The Federal Government has allocated a total sum of N2.83 billion to the payment of electricity charges of 109 Nigerian embassies, consulates, and High commissions in various countries.This is based on Nairametrics’ summation of the proposed electricity charges of all Foreign Missions in the 2025 budget.The 2025 Appropriation Bill, submitted to the National Assembly by President Bola Tinubu, contains the budgets of 109 foreign missions under the Ministry of Foreign Affairs. They comprise 76 Embassies, 22 High Commissions, and 11 Consulates.All 109 Foreign Missions budgeted a total of N2,837,016,127 for electricity charges as part of their annual overhead expenditure.The Foreign…
Author: Oladi Samuel
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The Chairman of the Association of Local Government Chairmen of Nigeria (ALGON), Kebbi State Chapter, Muhammad Ambursa, has advised President Bola Tinubu to adopt a cautious approach in implementing local government autonomy nationwide, Channels Television reports.According to Ambursa, while autonomy has its merits, it could lead to significant financial challenges for many local councils, particularly those with limited revenue sources.Speaking to journalists at his office in Birnin Kebbi, Ambursa, who also serves as the Chairman of Birnin Kebbi Local Government, noted the unique position of Kebbi State in handling local government autonomy. He attributed this to the proactive measures taken…
The Barcelona Graduate School of Economics (BSE) is now accepting applications for its 2025 scholarship programs, offering full financial support to international students.The program provides 100% coverage of tuition fees, along with stipends to help cover living costs for successful candidates.The scholarship is part of the institution’s goal to attract talented students globally.According to the Barcelona School of Economics, the program is designed to help students pursue master’s programs in economics and related fields in Spain, with full tuition coverage and additional funding for living expenses.It is provided that each year, BSE awards approximately €800,000 in merit-based financial aid, with…
The Nigerian stock market demonstrated remarkable resilience on January 6, 2025, as the All-Share Index (ASI) rose by 61.91 points, closing at 103,648.24.This increase reflects a modest gain of 0.06% from the previous day’s close of 103,586.33, driven by a significant uptick in trading volume.Amid the increase, market volume experienced an ascent of 20.67%, climbing from 709 million shares to an impressive 855 million shares.Additionally, market capitalization saw a positive shift, increasing by N63.1 trillion to reach a total of N63.2 trillion across 16,505 transactions.Among the day’s standout performers, WEMABANK and DAARCOMM each posted a remarkable gain of 10.00%, signaling…
Happy New Year! In the first episode of Follow the Money, we’re starting with a bang—Nigeria’s stock market delivered big in 2024! The All Share Index (ASI) soared by 37.65%, outpacing the country’s inflation, which hit a 28-year high of 34.6%. This impressive market performance was fueled by gains in banking, industrial, and consumer goods stocks, providing a glimmer of hope for investors amid rising food and energy costs. But what does this mean for your money in real terms? And can the market keep up the momentum in 2025?Join us as we unpack the numbers and share insights for…
OpenAI CEO Sam Altman has revealed that the company is currently losing money on its $200-per-month ChatGPT Pro plan due to unexpectedly high user demand.Altman stated this in a post on X, formerly Twitter.ChatGPT Pro, launched in late 2023, offers users access to an upgraded AI model, “o1 Pro,” and removes rate limits on other tools, including OpenAI’s Sora video generator.However, the cost of operating the platform has outpaced revenue generated by the subscription.“Insane thing: we are currently losing money on OpenAI Pro subscriptions! People use it much more than we expected,” Altman said.Suggesting that the current price for the…
As African businesses embark on their AI transformation initiatives, it is imperative to pay attention to the associated risks with AI as these risks can have negative cost and data privacy implications.In this article, I will highlight and discuss in detail the risks and how you can mitigate them.Notable Risks Associated With AI Data Privacy: This is a risk in AI where sensitive company or personal information is leaked into the training datasets which can be used by the AI model to make predictions and generate its outputs. If your dataset contains sensitive data, consider anonymizing them at the data transformation…
Global oil prices retreated on Monday, breaking a five-session rally, as a robust U.S. dollar weighed on the market ahead of critical economic updates from the Federal Reserve and the U.S. labor market, Reuters reports.Brent crude futures fell by 28 cents, or 0.4%, to $76.23 per barrel as of 0800 GMT, pulling back from Friday’s close at its highest level since October 14.Similarly, U.S. West Texas Intermediate (WTI) crude declined 27 cents, or 0.4%, to $73.69 per barrel after reaching its highest point since October 11 on Friday.The recent rally in oil prices was fueled by optimism over increased demand…
African startups cumulatively raised a total of $2.2 billion in 2024 driven by two mega deals by Nigeria’s Moniepoint and South Africa’s Tyme Group.According to the funding report released by research firm, Africa: The Big Deal, the amount included equity, debt, and grants secured by the continent’s startups.While the amount raised in 2024 is quite significant, it represents a 25% drop in funding compared to the $2.9 billion raised on the continent in 2023.Breakdown of the funding The report shows that a total of 188 ventures raised $1 million or more in 2024, which is about 10% less than what was…
Sui, a prominent layer-2 blockchain network, has resumed its strong upward trajectory, surging nearly 20% to trade at approximately $5.13 as of Saturday.The crypto asset trended throughout the weekend as its holders counted their unrealized profit.The cryptocurrency’s exceptional performance in 2023 has seen it skyrocket by over 1,312% from its lowest point, pushing its market capitalization to more than $15 billion and solidifying its position as the 13th largest cryptocurrency, according to CoinGecko data.Ecosystem Growth Fuels Sui’s Rise Sui’s rally aligns with the expansion of its Decentralized Finance (DeFi) ecosystem, where the total value locked (TVL) recently reached a record $1.96 billion.Key…