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Petrol Price Hits N990 in Abuja, N960 in Lagos as NNPCL Announces Increase

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Petrol prices in the Federal Capital Territory have increased from N965 to N990 per liter due to the actions of retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL).

Additionally, their price per liter in Lagos was increased from N925 to N960.

This comes despite a slight drop in crude oil prices on Tuesday.

The prices at some of the gas stations have been changed, according to checks conducted by this medium.

In collaboration with Heyden, Ardova, and MRS filling station, the Dangote refinery stated a retail price of N970, however this amount is N20, or 2.1% extra.

In line with the petroleum industry’s deregulation policy, which permits price fluctuations depending on supply and demand, the price adjustment takes into account current market dynamics.

The start of loading operations at the Dangote refinery, which is anticipated to change the petroleum supply chain in Nigeria, is one of the recent changes in the industry that led to this increase.

Read Also: Breaking: Nigeria’s Public Debt Climbs to N142.3 Trillion

Remember that the Dangote Petroleum Refinery and other depot owners increased the price of gasoline on Friday, causing the pump prices to increase to between N1,050 and N1,150 per liter.

The PMS at the loading gantry of the $20 billion plant increased from N899/liter to N955/liter.

Due to the recent increase in crude oil, the primary component used to produce fuel, dealers confirmed that PMS prices would continue to rise.

Breaking: Nigeria’s Public Debt Climbs to N142.3 Trillion

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As of September 30, 2024, Nigeria’s total national debt has increased to N142.3 trillion.

This amounts to N8.02 trillion, which is 5.97% more than the N134.3 trillion in June 2024.

Increased domestic borrowing and the impact of currency rate depreciation on external debt when translated to naira terms are both blamed for the increase.

Nigeria’s external debt increased slightly by 0.29% in dollar terms from $43.03 billion in September, according to figures issued by the Debt Management Office (DMO). But over the same time period, the naira equivalent of external debt increased dramatically by 9.22%, from N63.07 trillion to N68.89 trillion. The devaluation of the naira relative to the US dollar, which caused the exchange rate to drop from N1,470.19/$ in June to N1,601.03/$ by the end of September, was a major factor in this surge.

In terms of dollars, domestic debt decreased from $48.45 billion in June to $45.87 billion in September, a 5.34% decrease.

However, domestic debt rose from N71.22 trillion to N73.43 trillion, a 3.10% increase in naira terms. The majority of the domestic debt, which increased from N66.96 trillion in June to N69.22 trillion by September, was owed by the Federal Government.

Read Also: Wedding Horror in Kebbi: 9-Year-Old Fatally Shot, Another Injured

State and Federal Capital Territory (FCT) domestic debt, on the other hand, decreased marginally from N4.27 trillion to N4.21 trillion.

Wedding Horror in Kebbi: 9-Year-Old Fatally Shot, Another Injured

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At a wedding event in Kebbi State, a man identified as Muhammad Sani opened fire on guests, killing nine-year-old Al’amin Garba.

Additionally, it was reported that seven-year-old Bello Shehu was hurt in the assault.

According to reports, the incident happened in Kebbi State’s Koko/Besse Local Government Area.

Shehu suffered serious injuries to his ribs, while Garba died instantaneously from a bullet wound to his skull.

Read Also: CBN Optimistic About 2025 GDP Growth at 4.17%, Hails Reform Progress

While the shooter has been taken into custody, he has been admitted to a nearby medical institution.

Bello Sani, the police commissioner for Kebbi command, spoke out against the incident.

For the sake of public safety, he urged locals to turn over all firearms to the police.

He also demanded that the shooter be immediately charged and that a full inquiry be conducted.

CBN Optimistic About 2025 GDP Growth at 4.17%, Hails Reform Progress

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As opposed to 3.36 percent in 2024, the Central Bank of Nigeria (CBN) anticipates the country’s GDP to increase by 4.17 percent.Credit programs for small businesses

Muhammad Abdullahi, the deputy governor of the CBN’s economic policy department, made this prediction during the “National Economic Outlook: Implications for Businesses in 2025” conference in Lagos on Tuesday. In collaboration with B. Adedipe Associates Limited, the Chartered Institute of Bankers of Nigeria (CIBN) organized this hybrid event.

Abdullahi attributed the positive vision to sustained changes in the administration, steady crude oil prices, and increased domestic oil output. “A stable exchange rate would help sustain this positive trend, and current reforms should help reduce inflation,” he emphasized.Credit programs for small businesses

“To meet our 15% inflation target in 2025, we need both the private sector and monetary and fiscal authorities to work together effectively,” Abdullahi stated. Price stability and improved financial assistance for small and medium-sized businesses would be the CBN’s top priorities, he continued. The CBN forecasts growth at a rate higher than the 3.2% forecasted by the IMF.

Abdullahi emphasized efforts being made by the administration to lessen reliance on oil revenue. “The government is striving to create a more sustainable fiscal environment through continuous tax reforms targeted at expanding the tax base and enhancing collection efficiency,” he stated. He emphasized that these reforms would strengthen the economy in the long run and urged firms to adjust.

Read Also: Court Denies Bail to El-Rufai’s Former Chief of Staff, Saidu

In his reflection on the uneven economic performance of 2024, CIBN President Pius Olanrewaju referred to the 2025 perspective forum as essential for recognizing opportunities and threats. Leading figures from the sector attended the event, including executives from a number of financial institutions, Henrietta Onwuegbuzie from Lagos Business School, and Kabir Katata from the Nigeria Deposit Insurance Corporation.

Court Denies Bail to El-Rufai’s Former Chief of Staff, Saidu

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Bashir Saidu, the former chief of staff of Nasir El-Rufai, the state’s immediate past governor, filed a bail application, but it was denied by a Federal High Court in Kaduna.

According to information obtained, Saidu, a former El-Rufai administration Commissioner for Finance, was charged with ten counts relating to embezzlement, money laundering, and the theft of Kaduna State Government public funds.

He was taken into custody by the police on January 2, 2025, and was later placed under remand in the state capital’s Kaduna Correctional Centre.

However, the defendant entered a not guilty plea to the allegations given to him when the case was brought before Justice Isa Aliyu on Tuesday.

According to some of the accusations, Saidu sold $45 million in hard currency that belonged to the Kaduna State Government, which is equivalent to N18,450,000,000, for a much lower price of N410 per dollar than the parallel market cost of N498 per dollar. The prosecution asserted that this was done with criminal intent, costing the government N3.9 billion.

Read Also: CNG Advocates Tax Bill Adjustments to Prioritize Citizens’ Welfare

According to the prosecution, the defendant committed the alleged offense in 2022 while working as the El-Rufai administration’s Commissioner for Finance.

The prosecution claims that Saidu violated Section 18 of the Money Laundering (Prevention and Prohibition) Act 2022 by laundering the more than three billion naira disparity.

The prosecution’s attorney, Professor Nasiru Aliyu, resisted the application when the defendant’s attorney, M. I. Abubakar, told the court about a pending bail application and begged the court to give his client bail after 21 days in detention.

He maintained that the prosecution had seven days under the law to respond to the bail request.

In his ruling, Justice Aliyu ordered that the prosecution be given the legally allotted time to submit its defense to the bail request.

As a result, the hearing on the bail application was postponed until January 23, 2025.

 

CNG Advocates Tax Bill Adjustments to Prioritize Citizens’ Welfare

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To better serve the interests of Nigerians, Comrade Jamilu Aliyu Chiranchi, National Coordinator of the Coalition of Northern Groups (CNG), has encouraged the National Assembly to take into consideration changes to a tax bill that is presently being reviewed.

Speaking to reporters at the one-day National Women’s Conference at Kano’s Aminu Kano Centre for Democratic Research (Mambayya House), Chiranchi made this plea.

He underlined how important it is that the National Assembly reassure Nigerians that these suggested changes will be given careful thought.

Protecting Nigeria’s interests, especially those of its women and future generations, is the CNG’s main goal, according to Chiranchi.

He urged the legislature to take responsible action and make sure the proposed amendments are compliant with the law. While clarifying the group’s position, Chiranchi noted that the CNG is not opposed to the entire bill but seeks to rectify specific provisions that may adversely affect the nation and its citizens.

Read Also: Tragic Boat Accident in Rivers: Three Lose Lives, 19 Rescued

He said, “The group is still dedicated to pushing for the necessary changes to make sure the bill serves Nigeria’s interests.”

Salisu Nuhu Muhammad, a former General Secretary of the Nigeria Labour Congress (NLC), emphasized in his remarks the critical role that women play in advancing national development.

Muhammad praised the enthusiasm and dedication demonstrated by women during the conference, noting, “Women are not fragile but have been labeled as vulnerable, though they are indeed the strongest.”

Tragic Boat Accident in Rivers: Three Lose Lives, 19 Rescued

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A passenger boat that was traveling from Port Harcourt to Bonny in the Bonny Local Government Area of Rivers State overturned on Sunday night, resulting in the verified deaths of three individuals, including a toddler.

At around 5 p.m., it was discovered that a storm had caused the catastrophe at a location known as “Yellow Platform,” which is close to Bonny Island.

According to reports, the vessel carried 22 people from Port Harcourt’s Bonny/Nembe/Bille Waterfront Jetty; however, three of them perished when the storm caused the vessel to capsize.

Grace Iringe-Koko, the state police command spokesperson, verified the occurrence over the phone to our correspondent Monday afternoon and called it a sad one.
“Unfortunately, we lost three people out of the 22 people on board,” Iringe-Koko said. The girl’s body was eventually found after two of the bodies were initially found.

The fact that 19 passengers were saved is heartbreaking. The boat overturned at the Yellow Platform in Bonny while they were traveling from Port Harcourt to Bonny Island. The investigation is still going on.

Israel Pepple, the Chairman of the Maritime Workers Union of Nigeria in the Rivers Commercial District, also spoke and reaffirmed the police’s conclusion that a windstorm was the cause of the tragedy.

“Yes,” Pepple answered, “that is true. Yesterday (Sunday), a boat disaster occurred. Two adult males and a girl were among the people we lost. Their remains had been found, and the boat had departed Port Harcourt on its way to Bonny.

Authorities from the Bonny Local Government have expressed their condolences to the families who have lost a loved one.

In a statement released on Monday and signed by the council’s secretary, John Gabriel-Pepple, Bonny LGA Chairman Anengi Claude-Wilcox expressed her profound sadness over the occurrence.

Part of the statement says, “The tragic boat crash that happened on the Bonny-Port Harcourt sea route on Sunday, January 19, 2025, and claimed the lives of two adults and a toddler deeply saddens the Bonny Local Government Council.”

The sad accident that lost three lives was triggered by a rapid spike in the oceanic storm, according to preliminary results. Nineteen survivors were taken for prompt medical assistance at the expense of the Bonny Local Government.

Read Also: FG Approves Bola Ahmed Tinubu Polytechnic, Directs Wike to Recommend Abuja Locations

“We offer the victims’ families, friends, and loved ones our deepest sympathies. May God give you the courage and resilience to endure this irreversible loss.

According to him, the council prayed for the deceased souls’ rest and joined in their sorrow and suffering.

Although she cautioned against traveling in choppy conditions, Claude-Wilcox stated that the council was looking into a passenger boat that was there at the scene but declined to help the victims.

“Unfortunately, information that reached the council indicated that a passenger boat had arrived at the scene of the incident but had refused to stop to rescue the victims as they were fighting for their lives on the sea,” the statement continued.

“The council secretary should be contacted by anyone with pertinent information regarding the specific boat driver. In order to prevent a recurrence, the Bonny Local Government Council recommends passengers to be weather-aware and to rigorously follow the passenger ferry safety regulations.

According to reports, worried Bonny Island residents have persisted in urging the appropriate authorities to improve safety precautions for commuters using the Bonny-Port Harcourt sea route and to force the contractor constructing the Bodo-Bonny Road to accelerate work in order to guarantee its early completion.

FG Approves Bola Ahmed Tinubu Polytechnic, Directs Wike to Recommend Abuja Locations

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Bola Ahmed Tinubu Federal Polytechnic has been authorized by the Federal Government to be established in Gwarinpa, Federal Capital Territory, Abuja.

According to reports, the proposed institution is anticipated to support training in technology, vocational skills, and entrepreneurship.

This is in accordance with a letter sent to Nyesom Wike, the Minister of the Federal Capital Territory, on January 9, 2025.

“The initiative is in line with the Federal Government’s plan to ensure each state in the federation has one federal polytechnic,” said Dr. Tunji Alausa, Minister of Education, in the letter. On January 16, 2025, the FCT minister’s office got the letter.

Wike has been asked by the Education Minister to recommend potential sites for the polytechnic’s interim and permanent locations in Gwarinpa. The suggested sites will be reviewed and inspected by a technical team from the National Board for Technical Education and the Federal Ministry of Education.

The letter says:

In order to encourage technological, vocational, and entrepreneurial training, the National Policy called for the creation of one Federal Polytechnic in each of the Federation’s states. I am writing to let your Excellency know about this.

2. As a result, Bola Ahmed Tinubu Federal Polytechnic, Gwarinpa, Federal Capital Territory, Abuja, has been authorized by the Federal Government.

Your Excellency is respectfully asked to recommend the suggested locations for the temporary and permanent sites in Gwarinpa for takeoff in light of the aforementioned.

4. In addition, the National Board for Technical Education (NBTE) and Federal Ministry of Education (FME) Technical Team will be visiting the sites to examine and inspect the suggested places. The clearance will be granted based on the Team’s report.

5. I should probably add that, if the Minister so desires, the Ministry now supports the acquisition of existing tertiary institutions.

6. Please accept my sincere promises and best wishes.

FG Felicitates with Trump on His Inauguration as 47th President

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Donald Trump was congratulated by the federal government on becoming the 47th president of the United States of America.

Kimiebi Ebienfa, the spokeswoman for the Ministry of Foreign Affairs, delivered the warning in a statement on Tuesday.

The federal government emphasized the two countries’ close and long-standing relationship, emphasizing their mutual collaboration in fields like sustainable development, good governance, and combating violent extremism and terrorism.

In order to further the interests and welfare of the people of both countries, the statement reaffirmed Nigeria’s commitment to deepening its strategic partnership with the United States under President Trump’s direction.
Nigeria is eager to continue working with the United States to address global issues and promote mutual development, according to FG.
Following his successful inauguration as the 47th President of the United States of America, President Donald Trump received congratulations from the Federal Republic of Nigeria, according to the statement.

The United States of America and Nigeria have collaborated in a number of areas of shared interest, particularly in the fight against violent extremism and terrorism, sustainable development, and the advancement of good governance.

Therefore, “for the benefit of all our people, Nigeria looks forward to further strengthening our historic, strong, and vibrant strategic partnership.”

Read Also: Breaking: NCC Grants Approval for Tariff Increase, Sets 50% Cap

Due to bad weather, Trump’s historic inaugural ceremony was place inside the Capitol Rotunda on Monday, marking his inauguration as the 47th president of the United States.

CNN reports that Trump swore to uphold, defend, and defend the Constitution when he took the oath of office delivered by Chief Justice John Roberts of the Supreme Court.

Breaking: NCC Grants Approval for Tariff Increase, Sets 50% Cap

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This is in accordance with its authority to control and authorize tariff rates and charges by telecommunications providers under Section 108 of the Nigerian Communications Act, 2003 (NCA).

Reuben Muoka, the NCC’s Director of Public Affairs, said in a statement that the adjustment, which is limited to no more than 50% of current tariffs and is less than the 100% that some network operators have demanded, was made while taking into consideration ongoing industry reforms that will have a positive impact on sustainability.
“As is the Commission’s regular procedure for tariff reviews, requests will be examined on an individual basis, and these modifications will stay within the tariff bands outlined in the 2013 NCC Cost Study. Strict adherence to the recently released NCC Guidance on Tariff Simplification, 2024, shall govern its implementation.

Despite the rising operating costs that telecom operators must contend with, tariff rates have not changed since 2013. According to the statement, the authorized modification aims to close the large discrepancy between operating costs and current prices without compromising service delivery to customers.

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The NCC claims that these changes will let operators continue to invest in innovation and infrastructure, which will eventually benefit customers by improving connectivity and services like higher coverage, better network quality, and improved customer service.

Finding a balance between safeguarding telecom customers and maintaining the industry’s viability—including the thousands of local suppliers and vendors that are an essential component of the telecommunications ecosystem—has been a top priority for the NCC.

“The NCC continues to have a great deal of empathy for the effects of tariff modifications and acknowledges the financial strains that Nigerian homes and companies are under. In light of this, the Commission has ordered operators to make these changes in a way that is fair to customers and transparent. Operators must also show quantifiable gains in service delivery while educating and informing the public about the new charges.

Furthermore, the NCC reiterates its commitment to developing a robust, inventive, and inclusive telecommunications industry. In addition to safeguarding consumers, the Commission’s initiatives aim to encourage local suppliers and vendors, guarantee the industry’s long-term viability, and foster the expansion of Nigeria’s digital economy as a whole.

In order to establish a telecommunications environment that benefits all parties—one that safeguards customers, assists operators, and maintains the ecosystem that powers connection throughout the country—the NCC will keep interacting with stakeholders in its capacity as a regulator, the statement continued.