Tension has continued to mount in Anambra State following the consistent destruction of newspapers and newsstands in various cities in the state. According to Vanguard, Newspapers being destroyed were Vanguard, The Nation, The Sun, Punch, Guardian and other publications by agitators.   For the past one week, touts engaged by the Awka Capital Territory Development Authority, ACTDA, have been beating up newspaper vendors in the state. On Thursday, the government -empowered touts descended on the vendors at the popular Aroma junction in Awka, destroying their tables and POS machines. The touts boasted that they would continue the battle against the vendors, asking them to report to whoever they chose to.They claimed that the governor was fully aware of what they were doing and supports their action. One of the vendors, Nancy, who cried profusely wondered why Governor Chukwuma Soludo should allow touts to be destroying the means of livelihood of poor people. She urged proprietors of the various newspapers to prevail on the governor to stop the harassment of vendors in the state, warning that they would soon stop selling newspapers in Anambra State. In spite of booing by passersby, the touts continued their operation. Last week, the action of ACTDA officials attracted the attention of the state lawmakers, who frowned at the ongoing destruction in the state capital. They advocated for the setting up of mini markets to put an end to street trading and associated effects on the state capital. “There are many quarters within Awka Metropolis where government can establish local mini-markets to serve the people living within those areas. “It is almost impossible to secure a shop within the already established markets and the cost of the limited shops available are high and exorbitant for poor people to rent. “The creation of mini-markets within Awka will be a solution to the menace of street trading and serve as a means of encouraging micro businesses, thereby achieving the goals of making Anambra a livable and prosperous homeland”, the member representing Awka South 1 constituency, Hon Henry Mbachu who sponsored the motion said.

  The House of Representatives has resolved to stop sports betting in the country and urged the National Lottery Regulatory Commission (NLRC) to comply with the Lottery Regulatory Commission Act, 2005. The resolution followed the adoption of a motion by Rep. Kelechi Nwogu (PDP-Rivers) at plenary in Abuja on Thursday. The News Agency of Nigeria (NAN) had earlier reported that approximately 60 million Nigerians aged between 18 and 40 engage in sports betting.   According to him, weak or neglected regulations of sports betting have given rise to mental health problems such as depression, anxiety, and addiction. Nwogu added that it had also led to strain or broken relationships due to lying or stealing from friends and family, financial problems, legal issues, and job loss due to excessive loss or debt. “Betting has given rise to an increased crime rate and eventual suicide,” he said. He harped on the need for campaigns to prevent the negative social impact of lottery and underage participation. Adopting the motion, the House urged the Federal Ministry of Information and National Orientation to conduct a comprehensive nationwide campaign to raise public awareness about the negative impact of youth participation in sports betting. The House also mandated the Committee on Inter-governmental Affairs to conduct a public hearing on the dangerous effects of sports betting in Nigeria. It urged the committee to report back to it within four weeks for further legislative action. NAN reports that data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending an average of 15 dollars daily. NAN reports that Nigerians spend an estimated 975 million dollars daily on online sports betting, which amounts to about 356 billion dollars annually. (NAN)

  Several people have been feared dead and many others injured after suspected herdsmen attacked the Adijah community in Ugbokpo, Apa local government area of Benue state. The incident which reportedly happened on Thursday afternoon, has caused residents to flee to neighbouring villages The attackers were said to have stormed the village, which is located a few kilometres away from the Otukpo-Oweto Road, and opened fire on residents, killing an unspecified number of villagers. The number of casualties was yet to be ascertained as at the time of filing this report. More to follow…..

  The Nigerian Upstream Petroleum Regulatory Commission is currently considering relocating some of its units to Lagos, according to a document seen by Channels. The memo dated February 14, 2024, said the decision was to enhance its service delivery, reduce operational costs, and make adequate utilisation of its assets in Lagos. “In line with our objectives of improving organizational efficiency, driving industry growth, and managing office accommodation in Abuja, we are exploring the possibility of relocating certain units to Lagos. “This initiative is driven by the need to enhance our service delivery, reduce operational costs, and make adequate utilization of our assets in Lagos. “Consequently, we are requesting that each department identify and provide a list of units that can operate independently with minimal supervision. “Submissions on the above are expected on or before the close of business on Friday 23rd February 2024. “This is submitted for your further necessary action, please.” The memo was signed by Dr Kelechi Onyekachi Ofoegbu on behalf of the Commission. The development comes on the heels of the recent relocation of the Federal Airport Authority of Nigeria (FAAN) headquarters to Lagos.

  Zacheus Adedeji, chairman of the Federal Inland Revenue Service (FIRS) has faulted the three-year-old N2.59 trillion tax credit scheme introduced by former President Muhammadu Buhari’s administration for road construction across the country. Adedeji expressed his displeasure about the scheme when he appeared before the senate committee on finance, along with Umar Ajiya, the chief financial officer of Nigerian National Petroleum Company Limited (NNPCL). They were invited to analyse the efficacy of the road infrastructure task credit scheme (RITC) in light of the widespread disrepair of federal roads. On October 26, 2017, Buhari approved the tax relief scheme to attract private sector involvement in the provision of road infrastructure across Nigeria. Advertisement The approval was the outcome of a memorandum for the setting up of a road trust fund presented by Kemi Adeosun, Nigeria’s erstwhile finance minister. The RITC scheme grants income tax credits to companies and individuals that provide funding for the refurbishment and rehabilitation of roads. The scheme is a public-private partnership (PPP) intervention that enables the Nigerian government to leverage private sector capital and efficiency for the construction, repair, and maintenance of critical road infrastructure in key economic areas in Nigeria. Under the scheme, participants are entitled to utilise the total cost (project cost) incurred in constructing or refurbishing an eligible road as a tax credit against their future companies income tax (CIT) liability until full cost recovery is achieved. Addressing the lawmakers, Ajiya argued that the scheme has improved roads across the country, saying that N664 billion has been spent on repairs in all six geopolitical zones. ‘PAYING CONTRACTORS NOT FIRS’ DUTY’ However, Adedeji disagreed, raising concerns about the scheme’s legality and advocating for its discontinuation. “The mandate of FIRS lumped with the execution of Tax Credit Scheme for road construction, is to access, collect tax and remit it into the federation account and not to appropriate it for any purpose through executive order,” Adedeji said. “It is not the duty of FIRS and NNPCL to be paying contractors. The Ministry of Works should be in line with its core mandate, allowing to award road contracts and pay for them. “The scheme, to some people, serves as faster way for road reconstruction or rehabilitation across the country, but we should stop increasing speed towards the wrong direction. “As a way of stopping the wrong approach, FIRS and CBN are holding a meeting with the Ministry of Works on Friday this week, where stock would be taken of what we have done through the scheme and thereafter, to the right path. “We should, in a nutshell, not continue in the wrong trajectory.” Sharing the FIRS boss’ reservations, Sani Musa, the committee chairman, argued that the road infrastructure scheme raises constitutional concerns. According to the lawmaker, funds collected by NNPCL and FIRS are being used for road projects through tax credits instead of being deposited into the consolidated revenue fund. He added that the committee is waiting for the outcome of the meeting of the three agencies involved in the scheme before deciding on how to help the present government to correct mistakes of the past

  UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday. Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession. Britain slid into recession last year on elevated inflation and a cost-of-living crisis, official data showed Thursday, dealing a blow to Prime Minister Rishi Sunak before this year’s general election. Gross domestic product shrank 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the prior three months, the Office for National Statistics (ONS) said in a statement. That places the economy in recession, which is defined as two successive quarters of falling GDP. The ONS noted that all main sectors shrank in the fourth quarter – with manufacturing, construction and wholesale being the biggest drags on growth – but added the economy was broadly flat overall in 2023. Sunak, whose governing Conservatives are trailing Keir Starmer’s main opposition Labour Party ahead of the election due this year, has pledged to grow the economy as one of his top five priorities. News of the recession comes as voters go to the polls in two by-elections on Thursday, with the Conservatives fearful of losing one-time strongholds in Wellingborough, central England, and Kingswood in the southwest. – ‘Mild recession’ – “The news that the UK slipped into technical recession in 2023, will be a blow for the prime minister on a day when he faces the prospect of losing two by-elections,” said Capital Economics analyst Ruth Gregory. “But this recession is as mild as they come and timely indicators suggest it is already nearing an end.” Finance minister Jeremy Hunt noted that stubborn inflation and high interest rates were behind the output fall – but insisted the economy was “turning a corner”. “While interest rates are high – so the Bank of England can bring inflation down – low growth is not a surprise. “But there are signs the British economy is turning a corner; forecasters agree that growth will strengthen over the next few years, wages are rising faster than prices, mortgage rates are down and unemployment remains low. “Although times are still tough for many families, we must stick to the plan – cutting taxes on work and business to build a stronger economy.” Confirmation of the recession comes one day after separate official data showed that UK inflation held at 4.0 per cent in January from December, or double the Bank of England’s target rate. The January reading was better than market expectations of an increase to 4.2 per cent, but inflation nevertheless remains elevated, extending a cost-of-living crisis for millions of people in Britain. Hunt added that bringing down elevated inflation remained the government’s “top” goal. “High inflation is the single biggest barrier to growth which is why halving it has been our top priority,” he said. – Sunak pledge ‘in tatters’ – But Labour slammed the government’s stewardship of the economy, adding that Sunak’s vow to deliver growth was in “tatters”. “The prime minister can no longer credibly claim that his plan is working or that he has turned the corner on more than 14 years of economic decline under the Conservatives that has left Britain worse off,” said Labour finance spokeswoman Rachel Reeves. “This is Rishi Sunak’s recession and the news will be deeply worrying for families and businesses across Britain.” The BoE’s main interest rate sits at a 16-year high of 5.25 per cent, as it seeks to bring inflation back to its 2.0 per cent target. However, rising interest rates also ramp up loan costs for individuals and businesses, further worsening the nation’s cost-of-living crunch. UK inflation… Yet annual UK inflation has tumbled since striking a 41-year peak of 11.1 per cent in October 2022. Global inflation soared as the invasion of Ukraine by major oil and gas producer Russia two years ago sent energy prices rocketing. In response, the world’s major central banks helped to cool inflation by hiking borrowing costs. According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters. The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023. In 2020, the UK economy entered recession and contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown. “It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then. Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024). Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.