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The Federal Government of Nigeria, in partnership with the United Nations, has unveiled a comprehensive $159 million plan aimed at tackling severe food insecurity affecting millions of people in the conflict-affected states of Borno, Adamawa, and Yobe. Minister of Humanitarian Affairs and Poverty Reduction, Nentawe Yilwatda, announced that the government will spearhead a coordinated multisectoral response to address the food crisis in these northeastern states. The announcement came during Tuesday's launch of the 2025 Lean Season Food Security and Nutrition Crisis Multisector Plan at the UN House in Abuja. According to the UN's Office for the Coordination of Humanitarian Affairs…
Nigeria has approved a $652-million China Exim Bank funding package for construction of a road to move goods from a sea port and petroleum refinery on the edge of its main city Lagos to its southern states, the public works minister said. The financing was approved by the federal executive council chaired by President Bola Tinubu on Monday, David Umahi said in a statement. The road will be an evacuation corridor from the Lekki Deep Sea Port, the Dangote Petroleum Refinery - Africa's biggest with refining capacity of 650,000 barrels per day - and its adjoining fertiliser plant to at…
The Central Bank of Nigeria (CBN) has revealed a disturbing surge in personnel costs, with expenses ballooning by a staggering 104% compared to 2023, according to the bank's recently released audited financial report. In a concerning development for Nigerian taxpayers, the bank burned through an astronomical N595.9 billion on personnel expenses—more than double the N291 billion spent the previous year. At the group level, this personnel cost explosion was even more pronounced, jumping from N295.4 billion to a massive N608.5 billion. The financial report exposes an equally troubling increase in total operating costs, which soared by 78% to reach N1.2…
The United Nations Children’s Fund (UNICEF) has revealed that Nigeria currently has the highest number of malnourished children in Africa and ranks second globally. Nemat Hajeebhoy, Chief of Nutrition at UNICEF, shared this information on Monday during a media briefing on the 2025 lean season multisectoral response plan targeting Borno, Adamawa, and Yobe states. The briefing was organized by the UN Office for the Coordination of Humanitarian Affairs (OCHA). According to Hajeebhoy, an estimated 600,000 children in Nigeria are suffering from acute malnutrition, with about half at risk of progressing to severe acute malnutrition—a condition that makes children nine to…
Deji Adeyanju, legal counsel to social media influencer Martin ‘Verydarkman (VDM)’ Otse, has criticised the Economic and Financial Crimes Commission (EFCC) for his client’s continued detention amid growing public outcry. PREMIUM TIMES gathered that Adeyanju posted about his client’s arrest on his social media pages on Friday. Adeyanju disclosed that VDM was arrestedby the anti-graft agency at a Guaranty Trust Bank (GTBank) branch alongside C-Pack. He raised the alarm hours after VDM posted on his Instagram page that he and his mother were at GTBank to seek clarification over persistent debits from her account. In a statement issued by Adeyanju’s…
African Development Bank (AfDB) President Akinwumi Adesina has revealed that Nigeria's economic situation is more dire than commonly understood, with GDP per capita having fallen to just $824—significantly lower than the $1,847 recorded at independence in 1960. Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos on Thursday, Adesina emphasized that "Nigerians are worse off than 64 years ago" and called for a radical transformation of the country's economic model. Despite being Africa's largest economy by GDP, Nigeria's economic foundation remains fundamentally flawed and unsustainable, according to the AfDB chief. He attributed this decline to…
Nigeria on Saturday paid its final respects to Pa Samuel Ayo Adebanjo, the late elder statesman, nationalist, and leader of the Pan-Yoruba socio-political group, Afenifere, in a ceremony marked by glowing tributes, national reflection, and calls for purposeful leadership. The funeral, held at St. Philip’s Anglican Church in Isanya-Ogbo, Ijebu, Ogun State, drew an assembly of prominent Nigerian political figures, clerics, and civil society leaders. Among the dignitaries present were former President Olusegun Obasanjo, former Vice President Yemi Osinbajo, Labour Party’s 2023 presidential candidate Peter Obi, and governors Dapo Abiodun (Ogun), Babajide Sanwo-Olu (Lagos), and Seyi Makinde (Oyo). Also in…
Meta Platforms Inc., the parent company of Facebook and Instagram, has warned that it may be compelled to shut down its two major social media platforms in Nigeria following a series of hefty fines totaling over $290 million and what it describes as “unrealistic” regulatory demands from Nigerian authorities. The crisis stems from regulatory actions taken by three Nigerian oversight bodies: the Federal Competition and Consumer Protection Commission (FCCPC), the Nigerian Data Protection Commission (NDPC), and the Advertising Regulatory Council of Nigeria (ARCON). The FCCPC levied the largest fine—$220 million—for alleged anti-competitive practices. The NDPC fined Meta $32.8 million for…
President Bola Tinubu has openly acknowledged the severe economic hardship facing Nigerians, admitting that hunger, unemployment, and insecurity are real and demand urgent solutions. His admission comes as workers nationwide marked May Day amid skyrocketing living costs, mass job losses, and escalating violence. Speaking through the Minister of Labour and Employment, Muhammad Dingyadi, at the Workers’ Day celebration in Abuja, Tinubu stated: “I am aware of the peculiarities of the economic hardship Nigerians face—rising living costs, hunger, insecurity, unemployment, and the loss of livelihoods. These challenges are real and demand definitive solutions.” Dire Statistics Highlight National Crisis The President’s acknowledgment…
As Nigerian workers join the global commemoration of Workers’ Day, the mood is far from celebratory. Instead, the Nigeria Labour Congress (NLC) has painted a grim picture of widespread suffering, blaming President Bola Tinubu’s economic policies for exacerbating the cost-of-living crisis and pushing millions deeper into poverty. Since Tinubu took office in May 2023, his administration’s economic policies—including the abrupt removal of fuel subsidies and the floating of the naira—have triggered skyrocketing inflation, a collapsing currency, and unprecedented economic hardship. Official data underscores the severity of the crisis: - Inflation has surged to 33.2% (March 2024), the highest in nearly…
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