Kaduna State Risk Profile Vulnerable, Revenue Weaker, Says Fitch

Kaduna State Risk Profile Vulnerable, Revenue Weaker, Says Fitch

Fitch has considered the Kaduna risk profile vulnerable while the international rating agency assesses the state risk profile as weaker, according to a new report. The state is heavily burdened by borrowing which has continued to impact its budget as debt services hinder budget performance. In the report, Fitch said that Kaduna’s fast-growing population of over 8 million residents and the traditionally strong primary sector contribute to weak socio-economic standards. It added that a large informal economy hinders private sector development, which ultimately affects the internal revenue generation (IGR) tax base. Given…

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Kano Govt Bans House Sales, Rents To Checkmates Bandits

Kano Govt Bans House Sales, Rents To Checkmates Bandits

Kano State government, in its effort to checkmate the movement of bandits fleeing from other states into its towns, has directed that no landed property (house or land) should be rented out or sold to any individual or group without prior due reference to and clearance by the district head or his accredited representatives. This was just as the directive cautioned land agents not to violate the directive, and urged them to comply with it, adding that non-compliance would be construed as deliberate and calculated connivance and collaboration with criminal…

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Lagos State Fiscal Debt Burden To Hover Towards 150% – Report

Lagos State Fiscal Debt Burden To Hover Towards 150% – Report

Lagos State fiscal debt burden, a measure of debt to revenue ratio has been projected to hover around 150%, Fitch Ratings said in a new report, adding that its fiscal flexibility relies on the wide but not fully exploited tax base on which it has no tax-setting power. Nigeria’s Debt Management Office (DMO) domestic borrowings record shows that Lagos has more than N507 billion exposure. As of December 2020, the state owed a total sum of $1.406 billion – $1.262 billion exposure to multilateral lenders and $143.830 to bilateral lenders. In…

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NNPC Refineries Generate Zero Revenue, Pay Workers N69bn – Financial Report

NNPC Refineries Generate Zero Revenue, Pay Workers N69bn – Financial Report

Workers at the government-owned refineries were paid a total of N69.07bn last year, even as the plants generated zero revenue as they did not process a single barrel of crude oil. The refineries suffered a combined loss of N108.29bn in 2020, compared to N162.22bn in the previous year, according to data collated from their audited financial statements released by the Nigerian National Petroleum Corporation (NNPC) on Wednesday. The plants, which are located in Port Harcourt, Kaduna, and Warri, have a combined installed capacity of 445,000 barrels per day but have…

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Kemi Adetiba And JRR Tolkien Walk Into A Bar… Review Of Kobs- Joba Ojelabi

Kemi Adetiba And JRR Tolkien Walk Into A Bar… Review Of Kobs- Joba Ojelabi

Coincidences are fascinating Kemi Adetiba’s King of Boys: The Return of the King, lends itself easily to coincidence. What are the odds that half a century after J.R.R Tolkien’s timeless trilogy, we would have a similar Nigerian story with the same title? Although both stories focus on wars around a ring, where Tolkien depends on high fantasy, Adetiba’s crime thriller is anchored on realism. Not a neophyte, Kemi Adetiba has evolved from a music video director to a top auteur in Nollywood. Daughter of Mayen Adetiba, an actor reputed for major…

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Twenty Years After 9/11, One Of The Last U.S. Marines killed In Afghanistan Comes Home

Twenty Years After 9/11, One Of The Last U.S. Marines killed In Afghanistan Comes Home

U.S. Marine Sergeant Johanny Rosario returned to her hometown in Massachusetts in a casket on Saturday, one of the last American service members killed in Afghanistan during a war set in motion exactly two decades ago by the Sept. 11, 2001 attacks. Several hundred people gathered near the Farrah Funeral Home in Lawrence, Mass., where Rosario’s remains arrived in a black hearse with a police motorcycle escort. Marines in dress uniform carried the casket into the funeral home, as veterans in the crowd, some of whom had not worn a…

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Prince Charles Might Step Aside And Give Prince William The Throne After The Queen Dies

Prince Charles Might Step Aside And Give Prince William The Throne After The Queen Dies

Prince Charles is next in line for the British throne but apparently, some royal insider types aren’t convinced he really wants to take on all the stress that comes with being the monarch, apparently. According to Princess Diana’s former voice coach, Stewart Pearce, thinks Charles might abdicate and pass the crown directly to his oldest son, Prince William when the time comes. “He [Charles] may not take the throne, he may hand it to his young son,” Pearce said. “He doesn’t want to do it, such a difficult task.” Pearce also…

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Polish Nun, Cardinal Who Defied Communism Are Beatified

Polish Nun, Cardinal Who Defied Communism Are Beatified

Poland’s top political leaders on Sunday attended the beatification of two revered figures of the Catholic church a cardinal who led the Polish church’s resistance to communism and a blind nun who devoted her life to helping others who couldn’t see. The beatification of Cardinal Stefan Wyszynski and Mother Elzbieta Roza Czacka takes place at a time of declining church attendance and as some Poles have left the church over sex abuse scandals and the church’s coziness with the current right-wing government. In a time of growing secularization and societal…

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Ronaldo Returns With Brace For Man Utd

Ronaldo Returns With Brace For Man Utd

Cristiano Ronaldo returned to the English Premier League with a bang as he grabbed a brace for Manchester United against Newcastle United on Saturday. The game ended 4-1 in favour of United as they outclassed Newcastle. Ronaldo started the match on his second stint at Old Trafford. The crowd was huge, many were expecting him to perform the magic that had made him a superstar over the years and he did not disappoint. With the game heading for a 0-0 for the first half, Ronaldo scored on two minutes added…

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Rele Present Chidinma Nnoli’s Solo Exhibition At Its Armory Show

Rele Present Chidinma Nnoli’s Solo Exhibiion At Its Armory Show

Rele Gallery threw open the doors to this year’s edition of the Armory Show for the solo presentation of new work by contemporary Nigerian artist Chidinma Nnoli.  According to the gallery, the presented works “Not All Who Wander Are Lost (Wanderlust)” is a continuation of the artist’s earlier series “A Poetry of Discarded Feelings” which explores the idea of purity culture and the role it plays in restraining and policing sexual autonomy of women in contemporary society. “This body of work focuses on the freedom of finding oneself and gaining autonomy…

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