News Flash ⚡

 The revelation came after Jaywon criticized Burna Boy during an interview with Teju Babyface, recounting how Davido had gifted Burna Boy the 30BG chain to inspire him and contribute to his career. In light of this revelation, Burna Boy took to social media to address the situation, assuring fans that he would discuss the “audio chain” and other matters in due course. However, the singer humorously mentioned that he first wants the money owed to him by Coko Bar to expire before delving into the topic. Burna Boy wrote, “U see me dey smile nor mean say I dey smile o. Eyin fans mi, dey play “No worry Ropo don give me some kind Meters say make I Omilele. Zero cooking till the money expires “We go still visit the audio chain and many more. No worry make @Cokobar money expire first”. See full report at  Gist Mania

  The Nigerian Communications Commission has said that the over 40 million telephone lines barred after failing to link to the National Identity Numbers face the risk of being forfeited soon. The NCC’s Director of Public Affairs, Reuben Mouka, disclosed this on Tuesday while speaking with PUNCH Online in an interview. According to him, the telephone lines barred by their telecommunication operators have breached the February 28, 2024 deadline issued by the commission mandating telecom customers to link their Subscriber Identity Modules (SIMs) to their NIN. He said, “If the barred lines are not acted upon in the next 180 days. They won’t be able to receive calls but will only be able to text and make calls. But after the stipulated days, they would be barred from making calls too and theybmight forfeit their lines to their respective service provider within 365 days.” However to unbar your phone lines, PUNCH Online highlights the processes of the retrieval as explained by the NCC’s Dire

  The House of Representatives on Wednesday, March 6, advocated for the payment of living wages to Nigerian workers at the rate that would be commensurate with current economic realities across the world. The House directed its relevant committees of Labour and Employment, Finance and National Planning to work out modalities for the payment of living wages to Nigerian workers at rates that match economic realities. In its resolution following a motion sponsored by the Minority Leader of the House, Kingsley China, and 37 other members, the House resolved to transmit its resolution to the Senate for concurrence. The federal government recently set up a tripartite committee made up of persons drawn from the executive, organised Labour, state government and the organised private sector to negotiate the minimum wage. See full report at  THE NATION

 The official exchange rate of the naira against the dollar ended its three-day winning streak, falling by 4.26% to N1602.43 per US dollar on Tuesday, March 5, 2024, compared to N1534.19/$1, according to data published by FMDQ. This decline coincides with the announcement from the cryptocurrency trading platform Binance that it will cease trading activities involving the Nigerian currency. The drop on Tuesday marks the first in three days, indicating that demand pressures persist in the forex market as supply remains insufficient. FX Rates across markets  According to data from the Nigeria Autonomous Foreign Exchange Market (NAFEM), where forex is officially traded, the domestic currency depreciated by 4.26% at the end of trading, closing at N1,602.43 to a dollar at the close of business. This represents a loss of N68.24 compared to the N1,534.19 closing on Monday. The intraday high was N1,652.40/$1, while the intraday low was N1,450/$1, representing a spread of N202.40/$1. According t

 The Nigerian Communications Commission has said that the over 40 million telephone lines barred after failing to link to the National Identity Numbers face the risk of being forfeited soon. NCC’s Director of Public Affairs, Reuben Mouka disclosed this on Tuesday while speaking with The PUNCH Online in an interview. According to him, the telephone lines barred by their telecommunication operators have breached the February 28, 2024 deadline issued by the commission mandating telecom customers to link their Subscriber Identity Modules (SIMs) to their NIN. He said, “If the barred lines are not acted upon in the next 180 days. They won’t be able to receive calls but will only be able to text and make calls. But after the stipulated days, they would be barred from making calls too. And might forfeit their lines to their respective service provider within 365 days.” See full report at  Punch NG

 The International Monetary Fund has said Nigeria may incur an expenditure of around N7trn should the existing fuel pump price cap and electricity subsidy be upheld in 2024. The fund also stated that the current administration inherited a challenging economic situation characterised by low growth, diminished revenue collection, escalating inflation, and longstanding external imbalances, stressing that the continued capping fuel pump prices and electricity tariffs below their recovery costs could lead Nigeria to incur fiscal costs of up to three per cent of its Gross Domestic Product in 2024. “The capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of up to 3 per cent of GDP in 2024,” IMF stated in a statement following a recent visit by an IMF team led by Axel Schimmelpfennig, the IMF Mission Chief for Nigeria. See full report at  Punch NG

  ABUJA —The International Monetary Fund, IMF, yesterday asked the Federal Government to pay immediate attention to food insecurity in the country. The IMF’s position came on a day governors said Nigeria must go into production if it must get the people out of the current hardship. At the 16th Edition of the Leadership Annual Conference and Awards, the IMF made its position known in its End-of-Mission statement issued after the completion of the IMF Staff 2024 Article IV Mission to Nigeria. This is even as former Anambra State governor and 2023 presidential candidate of Labour Party, LP, Mr Peter Obi, who decried the hardship in the country, said he was not desperate to be president but “desperate to make Nigeria work.” Also, former Deputy Governor (Financial Stability) of the Central Bank of Nigeria, CBN, Professor Kingsley Moghalu, advocated the sale of government assets to raise funds, totalling $18-20 billion, which could be channelled into bolstering foreign reserves to stabilize

 Di burial rites of former CEO of Access Bank Holdings, Herbert Wigwe, im wife Chizoba and son Chizi don start. Di programme of events wey di family bring out, start on Monday for Lagos, Nigeria commercial capital. Dem call di first day of di event 'Herbert Wigwe: Celebrating Professional Excellence'. Many ogbonge pipo including govnor of Nigeria highest bank, richest black man in di world, oga of Afrexim Bank and many, state govnor, goment officials, stakeholders and pipo from di business industry attend di night of tributes of di di Nigerian businessman. Access Holdings announce di death of dia Group Chief Executive Officer, Dr Herbert Wigwe last month. Dem say e die for one helicopter accident for America. See full report at  BBC News Pidgin

  SaharaReporters on Friday reported that 25,000 metric tonnes of wheat were provided by the government of war-torn Ukraine to support the World Food Programme (WFP) in providing emergency food assistance to 1.3 million crisis-affected people in North-East Nigeria. The donation was part of the humanitarian “Grain from Ukraine” initiative launched by President Volodymyr Zelenskyy The WFP Representative and Country Director in Nigeria, David Stevenson, while receiving the grains on Thursday in Abuja, said the shipment was made possible with collaborative efforts from Canada, Denmark, Finland, France, Luxembourg, Norway, Republic of Korea, Sweden, and the United Kingdom, which provided the costs of transporting the wheat from Ukraine to Nigeria.. See full report at  Sahara Reporters