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Npower Latest News: Npower Payment Update as at December 2

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Npower

The Npower programme has been under a lot of criticism lately for its inability to pay the programme’s beneficiaries their stipends since September. This article will be providing updates concerning the programme, payment of stipends and other updates concerning it.

Earlier in the week, the National Social Investment Management System (NASIMS) posted on its Facebook page that there had been a reversal of payment status. NASIMS apologized for the incident, saying that the reversal was caused partly by instability in network, causing it to bounce back after waiting days to “clinch the next payment process has elapsed.” They stated that they were working on resolving it, and all qualified beneficiaries would be paid eventually.

Then on Thursday, NASIMS addressed a Facebook post to the unpaid beneficiaries of Batch C1. The post informed beneficiaries that payment of the outstanding September stipend had begun.

This comes at a period when the affected beneficiaries are going through a frustrating period, considering the economic situation of the country (with rising prices of food and other products) approaching the festive period. It will come as a relief to many that at least one part of the outstanding payments has commenced, when the demand for the payment has been high in recent weeks.

NASIMS then implored the beneficiaries to continue monitoring their accounts closely, in case they are credited with their stipends without receiving any alerts. The Management System also confirmed that correction of any issues associated with payment is still ongoing, and once again assured the beneficiaries that all those concerned and qualified will be paid.

After posting the update concerning the September payment, NASIMS went ahead to speak concerning the October and November stipend payments. The Management System once again stated that in order to avoid false information, beneficiaries should bear in mind that the payment of the October and November stipends have not started.

NASIMS said that it was still working on issues concerning payment and hoped to settle everything as soon as possible.

Travel

Singapore Tops Passport Power Rankings, Overtakes European Rivals

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Singapore has reclaimed its position as the holder of the world’s most powerful passport, surpassing European countries such as France, Germany, Italy, and Spain.

According to the Henley Passport Index, Singaporean citizens can now enjoy visa-free access to 195 destinations globally, placing the city-state at the top of the rankings.

The Henley Passport Index, which uses data from the International Air Transport Association, evaluates 199 passports and their access to 227 destinations.

The latest update sees Singapore leapfrogging previous leaders, with the European quartet and Japan now sharing second place.

In third place are Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, and Sweden, whose passport holders have visa-free access to 191 destinations.

This is the first time seven nations have occupied this spot together.

Juerg Steffen, CEO of Henley & Partners, emphasized the significance of passport strength in today’s globalized world.

“The ability to travel visa-free is more than convenience; it’s a powerful economic tool driving growth, fostering international cooperation, and attracting foreign investment.”

While Singapore rises, the United States continues its decline, now ranking eighth, a drop from its former position at the top alongside the UK a decade ago. The UK, meanwhile, has slipped to fourth place.

At the bottom of the list, Afghanistan remains the weakest passport, offering visa-free entry to just 26 destinations.

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Netflix’s Premium Plan Sees 40% Price Hike Amidst Nigerian Inflation

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Netflix

Netflix has increased its subscription prices in Nigeria with the Premium Plan seeing a 40% hike from ₦5,000 to ₦7,000 per month.

According to the updated pricing on Netflix’s website, the Standard Plan, popular for its HD quality and multi-screen options, now costs ₦5,500, up from ₦4,000—a 37.5% rise.

Meanwhile, the Basic Plan increased by 21% to ₦3,500, and the Mobile Plan saw a dramatic 83% jump from ₦1,200 to ₦2,200.

In April, Netflix adjusted its Premium Plan from ₦4,400 to ₦5,000 and its Standard Plan from ₦3,600 to ₦4,000. The Basic Plan remained unchanged at ₦2,900 during that period.

The company stated these changes were part of a broader strategy to enhance revenue and support its expanding content offerings.

This latest hike comes amid soaring inflation in Nigeria, which has significantly impacted the cost of living.

As food and essential goods prices rise, many Nigerians find entertainment subscriptions increasingly unaffordable.

Netflix’s price adjustments are not limited to Nigeria; similar increases have occurred in major markets like the United States, United Kingdom, and France.

In October 2023, both the Basic and Premium plans experienced hikes in these countries as part of Netflix’s global pricing strategy.

The frequent price hikes have sparked concern among Nigerian subscribers who already face economic challenges. Many are reevaluating their subscriptions as home entertainment costs continue to climb.

As Netflix continues to adjust its pricing to sustain growth and content expansion, Nigerian consumers are left weighing the value of their streaming subscriptions against other financial priorities.

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Travel

Airline Stocks Tumble as Ryanair Cuts Summer Fare Forecast

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Ryanair’s announcement of a significant cut in summer fare expectations has sent ripples through the airline industry, causing stocks to fall sharply.

The no-frills airline reported a nearly 50% drop in profits for the quarter ending June 30, attributing the decline to lower passenger fares and frugal consumer behavior.

Ryanair’s profit before tax fell to €401 million, a stark contrast to the same period last year. This slump is primarily due to a 15% decrease in average passenger fares, as travelers continue to tighten their budgets amid ongoing economic uncertainties.

Chief Executive Michael O’Leary highlighted the shift in consumer behavior, noting that “fares are now moving materially lower than the prior year and pricing continues to deteriorate.”

The company’s previous forecast of stable fares has been revised, with expectations now set for a “materially lower” fare structure between July and September.

The announcement triggered a sell-off in airline stocks, with Ryanair’s share price plummeting by 17%.

Other airlines, including EasyJet and Wizz Air, also experienced declines, reflecting broader concerns about the industry’s financial health as customer spending contracts.

Experts are questioning whether the entire sector is facing a downturn, especially as consumers delay booking trips and opt for more budget-friendly options.

Despite the profit drop, Ryanair reported a slight increase in passenger numbers, which helped mitigate a more significant fall in overall revenue.

However, the airline emphasized that its summer performance heavily relies on last-minute bookings, particularly in August and September.

The trend of delayed bookings is partly due to the cost-of-living crisis, which continues to influence consumer spending habits.

This trend aligns with observations from other airlines like Jet2, which noted only modest price increases amid late bookings.

Ryanair’s struggles are compounded by external challenges such as air traffic control strikes and a global IT meltdown, which have led to delays and cancellations.

These issues have further dampened consumer confidence, potentially impacting last-minute booking numbers.

Moreover, Ryanair faces operational hurdles with aircraft deliveries. Boeing has warned that some 737 Max planes expected by next spring will be delayed until summer 2025, posing a threat to Ryanair’s capacity during peak travel periods.

The airline industry is grappling with the end of a post-pandemic boom in pricing, as evident from warnings by other carriers like Lufthansa and Air France-KLM.

As economic pressures mount, the sector must navigate a landscape of cautious consumer spending and logistical challenges.

Ryanair’s latest figures underscore the fragile nature of the current travel market, prompting airlines to reassess strategies to attract budget-conscious travelers while maintaining profitability.

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