BIG STORY

Dele Alake Presents Gold Bars To President Tinubu, Says First Transaction Added $5m To Foreign Reserves

Published

6 months ago

June 24, 2024

Dele Alake, Nigeria’s minister of solid minerals development, has presented refined gold bars to President Bola Ahmed Tinubu, saying the first transaction of the commodity added $5 million to Nigeria’s external reserves.

In a statement on Sunday by Segun Tomori, the minister’s special assistant on media, Alake said the refined gold will be sold to the Central Bank of Nigeria (CBN) to bolster foreign reserves.

According to the statement, the gold bars presented to Tinubu were sourced from artisanal and small gold miners and refined by the Solid Minerals Development Fund (SMDF) to meet the London Bullion Market Association’s good delivery standard over the weekend.

He told the president that the event marked the first commercial transaction under the national gold purchase program (NGPP), a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

Alake said the transaction delivered a $5 million increase in Nigeria’s foreign reserves assets, 70 plus kilograms of gold refined to the London Bullion Market good delivery standard, and a successful aggregation of locally mined gold, thereby injecting about N6 billion into the rural economy.

“The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness,” the minister said.

“It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy.

“This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”

Alake commended Tinubu for supporting reforms in the solid minerals sector, assuring that the NGPP will increase the country’s reserve and boost the naira’s value.

Receiving the gold bars, Tinubu also lauded the ministry for achieving a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda” the president said.

In her remarks, Fatimah Shinkafi, executive secretary of the solid minerals development fund, said the London Bullion Market good delivery standard is the globally recognised stringent and trusted standard that enables the global trade in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London” she said.

Shinkafi said through the efforts of the NGPP, Nigeria has joined a select group of countries that support their gold reserves by purchasing gold in local currency.

She said the initiative aims to foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment.

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BIG STORY

Federal Government Earmarks N827bn For Education Infrastructure In 2025 Budget

Published

12 hours ago

December 18, 2024

PorscheClassy News

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has announced that the Federal Government has disbursed a total of N34bn in loans to students studying at tertiary institutions across the country through the “Nigeria Education Loan Fund.”

The President made this statement on Wednesday while presenting the N49.7tn 2025 budget estimates to a joint session of the National Assembly. He also highlighted that the government has allocated N826bn for infrastructure development in the education sector for the 2025 fiscal year.

He stated, “Our administration has so far disbursed N34bn to over 300,000 students via the Nigeria Education Loan Fund.”

“In the 2025 budget, we have made provision for N826.90bn for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education and the nine new higher educational institutions.”

He continued, “We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated N402bn for infrastructure investments in the health sector in the 2025 budget and another N282.65bn for the Basic Health Care Fund.”

“Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians.”

“This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.”

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BIG STORY

President Tinubu Targets N1,500 Per Dollar Rate In 2025 Budget Goals

Published

12 hours ago

December 18, 2024

PorscheClassy News

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Wednesday, stated that the Federal Government aims to stabilise the exchange rate at N1,500 to the dollar to ensure the smooth implementation of the 2025 budget.

This marks a reduction of about N200 from the current rate of N1,700 to a dollar.

President Tinubu made this known while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.

“The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day”, he said.

“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum”. He added.

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BIG STORY

JUST IN: 32 Reportedly Die In Ibadan Children Programme Stampede

Published

14 hours ago

December 18, 2024

PorscheClassy News

At least 32 people have tragically lost their lives during a stampede at a children’s carnival in Ibadan, the Oyo State capital, in the early hours of Wednesday.

A statement from the Commissioner for Information and Orientation, Prince Dotun Oyelade, revealed that the stampede occurred at a private children’s funfair at Islamic High School, Basorun, resulting in the deaths of 32 people, mostly children, with some others sustaining injuries.

He mentioned that the state government promptly deployed a rapid response team to the site following the incident.

The commissioner confirmed that the victims have been transported to various hospitals across Ibadan for medical treatment.

While thanking the Commissioner for Health, Dr. Oluwaserimi Ajetunmobi, for quickly activating all available response teams to assist at the scene, Oyelade emphasized that the state government will do everything possible to support the victims of the stampede during this difficult time.

He noted that the sate government was not involved in the planning of the carnival, adding that the Ministry of Health was also not carried along in the organisation of the private end of the year children funfair.

Oyelade emphasised the importance of proper coordination when organising events of such magnitude, especially those involving children and elders.

“We are currently awaiting a detailed report from the Commissioner of Police to clarify the total number of victims involved in this unfortunate incident,” he said.

The commissioner urged parents who are concerned about the whereabouts of their children to check the following medical facilities in Ibadan where affected children were taken for proper medical attention, with a valid means of identification:

Patnas Hospital, Basorun
Western Hospital, Basorun
Ringroad State Hospital
Molly Specialist Hospital
University College Hospital (UCH)

“Oyo State Government extends its deepest sympathies to the families affected by this tragedy while also urging the public to remain calm and cooperative as relevant pieces of information are gathered and necessary supports arranged for the victims,” he added.

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