Wednesday, November 29, 2023

Old, New Naira Notes To Co-Exist Till Further Notice, Supreme Court Rules

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Old, New Naira Notes To Co-Exist Till Further Notice, Supreme Court Rules

The Attorney-General of the Federation, Lateef Fagbemi, had asked the apex court to lift its December 31, 2023 deadline.



 
The Supreme Court on Wednesday ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice.

The apex court ruled that both old and new notes should continue to remain legal tender until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.

The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the Federal Government seeking asking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.

The Federal Government also prayed the court to lift its March 3 order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 order.

In the fresh application by the Attorney-General of the Federation (AGF), Lateef Fagbemi, the Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

It asked the court to allow the old notes to be in use with the new notes until after it consults with stakeholders, pointing out that the economy may be in jeopardy once again because some Nigerians have started hoarding the old and new naira notes ahead of the December 31st timeline.

In a unanimous decision the seven man panel allowed Fagbemi’s application.

Mid-November, the Central Bank of Nigeria (CBN) had said the old N200, N500, and N1,000 notes would remain legal tender indefinitely.

Tinubu Presents N27.5trn 2024 Budget To NASS Today

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Tinubu Presents N27.5trn 2024 Budget To NASS Today

The 2024 budget estimates is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.




President Bola Tinubu will present the 2024 budget estimates of N27.5trn to a joint session of the National Assembly (NASS) today (Wednesday).
It’s the President’s first budget presentation before the lawmakers since he assumed office on May 29, 2023.

The upper chamber had on Tuesday granted the President’s request to present the budget to a joint session of the Senate and the House of Representatives.

Also, NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023, had announced that the President will address the parliament today.

About three weeks ago, the President forwarded to both chambers of the National Assembly the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper where the sum of N26.1trn was proposed as the total expenditure profile for the 2024 fiscal year.
On Monday, the budget on Monday was revised upwards by N1.5 trillion to N27.5trn after the oil price benchmark was increased and the naira exchange rate lowered.

The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that the Federal Executive Council (FEC) revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.

The budget of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.
Meanwhile, the President also wrote NASS, seeking the approval of $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.


Source: Channel TV

Tuesday, November 28, 2023

Ten Hag Urges Man Utd To Keep Calm In Galatasaray Cauldron

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Ten Hag Urges Man Utd To Keep Calm In Galatasaray Cauldron

United are bottom of Group A and will be eliminated if they lose in Turkey in their penultimate group fixture on Wednesday.



Erik ten Hag has urged his Manchester United players to keep calm in the Galatasaray cauldron as they fight for their lives in the Champions League.
United are bottom of Group A and will be eliminated if they lose in Turkey in their penultimate group fixture on Wednesday.

Even if they beat Galatasaray and defeat group winners Bayern Munich at Old Trafford in their final game, two wins for Copenhagen would send the Danish side through instead of Ten Hag’s team.

United, three-time European champions, have never won at Galatasaray — drawing twice and losing once.

They were famously greeted by Turkish fans in 1993 holding a banner that read “Welcome to Hell”, while others threw missiles and menacingly drew their fingers across their throats.
That game finished in a 0-0 draw, which sent United crashing out of Europe on the away goals rule after a 3-3 draw in the first leg.

Speaking at a pre-match press conference on Tuesday, Ten Hag insisted his men would travel with confidence despite their predicament and the hostile reception awaiting them in Istanbul.

“We know how to deal with it and I’m sure tomorrow it will be a confident team on the pitch,” said the Dutch manager.

“You have to stay calm in your head and don’t get too emotional. You need emotion but you have to control it. Don’t give them anything, or the referee as well.
“You have to stay away from such moments. We know how to deal with it. You have to play confident and you have to make it your game so it’s not that important how the opponent is playing, it’s important how we are playing.”


Escape from Hell 

Ten Hag was asked what his plans were “to get out of hell”.

“We have to make it our game and it’s the history,” he said.

“Obviously Manchester United has a great history, but you can’t take any guarantee from it in the future, so we have to make our own future.

“It’s the past, so tomorrow, it’s about the future. It’s on us.”

The United boss said his side had improved since their shock 3-2 defeat to Galatasaray at Old Trafford early last month despite their inconsistent results.

They beat Everton 3-0 on Sunday to record their fifth Premier League win in six games.

“It’s good progress,” he said. “We are stepping up, we are more stable, we are winning games, so definitely there is a big difference from the first time we played them.”

United captain Bruno Fernandes said he was looking forward to playing in Galatasaray’s “intense” atmosphere.

“The atmosphere will be intense but I think everyone, as a kid, you enjoy and you want to be in these big stadiums with a big atmosphere so you just have to enjoy the challenge,” he said.

Well aware of the prestige that comes from playing in Europe’s elite club competition, Fernandes acknowledged the importance of United avoiding elimination on Wednesday.

“It’s really important to be in the competition, we want to be in the middle of the best clubs in Europe,” the Portugal midfielder said.

“It’s disappointing if we don’t go through but I’m not thinking about that at the moment.

“I’m just focused on the game against Galatasaray because the only way we can go through is winning against Galatasaray and going to the last game with a chance to go through.”

Rasmus Hojlund and Antony are in the squad after recovering from injuries, providing attacking options for a United side that will be without Marcus Rashford due to suspension.


Barclays To Cut 900 Jobs In The UK – Union

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Barclays To Cut 900 Jobs In The UK – Union

The union said the cuts are mostly in back-office jobs such as compliance, finance, legal, policy, IT and risk.




Barclays is to cut 900 jobs in its UK business, trade union Unite said Tuesday, branding the bank’s move as “disgraceful” in the run-up to Christmas.
The union said the cuts are mostly in back-office jobs such as compliance, finance, legal, policy, IT and risk.

Barclays said it was restructuring “to simplify and reshape the business, improve service, and deliver higher returns,” but would not confirm numbers.

“This includes changes to our headcount as management layers are reduced and the group improves its technology and automation capabilities,” a spokesperson said.

“We are committed to supporting impacted colleagues through these changes.”
The move comes as British banks, including Barclays, close high-street branches as more customers move online and payments go increasingly cashless.

Consumer groups have warned that the closures hit those who predominantly still use cash, particularly the elderly.

Unite general secretary Sharon Graham said: “Barclays is disgracefully cutting jobs to further boost its massive profits.”
“This is a mega-rich bank that is already on course to make eye-watering profits this year.”

Barclays flagged last month that more cutbacks were on the cards, as it unveiled a 16-percent drop in net profit for the third quarter.

Profit after tax slid to £1.3 billion ($1.65 billion) from June to September, down from £1.5 billion in the same period the previous year.

Pretax profit dipped four percent to £1.9 billion but revenues climbed five percent to £6.3 billion on higher interest rates.

 

Trillion-Dollar Economy Possible For Nigeria – President Tinubu

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Trillion-Dollar Economy Possible For Nigeria – President Tinubu  

The trillion-dollar economy can be further facilitated by ongoing efforts on job creation, Tinubu said.



President Bola Tinubu is confident that his administration’s Renewed Hope Agenda can build a trillion-dollar economy within the next decade.

He however noted that this can be achieved by leveraging the nation’s population and resources, with the main focus on unleashing Nigeria’s full economic potential, a statement by presidential media aide, Stanley Nkwocha, said on Tuesday.

According to the President, the trillion-dollar economy can be further facilitated by ongoing efforts on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption.

He stated this on Tuesday in Abuja during the opening session of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE).

Represented at the event by Vice President, Kashim Shettima, the President maintained that with its rich population and resources, Nigeria can become a trillion-dollar economy within the next ten years.

He expressed disbelief that the ambitious target could be achievable without taking into account the importance of the key elements encapsulated in the theme of the NSE Conference, “Manufacturing, Competitiveness, and Economic Growth”.

“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption,” Tinubu said.

The President said that he was not unmindful of the hardships most Nigerians are enmeshed in, noting however that “the difficult times are indeed temporary, but the benefits will be permanent”.

He also reeled out his administration’s efforts in transforming the economy and creating opportunities for citizens.

“I have had engagements with stakeholders across Nigeria’s manufacturing sector. I am very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, and export obstacles, among others.

“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of these issues,” he said.

On taxation, President Tinubu explained that his administration’s goal is to increase the country’s tax revenues and reduce the burden on individuals and businesses at the same time.
“It may sound like a contradiction, but it is not: by streamlining the number of taxes, introducing greater efficiency, and blocking the loopholes through which leakages occur, we can and will deliver less burdensome tax regimes to businesses and employers of labour.

“The government’s focus in foreign exchange has been to abolish an unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all the other elements required to attract substantial inflows into a properly run official market,” the President added.

Source: Channel TV


All 41 Indian Workers Trapped In Tunnel For 17 Days Rescued

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All 41 Indian Workers Trapped In Tunnel For 17 Days Rescued

Relatives outside celebrated, after previous hopes of reaching the men were repeatedly dashed by falling debris and the breakdown of multiple drilling machines, in a rescue operation the government said took place in "challenging Himalayan terrain".



Indian workers were greeted with wild cheers and flower garlands Tuesday as rescuers safely brought out all 41 from the collapsed Himalayan road tunnel where they were trapped after a marathon 17-day engineering operation.

With beaming smiles, the rescued men were welcomed as heroes after being hauled through 57 metres (187 feet) of steel pipe on stretchers specially fitted with wheels, where they were greeted by state officials before embracing their families.

“Hail mother India!” crowds outside the tunnel cheered, as news spread that all had made it safely out of the under-construction tunnel in the Himalayan state of Uttarakhand, where they had been incarcerated since a partial collapse on November 12.

Relatives outside celebrated, after previous hopes of reaching the men were repeatedly dashed by falling debris and the breakdown of multiple drilling machines, in a rescue operation the government said took place in “challenging Himalayan terrain”.

“We are thankful to God and the rescuers who worked hard to save them,” Naiyer Ahmad told AFP, whose younger brother Sabah Ahmad was among the trapped workers, and who had been camping out in bitterly cold temperatures at the site for over two weeks.

“We are extremely happy, no words can explain it,” said Musarrat Jahan, the wife of one rescued worker Sabah Ahmad told AFP by phone from Bihar state, where she had been waiting desperately for news.

“Not only my husband got a new life, we also got a new life. We will never forget it”.

 ‘Now to Celebrate’ 




Prime Minister Narendra Modi told the workers in a statement that their “courage and patience is inspiring everyone”.

“Patience, hard work and faith won”, said Uttarakhand state chief minister Pushkar Singh Dhami, praising the “prayers of tens of millions of countrymen and the tireless work of all the rescue teams.”

The health of the workers was “fine”, with a team of medics in a field hospital assessing them as soon as they were brought out, Dhami added.
Guriya Devi, wife of rescued worker Sushil Kumar, said she had been praying ever since the tunnel collapsed.

“We passed through horrible times, and sometimes we lost hope — but ultimately the time has come to now celebrate”.

Munnilal Kishku, father of freed worker Birendar Kishku, said they had not celebrated Diwali, the Hindu festival of lights, because it had happened the same time as the tunnel collapsed. “We will celebrate it when he reaches the village,” he said.

After repeated setbacks in the operation, military engineers and skilled miners dug the final section by hand using a so-called “rat-hole” technique, a three-person team working at the rock face inside a metal pipe, just wide enough for someone to squeeze through.

 ‘Effort and Sacrifice’



Indian billionaire Anand Mahindra paid tribute to the men at the rock face who squeezed into the narrow pipe to clear the rocks by hand.

“After all the sophisticated drilling equipment, it’s the humble ‘rathole miners’ who make the vital breakthrough,” Mahindra said on X, formerly Twitter.

“It’s a heartwarming reminder that at the end of the day, heroism is most often a case of individual effort and sacrifice.”

Last week, engineers working to drive a metal pipe horizontally through the earth ran into metal girders and construction vehicles buried in the rubble, snapping a giant earth-boring machine.

A separate vertical shaft was also started from the forested hill above the tunnel, as well as from the far side of the road tunnel, a much longer route estimated to be around 480 metres.

Before Tuesday, the workers were seen alive for the first time last week, peering into the lens of an endoscopic camera sent by rescuers down a thin pipe through which air, food, water and electricity were delivered.

Arnold Dix, president of the International Tunnelling and Underground Space Association, who had been advising the engineers, told reporters ahead of the rescue that the men were in good spirits, and that he had heard they had been “playing cricket”.

Ronaldo Tells Ref To Overturn Penalty He Won In AFC Champions League

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Ronaldo Tells Ref To Overturn Penalty He Won In AFC Champions League

Ronaldo leapt to his feet and approached the referee, wagging his finger, shaking his head and telling him there had been no foul.



Cristiano Ronaldo convinced the referee to change his mind after awarding him a penalty in Al Nassr’s AFC Champions League 0-0 draw with Iran’s Persepolis.

The 38-year-old former Manchester United and Real Madrid great appeared to have been brought down by Soroush Rafiei inside the box and Chinese referee Ma Ning pointed to the spot.

Ronaldo leapt to his feet and approached the referee, wagging his finger, shaking his head and telling him there had been no foul.

After consulting VAR, the referee was sent to the pitch-side monitor and reversed his decision in the Group E clash in Riyadh.

The Saudi Pro League side had to play most of the match with 10 men after Ali Lajami was given a straight red card for a shin-raking challenge in the 17th minute.
They also lost Ronaldo to a neck injury with 13 minutes remaining, caused by Persepolis goalkeeper Alireza Beiranvand landing on the Portuguese star when claiming a high ball.

But the 2018 and 2020 Champions League runners-up from Iran were unable to capitalise, the point proving enough for Al Nassr to seal their place in the knockout stages as group winners.

Ronaldo has little time to recover with Al Nassr facing Al Hilal on Friday in a top-of-the-table league clash.
Al Ittihad On Course
Saudi Arabian champions Al Ittihad are two points clear at the top of Group C after a 2-1 win at Uzbekistan’s AGMK FC.

Moroccan Abderrazak Hamdallah scored twice in four first-half minutes before Martin Boakye pulled one back for the hosts with 12 minutes remaining.

Two-time winners Al Ittihad, under new manager Marcelo Gallardo, need to avoid defeat at home to second-placed Sepahan in the final round of matches next week to go through as group winners.

The Iranian side defeated Iraq’s Air Force Club 1-0 at the Azadi Stadium in Tehran, despite having two players sent off.
Sepahan’s Farshad Ahmadzadeh scored the only goal from close range in the fourth minute before Mohammad Hosseinnezhad was sent off just before half-time.

Hadi Mohammadi was then red-carded on 90 minutes forcing Sepahan to hold out with nine men for 12 minutes of added time under an Air Force bombardment to secure the three points.

Uzbekistan’s Nasaf Qarshi moved top of Group B with a 3-1 win at home to Jordan’s Al Faisaly, and Qatari side Al Sadd kept their hopes alive by beating Sharjah 2-0 in the UAE.

Nasaf are top on 10 points ahead of their final match against Al Sadd, who are third on seven points with Sharjah, who face a trip to Al Faisaly, second on eight.

The group stage this year returned to a home-and-away group format for the first time since 2020 and expanded to 40 teams.

It rounds off in the West Zone next week with the five winners from Groups A to E and three best runners-up going through to the last 16 in February.

On Tuesday and Wednesday the final two rounds of East Zone matches kick off to decide the other eight teams in the last 16 from Groups F to J.

The quarter-finals will be played in March, the semi-finals in April, with the two-legged final in May.

 

NATO Signs $1.2bn Artillery Shell Deal

  The push to refill stocks and ramp up output comes as doubts swirl over future support for Ukraine from key backer the United States. NATO...