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Nigeria Air Receives Licence From NCAA

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Nigeria Air Receives Licence From NCAA

The proposed national carrier Nigeria Air has received its Air Transport Licence (ATL) from the Nigerian Civil Aviation Authority (NCAA) in Abuja on Monday.

This was made known on the Instagram handle of the Ministry of Aviation @fmaviationng on Monday morning which reads, “Happening now; Presentation of Airline Transport Licence (ATL) to Interim Board of Nigeria Air.”

An ATL is one of the licences received by airlines before they can commence operation just as they await the Air Operators Certificate (AOC). It is usually issued as authorisation to airlines to provide scheduled and non-scheduled services.

READ ALSO: Nigeria Air Takes Off April 2022

Nigeria Air Limited had in April 2022 applied to the Nigerian Civil Aviation Authority (NCAA) for a licence to operate scheduled and non-scheduled passenger and cargo services.

The interim management of Nigeria Air said this in a public notice as part of the requirements for granting an Air Operating Licence. The notice stated that any person or organisation with objection should make it known before 28 days expire.

“This is to inform the general public that Messrs Nigeria Air Limited has applied to the Nigerian Civil Aviation Authority (NCAA) for the grant of an Air Transport Licence (ATL) to operate scheduled and non-scheduled passenger and cargo services within and outside Nigeria,” the notice reads.

In April that the NCAA disclosed that the AOC of Nigeria Air, the planned national carrier is in process.

The Director-General of NCAA, Musa Nuhu, said the promoters of Nigeria Air had applied for AOC and the process is still ongoing.

Nuhu said he had no assurances yet on when the licence would be issued because, like all other airlines that apply for AOC, there are some issues that are not completely under the purview of the NCAA such as seeking security clearance for the applicant.

 

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Debt Profile Under Buhari Worrisome – CBN

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Buhari Admits Buying N1.4b Vehicles For Niger Republic

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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Nigeria’s Inflation Rises Over 18 Per Cent

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Nigeria's Inflation Rises Over 18 Per Cent

The National Bureau of Statistics (NBC) has said that Nigeria’s inflation rate in the month of June 2022 increased to 18.60 percent on a year-on-year basis.

The recorded increase in June is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).

Increases were recorded in all COICOP divisions that yielded the Headline index.

READ ALSO: Ghana Workers Get 15 Per Cent Pay Rise To Cushion Inflation

On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.

 

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