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Thursday, 10 October 2024 04:34

With the latest hike, petrol prices have risen 411% since Tinubu became president. This is what Nigerians are saying

It was anguish, yesterday, as the Nigerian National Petroleum Company Limited, NNPCL, raised the pump price of Premium Motor Spirit (PMS), also known as petrol, by 15 per cent across the country. The development confirmed earlier reports that plans were underway to fully deregulate the sector and that subsidy would no longer apply from this week. However, the complete deregulation effect, yesterday, pushed the price of the product to N1,030 per litre, from N897 per litre in Abuja, while the price rose to N998 per litre, from N855 per litre in Lagos. Checks by our correspondent indicated that the Dangote…

Thursday, 10 October 2024 04:32

Tinubu borrowed $6.45bn from World Bank in 16 months: Here are the details

The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months. The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months. This was as the international lender approved no fewer than 36 loan requests to the Federal Government, amounting to a substantial total of $24.088bn within five years. These approvals, aimed at financing various development projects nationwide, arrive alongside increasing concerns about…

Wednesday, 09 October 2024 04:59

16 states challenge EFCC’s legality at Supreme Court, citing federalism and constitutional authority

In a move that underscores the tensions within Nigeria’s federal system, 16 state governments have approached the Supreme Court, seeking a declaration that the Economic and Financial Crimes Commission (EFCC) is unconstitutional. The states argue that the EFCC’s establishment violates the principle of federalism, which allocates certain powers and responsibilities to states, and they contend that the agency lacks constitutional authority to operate in their jurisdictions without state consent. The suit, originally filed by the Kogi State Government (SC/CV/178/2023), now includes states such as Ondo, Edo, Oyo, Ogun, and Enugu, among others. At the heart of the case is the…

Wednesday, 09 October 2024 04:57

From 1,147 reported cases in January to 305,300 in Sept, human rights violations worsen rapidly under Tinubu - NHRC

Human rights violations in Nigeria have reached alarming levels under President Bola Tinubu’s administration, with the National Human Rights Commission (NHRC) reporting an unprecedented 305,300 cases in September 2024 alone. This disturbing figure highlights a growing trend of abuse, with the commission raising the alarm over the surge in complaints since Tinubu assumed office last year. Anthony Ojukwu, the Executive Secretary of the NHRC, expressed deep concern over the escalating number of human rights abuses, noting that each statistic represents a real person whose dignity has been violated. “These figures are not just numbers—they are lives shattered by injustice, fear,…

Wednesday, 09 October 2024 04:56

Parents outraged as Lagos public schools hike boarding fees from ₦35,000 to ₦100,000, reduce food quality, quantity

Parents of students in public school boarding houses in Lagos State are up in arms against school authorities over the sudden hike in boarding fees from ₦35,000 to ₦100,000 per term, coupled with a sharp decline in the quality and quantity of food served to their children. The dispute, which has been simmering for weeks, has now escalated, with parents planning a mass protest against what they describe as an “oppressive and corrupt” policy. Dapo Dawodu, the State Chairman of the Parents Forum for Lagos Model Colleges, has been at the forefront of the opposition. In a statement, Dawodu condemned…

Tuesday, 08 October 2024 05:01

Nigerians react as JSS book teaches pupils how to abort pregnancy

A viral post on X, formerly Twitter, sparked discussions among netizens about a Junior Secondary School Three science textbook, which details the process, types, and reasons for abortion, as well as family planning. Page 135 of the Classic Basic Science and Technology for Junior Secondary School Three used by some schools in Nigeria, partly reads, “There are two types of surgical abortion. Dilation and curettage (D & C): The cervix is dilated (opened and expanded) and a special instrument is used to scrape or scoop some linings and other materials in the uterus. D&C, also called vacuum aspiration, is used…

Tuesday, 08 October 2024 05:00

Three agencies got N533bn in 7 months as income for collecting revenues for FG - NBS

Three major revenue-generating agencies in Nigeria deducted a total of N533.11bn as costs of revenue collection in the first seven months of 2024. The agencies include the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission. This figure, derived from the Federation Accounts Allocation Committee reports published by the National Bureau of Statistics, marks a substantial increase of 99.85 per cent compared to the N266.75bn recorded in the corresponding period of 2023. The FIRS and NUPRC deducted about four per cent of the cost of revenue collection, while the NCS received seven per cent. The cost…

Monday, 07 October 2024 04:38

Tariff hike boosts Discos’ revenue to N887bn in 7 months

Nigeria’s electricity distribution companies have raked in a total of N887.86bn as revenue in the first seven months of 2024 following the tariff increase for Band A customers and improved revenue collection, findings by The PUNCH have shown. Despite consistent complaints over poor power supply by consumers and high tariffs, the 11 Discos increased their income by 46.96 per cent from N604.15bn recorded in the same period of 2023, spanning January to July. This information emerges as stakeholders in the sector decreased their borrowings from commercial banks by N28.82bn. According to an analysis of data released by the Nigerian Electricity…

Saturday, 05 October 2024 04:28

Nigeria’s crude oil production declines by 40,000 bpd amidst massive oil theft in N’Delta

Nigeria’s crude oil production continues to decline, falling by 40,000 barrels per day (bpd) in September, according to a report by Reuters based on a survey of OPEC’s output for the month. This decrease adds to Nigeria’s ongoing struggle to meet its OPEC production quota, which has hovered between 1.2 and 1.3 million bpd since the start of the year. The nation produced 1.35 million bpd as of August 2024, according to OPEC’s latest report. A key issue exacerbating Nigeria’s production woes is the massive oil theft occurring in the Niger Delta, a region responsible for much of the country’s…

Friday, 04 October 2024 04:46

NNPCL takes out 8m barrels of crude oil monthly to service $8.8bn debt. Here are the details

The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis. This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements. Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle. According…

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Friday, 04 October 2024 04:45

Court bars VIO from imposing punitive penalties, impounding vehicles in Abuja

The Federal High Court in Abuja has issued an order barring the Directorate of Road Traffic Services otherwise known as Vehicle Inspection Officers (VIO) from further stopping vehicles on the road, impounding vehicles, or imposing fines on motorists. The judge, Evelyn Maha, issued the order in a judgement on a fundamental rights enforcement suit FHC/ABJ/CS/1695/2023 filed by a human rights activist and lawyer, Abubakar Marshal of Falana and Falana chambers. Other respondents sued in the case are the Director of Road Transport, the agency’s Area Commander, Jabi, and the Team Leader, Jabi, and the Minister of the FCT. In the…

Thursday, 03 October 2024 04:33

Used vehicles importation slumps 83% in H1 2024 - NBS

Nigeria’s import bills on used vehicles, popularly known as ‘tokunbo’, fell by 83 per cent year-on-year to N138.62 billion in the first half of the year, from N819.15 billion in H1’23. Quarter-on-quarter, a breakdown of the National Bureau of Statistics (NBS) for the review period showed that in Q1 ’24 no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23. In Q2’24, the value of imported used vehicles was N138.62 billion, representing an 81.5 per cent decline YoY from N749.92 billion in Q2’23.NBS noted that the used vehicles were imported mainly from…

Thursday, 03 October 2024 04:32

FG removes VAT on diesel, LPG, others

The Federal Government says it has removed Value Added Tax (VAT) on diesel, cooking gas, among others. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while unveiling two major fiscal incentives, on Wednesday. A statement by the Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector. The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.)…

Wednesday, 02 October 2024 04:51

#EndBadGovernance protests 2.0: This is how it went nationwide

Overview On October 1, 2024, coinciding with Nigeria's 64th Independence Day, protesters across multiple cities in Nigeria took to the streets as part of the #EndBadGovernance movement. This was a continuation of protests held in August 2024, with demonstrators expressing grievances over economic hardships, rising costs of living, and government policies. Key Points 1. The protests, also known as "National Day of Survival" or "#FearlessInOctober", occurred in several major cities including Lagos, Abuja, Ibadan, Akure, Osogbo, and Port Harcourt. 2. Main grievances included: - High fuel prices following subsidy removal - Rising food costs - Increased electricity tariffs - General…

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