Select a category

The Nigerian Army has reportedly dismissed six soldiers from its service for allegedly fleeing from the scene of a Boko Haram att@ck

SaharaReporters reports that the soldiers attached to the counterinsurgency operation in the North-East, known as Operation Lafiya Dole were said to have fled from the scene of a Boko Haram att@ck around Damboa, a community in Borno State during the month.

It was gathered that over 10 soldiers were k+lled during the att@ck.

A military source who spoke to SaharaReporters said the six soldiers were dismissed for withdrawing from the w@r front.

The source, however, described the puni$hment meted out on his colleagues as not right, arguing that they left the battlefield after running out of ammunition during the fi¥ht with the t£rrorists.

According to the source, sufficient arms and ammunition were not provided for them to fi¥ht Boko Haram t£rrorists; therefore, they soon ran out of ammunition.

He also blamed the death of those k+lled on poor firepower and inadequate equipment to combat the insurgents.

“Boko Haram successfully infiltrated into our location during the month and caused KIA and WIA. So some of our colleagues fled during the battle and were all charged and dismissed for not retaliating,” he added.

📷: @saharareporters

Continue reading on Instablog

The Federal Government has again appealed to Nigerians to shelved the planned nationwide protest against hardship in the country slated for August 1 to August 10th.

The Vice President, Kashim Shettima, who made the latest appeal at the presidential villa in Abuja on Friday, July 26, said it is a time to solve problems and not protest.

According to him, “This is the time for us to solve our problems, not to protest. The right to protest is guaranteed in most democracies around the world, but when you can start the agitation, and you don’t know where it will end, it is a road to anarchy.

We appreciate what Nigerians are going through, and our heart goes out to them. The oil subsidy has been an albatross on our neck for 50 years. Once the harvests start coming, we believe it will have a positive effect on the common man.

I wish to call on you to advocate for diplomacy, engagement, and patience. The President is very much committed to the Nigerian project, but it’s like a percolation project. When a woman is giving birth, it’s a very painful process but once the child is delivered, it is a cause for celebration.”

Continue reading on Instablog

Consumers are feeling better about inflation, but low-income earners are concerned the economy is turning, a national survey on public perceptions of the economy showed. 

The Michigan Consumer Sentiment Index continued to tick lower in July. It’s the lowest level since November 2023, and it reflects four consecutive months of decline for the widely-followed measurement.

Survey director Joanne Hsu notedthat consumer sentiment over the last three months has remained “virtually unchanged.”  

“Sentiment has lifted 33% above the June 2022 historic low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes,” Hsu wrote. “Labor market expectations remain relatively stable, providing continued support to consumer spending.”

The report highlighted the differences between high- and low-income earners, wrote Oren Klachkin, a financial market economist at Nationwide.

“In short, high-income earners are generally enthusiastic while lower-income cohorts are feeling the heat,” Klachkin wrote. “Lower-income households will suffer the greatest pain during the upcoming economic slowdown since they haven’t benefited from the run-up in stock prices and housing values to help them weather the pending slowdown in income growth.”

The public continues to feel better about inflation, with year-ahead expectations for price increases coming in at 2.9%, dropping for the second straight month, while expectations on price growth for five years out remained at 3%, still above the pre-pandemic range. But while inflation expectations improved, high prices continued to weigh on perceptions about the economy.

“Despite slowing inflation, consumers appear to remain unhappy with the high level of prices generally, and food prices in particular,” wrote Scott Hoyt, analyst at Moody’s. “Interest rates remain painfully high and unlikely to return to pre-pandemic levels in the foreseeable future. Homes are unaffordable for many.”

The Federal Reserve closely follows consumer inflation expectations, factoring in public sentiment when making decisions on interest rate levels. 

“Gradually diminishing inflation should minimize the risk of an unexpected pop in expectations and help set the stage for a September Fed rate cut,” Klachkin wrote. 

While the survey has shown elevated consumer pessimism for several months, there are reasons to expect confidence to improve, said Hoyt.

Gas prices should remain near current levels, interest rates and price levels are trending lower and the labor market is slowing but still strong. 

“Given the still-low level of this index, large gains seem likely at some point,” Hoyt wrote. “Though confidence should trend higher, the timing of gains is highly uncertain.”

Read more on Investopedia

The Federal Government has announced plans to sell $500 million of dollar-denominated securities in the domestic market in a bid to strengthen the Naira.

This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at an event in Abuja on Thursday, July 25.

The minister said the move is expected to attract investment from Diaspora Nigerians and Nigerians with savings held abroad and will take place in three to four weeks’ time.

According to him, “We have an open exchange rate system, it’s not illegal and so we have the issuance of a dollar-denominated security, not depending on the financial architecture of the Western world, not depending on the kind of architecture that you use to raise Eurobonds.

We’re using the Nigerian financial system, the Securities and Exchange Commission (SEC), the banking system, the investment bankers to issue $500 million in the first instance that will be available and will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu.

That issue is a challenge to the best and the brightest in the financial markets. It is due to open in the next three to four weeks maximum.”

The government is also not considering a eurobond offering, focusing on the dollar bond instead.

“Eurobond is one of the options that we have, the markets are open to us, our ratings and our performance merit it. But we prefer in the first instance to challenge Nigerians to come home with their money and be part of the Nigerian reform success story,” he said.

Continue reading on Instablog

A 300-level Computer Science student of Abubakar Tafawa Balewa University (ATBU) Bauchi, Naja’atu Salisu, has passed away after she was found unconscious in the bathroom on Friday morning, July 26.

It was gathered that Naja’atu entered the bathroom in the female hostel at the Gubi campus of the university to have a morning shower and prepare for lectures but was later found lying unconscious on the floor of the bathroom.

One of her roommates who spoke with Leadership said: “She had done every routine in preparation for the morning class before going into the bathroom. She brought wears that she planned to wear to the class and kept them on the side of her bed.”

Confirming the incident, ATBU Spokesperson, Zailani Bappa, said she was rushed to the university’s clinic medical attention, but medical personnel were unable to find a vein on her body.

“Having noticed this, Naja’atu was rushed to the Trauma Centre of Abubakar Tafawa Balewa University Teaching Hospital where she was certified d£ad by medical doctors,” he said.

Continue reading on Instablog