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Monday, 20 January 2025 04:54

FG defends oil import licenses as Dangote Refinery output falls short

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has defended its decision to issue petroleum import licenses to multiple companies, citing insufficient production from the Dangote Refinery to meet national demand. The regulatory body's position comes in response to a legal challenge by Dangote Refinery and Petrochemicals FZE, which sought to invalidate import licenses granted to the Nigerian National Petroleum Company (NNPC) and several other oil companies. Dangote's lawsuit (FHC/ABJ/CS/1324/2024) alleged violations of the Petroleum Industry Act (PIA). In a December 2024 counter-affidavit, NMDPRA senior regulatory officer Idris Musa emphasized several key points: Production Capacity: - Current Dangote Refinery…

Sunday, 19 January 2025 04:34

New sect that believes in neither Christianity nor Islam emerges in Northern Nigeria

A new sect, “ACHAD Life Mission International”, has begun operation in North West, Nigeria. The newly established sect is reportedly linked to human trafficking and child separation. According to the Nigeria Immigration Service (NIS), the sect has its headquarters in Kaduna, while its leader simply identified as “Mr. Yokana”, lives in Jos, Plateau State. In a circular dated January 14, 2025, the Principal Staff Officer to the Comptroller General of NIS, CIS A.A. Aridegbe, alerted Immigration officers of the development. The circular titled: “Emergence of a new sect known as ACHAD Life Mission International”, was distributed to all directorates, zones,…

Sunday, 19 January 2025 04:34

Petrol tanker explosion in Niger state claims over 70 lives

A devastating petrol tanker explosion in Dikko, Gurara Local Government Area of Niger State, has left at least 70 people dead and dozens injured. The incident occurred on Saturday when a fuel-laden tanker, carrying 60,000 liters of petrol, overturned and exploded, engulfing bystanders who had gathered to scoop the spilled fuel. Kumar Tsukwam, the Niger State Sector Commander of the Federal Road Safety Corps (FRSC), confirmed that the tanker, owned by HMY Oil and Gas, detached from its head while en route from Lagos to Gwagwalada in the Federal Capital Territory. Despite warnings from authorities, impoverished residents ignored the risks…

Saturday, 18 January 2025 04:38

FAAC: FG, states, LGAs share N1.4trn for December 2024

The Federation Account Allocation Committee (FAAC) has distributed N1.42 trillion in revenue to Nigeria's three levels of government for December 2024. This allocation, drawn from a gross total of N2.31 trillion, represents a N300 billion increase from November's distribution of N1.72 trillion. The breakdown of the distribution, announced at FAAC's December meeting chaired by Finance Minister Wale Edun, is as follows: - Federal Government: N451 billion - State Governments: N498 billion - Local Governments: N361 billion - Oil-Producing States (13% derivation): N113.47 billion Additional allocations included N84.7 billion for collection costs and N801 billion for transfers, interventions, and refunds. Value…

Friday, 17 January 2025 04:32

Nigeria’s 36 governors counter Tinubu’s VAT sharing formula, propose alternative

The Nigeria Governors' Forum (NGF) has thrown its support behind the proposed tax reform bills currently at the national assembly, while proposing a different formula for sharing Value Added Tax (VAT) revenue from the one originally put forward by President Bola Tinubu. In a meeting held on January 16, 2025, between the NGF and the presidential tax reform committee, the governors endorsed a revised VAT sharing formula that differs significantly from the president's original proposal. The governors recommended distributing VAT revenue as follows: - 50% based on equality (distributed equally among states) - 30% based on derivation (where goods and…

Friday, 17 January 2025 04:30

ASUU warns Tax Reform Bill could threaten public university funding

The Academic Staff Union of Universities (ASUU) has raised serious concerns about the potential impact of the Nigeria Tax Bill 2024 on public tertiary education, warning that the proposed legislation could undermine the Tertiary Education Trust Fund (TETFund). Dani Mamman, ASUU's Yola Zone Coordinator, stated that the bill's provisions would redirect crucial funding away from TETFund, potentially destabilizing the public university system. "The future of public tertiary education in Nigeria hangs in the balance," he said, emphasizing that the proposed changes could significantly impair universities' operational capabilities. According to Mamman, the consequences could be far-reaching, potentially leading to declining academic…

Thursday, 16 January 2025 05:00

Nigeria's inflation rate climbed to 34.8% in December, marking fourth consecutive rise

Nigeria's inflation rate continued its upward trajectory in December 2024, reaching 34.8% from 34.6% in November, according to data released by the National Bureau of Statistics (NBS). This marks the fourth consecutive monthly increase since September 2024, further intensifying the nation's cost of living challenges. Key Findings The headline inflation rate saw a marginal increase of 0.20 percentage points compared to November, primarily driven by heightened demand during the festive period. On a year-over-year basis, this represents a significant 5.87 percentage point increase from December 2023's rate of 28.92%. Food Inflation Shows Mixed Signals Food inflation recorded a slight decline…

Thursday, 16 January 2025 04:59

With the N2.2trn ransom report ‘yanked off’, NBS website back online after hack

The National Bureau of Statistics (NBS) website is back online, following 29 days of inaccessibility caused by a cyberattack. The bureau had confirmed the hack on December 18, 2024. While the website is now functional, a notable omission is the controversial “Crime Experience and Security Perception Survey,” which was previously available. The cyberattack occurred just 24 hours after the publication of the report, which detailed alarming crime statistics in Nigeria. The report revealed that Nigerians paid a staggering N2.23 trillion as ransom over the one-year period between May 2023 and April 2024. It also estimated that 51.89 million crime incidents…

Wednesday, 15 January 2025 04:36

CBN fines 9 banks ₦1.35bn over ATM cash shortages

The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine deposit money banks (DMBs) for failing to ensure adequate cash availability at automated teller machines (ATMs) during the festive season. The penalized banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank. Each bank was fined ₦150 million. In a statement released on Tuesday, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, explained that spot checks conducted by the apex bank revealed violations of its cash distribution guidelines. Consequently,…

Wednesday, 15 January 2025 04:35

Nigeria Customs Service reports N6.1trn revenue collection in 2024

The Nigeria Customs Service (NCS) has announced revenue collection of N6.1 trillion for 2024, surpassing its target by N1.026 trillion. Comptroller General Adewale Adeniyi revealed these figures during a press briefing in Abuja on Tuesday, highlighting a 90.4% increase from the N3.2 trillion collected in 2023. The collection was broken down into three main components: - Federation accounts: N3.6 trillion - Non-federation account levies: N816.9 billion - Value-added tax: N1.6 trillion Notably, these results were achieved despite the government granting N1.68 trillion in concessions to support various economic sectors throughout 2024. Building on this, the federal government has set an…

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Tuesday, 14 January 2025 04:44

Discrepancies emerge in Nigeria’s oil production figures as OPEC and FG report differing numbers

Conflicting reports on Nigeria’s crude oil production for late 2024 have highlighted discrepancies between data from the Organisation of the Petroleum Exporting Countries (OPEC) and Nigeria’s own authorities. According to OPEC’s Monthly Oil Market Report (MOMR) for December 2024, Nigeria’s average daily oil production, including condensates, rose by 152,000 barrels per day (bpd) in November 2024. This marked an 11% increase, bringing total production from 1.333 million bpd in October to 1.486 million bpd in November. The data suggested a significant recovery in output, with a month-on-month increase of nearly one million barrels. However, figures from the Nigerian Upstream Petroleum…

Monday, 13 January 2025 04:45

Nigerian Air Force, again, mistakenly kills 20 civilians in Zamfara airstrike

At least 20 people, including members of a local vigilante group, were killed in a misdirected airstrike by the Nigerian Air Force (NAF) in Maradun Local Government Area of Zamfara State. The area is the hometown of the Minister of State for Defence, Bello Matawalle. The victims, members of the Zamfara Community Protection Guard, were reportedly struck on Saturday night, January 11, in Tungar Kara, a community where the Air Force and local defenders were responding to a terrorist attack. A local resident, Salisu Maradun, explained that vigilantes and other residents had mobilized to defend the community and recover stolen…

Sunday, 12 January 2025 04:50

Army chief Oluyede announces major leadership restructuring. Here’s who’s where

The Nigerian Army has undergone a significant leadership reorganization under Chief of Army Staff Lt. General Olufemi Oluyede, who has appointed new commanders across multiple divisions and departments to strengthen operational and administrative capabilities. Key appointments include Major General OT Olatoye as GOC 82 Division and Commander of Joint Task Force South East Operation Udoka, and Major General EF Oyinlola as GOC 3 Division and Commander of Operation Safe Haven. Major General GM Mutkut takes over as Force Commander of the Multi-National Joint Task Force in Njamena. The restructuring confirms several acting appointments, including Major General AGL Haruna as GOC…

Saturday, 11 January 2025 05:06

US returns $52.8m in stolen assets to Nigeria

The United States government has repatriated $52.88 million to Nigeria from assets linked to former Petroleum Minister Diezani Alison-Madueke and her associates. The agreement was signed Friday in Abuja between Nigeria's Justice Minister Lateef Fagbemi and US Ambassador Richard Mills Jr. The recovered funds will support two major initiatives: $50 million will fund rural electrification projects through the World Bank, while $2.88 million will support counter-terrorism training programs across Africa through the International Institute for Justice. The assets were seized as part of a larger corruption investigation involving Alison-Madueke and Nigerian businessmen Olajide Omokore and Kolawole Aluko. US authorities found…

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