BREAKING: Kenyan president William Ruto removes budgets for offices of First Lady, Second Lady and dissolves 47 state agencies after 3 weeks of anti-government protests.

Mr Ruto announced this in a live broadcast on Friday.

He also dissolved 47 agencies, suspending non-essential travels for officials.

Mr Ruto said “the number of advisors in government by 50% immediately.”

“The operations of the office of the first lady, second lady and the wife of the prime cabinet will be removed,” Mr Ruto added.

According to the Kenyan president, all non-essential travel by state and public officers “is hereby suspended,” and “no state officer or public servant will participate in harambee.”

He added, “In keeping up with the austerity measures we promised, 47 State corporations with overlapping and duplicating functions to be dissolved and affected staff to be transferred to other ministries.”

For three straight weeks, protesters marched on the streets of Kenya, disrupting commercial activities for the third week since the protests against the Finance Bill broke out on June 18.

Nigeria's debt to gasoline suppliers has surpassed $6 billion - doubling since early April - as state oil firm NNPC struggles to cover the gap between fixed pump prices and international fuel costs, six industry sources said.

Nigerian President Bola Tinubu announced an end to expensive fuel subsidies last year, allowing pump prices to triple. But state oil company NNPC capped pump prices shortly afterward as citizens chafed under rising cost of living.

NNPC began struggling early this year when late gasoline payments surpassed $3 billion.

The company has still not paid for some January imports, traders said, and the late payments amount to $4 billion to $5 billion. Under contract terms, NNPC is meant to pay within 90 days of delivery. NNPC declined to comment.

"The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation," one industry source said.
At least two suppliers already stopped participating in recent tenders after hitting self-imposed debt exposure limits to Nigeria, the sources said, meaning they will not send more gasoline until they receive payments.

LAGOS, Feb 1 (Reuters) - Nigeria's central bank has sold $660 million in three- and five- month currency forwards at an auction aimed at clearing a backlog of dollar demand, traders said on Wednesday.
Last Wednesday, the central bank had asked commercial lenders to bid in a special currency auction targeted at clearing backlog of dollar obligations of manufacturing, airlines, agriculture and petroleum sector.

The International Air Transport Association on Tuesday announced that Nigeria had cleared the backlog of $600m trapped funds belonging to foreign airlines operating in the country.

The Director-General and Chief Executive Officer, IATA, Alexandre de Juniac, disclosed this at the association’s 74th Annual General Meeting and World Air Transport Summit in Sydney, Australia.
According to him, the amount of airline funds blocked from repatriation totalled $4.9bn globally at the end of 2017, which was seven per cent lower than the 2016 figure.

Realtruth2023:


Dude you're being ignorant. Inflation in the Nigerian scenario is not caused by Money supply but by other factors like insecurity, corruption and fall in crude oil earnings. The corruption part ensures that CBN doesn't have control over money supply making so much money to he outside the financial system like in politicians septic tanks and hidden in their houses. According to what you said in theory inflation can be curbed by increasing exchange rates only if your economy is driven by credit. Because once rates are increased, credit reduces and it impacts on demand which leads to a fall in price.

grandstar:


I'll be honest with you, I have nothing against the wage increase. My angst is that Tinubu did not go further with his reforms

There should have been a total deregulation of both the price of petrol and electricity.

Any increment in the minimum wage can now be based on that. Any wage increase will further increase the huge burden of a fiscally ruinous fuel subsidy.

2. The appellant was born on 29 November 1984 or so he asserts. The Secretary of State did not believe that this was the appellant's true date of birth. He treated the appellant as an adult and he was interviewed about his claim on 21 March 2002. The respondent did not believe the account given by the appellant and for the reasons set out fully in the decision letter dated 27 March 2002 he refused his claim on both asylum and human rights grounds.

A man has been jailed for four years and three months in a rare conviction for “stealthing” – taking a condom off during sex without consent.

Guy Mukendi, 39, from Brixton, was sentenced on Thursday at inner London crown court for the rape of a woman last year. The woman had consented to sex with Mukendi on the condition a condom was used, but he removed it without her consent.

Nonconsensual condom removal is classified as rape under English and Welsh law.

Metropolitan police officers worked with the victim in a “milestone case” to obtain screenshots of messages from Mukendi in which he apologised for taking the condom off, explaining it was because he had not had sex in a long time. He then deleted the messages.

Officers also gathered forensic evidence with the help of the victim. The evidence helped to secure the conviction of Mukendi, who was found guilty by a jury on 2 April.

DC Jack Earl, who led the investigation, said: “Throughout this investigation Mukendi denied any wrongdoing, but our officers built a compelling case against him to leave no doubt in the jury’s mind.

“We were dedicated to securing justice for the victim and will continue to raise awareness that this crime is a form of rape.

“The victim did the right thing to call the police straight away and her bravery should not be overshadowed. If you have been a victim of sexual violence and not yet reported it, please contact your local police service and we will do all that we can to help and bring you justice.”

VeeVeeMyLuv:
Bros that's not how to give your support, you will just end up causing inflation

Give it in kind through scholarship, tuition fee payment, purchase of equipment, facilities, social amenities

Nigeria’s current account balance rose to a 9-year high of $7.7 billion in the first half of 2022, five times higher than the $1.13 billion recorded in the second half of last year.

FreeStuffsNG:
As a result, students at UK universities have seen their savings wiped out and budgets suddenly and significantly reduced, leaving them struggling to afford the cost of living.

He said students who hoped to find jobs to help plug funding gaps were limited by the amount of hours they were legally allowed to work.
"When I was applying, the exchange rate was around 600 naira per pound, but by the time I arrived, it was 1,400," he added.

It is unfortunate but the reality is that Nigeria can't keep using our hard earned forex to defend the naira against the USD to please the few among us while over a hundred million of other Nigerians suffer.

I knew that the chaotic and reckless manner people were leaving their jobs here and selling their properties in the name of japa will put them in a serious problem.

Some of these Nigerians trapped overseas willfully made a wrong bet that the foreign exchange will continue to be subsidized against the naira to keep dollars cheap with our hard earned forex, held in trust by the CBN for all Nigerians, to defend the naira for the few among us while those charged to do so steal us blind.
For Pete's sake, it was obvious that it's not sustainable to keep buying forex at subsidized rates. We didn't even have enough forex!

The good thing is that all hope is not lost yet, the current administration is committed to floating the naira, taking away the huge subsidies which depletes our earnings. In the meantime, they can take a break to work overseas or Japa-da to continue with the better life some had in Nigeria but never appreciated perhaps till now.
May God bless Nigeria for ever! Check my signature for free stuffs!

Nigerian students at a UK university say they are devastated after some were thrown off their course and ordered to leave the UK when they got behind on their fees because of a currency crash.

Teesside University withdrew students who were struggling with their fees and informed the Home Office, after some students’ savings were wiped out when the value of Nigeria’s naira crashed.
The students, some who say they have been contacted by debt collection agencies, protested outside the campus on Tuesday, accusing the university of being “heartless”.

The university said it had “no choice” as failure to pay was a breach of visa sponsorship rules. It said it had made every effort to help the affected students, including with bespoke payment plans.

The BBC said a group of 60 students asked the university for help after they defaulted on their fees when their savings were wiped out.

Adenike Ibrahim told the BBC she was close to handing in her dissertation when she was kicked off her course because she was unable to make a payment.

An abusive husband beat his wife to death with their son's skateboard while police outside waited for permission to enter from superiors.

Officers heard 'a number of bangs' inside the house which Olubunmi Abodunde had gone into, despite bail conditions imposed the day before that banned him from the property following another violent episode.

When they finally entered 25 minutes later, they found Taiwo Abodunde, 41, with her 'skull smashed in'.

Abodunde, 48, who had been repeatedly investigated by Suffolk Police about domestic violence, was due to go on trial for murder but changed his plea to guilty yesterday after a jury had been sworn in.

Judge Martyn Levett, sitting at Ipswich Crown Court, warned him the only possible sentence was life imprisonment.

Officers heard 'a number of bangs' inside the house which Olubunmi Abodunde had gone into, despite bail conditions imposed the day before that banned him from the property following another violent episode.

Abodunde had a history of jealousy and suspicion and accused his wife of having affairs. He had been investigated by police a number of times over alleged domestic violence incidents before his wife death.

He was arrested on April 27 last year when police arrived at the couple's home in Newmarket, Suffolk, and found Mrs Abodunde with a split lip.

Later that day he was freed on police bail with a condition that he stayed away from the marital home and didn't approach his wife.

But after working a night shift at Tesco, he went home just after 9am to allegedly pick up his mobile phone.

Two officers arrived at 9.20am to take a statement from Mrs Abodunde about the previous night's incident and heard repeated banging noises inside.

But it wasn't until 9.55am that they forced their way in after getting approval from senior officers and found Mrs Abodunde 'obviously dead' near the front door.

A post-mortem examination later showed she had been throttled until she fell unconscious, then stamped on until her ribs were broken, before her husband used the skateboard to finish her off. The blows were so violent that the skateboard was damaged.

Prosecutor Simon Spence KC told the court the banging officers heard was likely to have been Abodunde continuing to attack his wife after she was unconscious or dead.

During the hearing, the court heard the couple, who had three children, arrived in the UK from Nigeria in 2022.

As well as clashes over the alleged affairs, there were also arguments about bills.

Mrs Abodunde had a job as a care home assistant in Cambridge but her husband, who had trained as a civil engineer, was unable to find work in his profession and took shifts at Tesco and Wickes.

After his arrest for the murder, Abodunde was taken to hospital 'because he appeared to have some sort of mental episode'.

He later claimed in a statement to police he had acted in self-defence, saying: 'My wife has subjected me to physical abuse for a number of years.

'On November 28, we got into an argument. She ran at me with a knife, I grabbed the knife and cut my hand. I was defending myself.'

But the court heard while he did have an injury to his hand, there wasn't a knife near his wife's body.

Venezuela is introducing economic reforms including new banknotes that lop five zeros off its fast-depreciating currency as the country battles hyperinflation.

DevilsEqual:



Do u guys ven follow the updates and Stats from MBS??
We've had less import in the last 9months and even gained more from Exports toward the last quater of 2023 yet u think this sudden 100000% increase in importation is the only way out

U talk as if Nigeria hasnt been import-dependent since ages yet $ never rose to this level


I think most of u who think "Textbook Jargon" wouldnt work here in Nigeria actually think theories are being passed with no proper tests, arguement, reality checks and counter arguments

U prolly failed Economics in your waec and Neco...Thank Goodness, U didnt need it to advance your University education

Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime.

Collaborating with CBN by increasing interest rates to attract FPI. I find this to be short-sighted if attracting hot money is the perceived benefit of raising interest rates and not the reduction of inflation, & FDI. Also, our real interest rates are still negative, so how will this work? ❌

IamAtikulate:

This one don go copy Economics text book.

increasing Ms stimulates spending which exerts inflationary pressure on the economy, consequently leading to demand-pulled inflation. It's a pity that Economics textbook you copied didn't tell you that.

By and large, these episodes all occurred because of a rapid (or accelerating) increase in the supply of money that wasn't matched by a corresponding increase in goods and services.

Those Igbos brains is fvcked up.
They hate tinubu
They hate dangote


Innoson is an "angel" 😂
Perhaps they would say tinubu should had visited innoson instead😂

Imagine people continually wailing because of the high price of cement and now that something had been done about it are still unhappy because tinubu was the man to get it right and not their failure Obi the Pandora thief 😂🏃

AntiZikist:


You have 7 plus years to go.


After which you will begin drag Aboki again.


Nothing for you sore losers

NHS nurses being investigated for ‘industrial-scale’ qualifications fraud

Scam involves more than 700 healthcare workers who used proxies to pass test in Nigeria enabling them to work in the UK

Hundreds of frontline NHS staff are treating patients despite being under investigation for their part in an alleged “industrial-scale” qualifications fraud.

More than 700 nurses are caught up in a potential scandal, which a former head of the Royal College of Nursing said could put NHS patients at risk.

The scam allegedly involves proxies impersonating nurses and taking a key test in Nigeria, which must be passed for them to become registered and allowed to work in the UK.

The average figure for 2014 was 8.1 percent. The inflation figure was 8 percent in January and ended with 8 percent. While in 2015, the average inflation rate was 9.01 percent with 8.2 percent recorded in January and ended in December with 9.55 percent.

In 2016, the country could no longer maintain the single digit inflation rate with the figure jumping to 15.6 percent on average. It entered the year with 9.62 percent and ended it with 18.55 percent.

christejames:
APC will add this as an achievement!

Growth of herbal medicine practitioners

Catapault:
FANTASTIC NEWS.

This is why they say “In every cloud there is a silver lining”.

If it takes poverty and inflation to force us to look inwards as a people instead of depending on foreigners for everything including medicine, like some lost people with no heritage, then more grease to their elbows.

What they MUST do now is standardise, brand, and package the medicine in the right way and market them effectively.

Great university courses in Traditional African Medicine should be established up to doctorate level.

I want to see university-trained DOCTORS of Traditional Nigerian Medicine.

Excellent stuff.

Everydaylove:
Both Buhari and Tinubu have wrecked this country. He had his personal ambition since but not for the betterment of the people. I only blamed the braindead mumu supporters Tinubu used to achieve his selfish goal.

ivolt:

You guys continuously underestimate the value of financial prudence in economic management.

If you are right, Lamido Sanusi should have been the best CBN governor since
oil price was highest during his tenure.
But in real fact, the best CBN governors were the one in charge during the
lowest average oil price of 1999 to 2007. That is Joseph Oladele and Charles Soludo.
Joseph even managed to hit a 10% growth rate which is unmatched since then.

Nigeria's FDI at 1999 was about $1 billion and it increased to $6 billion in 2007.
If a 600% rise is not significant enough, you should remember that somebody actually took it from
4 billion dollars in 2015 to negative value by the end of 2022. Now, that's a record.


Before you ask, my criteria for best is based on external reserve accumulation, exchange rate control and economic growth rate.