Author: Ayo

In a significant development, the Dangote Petroleum Refinery has started supplying Premium Motor Spirit (PMS) directly to oil marketers, bypassing the Nigerian National Petroleum Company Limited (NNPC). This move is expected to boost fuel supply and efficiency in the country. A senior official at the refinery confirmed that marketers are now allowed to approach the company for direct business transactions on a willing-buyer, willing-seller basis. “Marketers are already coming to the refinery to lift PMS. They are lifting directly from the refinery, not through a third party,” the official stated. As major oil marketers import PMS, hundreds of millions of…

President Bola Tinubu’s administration has undergone a significant reshuffle, with five ministers relieved of their duties with immediate effect. The affected ministers include: – *Barr. Uju-Ken Ohanenye*: Former Minister of Women Affairs – *Lola Ade-John*: Former Minister of Tourism – *Prof Tahir Mamman*: Former Minister of Education – *Abdullahi Muhammad Gwarzo*: Former Minister of State, Housing and Urban Development – *Dr. Jamila Bio Ibrahim*: Former Minister of Youth Development This development was confirmed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Wednesday. The President’s decision comes after threatening to sack underperforming ministers, marking a significant…

The International Monetary Fund (IMF) has predicted a slowdown in Nigeria’s economic growth for 2024, citing disruptions in agriculture and oil production as key factors. The IMF’s Financial Counsellor, Tobias Adrian, noted that Nigeria’s engagement with the global debt market remains vibrant despite high borrowing costs. The IMF’s latest World Economic Outlook report projects Nigeria’s economy to grow at 2.9% in 2024, a 0.2% decrease from the previous projection in July. This adjustment reflects the IMF’s cautious stance on challenges facing emerging markets, including Nigeria. According to Jean-Marc Natal, Deputy Chief of the IMF’s Research Department, issues in agriculture related…

The Abia State Government has made a significant move to improve the welfare of its workers by announcing the implementation of the N70,000 minimum wage, effective October 2024. This development was disclosed by the Commissioner for Information, Prince Okey Kanu, during a press briefing on Tuesday, following the State Executive Council meeting chaired by Governor Alex Otti. According to Kanu, “The state government is committed to the minimum wage, and within the next few days, payment of the new minimum wage will commence.” He also emphasized that the state is prepared to adjust the national minimum wage benchmark as deemed…

The Nigeria Immigration Service has officially declared social media personality, Okuneye Idris, popularly known as Bobrisky, a person of interest in an ongoing investigation. This development comes after Bobrisky was intercepted by Immigration officers at the Sème border while attempting to flee the country. The controversy surrounding Bobrisky began in April 2024 when he was sentenced to six months in prison by the Federal High Court in Lagos for naira abuse. Despite being officially incarcerated at Kirikiri Prison, reports emerged that Bobrisky spent only three weeks in the facility before being discreetly moved to a private location. This sparked widespread…

Big Brother Naija Season 9 winner, Kellyrae, has expressed frustration over the numerous requests for financial assistance from family and friends. In a recent interview with media personality Hero Daniels, Kellyrae revealed that his generosity has sparked a barrage of appeals. Kellyrae’s troubles began after he publicly disclosed giving his wife, Kassia, N55 million from his prize money. “I was receiving calls from people close to us… asking for their own share of my prize money,” he said. The reality star pleaded with those seeking financial favors to give him space. “I will like to say to everyone, I’m not…

Nigerian international Victor Boniface escaped serious injury in a car accident on Sunday, hours after guiding Bayer Leverkusen to a 2-1 win over Eintracht Frankfurt. According to German tabloid Bild, Boniface was a passenger in the car that collided with a truck on the A3 highway between Bad Camberg and Idstein. The driver lost control due to fatigue, causing the Mercedes to overturn. The 23-year-old Super Eagles striker shared footage and photos of the smashed car on social media, writing, “God is the greatest” and “God says my time hasn’t come.” Leverkusen confirmed Boniface suffered only minor injuries to his…

The Federal Government has proposed a groundbreaking five percent excise duty on telecommunications services, gaming, and betting activities as part of a sweeping new bill aimed at overhauling Nigeria’s tax framework. This bold move is designed to bolster non-oil revenue amidst mounting fiscal pressures. Titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act,” the bill dated October 4, 2024, seeks to introduce excise duties on various services provided in Nigeria, including: – _Telecommunications_: Postpaid and prepaid services regulated by the Nigerian Communications Commission…

The Nigerian naira ended the week on a high note, gaining N59.71 against the US dollar on Friday, October 18, 2024. According to FMDQ data, the naira strengthened to N1600.78 per dollar, up from N1660.49 the previous day. This significant appreciation follows a three-day depreciation streak. Friday’s foreign exchange transactions reached $350.72 million, surpassing Thursday’s total of $330.18 million. This increase in FX activity contributed to the naira’s recovery. Over the past week, the naira has experienced a mixed performance, appreciating twice and depreciating three times at the official FX market. However, at the parallel market, the naira fell to…

President Bola Tinubu’s extended absence from Nigeria has sparked concerns, with Labour Party’s presidential candidate Peter Obi expressing dismay over the president’s two-week working vacation in the United Kingdom. Tinubu departed Nigeria on October 2, initially expected to return within 14 days, but reports indicate he has since traveled to Paris, France, for an “important engagement”. Obi questioned the president’s prolonged absence, stating, “The President had told us he would only be gone for 14 days. The 14 days have passed now, and we are waiting to see him in the country.” He emphasized the need for Tinubu’s urgent attention…