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Pilot Dies as Two Air Force Jets Crash in Abuja, Buhari Mourns

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Fighter Jet

Two jets belonging to the Nigerian Air Force yesterday suffered a midair collision at the Katampe area of the Federal Capital Territory, Abuja, which claimed the life of one of the pilots, Squadron Leader Bello Baba-Ari.

President Muhammadu Buhari lamented of the tragedy and consequent delegation of the Chief of Staff, Malam Abba Kyari and his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, to visit the two surviving co-pilots at the Defence Intelligence Agency Hospital, Abuja yesterday.

The aircraft were said to be taking part in the rehearsals for the 58th Independence Day celebrations when collision occurred.

The Chief of Air Staff, Air Marshal Sadiq Abubakar, yesterday said the Nigeria Air Force had constituted a board of inquiry to investigate the cause of the crash of military jets which claimed the life of Baba-Ari, in Abuja.

The remains of the deceased was committed to mother earth at the Military Cemetery along Airport Road, Abuja yesterday.

At the hospital, Kyari commiserated with survivors of the crash, saying Buhari was saddened by the incident and consequently instructed them to visit them in the hospital.

Kyari said: “I wish you quick recovery. The President said we should come and see you and wish you well. He is fully aware. He has been informed on what happened. We are proud of your service to your country.”

Also speaking, Abubakar who said a board of inquiry had been put in place to unfold the cause of the crash, lamented that the officers were embarking on the last rehearsal in preparation for Nigeria’s 58th Independence Anniversary scheduled to hold on Monday, October 1.

The Air Force chief who described yesterday’s tragedy as one of such incidents which sometimes occur in the course of discharging their responsibilities, regretted the loss of one of the pilots, adding that the survivors were in stable conditions.

He said: “Well, I think that is the tragic nature of our job. As combat pilot, sometimes things terrible happen and this is one of those days. These officers have been rehearsing for the 58th anniversary of their country.

“Everybody was full of enthusiasm, excited to be part of the celebration, unfortunately we had this incident this afternoon. We have set up a board of enquiry to clearly understand what really happened. This was supposed to be the last rehearsal before the actual flying on the 1st of October.

“It is very unfortunate that we lost one of them, but we are also consoled by the fact that we have two of the pilots here who are in stable condition, they have been visited by the Chief of Staff and I have also visited them

“Like I said, this is something that has to do with the profession of flying combat aircraft and sometimes you can’t avoid these things from happening.”

According to him, his family had been briefed and his father and wife saw the corpse before it was interred.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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