of Staff, Abdulquadri Mahe, as a perfect gentleman, community leader, urbane public servant and a statesman. In a condolence message by his Chief Press Secretary, Rafiu Ajakaye in Ilorin on Saturday, 28 December, 2024, governor Abdulrazaq said: ‘In total submission to the will of Allah, we regret to announce the passing of the Chief of Staff to His Excellency, Prince AbdulKadir Mahe. “He died this morning, December 28, 2024, as has been destined by Allah. “The late CoS will be buried today, Saturday, at his residence on Moro Street, Adewole Estate,…
The Chief of Staff to Governor Abdulrahman Abdulrazaq of Kwara State, Alhaji Mahe Abdulquadri, is dead. According to family sources, he passed away on Saturday, 28 December, 2024 at his Adewole residence in Ilorin metropolis. Aged 75, Mahe, believed to be a strong hopeful of the Emirship throne in Ilorin, had served in various capacities at both federal and state levels. He was a senior staff at the Nigeria Television Authority, NTA, Ilorin, before joining the state civil service, where he served as permanent secretary and clerk of the state House of Assembly before his retirement. Late Mahe attended the…
The Federal Capital Territory Police Command has stated that it is not aware of, nor investigating, the alleged disappearance of ₦180 million from the account of a Non-Governmental Organisation owned by social media commentator Martins Otse, popularly known as VeryDarkMan. In an Instagram video shared on Friday, 27 December, 2024, Otse claimed that ₦180 million had been transferred from the NGO’s account to an unknown account, leaving only ₦20 million. “I’ve not been myself these past few days. Somebody hacked into the NGO website, and ₦180 million is missing. Thankfully, we’ve tracked the person, and one suspect has been arrested. “The…
The Niger Delta Development Commission (NDDC) has promised to galvanise the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture with N30 billion counterpart fund for the development of young entrepreneurs. The NDDC Managing Director, Dr Samuel Ogbuku, said this during an interview with newsmen at the NDDC’s headquarters in Port Harcourt. This was contained in a statement issued on Saturday, 28 December, 2024 by the NDDC Director of Corporate Affairs, Seledi Thompson-Wakama and sent to newsmen. Ogbuku restated the commission’s commitment to empowering the region’s people through economic programmes. He highlighted the NDCCITMA’s role in training youths, supporting SMEs,…