Headlines
Nigeria qualified to benefit from $3.35bn in new IMF rights allocation

The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation begun allocating Special Drawing Rights of about $650bn on Monday.
This was contained in a press statement on the IMF website on Monday.
She was quoted in the statement, as saying, “The largest allocation of Special Drawing Rights in history – about $650bn – comes into effect today.
“The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis.”
She added that the allocation would provide extra liquidity to the global economy.
Georgieva was quoted as saying, “The SDR allocation will provide additional liquidity to the global economic system – supplementing countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt.
“Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the crisis.”
She further said that the allocation would be made to countries based on their quota shares in the IMF.
“SDRs are being distributed to countries in proportion to their quota shares in the IMF. This means about $275bn is going to emerging and developing countries, of which low-income countries will receive about $21bn – equivalent to as much as six per cent of GDP in some cases,” she said.
Nigeria has 2,352.5m SDR shares, which translates to about $3.35bn.
She also stated that IMF planned to engage member countries in establishing a new Resilience and Sustainability Trust.
Georgieva said, “The IMF is also engaging with its member countries on the possibility of a new Resilience and Sustainability Trust, which could use channelled SDRs to help the most vulnerable countries with structural transformation, including confronting climate-related challenges.
She added, “Another possibility could be to channel SDRs to support lending by multilateral development banks.
“This SDR allocation is a critical component of the IMF’s broader effort to support countries through the pandemic, which includes: $117bn in new financing for 85 countries; debt service relief for 29 low-income countries; and policy advice and capacity development support to over 175 countries to help secure a strong and more sustainable recovery.”
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
Headlines
NNPCL reveals decision not to sell Port Harcourt refinery

The Nigerian National Petroleum Company Limited, NNPCL has officially decided not to sell the Port Harcourt Refining Company.
NNPCL has, instead said it is committed to conducting an extensive rehabilitation of the facility and ensuring its continued operation.
During a company-wide town hall meeting held at the NNPC Towers in Abuja, Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, announced the decision regarding the future of the nation’s most significant state-owned refining asset, putting an end to weeks of speculation.
A statement by NNPCL reads, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
”Thus, selling is highly unlikely as it would lead to further value erosion.”
Headlines
Tinubu appoints Olumode Adeyemi as Federal Fire Service boss

President Bola Tinubu has approved the appointment of Adeyemi Olumode, as the new Federal Fire Service, FFS, Controller-General.
The appointment was announced on Wednesday on behalf of the Federal Government by retired Maj.-Gen Abdulmalik Jubril, Secretary of the Civil, Defence, Correctional, Fire and Immigration Services Board, CDCFIB.
Jubril said the appointment followed the retirement of the current Controller-General, Abdulganiyu Jaji, on August 13.
Jaji is retiring upon attaining the age of 60 by August 13.
Jibril further disclosed said that Adeyemi Olumode is qualified for the position, having attended and passed all mandatory in-service training, Command courses as well as other courses within and outside the country.
“He brings a wealth of experience to his new role, having transferred his service from the FCT Fire Service to the Federal Fire Service and grown to the rank of DCG in the Human Resource Directorate of the Service Headquarters.
“He has served in various capacities and is equally a member/fellow of the following professional associations including Association of National Accountants of Nigeria, ANAN, Institute of Corporate Administration of Nigeria, Institute of Public Administration of Nigeria and Chartered Institute of Treasury Management of Nigeria.”
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