Business
Buhari: We are set to reopen land borders
President Muhammadu Buhari on Tuesday said the Federal Government was set to reopen the nation’s land borders.
He gave this indication after a closed-door meeting with the 36 state governors even as he urged the governors to work more with traditional rulers and community members to improve local intelligence gathering to aid the work of security agencies.
The meeting held at the Presidential Villa, Abuja focused on the issue of security.
The President explained that the closure of the nation’s land borders was partly an attempt to control the smuggling in of weapons and drugs.
A statement issued by Senior Special Assistant to the President (Media & Publicity), Garba Shehu, quoted the President as saying, “Now that the message has sunk in with our neighbours, we are looking into reopening the borders as soon as possible.”
The President, who listened to presentations by a governor from each of the six geopolitical zones on their specific security challenges, recalled that in the old order, communities identified newcomers and passed information to constituted authorities.
Buhari said, “The sub-region is no longer safe, more so with the collapse of the former Libyan leader, Muammar Gaddafi’s regime and the cross border movement of weapons and criminals.
“Governors must work with traditional rulers. Try and work with traditional rulers to boost intelligence gathering.”
The President said his administration had done well in the North-East and South-South, adding that the South-South situation was still worrisome.
He said, “Every day I get situation reports about illegal refineries and the blowing up of pipelines. You must stop local rogues from sabotaging oil installations.”
Addressing the issue of banditry and kidnapping in each of the geo-political zones, President Buhari said, “Security is important and we must secure the whole country. We are thinking very hard on the issue of kidnapping. We will make it possible for the military to get to the bandits and kidnappers and eliminate them.”
He gave assurances that the country’s military would continue to get the support needed to fight criminals.
“I am not going to the public to speak about the vehicles and equipment we have ordered. What I can say is that the military received armoured cars and other equipment and they are training the trainers. More of such equipment, including military aircraft will come in,” he said.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro20 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business3 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro2 days ago40-foot container falls on car in Lagos
-
Politics3 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics2 days agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International2 days agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment2 days agoPolygamy best form of marriage for Africa – Okey Bakassi
-
Education12 hours agoUS University opens 2025 scholarships for international students
You must be logged in to post a comment Login