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August 17, 2023 NNPC Obtains $3 Billion Loan To Support Naira Stability
IFMNEWS

NNPC Obtains $3 Billion Loan To Support Naira Stability

The Nigerian National Petroleum Company (NNPC) Limited has obtained a $3 billion Emergency Crude Repayment Loan from Short-Import Bank (AFREXIM Bank).

 In a concise announcement, NNPC revealed that the commitment letter for the loan was executed at the headquarters of AFREXIM Bank in Cairo, Egypt. This strategic move is intended to support the Federal Government's ongoing fiscal and monetary reforms, focusing on stabilising the exchange rate market.

This development follows closely after the acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, affirmed the CBN's plans to enhance liquidity in the foreign exchange market. Shonubi shared that he had engaged in discussions with President Tinubu, who expressed concerns about market dynamics and their repercussions on the populace.

Shonubi emphasised that the fluctuations in the market are largely fueled by speculative demand. He expressed confidence that the imminent measures to be enacted by the CBN will substantially impact the market.

In his nationwide address on July 31, President Tinubu stated that his administration is diligently monitoring the effects of exchange rates and inflation on Premium Motor Spirit (PMS) prices (commonly known as petrol). He assured that interventions would be made when deemed necessary.

August 17, 2023 Workers Demand Results As Tinubu Heads Petroleum Ministry
IFMNEWS

Workers Demand Results As Tinubu Heads Petroleum Ministry

Expectations Rise as President Tinubu Assumes Leadership of Petroleum Ministry

The oil industry workforce is voicing its anticipation for tangible outcomes as President Bola Tinubu oversees the Petroleum Ministry.

Following the tradition set by his predecessor, President Tinubu has appointed himself to lead the Petroleum Ministry. At the same time, former Senator Heineken Lokpobiri assumes the Minister of State for Petroleum Resources position.

The official swearing-in ceremony for the Ministers is scheduled for Monday at the State House Conference Center in Aso Villa, Abuja, with President Tinubu administering the oath.

According to a statement released by Willie Bassey, the Director of the Information Office of the Secretary to the Government of the Federation, each Minister can bring two guests to the event.

Lumumba Okugbawa, the General Secretary of the Petroleum and Natural Gas Senior Staff Association of Nigeria, expressed that there is no inherent issue with the President concurrently serving as the head of the petroleum ministry. As the oil industry looks ahead, expectations for results and advancements are running high.

August 17, 2023 I Won’t Disappoint – Keyamo Promises Tinubu After Ministerial Appointment
IFMNEWS

I Won’t Disappoint – Keyamo Promises Tinubu After Ministerial Appointment

New Minister of Aviation and Aerospace Development, Festus Keyamo, Commits to Delivering as He Expresses Gratitude to President Bola Tinubu

Festus Keyamo, recently appointed Minister of Aviation and Aerospace Development, has assured President Bola Tinubu that he will uphold the responsibilities of his ministerial role without fail. The commitment was shared by Keyamo through his X (formerly Twitter) account on Wednesday evening.

In his statement, he conveyed his gratitude to the President, saying, 'Thank you, Mr. President. On my honour, I promise not to disappoint.'

Notably, Keyamo previously served as the Minister of State for Labour and Employment in the administration of former President Muhammadu Buhari. His history in government positions lends experience to his new role.

During the process of his ministerial screening, an incident arose in the Senate when Senator Darlington Nwokocha (LP, Abia Central) accused Keyamo of insulting lawmakers in the Ninth Assembly. The situation led to an uproar within the Senate chamber.

However, after Senate President Godswill Akpabio intervened and restored order, Keyamo apologized and explained the incident."

August 17, 2023 Inauguration Of New Ministers By Tinubu Scheduled For Monday
IFMNEWS

Inauguration Of New Ministers By Tinubu Scheduled For Monday

President Bola Tinubu is set to administer the oath of office to his newly appointed ministers on Monday, August 21, 2023. The ceremony is scheduled to take place at the State House Conference Centre in Aso Villa, Abuja, commencing at 10 am.

According to a recent statement on Wednesday by Willie Bassey, the Director of the Information Office of the Secretary to the Government of the Federation, each minister is permitted to bring along two guests to the event. The statement outlined the details of the swearing-in ceremony as follows:

Event Details:

  • Date: Monday, August 21, 2023
  • Venue: State House Conference Centre, Aso Villa, Abuja
  • Time: 10:00 AM

Note:

  • All honourable ministers who are to be sworn in are expected to be accompanied by two guests each.
  • All attendees, including honourable ministers and their guests, must be seated by 9:00 am.

For your reference, here is the list of ministers, along with their respective portfolios, as provided by Willie Bassey:

Minister of Art, Culture and the Creative Economy, Hannatu Musawa

Minister of Defence, Mohammed Badaru

Minister of State, Defence, Bello Matawalle

Minister of Education, Tahir Maman

Minister of State, Education, Yusuf Sununu

Minister of Housing &Urban Development, Ahmed Dangiwa

Minister of State, Housing &Urban Development, Abdullahi Gwarzo

Minister of Budget & Economic Planning, Atiku Bagudu

Minister of State, Environment and Ecological Management, Ishak Salako

Minister of Federal Capital Territory, Nyesom Wike

Minister of State, Federal Capital Territory, Mairiga Mahmud

Minister of Water Resources and Sanitation, Joseph Utsev

Minister of State, Water Resources and Sanitation, Bello Goronyo

Minister of Agriculture and Food Security, Abubakar Kyari

Minister of State, Agriculture, and Food Security, Aliyu Abdullahi

 Minister of Interior, Saidu Alkali

Minister of Foreign Affairs, Yusuf Tuggar

Coordinating Minister of Health and Social Welfare; Ali Pate

Minister of State, Health and Social Welfare, Tunji Alausa

Minister of Police Affairs, Ibrahim Geidam

Minister of State, Police Affairs, Imaam Sulaiman-Ibrahim

Minister of Steel Development, Shuaibu Audu

Minister of State, Steel Development, U. Maigari Ahmadu

Minister of Information and National Orientation, Muhammed Idris

Attorney General of the Federation and Minister of Justice, Lateef Fagbemi

Minister of Labour and Employment, Simon Lalong

Minister of State, Labour, and Employment, Nkiruka Onyejeocha

Minister of Special Duties and Inter-Governmental Affairs, Zephaniah Jisalo

Minister of Communications, Innovation, and Digital Economy, Bosun Tijani

Minister of Finance and Coordinating Minister of the Economy, Wale Edun

Minister of Marine and Blue Economy, Bunmi Tunji-Ojo

Minister of Power, Adebayo Adelabu

Minister of Solid Minerals Development, Dele Alake

Minister of Tourism, Lola Ade-John

Minister of Transportation, Adegboyega Oyetola

Minister of Industry, Trade, and Investment, Doris Anite

Minister of Innovation, Science and Technology, Uche Nnaji

Minister of Works, David Umahi

Minister of Aviation and Aerospace Development, Festus Keyamo

Minister of Youth, Abubakar Momoh

Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu

Minister of State, Gas Resources, Ekperipe Ekpo

Minister of State, Petroleum Resources, Heineken Lokpobiri

Minister of Sports Development, John Enoh

Minister of Women Affairs, Uju Kennedy

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