Weather forecast: Dust haze sweeps across northern Nigeria, thicker in some states
According to the Nigerian Meteorological Agency, Thursday’s weather forecast shows that there will be a bit of dust in the air over the northern part of the country.
In places like Kebbi, Katsina, Kano, and Kaduna, the dust will be a bit thicker, but not too much.
In the central part of the country and some cities in the south, there will be a moderate amount of dust, and the visibility might be a bit reduced.
Along the coast, there will also be a moderate amount of dust during the forecast period, which means for the next few days.
FG approves disbursement of N5.1bn for Tetfund research
The Federal Government has approved N5.1 billion for research proposals under the TETFund National Research Fund 2023 Grant Cycle.
Tahir Mamman, the Minister of Education, sanctioned the funding for Science, Engineering, Technology, and Innovation (SETI), Humanities and Social Science (HSS), and Cross-Cutting (CC) projects.
The approval includes 185 research proposals, ranging from N8 million to over N46 million, covering initiatives like water quality management, maize yield improvement, electric vehicles, and renewable energy storage.
The National Research Fund aims to boost cutting-edge research addressing societal needs and fostering economic growth.
ABCON blames hoarding of dollars for naira depreciation
Bureau de Change operators in Nigeria are expressing concern over the devaluation of the naira, revealing that many Nigerians are opting to save in U.S. dollars due to the currency’s declining value.
The National President of the Association of Bureau De Change Operators, Aminu Gwadabe, emphasised the need for a more liquid forex market. He deemed the $2.2 billion released by the African Import-Export Bank insufficient, citing potential exhaustion within 10–15 days.
Analysts suggest Nigerians are proactively buying dollars to hedge against future devaluation.
FAAC: Customs, others shared N54bn in November
In November, Nigeria’s revenue-generating agencies, including the Customs Service and the Revenue Service, shared N53.5 billion as the cost of revenue collection.
The Federation Account Allocation Committee disbursed N1.35 trillion to the federal, state, and local governments in November 2023.
The Federal Government received N323.35 billion, states shared N307.72 billion, and local governments received N225.21 billion.
The disbursement included funds from the Statutory Account, Exchange Gain, Non-Oil Revenue, Electronic Money Transfer Levy, and Value Added Tax. Nine oil-producing states also shared N50.67 billion from the 13 percent derivation fund.
Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
Oil prices inched up on Thursday due to OPEC’s optimistic forecast of robust global oil demand growth and disruptions in U.S. production caused by freezing temperatures.
Brent crude rose 28 cents to $78.16, and U.S. WTI crude climbed 34 cents to $72.90. OPEC predicted a 1.85 million barrels per day demand increase in 2025.
In North Dakota, extreme cold slashed oil output by 650,000 to 700,000 bpd.
The International Energy Agency expects a balanced oil market in 2024. US strikes in Yemen followed Houthi attacks on Red Sea ships.
