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States, LGAs To Share N600bn In August

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11 years ago

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Some Transformers donated by the lawmaker representing Oyigbo in the Rivers State House of Assembly, Hon Okechukwu A. Nwaogu

Some Transformers donated by the lawmaker representing Oyigbo in the Rivers State House of Assembly, Hon Okechukwu A. Nwaogu

The Managing Director, Financial Derivatives Company (FDC), Bismarck Rewane has said that the monthly statutory allocations approval for the month of August 2014 stands at N654 billion with disbursement of portions of the amount already done.
The 36 states of the Federation and 774 local government areas are expected to get N600 billion from the Federation Account Allocation Committee (FAAC) for August.
According to a report by the FDC and made available to The Tide rates was downward pressure.
The FDC boss explained in the report that money market rates would trade within an average band of 10.5 to 11 percent per annum due to the spill over effect of the disbursed FAAC funds and barring any significant mopping up by the CBN.
He said liquidity was expected to increase in the second half of the month when the monthly statutory disbursements were made.
Rewane said approximately, N600 billion was anticipated as FAAC payment in August.
He explained further that the impact of 8.3 per cent inflation numbers on the money markets was likely to be minimal even as it remains within the CBN’s target band of six to nine per cent for 2014.
Speaking further, the FDC boss said the inflation means different things to different people.
He said to the layman, inflation occurs when he was spending more money to purchase the sum quantity of goods and to the economist, it was the general increase in price level over a period of time.
According to him, it was an inevitable monetary phenomenon that could be desirable or not depending on the impacts on other marco –economic variables such as unemployment, output, balance of payments, distribution of wealth, among others.
The negative side effects of inflation, he said, included the diminution of asset values and portfolios, distortion of economic decisions and the fact that it discourages savings and investment.
Throwing more light, Rewane said inflation was not always bad especially in a robust economic growth even as he said the objective was for the Central Bank of a country to strike a balance between the positive and negative levels on inflation to ensure stability in an economy.

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Kenyan Runners Dominate Berlin Marathons

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5 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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5 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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5 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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