Nigerian Newspapers: Top 10 Business Stories Set Off Your Thursday

Top 10 Stories From Nigerian Newspapers Today, 25th May 2023

1 year ago
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Here are the top 10 stories from Nigerian daily newspapers for today, 25th May 2023 on Politics, business, entertainment, and economy.

1. FG Insists On Delivering Nigeria Air Despite All Odds

The Nigerian government has announced the expected arrival of an aircraft for the commencement of Nigeria Air operations. According to the Minister of Aviation, Hadi Sirika, the aircraft will arrive on Friday, 26 May (tomorrow).

This is despite a court dispute between the government, domestic airlines, and other stakeholders over the process of establishing Nigeria Air.

Airline Operators of Nigeria (AON) has warned that going ahead with the commencement of the operation of the airline without clearing the issues raised in the court order restraining it from operating will be challenged. Read more

2. CBN Raises Interest Rate To 18.5%, As Emefiele Seeks Improved Oil Production

The Central Bank of Nigeria has raised its benchmark lending rate to 18.5 per cent, from 18 per cent.

The CBN governor, Godwin Emefiele announced this on Wednesday after the bank’s Monetary Policy Committee (MPC) meeting.

This is an aggressive measure to contain the nation’s inflationary pressure.

Emefiele, who addressed journalists at the end of the two-day meeting in Abuja, said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

He also disclosed that the MPC voted to keep the Cash Reserve Ratio (CRR) at 32.5 per cent while the Liquidity Ratio was retained at 30 per cent.

3. Buhari Seeks Senate Approval To Pay N226bn, $556m,  £98m Judgment Debt

President Muhammadu Buhari has written to the Senate seeking approval for the payment of judgment debts awarded by different courts against the federal government’s ministries, departments and agencies (MDAs).

The president said the judgment debts were awarded in different currencies which he summed up to $556,712,584,01; £98,526,013 and N226,280,801,801,64.

Buhari’s request was contained in a letter read by the Senate President, Ahmad Lawan, at the Senate plenary on Wednesday. Read more

4. 10th Assembly Speakership: Gbajabiamila, Wase Clash at Plenary

The Speaker of the Federal House of Representatives, Femi Gbajabiamila, on Wednesday, clashed with his deputy, Idris Wase, who confronted him over the sitting of the House.

Gbajabiamila directed that the agenda on the Order Paper be few to allow him to attend the commissioning of the National Institute of Legislative and Democratic Studies.

He stated that Thursday’s session must not exceed 2 p.m. to allow him to attend the event, which according to him was very important.

The deputy, however, challenged his directive, arguing that the House cannot afford to be wasting time on commissioning while the business of the House is left undone.

The response of Wase was said to have infuriated Gbajabiamila, who cautioned him, noting that no deputy speaker has ever challenged the speaker in such a manner.

The drama might not be unconnected with the speculation that Mr Wase is leading other aggrieved members to impeach Gbajabiamila.

5. I’will Now Have Time For My Cattle After May 29, Says Buhari

President Buhari has disclosed that he will have time to take care of his cattle in his Daura hometown, Katsina state, after handing over power on May 29.

Buhari stated this on Wednesday at the valedictory session of the Federal Executive Council (FEC) where he commended his ministers for their loyalty since 2015.

The President also lauded staff of the State House for their support in his eight years administration.

He also directed the ministers to tidy up their work and avoid last-minute rush that could compromise the good deeds they had done over the years.

6. Nigeria’s GDP Underperforms, Economic Growth Falls To 2.31% In Q1

Nigeria’s Gross Domestic Product (GDP) grew by 2.31 per cent in the first quarter (Q1) of 2023 but underperforms when compared to previous quarters.

In its ‘Nigerian Gross Domestic Product Report Q1 2023’ released on Wednesday, the National Bureau of Statistics reported that the GDP growth in Q1 this year fell behind that of the fourth quarter (Q4) 2022 and the first quarter of 2022.

The report showed that in the fourth quarter of 2022, Nigeria’s economy rose by 3.52 per cent and increased by 3.11 per cent in the first quarter of last year. Read more

7. UBA Africa Conversations: Baci, Omogiafo, Bawuah, Others Urge Youths To Identify Opportunities For Business Innovation

Young people in Africa have been advised to imbibe entrepreneurial spirit and identify hidden opportunities for business innovation and growth.

The quest for advancing the development of the African continent has continued to dominate discourse for decades.  At the Africa Day event organised by the United Bank for Africa (UBA) in commemoration of African unity, entrepreneurs and corporate executives highlighted the important role citizens of the continents can play for growth through exploring innovative trends.

The 5th edition of the annual UBA Conversations held at the Tony Elumelu Amphitheater, UBA House on Wednesday, May 24th, 2023, focused on the theme “Innovating the Continent for Growth.” The conversation provided an opportunity for the African and global audience to gain insights from diverse panelists on tips to overcome challenges and attain success in business ventures. Read more

8. Paris Club Refund: FG Orders Stoppage of Deductions, Directs Refund to States

The federal government on Wednesday, ordered the immediate stoppage of further deductions from the federation account over the Paris Club Funds and immediately directed a refund to the states, the deductions so far made.

9. Lawmakers Call for Forensic Audit of NNPC over Discrepancies in Fuel Importation

The House of Representatives has called for a forensic audit of the Nigeria National Petroleum Company Limited (NNPCL) in order to unravel discrepancies in the importation and supply of petrol from 2015 to date.

According to the House ad-hoc committee on the volume of fuel consumed daily in the country, the audit would give clarity on the Direct Sale, Direct Purchase (DSDP) programme and the consortiums of DSDP operators.

10. Abuja, Kano Airports Concession Didn’t Follow Due Process, NLC, Unions Insist

Nigeria Labour Congress (NLC) and its affiliate unions in the country’s aviation sector have opposed the recent concession announced by the federal government of the Nnamdi Azikiwe International Airport in Abuja and the Aminu Kano International
Airport in Kano.

The NLC and the unions warned the firms involved in the concession deal over the two airports to steer clear from the facilities, insisting that the whole exercise was fraught with illegalities and lacked transparency.


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