Nigeria’s inflation rate slows first time in 20 months
Inflation rate has dropped to 18.12 percent in April from 18.17 percent recorded in March, according to data from the National Bureau of Statistics. This is the first time in 20 months that inflation has slowed, beating analyst expectations. The unexpected drop in the annual price level can be partly attributed to the decline in the food sub-index. Food inflation rate declined to 22.75 percent in April from 22.95 percent in March. Katsina had the lowest inflation rate (15.58%), followed by Kwara (15.7%) and Abia (15.94%). The states with the highest inflation rates are predominantly Northern states – Kogi (24.33%), Bauchi (22.93%) and Sokoto (20.96%).
Bitcoin plunges 30% as negative news dampened sentiments
Negative news dampened sentiments for bitcoin over the past week. On Wednesday, Bitcoin dipped 30 per cent to $31,000, wiping out $500 billion from its peak market value. Ethereum was down 40 per cent and Dogecoin was down 45 per cent. Bitcoin’s upheaval came on the back of Elon Musk’s tweets. It soared when Musk said that Tesla will accept Bitcoin in payments for its cars. It nosedived after Musk said that the company will no longer accept Bitcoin as payments. Additionally, China has banned crypto transactions. The country has asked financial institutions and payment companies to not provide services related to cryptocurrency transactions and warned investors against speculative crypto trading.
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Asisat oshoala becomes first woman to win UEFA champions league
Nigeria and Barcelona’s Asisat Oshoala is the first African winner of the European Women’s Champions League. The 26-year-old striker starred as a second-half substitute as Barcelona Femenino blew Chelsea away 4-0 to win their first Women’s Champions League title in the Swedish city of Gothenburg. She scored the fifth goal in the last minutes of the game but it was ruled offside. “I hope this will continue to inspire other young girls in Africa and motivate everyone around the world that you can achieve whatever you put your mind to and work hard for it,” she said after the match. Two years ago Oshoala claimed another notable first as she became the first African to play and score in the Women’s Champions League final as they lost 4-1 to Lyon.
Elon musk is no longer world’s richest or second richest person
As Elon Musk’s Twitter posts keep sending Bitcoin prices tumbling, his own fortune is heading in the same direction. On Monday, Tesla Inc.’s chief executive officer lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle-maker’s shares fell 2.2 percent. The co-founder of Tesla and SpaceX, was ousted by Bernard Arnault, president of LVMH, this because the value of Tesla shares fell 24 percent since January to go from a price of 900 dollars to 580 currently. According to Bloomberg Billionaires index, Elon Musk lost his place as second richest person in the world. In January Musk even ranked as the richest man in the world, beating Amazon’s Jeff Bezos.
Senate proposed 15 years jail term for Nigerians paying ransom to kidnappers
The Senate on Wednesday considered a bill that seeks to prohibit the payment and receipt of ransom for the release of any person kidnapped, imprisoned or wrongfully confined. According to the bill, Nigerians who pay ransom to kidnappers and kidnappers who receive ransom risk 15 years imprisonment. The Terrorism Prevention (Amendment) Bill, 2021, which scaled second reading during plenary is sponsored by Senator Ezenwa Francis Onyewuchi. Leading debate on the bill, the lawmaker said the piece of legislation seeks to amend the Terrorism (Prevention) Act, 2013 to outlaw the payment of ransom to abductors, kidnappers and terrorists for the release of any person who has been wrongfully confined, imprisoned or kidnapped.
According to Onyewuchi, the bill essentially seeks to substitute for section 14 of the Principal Act a new section to read, “Anyone who transfers funds, makes payment or colludes with an abductor, kidnapper or terrorist to receive any ransom for the release of any person who has been wrongfully confined, imprisoned or kidnapped is guilty of a felony and is liable on conviction to a term of imprisonment of not less than 15 years.” He raised alarm that kidnapping has become a fast and lucrative business, adding that, “it has now remained the most virulent form of banditry in Nigeria and the most pervasive and intractable violent crime in the country.”
Nigeria Governors forum approves full deregulation of petrol N385 pump price.
The Nigeria Governors’ Forum (NGF) on Wednesday at its virtual meeting considered the report of a committee headed by Kaduna State Governor, Mallam Nasir el-Rufai, and accepted its recommendation that backs full deregulation of petrol, and suggests that the pump price of the product should hover around N385 per litre. The committee also recommended that the federal government should buy 113 buses to cushion the effects of the price increase. El-Rufai’s six-man committee was set up early this year by the National Economic Council (NEC) headed by Vice President Yemi Osinbajo to look into the dwindling revenues of states and make recommendations to the council. Presenting the report to his colleagues, el-Rufai reportedly said the increase in the price of petrol to N385 per litre would help stem the increasing smuggling of the product to neighbouring countries. According to him, if petrol sells at N385 per litre, FAAC would gain between N1.3 trillion and N2. 2.3 trillion per annum. The committee also recommended that the federal government should sell the three refineries after rehabilitation.
