Nigeria Sliding Towards Economic Recession As GDP Shrinks

The National Bureau Of Statistics (NBS) has last weekend released a damning report that Nigerias economy risks falling into recession after the economy was seen shrinking in the first quarter of 2016 as outputs in the Manufacturing, Financial, Real Estate, Oil & Gas fell most significantly.

PDP Dissolves Ali Modu Sherrif's Led NEC Appoint Sen. Makarfi As His Replacement.

The national convention of the Peoples Democratic Party( PDP) held today in Port Harcourt Rivers state has  dissolved the Alli Modu Sheriff led National working committee (NWC) of the party and immediately set up a seven man caretaker committee headed by Senator Makarfi Ahmed.

Governor Nyesom Wike of River state and chairman of the party’s National Convention committee put the question for the motion out to the delegates and it was affirmed by the delegates from all the 36 states of the federation.

State Governors Support Buhari's Hike In Petrol Price

State governors in Nigeria have expressed full support for the Federal government’s decision to increase the pump price of petrol from N86.50 to N145 despite several opposition and attack from people and activists to the new development.

Army Insists Second Rescued Girl is One Of the Abducted Chibok school Girls

 The spokesman of the Nigeria Army Col Sani Usman has again reiterated that the second rescued girl serah Luka who was found in Sambisa on Thursday evening is indeed one of the abducted Chibok girls taken by the boko haram terrorist group over two years ago.

Another Chibok Girl Rescued In Sambisa Forest By The Army

The Nigeria Army has announced the rescue of another abducted Chibok girl yesterday 19th May, 2016. Army informed the public that the girl Serah Luka was rescued barely 24 hours after Amina Nkeki found with a four month old baby with a man who claims to be her husband and a Boko Haram member another chibok girl was found and rescued by the combined team of Civilian Joint Task Force (JTF)  and men of the Nigeria Army.

Missing Chibok School Girl Rescued By Vigilante Group Carrying A Child.

One of the missing Chibok Nigerian Schoolgirls has been found and rescued carrying a baby and possibly pregnant with another. Reports say she is the first to be rescued since 279 Government Secondary School girls from Chibok in Borno State were abducted by dreaded Islamic terrorist group Boko Haram over 2 years ago.

NLC Strike Action, FG Invokes "No Work No Pay" Rule. Declares Strike Illegal

The federal government has directed that any federal civil servant that fails to report to work today 18th May 2016 following the strike action called upon by a faction of the Nigeria Labour Congress NLC over the petrol price hike not to expect to be paid.
The secretary to the government of the federation Engr. Babachir Lawal stated this in a press release late on Tuesday 17th May, 2016. Lawal, in the statement on Tuesday evening, said that the federal government will guarantee the safety of workers and their work places and said he expects that normal work activities will continue in the best interest of the country.

Petrol Price Increment Not As A Result Of Subsidy Removal -FG

The federal government has come out to clarify reasons behind the new price increase of petrol in the country as being as a result of foreign exchange issues currently in short fall and inability of Major and independent marketers to source for foreign exchange in banks to import petrol into the country as nigeria presently import mostly all local fuel consumption.

Vice President Prof Yemi Osinbajo made this known over the weekend via his twitter handle @ProfOsinbajo. He pointed out that the Nigeria National Petroleum Corporation NNPC currently source for 50% of local fuel consumption while major and independent oil marketers are responsible for the remaining 50% of local fuel consumption a feat that was partly responsible for the lingering fuel scarcity nationwide.

He equally said at $40 a barrel there is no much of a subsidy to remove if there is any and consequently noted that President Muhammadu Buhari is the most convinced pro-subsidy advocate. He reiterated that before now marketers source for foreign exchange from Central Bank of Nigeria CBN up until three months ago, but recently due to relative scarcity of foreign exchange and the dwindling federation account and short term depletion of the account as a result of fall in the crude oil prices at the international market the CBN simply does not have enough fx to give out As a result importation of petrol by major and independent marketers has contributed little or nothing to the local consumption and supply of petrol since late last year.

According to Professor Osinbajo the federal government is left with no option but to allow independent marketers and any Nigeria entity to source for their own foreign exchange at autonomous market and import fuel. He said the federal government expects that the marketers will source for foreign exchange of about N285 to a dollar at interbank rate and would be restricted to sell between N135 and N145 per litre. The Vice president believes with competition more private refineries and NNPC refineries working at full capacity, prices will drop considerably.

On plans by the federal government to ensure prices come down in due course, the Vice president said by 4 quarter of 2018 about 70% of local fuel consumption will be produced and refined locally, he maintained that at full capacity all the refineries in Nigeria cannot produce more than 40% of local consumption required in the country. He said more private refineries will be encouraged and the NNPC will work towards making all their refineries work at full capacity to ensure petrol are refines locally by 2018.

Fuel Price Hike, Labour Vows To Shut Down Nigeria. To Begin Strike On May 18th

The Nigeria Labour Congress and Trade Union Congress has in a statement signed by the president of the Nigeria Labour Congress NLC Comrade Ayuba wabba said the organized labour and its allies will embark on nationwide strike and shut down Banks and other businesses if by mid night 17th May 2016 the federal government fails to reverse to the old pump price of petrol of N86.50 and in addition to reversal of electricity tariff which was recently hiked by 45%.

Fantastically Corrupt Statement, FG Reacts To UK PM's Comment.

The British Prime Minister Mr David cameron was caught on video on Tuesday 10th May discussing is planned conference on Anti-Corruption summit in London with the Queen of England, Queen Elizabeth II at the Burkingham Palace where he categorically classified Nigeria and Afghanistan as two Countries that are the most fantastically corrupt in the world. He told the Queen the leaders of the two countries will be attending the conference which is billed to start on Thursday 12th May in London.

Banker, Mother Of Two Allegedly Beaten To Death By Husband. (Photos)

It was a sad event at the Shonde's home as beautiful mother of two Mrs Ronke Bewaji Shonde  was allegedly beaten to death by her now on the run husband at the early hours of Friday May 6th at their home at Tiemo Crescent in Egbeda Lagos. Ronke a banker with one of the top new generation banks in Lagos and in her mid 30s was found dead by her nanny when she reported for work that morning.

5 Months After Buhari Signs Budget 2016 Into Law.

President Muhamadu Buhari has finally assented to the 2016 Budget. The budget which has been a subject of argument and counter argument for the past 5 months between the Executive and the Legislative due to padding  and introducing strange and new items was signed by the president today 6th May, 2016 at around 12.30pm

Edo Assembly Members Impeached Speaker, House Turned Into Battle Ground. (Video)

The Speaker of the Edo House of Assembly, Hon. Victor Edoro, has been impeached by 16 of the 24 members of the State Assembly on Tuesday. Reports says that in his place, one Honourable Elizabeth Ativie was elected by the lawmakers as the assembly’s first female speaker.

Afeni Shakur Mother Of Late Rap Legend Tupac Shakur Dies At 69.

Afeni Shakur Davis, the mother of Late Hip Hop Legend and rapper Tupac Amaru Shakur, has died on Monday Night May 2nd 2016 in Sausalito Northern California. She was aged 69.
Afeni Shakur was pronounced dead in a local hospital in Sausalito California around 10.30pm monday night from complications arising from heart attack.

Fayose Is An Ingrate And A Liar - Bode George

Chief Olabode Ibiyinka George a former Deputy National Chairman of the Peoples Democratic Party, PDP has described Ayodele Fayose the Ekiti State governor as an ungrateful person for opposing his interest of becoming the national chairman of the party in the forthcoming PDP Convention. Chief George also attack Fayose for saying that PDP elders must allow new faces to be at the helms of affairs of the party and asking the elders to take a back stage.

N23B Diezani Scam. Fidelity Bank Sacks Okonkwo As MD Appoints Balarabe Acting MD

Following the arrest of Fidelity Bank's Managing Director and Chief Executive Mr Nnamdi Okonkwo last week by the Economic and Financial crimes Commission EFCC, The board and Management of the bank has appointed an acting MD for the bank in person of Alhaji Mohammed Balarabe. His appointment is based on ratification and confirmation by the Central Bank Of Nigeria CBN.  Before his appointment Alhaji Balarabe was the bank Executive Director North.