NEWS

Why Nigerians should tolerate our borrowings – FG

Published

7 years ago

October 16, 2017

FAB

Nigerians have been urged to tolerate the recurring borrowings and negotiations as they are temporary and aimed at delivering the rail system, roads and power to boost national development.

The Federal Government which made the appeal yesterday in Washington DC also said the investment would generate economic activities, jobs and revenue which would be used to pay back the debts. It assured Nigerians that the administration was very prudent about debts and would not borrow recklessly or bequeath unserviceable debts to them.

The government also tied the ongoing debt deals to the quest to speed up development plans and avoid impending massive job losses in the midst of 85 per cent slide from the country’s major revenue earner.

The Minister of Finance, Mrs. Kemi Adeosun, made the comments while addressing a joint press conference of the ministry and the Central Bank of Nigeria (CBN) at the conclusion of the World Bank Group-International Monetary Fund (IMF) meetings in Washington, United States yesterday.

She said the situation was either to cut public infrastructure spending, leading to massive job losses or borrow in the short term and generate revenue.

According to her, government felt that laying off thousands of persons was not the best way to stimulate growth, as about 27 states could not pay salaries when they took office, adding that if the situation had been allowed, there would have been depression till now.

“So, we took the view as a government that the best thing to do was to stimulate growth and spend our way out of trouble, get the state governments to pay salaries, make sure Federal Government pays and invests in capital infrastructure.

“Once growth is restored, you begin to systematically reduce your dependence on borrowing. Now, we are talking about tax and what we are saying is that people should be aware of their responsibilities to their nation,” she said.

According to Adeosun, the solution to the ongoing borrowing is for all to embrace tax payment, while there is the responsibility on the part of government to be more responsible and efficient.

“We don’t have the power we need, we don’t have the roads yet and there is a lot of money required to fund these projects. If we are able to move our tax to GDP from just six per cent, where it is now, to 10 per cent, borrowings would be significantly reduced.

“This would have a wider effect on the economy, reduce borrowing and bring down interest rate. It will also create head room for the private sector to borrow, because they are currently being crowded out,” she said.

As a way of increasing non-oil earnings to support government, the planned tax is being finalised now after delays, as the processes cut across the ECOWAS, with legal processes that must go through, including the customs union.

According to the minister, the problem in the country is not just that the tax system needs to be overhauled, the people are not complying and this is because there is no consequence.

“We have just started with Voluntary Assets and Income Declaration Scheme as a measure to tackle that, and the response is impressive. In fact, people have started declaring and I have had a number of approaches from high net worth people asking me to speak on their behalf to state governors to allow them time to comply.

“Whether taxing the rich will increase public revenue or not, it is all about public revenue to which they are obligated for public services. In any tax system, the burden must be borne by anybody whose income can bear it, so those with higher income should by definition bear a greater part of the burden.

“If the man in the traffic control, with little income will pay at source, why would we not pursue the billionaire or the trillionaire to pay out of the income? We need to change the mindset in the country with regard to tax system,” Adeosun said.

Meanwhile, the CBN Governor, Godwin Emefiele, has affirmed that the country’s rebounding growth and several engagements with correspondent banks and foreign investors would soon lead to the improvement of the country’s banking sector.

He said the CBN was keeping its eyes on the banking system to ensure that there was no destabilisation, because anything that would destabilise the system naturally would have adverse effects on the economy.

According to him, it is gratifying that while the global economy is now growing, Nigeria is acknowledged in the trend by what is being done, as a show of signs of recovery, especially the turnaround in the Gross Domestic Product (GDP).

“We held meetings with a couple of correspondent banks and it is interesting and nice to see them making some positive comments. They are more confident in the economy and making commitments that they would make credit lines available to Nigerian banks, even in larger size.

“Some foreign investors, not just portfolio investors, but direct investors, are interested in investing in infrastructure and others to participate in agriculture,” he said.

– Channels

BUSINESS

Samsung Galaxy S25 Series Sets The Standard Of AI Phones As A True AI Companion

Published

2 months ago

January 31, 2025

Adaeze Okechi

Samsung Galaxy S25 series sets the standard of AI phones as a true AI companion

…Pioneering the multimodal era with the most context-aware and personalized mobile experience

Lagos, Nigeria – January 23, 2025 – Samsung Electronics Co., Ltd. has announced the Samsung Galaxy S25 series: Galaxy S25 Ultra, Galaxy S25+ and Galaxy S25, setting a new standard as a true AI companion with the most natural and context-aware mobile experiences ever created. Introducing multimodal AI agents, the Galaxy S25 series is the first step in Samsung’s vision to change the way users interact with their phone – and with their world.

A first-of-its-kind customized Snapdragon® 8 Elite Mobile Platform for Galaxy chipset delivers greater on-device processing power for Galaxy AI and superior camera range and control with Galaxy’s next-gen ProVisual Engine.

Samsung Galaxy S25 series sets the standard of AI phones | fab.ng

Galaxy S25 Ultra

With One UI 7, the Galaxy S25 series is a true AI companion that understands the context of your needs and preferences and provides personalized AI experiences with privacy assured at every turn.

It’s the starting point of a shared vision with Google to imagine Android with AI at the core, bringing together developers and partners from around the world.

AI agents with multimodal capabilities enable Galaxy S25 to interpret text, speech, images and videos for interactions that feel natural. Upgrades to Google’s Circle to Search make searching your phone screen more helpful, fast and contextual. Circle to Search now quickly recognizes phone numbers, email and URLs on your screen, letting you call, email or visit a website with a single tap.

With Galaxy S25 series, you can also perform actionable searches with context-aware suggestions for next steps. Plus, Galaxy S25 makes it frictionless to switch between apps for quick follow-up actions, like sharing a GIF or saving event details.

Galaxy S25 represents a breakthrough in natural language understanding, making everyday interactions easier. Simply ask and intuitively find a specific photo in Samsung Gallery or adjust the size of display fonts in Settings.

In the era of AI, personalization goes hand in hand with privacy. On the Galaxy S25, the Personal Data Engine powers personalized AI features by safely analyzing your data on-device to deliver highly tailored experiences that reflect your preferences and usage patterns.

These insights enable tailored experiences, such as using natural language to search for an old photo in the Gallery or being guided through the day with Now Brief, which proactively offers suggestions accessible via Now Bar on the lock screen. Knox Vault keeps all personalized data private and secure.

Combined with enhanced on-device processing capabilities, this creates a powerful, protected AI experience that is unique to Galaxy.

Galaxy S25+

Galaxy’s Most Powerful Performance Ever

The Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy. With unique customizations by Galaxy, this is the most powerful processor ever on the Galaxy S series. Further delivering a performance boost of 40% in NPU, 37% in CPU and 30% in GPU. This is compared to the previous generation.

This power fuels the Galaxy S25 series’ ability to process more AI experiences on-device without compromise, including previously cloud-based AI tasks such as Generative Edit.

10-bit HDR recording is now applied by default, offering four times richer color expression compared to 8-bit. Galaxy S25 can thus capture details in any lighting conditions. Plus, low-light videos have never been clearer than with Galaxy S25.

Based on powerful processor, Galaxy S25 analyzes movement and time to reduce noise more effectively. This integration allows detecting both moving and static objects with greater precision, ensuring sharper, cleaner footage in any scenario.

Galaxy S25 also introduces a range of tools once limited to specialized software, making advanced editing accessible for all. Now anyone can be a pro at editing photos and videos. Audio Eraser simplifies the removal of unwanted noise in videos. By isolating categories of sounds – including voices, music, wind, nature, crowd and noise – you can control what to tone down or eliminate entirely.

Galaxy S25 Series

Durable Design Embracing a More Circular Approach

The Galaxy S25 series builds upon Galaxy’s ‘Essential Design’ grounded in ‘Simple, Impactful and Emotive’ elements.

Galaxy S25 Ultra refines this essence into the slimmest, lightest and most durable Galaxy S series yet. This is with a rounded edge for a comfortable grip that complements the series’ aesthetic identity.

Galaxy S25 Ultra features durable titanium and the new Corning® Gorilla® Armor 2, a first-of-its-kind material that is more durable than glass. It combines Corning’s glass-ceramic with a proprietary anti-reflective surface treatment. This helps to ensure advanced drop protection alongside anti-reflection surface treatment and scratch resistance.

Combined with seven generations of OS upgrades and seven years of security updates, the Galaxy S25 series ensures a reliable and optimized performance over a longer lifespan.

For greater peace of mind, Samsung Care+ offers comprehensive coverage for accidental damage, repairs, and replacements, ensuring peace of mind for Galaxy users.

The Galaxy S25 series is available to order. Galaxy S25 Ultra will be available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ will be available in Navy, Silver Shadow, Icyblue and Mint.

For more information about the Galaxy S25 series, please visit: Samsung Newsroom, SamsungMobilePress.com or Samsung.com.

MOVIES

Nollywood Director, Kemi Adetiba Teases King Of Boys 3

Published

3 months ago

January 9, 2025

Reporter

Nollywood director Kemi Adetiba teases King of Boys 3 | fab.ng

Nollywood director Kemi Adetiba has revealed that another instalment of King of Boys will be released on December 25, 2025. She made this announcement on her birthday through an Instagram post.

“KOB Army…. ARISE!!! It’s time…. We MOOOOOOOVE. Signed: Your General. #KOB3 #TheBeginningOfTheEnd #DettyDecember25 #KAV25,” she said.

Earlier in 2023, director Kemi Adetiba commenced pre-production for the next instalment of King of Boys.

Alongside this, she hinted at the upcoming releases of “To Kill A Monkey” and “Welcome to the Fourth.” This new King of Boys instalment, subtitled “The Beginning of the End,” will feature a blend of familiar faces and exciting new characters.

The feature-length film will make its debut in cinemas on December 25, 2025. This groundbreaking series centres around Alhaja Eniola Salami, a powerful businesswoman and philanthropist embroiled in a high-stakes power struggle.

The first film, released in 2018, captivated audiences with its compelling narrative and exceptional performances. Its sequel, “King of Boys: The Return of the King,” premiered on Netflix in 2021.

The original film boasted an ensemble cast, including the formidable Sola Sobowale as Eniola Salami, alongside Nse Ikpe-Etim, Jide Kosoko, Adesua Etomi, and Richard Mofe-Damijo.

Kemi Adetiba’s career began as a radio presenter at Rhythm 93.7 FM, where she hosted the popular shows “Soul’d Out” and “Sunday at the Seaside.”

During this time, she anonymously shared her remixes on platforms like Spotify and SoundCloud under the pseudonym “Hule.”

Transitioning to television, Adetiba became a prominent figure on Mnet, producing and hosting popular shows such as “Studio 53” and “Temptation Nigeria” alongside Ikponmwosa Osakioduwa.

She also hosted the Maltina Dance All reality show for three consecutive seasons.

After achieving on-screen success, Adetiba pursued her passion for filmmaking. She enrolled at the New York Film Academy to hone her filmmaking skills.

This decision led to international recognition for her work. Her short film, “Across a Bloodied Ocean,” was showcased at the 2009 Pan African Film Festival and the National Black Arts Festival.

Her directorial debut, “The Wedding Party,” a romantic comedy, premiered on September 8, 2016, as the opening film of the City-to-City Spotlight at the Toronto International Film Festival (TIFF).

MOVIES

“Everybody Loves Jenifa” Becomes Nollywood’s Highest-Grossing Film Of All Time

Published

3 months ago

January 8, 2025

Reporter

Everybody Loves Jenifa Nollywood’s highest-grossing film | fab.ng

Nollywood filmmaker Funke Akindele has achieved a historic milestone with her latest film, “Everybody Loves Jenifa.”

The film has officially broken box office records, surpassing the ₦1 billion mark to become the highest-grossing Nollywood movie of all time.

This groundbreaking achievement was announced by FilmOne, the film’s distributor, on their official Instagram page.

“Everybody Loves Jenifa” has officially hit a historic ₦1.466 billion and counting at the box office, making it the highest-grossing film of all time! A massive THANK YOU to our incredible audiences in Nigeria and Ghana for making this dream a reality. Your support is everything. On to even greater heights! Still showing in cinemas near you—experience the magic on the big screen,” the statement read.

View this post on Instagram

A post shared by FilmOne Entertainment (@filmoneng)

Akindele continues her reign as a dominant force in Nollywood with this latest triumph.

“Everybody Loves Jenifa” achieved this remarkable feat in less than two weeks, further solidifying her legacy of box office successes.

Last year, her film “A Tribe Called Judah” made history by becoming the first Nollywood film to surpass the ₦1 billion mark, firmly establishing her as the queen of Nigerian cinema.

In 2023, Akindele’s “Battle on Buka Street” also achieved record-breaking success, surpassing the previous record set by her own blockbuster, “Omo Ghetto: The Saga.”

The “Jenifa” franchise has transcended the realm of a mere movie series, evolving into a cultural phenomenon.

Akindele first introduced the iconic character “Jenifa” to audiences in the 2008 Yoruba-language film “Jenifa,” captivating viewers with her wit and charm.

The character’s popularity skyrocketed with the 2015 launch of “Jenifa’s Diary.” Interestingly, the series is a beloved television series that seamlessly blended humour with valuable life lessons.

With “Everybody Loves Jenifa,” Akindele elevates the character to new heights. She delivers a heartwarming and comedic story that resonates deeply with fans.

The film boasts a stellar ensemble cast, featuring Funke Akindele as Jenifa, Folarin “Falz” Falana as Sege.

Also, Jackie Appiah, Nancy Isime, Stan Nze, Bisola Aiyeola, Patience Ozokwor, Chimezie Imo, and Isaac Olayiwola (Layi Wasabi) brought life to the movie.

Check out more movie updates here.