By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
Nigeria News
National Assembly Extends Budget Implementation
The National Assembly has extended the implementation of the capital component of the Appropriation Act for the fourth time. The House of Representatives passed the amendment after resuming from recess, moving the deadline from end of September to end of December this year. Majority Leader Julius Ihonvbere led the debate, explaining that economic factors and delayed releases made it difficult for ministries, departments and agencies to complete critical infrastructure projects. Lawmakers said the move will prevent abandonment of ongoing federal projects nationwide.
President Tinubu Returns, Dismisses Health Rumours
President Bola Tinubu has returned to Nigeria after his extended working vacation in Europe. On arrival in Lagos, he was received by senior government officials, party leaders and state governors. Addressing journalists briefly, President Tinubu dismissed rumours about his health, stating he is healthy, sound and ready to go. The presidency had earlier described his trip as a working vacation where he held private meetings with international partners. His return has calmed political tension in Abuja.
Business News
Dangote Pledges Massive Africa Investment
Africa’s richest man Aliko Dangote has announced commitment of massive additional investment across Africa. Speaking at a business forum, Dangote said Africa must stop depending on foreign aid and start mobilising local capital to build globally competitive businesses. He stressed that industrialisation is the only way to create jobs for Africa’s growing youth population. The announcement has been welcomed by investors as a confidence boost for African markets.
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African News
Morocco Appoints First Woman Prime Minister
King Mohammed VI of Morocco has appointed Fatima Ezzahra El Mansouri as the kingdom’s first woman prime minister. Her liberal-centrist party came top in the parliamentary election held over the weekend, according to a statement from the royal palace. El Mansouri, a former mayor of Marrakech and respected lawyer, is expected to form a new government focused on social reforms and economic modernization. Women groups across Africa have celebrated the appointment as historic.
International News
US Senator Mixes Up Basketball Probe
In the United States, drama unfolded in the Senate as Senator Eric Schmitt attempted a public accusation of perjury against Jack Smith, the former special counsel who investigated Donald Trump. The senator’s attempt to link Smith to a basketball event fell apart after fact-checkers discovered he cited the wrong game, wrong league and wrong state entirely. The blunder went viral overnight and drew widespread reaction across US political media.
Global News
SpaceX Starship Milestone and Climate Talks
Globally, SpaceX Starship megarocket reaching orbit for the first time dominated headlines. The black and silver behemoth, standing over a hundred meters tall, lifted off from Texas in thick smoke on a crucial test flight, marking a major step toward future Moon and Mars missions. At the same time, climate finance discussions are ongoing in Europe, with renewed calls for green energy investment in developing economies.
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Stock Exchange News
Nigerian Market Cautious
The Nigerian Exchange closed on a cautious note in overnight trading. Investors are weighing the impact of the budget extension, Dangote’s investment pledge, and continued foreign exchange pressure. Banking and industrial stocks showed mixed sentiment, with profit-taking in some large caps. Analysts expect the market to remain volatile until there is clarity on fiscal policy direction.
Exchange Rate News
Naira Faces Pressure
The naira remained under pressure across both official and parallel markets this morning. Traders reported tight dollar supply, increased demand for imports ahead of year-end, and cautious foreign investor participation. Bureau de Change operators in Lagos and Abuja said demand for school fees and business travel is adding to pressure. The Central Bank is expected to intervene to stabilize the market.
Entertainment News
Nollywood Shines
Nollywood shone on the global stage after President Tinubu congratulated filmmakers behind the blockbuster film Black Market for setting a new Guinness World Record. The presidency praised Nigerian creativity and called for more support for the creative industry. Industry stakeholders say the recognition will attract more international investment into Nigeria’s film sector.
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Sports News
Super Eagles Suffer Heavy Defeat
The Super Eagles suffered a shock heavy defeat to the Djurtus of Guinea-Bissau in Bissau in the Africa Cup of Nations qualifier. Nigerian stars put up a disappointing performance with missed chances and defensive errors. The loss puts Nigeria under pressure in Group L and raises questions about team selection and preparation, as fans demand a strong response in the return leg in Abuja.
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