In a move that is set to have a wide reaching impact on Nigeria’s economy, Dangote Petroleum Refinery has made a groundbreaking announcement, slashing the price of diesel from N1,200 to a mere N1,000 per litre. This substantial price drop comes just three weeks after the refinery began supplying diesel at N1,200 per litre, a price already reduced by over 30% from the previous market rate of approximately N1,600 per litre. The refinery’s decision is poised to send positive ripples across various economic sectors and is anticipated to play a crucial role in curbing the nation’s soaring inflation rates. The…
Author: Emmanuel Olawale Akanji
President Bola Tinubu on Tuesday launched the National Single Window initiative, a transformative project that will propel the nation’s economy to new heights. The initiative is another bold testament to the President’s commitment to breaking long-standing developmental barriers in advancing the progress, prosperity, and well-being of every Nigerian. Speaking at the launch of the initiative at the State House, President Tinubu said the National Single Window is a game-changer that will revolutionize the way trade is conducted in the country, and with the Office of the President overseeing the steering committee that will drive the reform process forward. Outlining the…
Organized labor in Nigeria has put forward a demand for a N615,000 monthly minimum wage to address the economic challenges and the high cost of living faced by workers. The Nigeria Labour Congress (NLC) President, Joe Ajaero, confirmed this development after consultations with the Trade Union Congress (TUC). The current minimum wage of N30,000 is no longer sufficient to meet the needs of the average Nigerian worker. Some state governors have not consistently paid the existing wage, which was established by the Minimum Wage Act of 2019, signed by former President Muhammadu Buhari. This act requires periodic reviews to align…
The Federal government is enhancing its biometric system to improve security and identity verification. This comes as the number of National Identification Numbers (NINs) issued hits 104 million as of January 2024. The National Identity Management Commission (NIMC), in partnership with IDEMIA Smart Identity, is upgrading the biometric system to improve Nigeria’s identity verification process. The upgraded system will handle 1 million identity verification searches daily and accommodate Nigeria’s growing population. The NIN functions as a unique identifier for Nigerians, similar to the Social Security Number in the United States or the AADHAR number in India. The partnership with IDEMIA…
The EFCC criticized former Humanitarian Minister Betta Edu, her predecessor Sadiya Umar-Farouq, and Halima Shehu, the head of the National Social Insurance Programmes Agency, stating that N32.7 billion and $445,000 were recovered from the ministry. The agency clarified its ongoing probe into alleged financial wrongdoing within the Ministry of Humanitarian Affairs, Disaster Management, and Social Development. The EFCC’s spokesperson, Dele Oyewale, confirmed that these funds were retrieved after questioning current and former ministry officials. A group of 10 civil society organizations, known as the Civil Society Groups Against Defamation Initiative, called on President Bola Tinubu to restore Edu to her…
In a video released through X on Monday, Shaibu criticized the decision of the Edo State House of Assembly to oust him from his position and install a 38-year-old politician, Omobayo Godwins, as his successor. In a passionate address to the people of Edo State, Shaibu vehemently denounced his recent impeachment, labeling it as an affront to democracy and a dangerous slide into dictatorship. I denounce in the strongest terms the illegal impeachment by the Edo State House of Assembly. This is not just an attack on me as an individual but on our very democratic principles. Speaking with a…
Recently, Senator Shehu Sani, a leader in the opposition, tweeted about the noticeable improvements happening in the Federal Capital Territory (FCT). He specifically praised Minister Nyesom Wike for spearheading these changes. The FCT is undergoing a remarkable transformation, with visible and verifiable infrastructural changes occurring in both the Area Councils and the metropolis. Under the leadership of Minister Nyesom Wike, these developments are commendable and reflect a commitment to enhancing the lives of FCT residents. Senator Shehu Sani’s praise for Minister Nyesom Wike demonstrates bipartisan acknowledgment of the positive impact of these improvements. Despite political differences, they both agree that…
In a strategic move to reshape Nigeria’s economic landscape, President Bola Tinubu’s administration has introduced a suite of policies that are poised to pivot the nation towards a trillion Naira economy. Central to this ambitious goal is the Renewed Hope Infrastructure Development Funds (RHIDF), a visionary initiative designed to catalyze comprehensive infrastructure development across key sectors. The RHIDF, alongside the Presidential Economic Coordination Council, the Economic Management Team, and the Emergency Taskforce, form the cornerstone of President Tinubu’s economic blueprint. These entities are expected to synergize, creating a robust framework that will drive Nigeria’s economic growth and development. The RHIDF…
In a landmark initiative to foster transparency and accountability, the Nigerian Presidency has launched the Citizens’ Delivery Tracker (CDT), a platform designed to create a robust feedback mechanism between the government and its citizens. The unveiling of the CDT marks a significant step in the Bola Tinubu administration’s commitment to engaging with the populace on its eight key priority areas. The platform is available as a web link (app.cdcu.gov.ng) and will be available as an app for download in the next few months,” said Bala-Usman. The President’s Special Adviser on Policy and Coordination, Hadiza Bala-Usman, announced the rollout of the…
In an unprecedented move, the Central Bank of Nigeria (CBN) has unveiled a new strategy aimed at fortifying the Naira’s position in the foreign exchange market. The latest directive from the apex bank involves the allocation of $10,000 to each Bureau De Change (BDC) operator at a competitive rate of N1,101 to the dollar. This development is a strategic response to the surging demand for foreign currency within the retail sector, particularly for transactions that are not physically visible. The CBN’s initiative is poised to cater to this demand efficiently, ensuring that genuine transactions are facilitated with ease. Moreover, the…