The mining sector remits N1.1tn to the federation account – NEITI
A new report by the Nigerian Extractive Industries Transparency Initiative shows that Nigeria’s mining and extractive sector paid N1.14 trillion to the federal government between 2019 and 2023.
This money was then shared equally among federal, state, and local governments, showing the sector’s importance to Nigeria’s economy.
However, the report also found that 1,619 companies still owe the government N680.3 million in unpaid fees and royalties.
These findings were published in the 2022/23 Solid Minerals Industry report, titled “Unleashing Potentials of the Solid Mineral Sector: Assessing the Implementation of the Nigeria Mining Road Map.”
One of the world’s dirtiest fuels is staging a price rally
The market for one of the world’s most polluting ship fuels is seeing a dramatic price increase, driven by ships taking longer routes to avoid Middle East conflicts.
High-sulfur shipping fuel, known for being both unclean and harmful to the environment, has seen its price rise sharply in recent weeks, according to Bloomberg data. In Singapore, one of the world’s largest ship refuelling ports, prices for this high-sulfur fuel oil have climbed above a key regional oil price benchmark, showing strong demand.
By Wednesday evening, this fuel was selling for just $1 less per barrel than Dubai crude oil prices, Bloomberg fair value data showed. This is a major change from early September when it was selling for $11 less per barrel.
Botswana headed to the polls with diamond downturn in focus
Botswana began voting Wednesday in an election that will decide if President Mokgweetsi Masisi gets another term in office, with voters focused on the country’s slowing economy caused by falling diamond sales.
Masisi’s Botswana Democratic Party (BDP), which has ruled since 1966, is still expected to win despite losing some support. In Botswana’s system, voters choose parliament members, and the party with the most seats picks the president.
The opposition UDC party has promised to raise the monthly minimum wage from 1,500 Botswana pula ($112) to 4,000 pula if they win.
The economy has been the main campaign issue. Though Botswana is among sub-Saharan Africa’s richest countries per person, problems in the global diamond market have cut its expected economic growth for 2024 to just 1%.
As the world’s top diamond producer by value, Botswana has found it hard to grow other parts of its economy.
Opposition parties have blamed Masisi for the slower growth, high unemployment and inequality. Masisi says his job creation plans were delayed by COVID-19 but are still moving forward.
Read Also: BusinessDay 31 Oct 2024
Reps want airstrip licences withdrawn from Canaanland, others
The House of Representatives has asked the Federal Government to cancel all private airstrip licenses for national security reasons.
The House also called for an immediate stop to giving new airstrip licenses to individuals and organisations.
These decisions came after members approved a motion brought by Abubakar Gumi, who represents Gummi/Bukkuyum Federal Constituency of Zamfara State. Gumi, who switched from the Peoples Democratic Party to the All Progressives Congress during Wednesday’s session, brought the motion as an urgent public matter.
Explaining his motion, Gumi pointed out that recently, “The Federal Government, through the Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed the approval of an airstrip for Living Faith Church situated on Canaanland in Ota, Ogun State.”
He added that on Sunday, October 6, 2024, “The Founder of Living Faith Church, also known as Winners Chapel, Bishop David Oyedepo, during the Tehillah Night special edition at Covenant University Chapel, Canaanland, Ota, Ogun State, informed his congregation of the approval of an airstrip granted by the Federal Government to his church.”
Gumi reminded the House that in September 2014, “a prominent religious leader was linked with a private jet used to convey $9.3m in cash to South Africa for the purchase of arms.”
North Korea is testing its longest-ever intercontinental ballistic missile
North Korea conducted what appeared to be its longest-ever intercontinental ballistic missile test on Thursday as South Korea warned Pyongyang could seek missile technology from Russia in exchange for deploying troops to help with the war in Ukraine.
The missile was launched on a sharply lofted trajectory from an area near the North’s capital and splashed down about 300 km (190 miles) west of Japan’s Hokkaido, recording the North’s longest-ever ICBM flight time.
The muscle-flexing by Pyongyang came a day after Seoul reported signs the North may test-launch an ICBM or conduct a seventh nuclear test around the U.S. presidential election on Tuesday, seeking to draw attention to its growing military prowess.
The launch drew swift condemnation from South Korea, Japan and the U.S., coming amid rising international alarm over North Korea reportedly dispatching thousands of troops to Russia to support its war in Ukraine.
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