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We’re Optimistic Tinubu’s Reforms Will Rejuvenate Nigeria’s Economy – SEC

Securities and Exchange Commission (SEC) has pledged support for the economic reforms of President Bola Tinubu.

Lifestyle Nigeria reports that Lamido Yuguda, SEC Director-General, in a statement on Saturday, said the reforms are intended to revitalise the country’s economy and improve the standard of living of Nigerians.

Yuguda said on the President’s first day in office, there was a remarkable 5.23 percent surge in market capitalisation at the Nigerian Exchange Limited (NGX), driven by “optimistic anticipation of market reforms”.

“It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs,” he said.

“Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy.

“I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future.”

Yuguda said Nigeria outperformed global indices on gains in the all-share index (ASI) and market capitalisation in the first half of 2023, an indication that the economy is being reflated.

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Sierra Leone Energy Minister Resigns Over Electricity Crisis

Sierra Leone has been facing a severe electricity crisis for the past few weeks, leading to the resignation of its Minister of Energy, Kanja Sesay.

Lifestyle Nigeria reports that in his resignation letter, Sesay took full responsibility for the crisis.

As a result, the government has placed the energy ministry under the direct supervision of President Julius Maada Bio, who will be assisted by two other officials.

The electricity crisis came to an end after the government paid $18.5 million to two power providers, Turkish Karpowership and Transco-CLSG group. Sierra Leone owed the two producers $40 million.

Freetown and the cities of Bo, Kenema, and Koidu had been experiencing multi-day stretches without electricity since mid-April.

Karpowership confirmed the payment and has been supplying electricity to Sierra Leone since 2018 from a floating offshore unit.

However, it had reduced its capacity from 65 megawatts to just five in recent months due to payment issues. In September, it had cut supplies to Sierra Leone over unpaid bills.

It had also briefly cut power to Guinea-Bissau in October, citing a protracted period of non-payment as the reason.

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Hardship, Insecurity Fueling Mental Illness In Nigeria – Archbishop

The Catholic Archbishop of Kaduna, Most Rev. Matthew Man-Oso Ndagoso has said that hardship, insecurity and other challenges in the country are pushing so many Nigerians into mental disorder.

Archbishop Ndagoso said this at the 2024 Annual General Assembly of Catholic Archdiocese of Kaduna with the theme; ‘Integrating Mental Health Into Pastoral Care in the Archdiocese of Kaduna’.

The respected cleric said the country has in the last 13 years been going through insurgency, banditry, kidnappings for ransom, farmers/herders conflicts, ethno-religious conflicts, armed robbery, alcohol and substance abuse.

He noted that of late, very high cost of living,l caused mainly by the unplanned and hasty removal of fuel subsidy and the free floating of the Naira which led to its unimaginable devaluation have brought unprecedented and untold hardship on the vast majority of the citizenry, thereby causing mental and physical illnesses.

“Many people have lost, not only their sources of livelihood but above all their homes and ancestral lands. Acute hunger leading to malnutrition and death especially of children are the order of the day in our country today. Many are at a loss. Depression, anxiety and fear of the unknown are on the increase in the land,” the cleric said.

He further blamed insecurity for the people’s mental health, noting that “security challenges seem to be still in the thick of the woods.”

He lamented that the spate of kidnappings for ransom is on the increase in some rural communities.

“We must continue to be vigilant and work together with all security agents especially the local vigilante groups.

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Newspaper Headlines: Five Things You Need To Know This Morning

Newspaper Headlines: Five Things You Need To Know This Morning
  1. Dollar To Naira Exchange Rate For Today 28 April 2024. Read more…
  2. Nigerians Have Invested $1.7bn In Canada – Trade Commissioner. Read more…
  3. Olukoyede Begins Restructuring Of EFCC – Makes New Appointments. Read more…
  4. Yahaya Bello’s Media Office Clarifies Issues Regarding ‘American School Refunding $760k’ Claim. Read more…
  5. IPOB Asks Justice Nyako To Step Down From Kanu’s Case. Read more…

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