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Italian divers discover 2,000-year-old Roman shipwreck

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NESG condemns FG's N3.5tn budget for education, health
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NESG condemns FG’s N3.5tn budget for education, health

Bisola David The Nigerian Economic Summit Group has raised an issue with President Bola Tinubu’s 2024 Budget Appropriations Bill’s N3.5 trillion allotment to the health and education sectors. The Punch quoting NESG’s sectoral analysis of the budget reported that allocation to both sectors was significantly less than the global benchmarks of 15% (the 2001 Abuja […]

Don, CITN advocate taxes for economic development
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Don, CITN advocate taxes for economic development

Bisola David The Rector of The Federal Polytechnic Ilaro, Dr Akinde Mukail, has stated that Nigeria must turn inward and use taxation to stabilize the economy, close the infrastructure gap, fund education, and generate jobs. According to The Punch, Mukail made the announcement on Thursday at the 49th Induction Ceremony of the Chartered Institute of […]

Manufacturers warn price hikes to persist without solutions
Business

Manufacturers cut back on purchase orders over economic crisis

The President of the Manufacturers Association of Nigeria’s Chemical and Pharmaceutical sector, Rotimi Aluko, has stated that the challenging business climate in the country has compelled certain manufacturers to cease operations, while others have been forced to reduce procurement orders. According to The Punch, he revealed this during the group’s Tuesday annual general meeting in Lagos. […]

Alakija's NGO gives female entrepreneurs N3m grant
Business

Alakija’s NGO gives female entrepreneurs N3m grant

Businesswoman Folorunso Alakija founded the non-governmental organization, Flourish Africa, has raised its seed grants to women-owned enterprises from N2 million to N3 million. The Punch reported that the grants are being awarded through the NGO’s Business and Life Skills Training Program, according to a statement it released. A new group of one hundred women completed the training […]

Palmpay enhances contactless payments
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Palmpay enhances contactless payments

A fintech startup, PalmPay, has stated that it is committed to promoting the use of contactless payments in Nigeria. The Punch reported that during a discussion on the theme of “The next frontier: Digital wallets, contactless payments, and buy now pay later” at the Zenith Tech Fair in Lagos, the country manager of PalmPay, Fey Wong, made this statement. […]

FAAC funds to FG, states hit 7-year high in 2023
Business

States, LG to get N14tn from FAAC allocation

States and local governments may receive 109.74 per cent more money from the federal government in 2024, or N14.04 trillion. The Punch reported that the Federal Government’s revised 2024–2026 Medium-Term Fiscal Framework contains revenue projections. Payments to state and local governments are expected to rise from N6.69 trillion in 2023 to N14.04 trillion in 2024, according […]

X to offer paid users xAI chatbot - Musk
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X to offer paid users xAI chatbot – Musk

Elon Musk on Thursday said his artificial intelligence startup, xAI, is launching Grok, a competitor to ChatGPT, for social media platform X Premium+ users. Without providing any additional information about the launch, he made the announcement in a post on X. He had stated last month that subscribers would be able to use Grok as […]

TikTok launches campus verification to help students connect
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Italy approves laws to protect minors on TikTok, Instagram, others

Italy’s communication watchdog, AGCOM, has approved new regulations that allow it to require online video-sharing services to take down “harmful content” in order to safeguard the country’s youth and customers. The agency said the new regulations could have an impact on services like Instagram, TikTok, and YouTube by Google when they go into force on […]

Google signs $3bn US hydropower deal amid AI energy race
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Alphabet shares soar by 5% over Gemini AI launch

Wall Street on Thursday celebrated the debut of Gemini AI, which caused Alphabet to soar by about 5%. Long regarded as a pioneer in AI research, Alphabet lost prominence when OpenAI’s ChatGPT, which was released in November of last year, swept the IT world and enabled Microsoft to aggressively introduce AI-powered software to commercial clients. […]

Business

Nigeria’s used car market booms amidst rising inflation – Report

The demand for used cars in Nigeria has increased despite high inflation and declining GDP. According to Insider Business, a recent market analysis by Modor intelligence has revealed that the prices of new cars increased significantly as of July 2023 as a result of the naira depreciation and an increase in exchange rates for clearing imports, which […]

X to begin recruitment of Japanese engineers
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X to begin recruitment of Japanese engineers

The CEO of social networking platform X, Linda Yaccarino said in a post on Thursday that the company will begin hiring developers in Japan. Yaccarino was quoted by Nikkei earlier this year as saying that X would create an app development team and begin hiring engineers in 2024 to create features and advertising solutions for […]

Meta plans fourth AI overhaul in six months
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Meta oversight board to review Israel-Hamas war content

Meta’s independent Oversight Board announced on Thursday that it will examine the way the company has handled violent content on its social media platforms in two instances involving hostage-taking and bombings in the Israel-Hamas war. These cases will be the first to take advantage of a new expedited review process that was introduced earlier this […]

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