Business
Sunak: ‘good amount’ of Christmas presents available despite supply chain crisis

Sunak: ‘good amount’ of Christmas presents available despite supply chain crisis
There will be a “good amount of Christmas presents available” this year despite supply chain problems, the UK chancellor has said.
Rishi Sunak was speaking after a meeting with finance ministers from the G7 group of leading world economies to talk about the supply chain crisis, with the politicians agreeing to work more closely to solve it.
Many retailers fear supply chain problems will result in higher prices and empty shelves in the coming weeks, but the chief executive of the UK Major Ports Group said supply chains were “robust” and there was no need to panic.
A build-up of cargo in Felixstowe has led to the shipping company Maersk diverting vessels from the Suffolk port, while similar logjams have been experienced elsewhere in the world, including in the US.
Speaking to the BBC in Washington on Thursday, Sunak sought to reassure Britons in the run-up to Christmas. He said: “We’re doing absolutely everything we can to mitigate some of these challenges.
“They are global in nature, so we can’t fix every single problem, but I feel confident there will be good provision of goods for everybody. I’m confident there will be a good amount of Christmas presents available for everyone to buy.”
The chancellor chaired a meeting of finance ministers on Wednesday, as the International Monetary Fund and World Bank convened in the US capital.
The Treasury said Sunak reminded delegates of the importance of global cooperation to ensure supply chains were more resilient as the world emerged from the Covid pandemic.
Speaking after the meeting, Sunak said: “Supply chain issues are being felt globally – and finance leaders from around the globe must collaborate to address our shared challenges.
“Today we have collectively agreed to work closely over the coming months – and together we will build a strong and resilient recovery.”
Last month motorists and shoppers in the UK were urged not to panic-buy fuel and goods as the shortage of lorry drivers hit supplies.
Ministers faced pressure to ease immigration rules as an emergency measure to attract HGV drivers from overseas amid warnings that 100,000 more were needed across the industry.
The issues around petrol supply, in addition to problems in the food industry and rising gas prices, have led to warnings the government faces a “winter of discontent”.
A combination of factors – including Brexit leading to the loss of EU drivers, the pandemic preventing driving tests and systemic problems in the industry relating to pay and conditions – led to the shortage of qualified HGV drivers.
Banking
Africa Energy Bank to launch in first quarter, targets $120 billion asset base

The Africa Energy Bank, which will fund oil and gas projects and support the continent’s energy transition goals, will launch in the first quarter of 2025 and target an asset base of $120 billion, Nigeria’s junior oil minister said on Tuesday.
The fossil fuel-focused bank, a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization, was due to start operations by mid-2024, an Afreximbank official said last year.
“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” said Nigerian junior oil minister Heineken Lokpobiri.
The minister joked that Nigeria too will follow U.S. President Donald Trump’s mantra on increasing oil drilling and remove all impediments to grow oil production to 2.5 million barrels per day this year. Currently Nigeria’s crude output averages 1.7 million bpd.
Nigeria, Africa’s top oil producer, beat three rival African countries for the right to host the multilateral lender.
(REUTERS/POLITICALE)
Business
MTN hikes prices of data, SMS to reflect new tariff plan

MTN, Nigeria’s largest telecommunications operator on Tuesday commenced implementation of the Nigerian Communications Commission’s approved tariff hike by increasing its data prices.
A check by the News Agency of Nigeria (NAN) using the *312# code on the MTN network showed the revised MTN data prices.
For the monthly plans, MTN 1.8GB now goes for N1,500, replacing the previous 1.5GB plan priced at N1,000; the 15GB plan now costs N6,500, a rise from N4,500.
The 20GB monthly plan has been adjusted to N7,500, up from N5,500, among others.
Text messaging on the network has also increased to N6.00 reflecting the 50 per cent hike, while hike in voice calls rates are yet to be ascertained.
Other mobile operators comprising Airtel, Globacom, and 9mobile are yet to update their data prices as at the time of filing this report.
NAN reports that the Nigerian Communications Commission (NCC), the industry’s regulatory body had approved a maximal increment of 50 per cent tariff adjustments to operators.
The Commission said its approval, though less than the 100 per cent hike demanded by operators, was in response to prevailing operational costs.
It said that its decision was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.
The NCC said that, while recognising the concerns of the public, the decision was made after extensive consultations with key stakeholders across the public and private sectors.
“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments,’ the NCC said in a statement.
It noted that these adjustments would support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity.
The NCC added that consumers would benefit from better network quality, enhanced customer service, and greater coverage within the country. (NAN)
Business
Tinubu increases 2025 budget to N54.2tn

President Bola Tinubu has raised the proposed 2025 budget from ₦49.7 trillion to ₦54.2 trillion, citing additional revenues generated by key government agencies.
The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during plenary today by the Senate President, Godswill Akpabio.
According to President Tinubu, the increase was driven by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion generated by other government-owned agencies.
Following the announcement, the Senate President has referred the President’s request to the Senate Committee on Appropriations for urgent consideration.
He assured lawmakers that the budget would be finalised and passed before the end of February.
With this development, the National Assembly is expected to fast-track deliberations to ensure timely approval and implementation of the 2025 budget.
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