Good day, good citizens of Nigeria. Here are headlines from Nigerian Newspapers that may interest you today, Tuesday, January 25, 2022.
1. FG probes online banks over breach of customers’ data privacy [Punch Newspaper]
The Federal Government has begun a probe of online banks over their alleged breaches of customers’ data privacy, it has been learnt.
The Director-General, National Information Technology Development Agency, Kashifu Inuwa, who made this disclosure in Abuja on Monday, said the agency was working with the Nigeria Police Force and other relevant agencies to investigate several lending platforms, popularly called loan shark platforms. Read more.
2. FG’s local currency debts to hit N44tn in 2022, says report [Punch Newspaper]
A report by Agusto & Co. Limited has estimated that the Federal Government’s local currency debts will rise to N44tn in 2022.
This was disclosed in a report, titled ‘Nigeria in 2022’, on the economic outlook for 2022.
It said, “Local currency debts of the FGN [Federal Government of Nigeria] will grow to about N44tn or about 9X of its revenues. The median for key countries in sub-Saharan Africa is about 2X.
“Because of the high cost of servicing these debts at commercial rates, the Central Bank of Nigeria will continue to accommodate the FGN by lending to them at rates below inflation, thus reducing FGN’s borrowing requirement from the markets and put a downward pressure on interest rates as banks, pension funds, insurance companies and other institutional investors compete for government securities.
“The average yield on FGN’s 10-year US$ bonds was 7.1 per cent in 2021 compared to 1.4 per cent for those issued by the government of the USA. This translates to a country risk premium of 5.7 per cent. We believe that this risk premium will be about 5.0 per cent in 2022 as fears about COVID-19 recede and the fact that Nigeria has ample resources to service its FCY debts. However, this premium may spike if there is a flight to safety by investors.”
3. MKO Abiola: Abdulsalami’s govt killed my father says son, Jamiu [Vanguard Newspaper]
Jamiu Abiola, son of the late business mogul and winner of the June 12, 1993, presidential election, MKO Abiola, yesterday, faulted the recent claim by former Head of State, Gen. Abdulsalami Abubakar (retd), that Abiola was not killed but died after falling ill in detention. Read more.
4. Dangote oil refinery to start production with 540,000 bpd [NewsWireNGR]
Dangote oil refinery will start processing crude in the third quarter of this year, as mechanical work on the project is completed.
This was disclosed, at the weekend, when the President of Dangote Group, Alhaji Aliko Dangote, led the President of African Development Bank (AfDB), Akinwunmi Adesina, and board members of the bank on a tour of Dangote refinery and fertiliser projects at Ibeju-Lekki. Read more.
5. Hanifa: Kano govt revokes operational licence of all private schools [NewsWireNGR]
Kano state government has on Monday announced it is revoking the license of all private schools in the state following the murder of a 5-year-old girl, Hanifa Abubakar, by her school proprietor.
The development was announced by the Commissioner of Education, Muhammad Sanusi-Kiru, during a press briefing on Monday. Read more.
6. Federal Government has suspended the planned petrol subsidy removal [NewsWireNGR]
The Federal Government, through the Minister of Finance, Budget and National Planning, Zainab Ahmed, has suspended the planned petrol subsidy removal.
Speaking during a meeting held at the National Assembly in Abuja on Monday, the Minister said the suspension is till further notice.
The Minister of State for Petroleum, Timipre Sylva, had earlier today, said, President Muhammadu Buhari is not in support of the removal of subsidy on the Premium Motor Spirit (PMS), popularly known as petrol. Read more.
7. Exam Malpractice: JAMB rejects apology of born-again Christian [NewsWireNGR]
The Joint Admission Matriculation Board (JAMB) has rejected an apology by a candidate, Timipade Kemepade, who confessed to having cheated during his Unified Tertiary Matriculation Examination (UTME) 21 years ago, then called UME.
JAMB said the plea was contained in a letter addressed titled “restitution on my JAMB result 21 years ago”. Read more.
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