Business
Just in: Buni’s men take over APC national secretariat
Loyalists of the embattled Chairman of the Caretaker/Extraordinary Convention Planning Committee, Governor Mai Mala Buni, have resurfaced at the national secretariat of the party, Abuja, taking control of the affairs there.
Senator John James Akpanudoedehe, Secretary of the committee, who normally presided over the party’s affairs whenever Buni was unavailable, reportedly resumed duty at the APC office on Tuesday.
Governor Sani Bello of Niger State had taken charge of the party, with Governor Nasir El-Rufai of Kaduna saying Buni would never return as the party chairman.
However, the Independent National Electoral Commission (INEC) failed to acknowledge the leadership of Bello.
But Akpanudoedehe resumed at the APC national secretariat on Tuesday afternoon.
Sources at the secretariat also said Buni who travelled abroad for medical attention was being expected to resume work.
In a statement issued on Tuesday by Senator Akpanudoedehe on resumption, the Secretary said the party remained united and strong.
He said, “The Caretaker/Extraordinary Convention Planning Committee (CECPC) of the APC under the Chairmanship of His Excellency, Governor Mai Mala Buni of Yobe State, makes this press release to clarify the events of last week and reassure the membership and stakeholders of the party, as well as the Nigerian people in general, that the Governing Party is crisis-free, strong and remains united in giving the country the transformative leadership and good governance which she promised them.
“The CECPC therefore informs the press and the general public as follows: that the CECPC was appointed, and has always done her best, to steer the affairs of the APC in line with the mandate invested in her at inauguration by the National Executive Council (NEC) of the All Progressives Congress.
“That on the 28th day of February, 2022 the CECPC Chairman took a long-delayed trip abroad on health grounds, leaving behind written authorisation for other members of the CECPC to continue work in his absence, particularly the day-to-day management of the APC.
“That in his absence, sundry activities earlier scheduled for action appeared to develop fresh urgency in order to satisfy the Timetable for the 2023 General Elections released by the Independent National Electoral Commission (INEC), thus galvanizing some within the CECPC to act in their best understanding of both the situation and the leadership dynamics in the Committee/Party.
“That all such actions were clearly identified at all times as happening in an acting or proxy capacity, and under the auspices of the substantive Chairman, His Excellency, Governor Mai Mala Buni, contrary to widespread speculations that the Chairman, Secretary or some other officials of the CECPC have been removed from Office or otherwise replaced.
“That the CECPC is intact and functional as originally constituted. That delivering a seamlessly successful National Convention for the APC on March 26, 2022 is top on priority for the CECPC and we shall continue to execute such assignments as are legal pending the return of the Chairman who is on his way back to the country and shall resume Office on arrival with the full support of all members and other stakeholders.
“We are grateful to INEC for her firm guidance in the entire circumstances. Meanwhile, the party has engaged a team of senior lawyers to address a purported court order halting the planned APC National Convention.
“We hereby call on the judiciary to give the matter the needed and expedient attention in our bid to vacate the purported court order and allow the conduct of a transparent and rancour-free National Convention deserving of our great party, APC.”
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.
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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%.”
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