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Nigerian government benefiting from dollar-to-Naira increase – Senator Ndume

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Senator Ali Ndume

Senator Ali Ndume says the federal government is not losing out from the naira depreciation against the dollar but gaining more revenue to fund its 2024 budget. Ndume explained that the 2024 budget, which was presented last November, is a ‘dollarized’ budget in terms of income, as most of the government’s revenue comes from crude oil exports, which are priced in dollars.

Speaking during an interview with Channels Television monitored by DAILY POST, Ndume noted that as the value of the dollar increased, the government would have more naira to spend on its expenditure, which is denominated in naira.He further stated that Nigeria’s major product, crude oil, is still in high demand in the global market, stressing that the country would benefit from the current dollar-to-naira exchange rate.

“Don’t forget that this budget is a ‘dollarized’ budget, especially in terms of income. And when it comes to the terms of the expenditure, it’s in naira. So if we are getting our money in dollars and the value of the dollar is up, that means we will have more naira in terms of what we spend because we are not spending in dollars, we are spending in naira, while we are getting our revenue in dollars.

“Truly, the value of naira against the dollar has fallen but we are selling our major product that generates income in dollars. And that means any dollar we get now will also be valued at the current dollar-to-naira exchange rate.

“So if you do the analysis critically, it may mean if you balance it up, we may have more money to fund our budget. So technically, Nigeria is even benefiting from the dollar-to-naira hike,” he added.

Source: Dailpost

In other news – Alia moves to resolve land dispute between Air Force, Benue communities

Benue State Governor, Hyacinth Alia has met with a delegation from the Nigerian Air Force, as well as representatives of Ugondo and Mbaivur, to deliberate on ways to peacefully resolve the lingering land dispute between Air Force and the two communities.

Alia

In his address during the meeting on Wednesday in Makurdi, Alia said he was pleased to host the warring factions, stating that peacefully resolving the dispute around the area will attract more Federal Government presence, thereby bringing more development to the state. Read more

Nigerian Celebrities

Ayra Starr doubles up as Spotify EQUAL Africa and Global Artist for Ma

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Ayra Starr

Spotify’s EQUAL program supports female artists, giving them a global platform through playlists, content hubs, and partnerships. Nigerian Afrobeats artist Ayra Starr, known for her hits such as Rush, Sability and Rhythm & Blues, and more, takes the spotlight for Spotify’s EQUAL Africa and EQUAL Global program this May. She joins fellow Nigerian Tiwa Savage, who is the only other African artist to be both the Spotify EQUAL Africa and Global artist.

Monica Kemoli-Savanne, Spotify’s Senior Artist & Label Partnerships Manager, Sub-Saharan Africa says, “Our commitment at Spotify is to support and empower women in the music industry, helping to create a more level playing field. Seeing artists like Ayra Starr come from the continent to gain global recognition serves as a true testament that Africa is full of talent, all that is needed is a platform. It has been a great journey to witness the growth of female artists who are also inspiring generations to come, which also speaks to our commitment to equally support female artists.”

Spotify hosted 15 EQUAL activations and over 14.8 million artist discoveries stemmed from EQUAL playlists, and EQUAL artists received 11,800 editorial playlist adds, all in 2023, further demonstrating the program’s impact and reach.

Ayra Starr whose February release Commas already has over 35 million streams on Spotify, spoke on her expressive musical style that has helped her craft a niche in the music industry, and what it means to her being selected as Spotify’s EQUAL artist.

“I am grateful to become a Spotify EQUAL Ambassador. It means so much to me to be able to represent women in Afrobeats and African women in general. There are so many women in music right now and the EQUAL program is doing a great job in highlighting their hard work.”

Ayra Starr to delve deeper into her music and creative journey:

How is the Spotify EQUAL program significant, from your perspective?

There are so many women in music today, behind the scenes, in front of the camera, musicians, sound engineers, all these women working hard and Spotify EQUAL is doing a great job in highlighting all their hard work.

What does this mean to you as a person, being Spotify’s EQUAL artist for the month both from an African and Global perspective?

It means everything to me because I am a girl and I have to support my gender and level the playing field.

To someone who has never heard your music, how would you describe the sound, tone, and style?

I would describe my sound as highly vibrational, eccentric, unique, and beautiful.

Are we expecting any music from you anytime soon?

Yes. I have a new single with Seyi Vibes called ‘Bad Vibes’ and I can’t wait for you guys to hear it. It’s amazing and it’s one of those songs that makes you feel good. The best part about it is that it is not just a regular Afrobeat record, it’s like genres intertwined.

Check out Ayra Starr single Commas on the EQUAL Africa and Global playlists.

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2024 will be a tough year for Afrobeat singers – Paul Okoye warns

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Paul Okoye

Music executive, Paul Okoye, popularly known as Paul O, has claimed that 2024 will be a tough year for Afrobeats singers. In a post shared via his Insta stories, Paul O stated that, apart from Burna Boy and Davido, other artists are in trouble.

The show promoter also revealed that other artistes are finding it difficult to sell their tickets, which may be a result of high ticket prices.He wrote: “2024 will be a tough year for Afrobeat!!! Apart from 2 artists this year, Burnaboy and Davido, they did a few shows.

“Others are in trouble, either they are overpriced or tickets are not selling. Hmmmm, Let us not do what happened to Reggae musicians. Reduce Your Prices. Just think, how many shows you did this year?

In other news – Nigerian music industry has never been peaceful since I joined – Davido

Famous singer, David Adeleke, popularly known as Davido, has claimed that the Nigerian music industry has never been peaceful since he joined. Davido stated that he loves the chaos in the music industry.

Davido

 

On his X handle on Sunday, the singer wrote: “Since I came in the game dem never get peace .. I love it ! Make I find somewhere with beach go relax. Read more

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Nigerian music industry has never been peaceful since I joined – Davido

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Davido

Famous singer, David Adeleke, popularly known as Davido, has claimed that the Nigerian music industry has never been peaceful since he joined. Davido stated that he loves the chaos in the music industry.

Davido

On his X handle on Sunday, the singer wrote: “Since I came in the game dem never get peace .. I love it ! Make I find somewhere with beach go relax.”The DMW boss has previously alleged that some of his colleagues in the music industry are ganging up against him . Me vs the industry! Love it!,” he wrote via X in 2022.

Davido

Davido announced his entry into the Nigerian music industry with ‘Back When’ and ‘Dami Duro’ the lead singles from his debut studio album, ‘Omo Baba Olowo’ (2012).

Davido

Since then, he has risen to be one of the three leaders of the new school Afrobeats, alongside Wizkid and Burna Boy. Davido has stated in several interviews that he does not have a cordial relationship with Wizkid and Burna Boy.

In other news – Military forcefully took away suspected oil bunkers from police custody – IGP tells court

The Inspector-General of Police, IGP, has told a Federal High Court in Abuja that the military forcefully took away some suspects allegedly involved in oil bunkering from police custody.

Military

 

Counsel to the IGP, Idris Mohammed, revealed this to Justice James Omotosho when the matter was called for the alleged oil bunkers to take their plea in a five-count criminal charge filed against them. The IGP had, in an earlier charge marked: FHC/ABJ/CR/60/2024, listed 19 alleged oil bunkerers for prosecution. Read more

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