9News Nigeria

An Ondo town businessman, Akinbolusere Kayode Roland, popularly known as Tolufe, has reportedly died in a suspected suicide after recording a video in which he discussed business setbacks, acknowledged his wife’s support and expressed his wishes concerning his properties.

According to information gathered by 9News Nigeria reporters and their review of the recording, Roland spoke about difficulties affecting his business, including the breakdown of three machines reportedly used in his factory. His death was reported on Thursday, October 29, although the precise circumstances surrounding it remain unclear.

In the recording, made inside a vehicle, he expressed frustration over his circumstances and reflected on his journey from working as a barber to establishing his businesses.

He spoke warmly about his wife of many years, Adenike, recalling her support when he had little and was struggling to earn a living. He acknowledged her contribution to his progress and accepted responsibility for difficulties in their relationship.

Roland also mentioned their three adult children, reportedly based in Canada, and expressed his intention for his wife and children to inherit his properties and other assets. The legal status of any will has not been established.

The businessman reportedly owned Esther Estate and operated other enterprises in Ondo town, including a block-making factory said to have been in operation for nearly 20 years.

Peoples Gazette reported that the spokesperson for the Ondo State Police Command, Abayomi Jimoh, confirmed the businessman’s death. However, the available reporting does not establish the precise circumstances or a confirmed cause of death.

The business difficulties he described bring attention to the emotional pressures that can accompany financial uncertainty and the struggle to sustain a livelihood. For business owners, disruptions to operations can affect income, obligations to workers and the welfare of families who depend on them.

However, the recording alone does not establish that economic hardship or the breakdown of his machines caused his death. It also provides no basis for diagnosing him with depression or any other mental health condition.

The World Health Organization explains that suicide results from a complex interaction of factors and cannot be attributed to a single event. Emotional distress, stressful life experiences, health concerns and social circumstances may all contribute.

Roland’s reported death highlights the importance of recognising emotional distress even among people who appear financially comfortable. Business ownership, properties and children living abroad do not, on their own, reveal the pressures an individual may be experiencing.

The wider concern about economic hardship in Nigeria makes access to timely emotional and practical support particularly important. Families, friends and colleagues can help by listening without judgment, taking expressions of hopelessness seriously and supporting those affected to seek professional care.

Anyone experiencing overwhelming distress or thoughts of self-harm should speak immediately with someone they trust and seek help from a qualified health professional. Where there is immediate danger, they should visit the nearest hospital emergency department and ask a trusted person to remain with them.

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9News Nigeria

9News Nigeria

Abuja — President Bola Ahmed Tinubu has approved a monthly transport support of N70,000 for public service workers across all levels, as the four-day deadline issued by the Nigeria Labour Congress, NLC, to shit down the economy over fuel price hike and minimum wage dispute ends on Tuesday, October 27.

The resolution was reached on Tuesday after a meeting between the Minister of Labour and Employment, Muhammad Maigari Dingyadi, and the leadership of the NLC, led by Joe Ajaero.

The payment will commence from November 2026. The payment is part of efforts by the federal government to cushion the impact of rising living costs in the country and support workers’ welfare.

The government also approved the payment of peculiar allowance arrears, effective from May 1, 2026, in three equal monthly instalments beginning in November.

The resolutions follow the federal government and leadership of the Nigeria Labour Congress (NLC). The approvals were contained in a memorandum of understanding signed at the end of a conciliation meeting attended by the Director-General of Budget, Timi Yakubu, Nigeria Labour Congress (NLC( President Joe Ajaero, the Permanent Secretary, Service Welfare Office, Office of the Head of the Civil Service of the Federation, Dr. Garba Abdul S.U, and the Minister of Labour and Employment, Dr. Muhammad Maigari Dingyadi.

According to Federal Government, the transport support, which is expected to commence on November 5, 2026, will last for six months to cushion the impact of raising living costs.

The government stated, “That transport intervention of seventy thousand naira (N70,000), commencing from November 2026, would be paid across al levels for b the period of six months”

Similarly, the Federal Government and the NLC agreed to constitute a negotiation committee that would commence meetings immediately to determine an effective date for implementing a new national minimum wage.

-9News Nigeria.

9News Nigeria

9News Nigeria

The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability, attracting investments that directly benefit Nigerians.

The plan, proposed by the Federal Ministry of Finance, was endorsed on Thursday during NEC’s 161st meeting, held virtually and chaired by Vice President Kashim Shettima.

The development comes as the Federal Government seeks to consolidate the gains of President Bola Tinubu’s economic reforms and translate macroeconomic improvements into better living conditions for citizens.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, in presenting the plan, identified five priority areas: food affordability, tax harmonization, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

The Council also approved the establishment of a national dashboard to monitor ongoing projects across the country.

Oyedele expressed optimism about the progress of the administration’s economic reforms, identifying the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives.

He stressed the need for coordinated implementation across federal and state institutions to ensure that economic improvements translate into measurable benefits for households and businesses.

In Shettima’s address to the members of the Council, he urged state governors and relevant government institutions to ensure that the gains of the reforms result in affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.

He maintained that the success of government policies should be measured by their impact on citizens’ daily lives rather than announcements of reforms alone.

“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” the Vice President said.

Shettima said the Council’s deliberations on transportation, healthcare, police reform and livestock development were critical to determining the quality of life Nigerians should expect from economic progress.

He called for stronger cooperation between the federal and state governments, stressing that their respective responsibilities should promote the common good rather than hinder the delivery of essential services.

On the National Compressed Natural Gas (CNG) Bus Initiative, the Vice President urged state governments to support affordable transportation systems that would ease the financial burden on commuters.

He said the programme’s success should be measured by affordability and accessibility, rather than the number of vehicles deployed.

“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that the passenger’s experience should guide the government’s transportation ambitions.

Shettima also urged governors to incorporate local realities into national policy decisions, stressing that effective implementation required clearly defined responsibilities and practical agreements among the different tiers of government.

Meanwhile, the Council received an update from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory.

Pate reassured members of the Council about Nigeria’s capacity to respond to the situation, outlining measures being developed by the ministry in collaboration with relevant stakeholders.

He identified coordination and governance, surveillance at points of entry, laboratory testing, the provision of essential medical supplies and personal protective equipment, and effective public communication as critical components of the national response.

The minister said 21 state governments had updated their response plans and urged the remaining 15 states to expedite the establishment of appropriate preparedness and response mechanisms.

The Council also considered the report of its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.

It resolved that states should conduct post-campaign reviews, particularly in communities where children were missed during immunisation exercises and in areas affected by insecurity.

NEC further emphasised the need for timely release of counterpart funds, stronger routine immunisation programmes, improved coordination with security agencies and increased cooperation among states to improve vaccination coverage.

The Council said sustained commitment from governors, traditional rulers and security agencies remained essential to eradicating polio in Nigeria.

On livestock development, NEC received a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.

The Council acknowledged the sector’s potential to stimulate economic growth, generate employment and improve livelihoods.

It noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen collaboration between the federal and state governments to accelerate reforms and unlock the sector’s economic potential.

In another resolution, NEC agreed to establish a joint financing framework between the federal and state governments to accelerate the deployment of compressed natural gas and electric vehicles across the country.

The decision followed a presentation on the National Affordable Compressed Natural Gas Transit Programme by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.

The Council directed that the programme should deliver tangible benefits to citizens by reducing transportation costs rather than merely increasing the number of alternative-energy vehicles on the roads.

It also called on relevant authorities to engage transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles are passed on to commuters through lower fares.

NEC in a bid to implement the decision, agreed to constitute a committee to coordinate the arrangement, engage stakeholders and develop practical measures to make transportation more affordable, accessible and sustainable for Nigerians.

9News Nigeria

9News Nigeria

Nigeria has been ranked first globally in the estimated number of people living in extreme poverty in 2026, with approximately 73.1 million people affected.

According to figures attributed to World Data Lab, Nigeria stays ahead of the Democratic Republic of the Congo, which has an estimated 71.6 million people living in extreme poverty, followed by Afghanistan with 35.2 million.

Mozambique ranks fourth with 25 million people, while Yemen occupies fifth position with 24.2 million.

Tanzania ranks sixth with 23.9 million people, followed by Madagascar with 20.1 million and Uganda with 18.2 million.

India occupies ninth position with an estimated 14.46 million people living in extreme poverty, while Ethiopia completes the top 10 with 14.3 million.

World Data Lab’s World Poverty Clock uses economic, demographic and household survey data to estimate the number of people living in extreme poverty and track changes over time.

The figures represent estimates rather than an exact headcount and may differ from those published by other organizations.

9News Nigeria

9News Nigeria

Report by Obinna Ejianya (9News Nigeria)

Political economist, Professor Pat Utomi, has questioned how Nigerians are managing to survive the country’s economic hardship, saying the gap between workers’ earnings and the cost of basic necessities raises serious concerns about their welfare.

In a video shared on X, Utomi expressed disbelief at the financial pressure facing ordinary workers and university professors, whose monthly salaries, he said, could be substantially depleted by electricity bills alone.

“How is it possible that people are still alive and going?” he asked.

Using university professors as an example, Utomi questioned how much an academic could reasonably afford after paying for power, transportation and other essential needs. He estimated that some professors earned about ₦500,000 monthly, while electricity expenses could consume between ₦150,000 and ₦200,000 of that income.

His remarks presented a picture of households spending a substantial share of their earnings on a single necessity, leaving limited funds for feeding, accommodation, healthcare, children’s education and other responsibilities.

Utomi also drew attention to Nigerians earning less than ₦100,000 a month, contrasting their income with the cost of filling his vehicle’s fuel tank. He said the amount required to fill the tank was more than twice that monthly income, questioning how people on such wages could cope with everyday expenses.

In the accompanying post, Utomi compared Nigeria’s wages and petrol prices with those of other oil-producing countries, arguing that the country’s natural resources had not translated into sufficient protection for struggling citizens.

He cited Libya, where he put the price of petrol at ₦32 per litre and the monthly minimum wage at $208, which he estimated at approximately ₦276,000. He also cited Saudi Arabia, putting petrol at about ₦823 per litre and an estimated monthly minimum wage at ₦1.4 million.

Utomi contrasted those figures with Nigeria’s ₦70,000 national minimum wage and petrol prices which, according to his post, ranged between ₦1,300 and ₦1,900 per litre in some locations.

The international wage figures, fuel prices and currency conversions were presented as Utomi’s comparisons and were not independently established for this report. Wage arrangements, eligibility rules and living costs also differ across the countries mentioned.

Nigeria’s ₦70,000 national minimum wage became law in July 2024, following negotiations between the Federal Government and organised labour. However, labour leaders have continued to press for an increase, arguing that prevailing living costs have weakened its purchasing power.

Utomi further pointed to Norway as an example of an oil-producing country that uses petroleum wealth to support public welfare. He argued that Nigerians should similarly experience tangible benefits from the country’s abundant resources.

According to him, even workers earning ₦100,000 monthly remain under considerable financial strain and struggle to meet basic needs.

Turning his criticism directly at President Bola Tinubu, Utomi questioned whether the administration sufficiently appreciated the difficulties confronting millions of households.

“But does the President care? How does he even sleep at night, knowing that millions of Nigerians are struggling to survive in a country blessed with abundant natural resources?” he wrote.

His comments place renewed attention on the affordability of basic necessities and whether workers’ earnings can sustain their households, with electricity and petrol costs central to the concerns he raised.

9News Nigeria

9News Nigeria

Imo State Governor and Chairman of the Progressive Governors Forum (PGF), Senator Hope Uzodimma met with President Bola Ahmed Tinubu at the President’s private Lagos residence.

Uzodimma said the meeting held on Sunday, was convened to brief Tinubu on developments in the country during the President’s working leave and update him on the activities of the Progressive Governors Forum.

Speaking after the meeting, the governor described the discussion as a “quality conversation”, saying the governors had continued working while the President was away.

“The President just returned from his leave. While he was away, we were working. It is fair to brief him on what happened and the efforts of the Progressive Governors,” Uzodimma said.

He said discussions also focused on the governors’ efforts to communicate the Federal Government’s policies and reforms to Nigerians and ensure that their benefits translate into tangible improvements in citizens’ lives.

According to Uzodimma, the reform agenda has moved beyond implementation and public communication to ensuring that Nigerians directly feel its impact.

He cited improved revenue available to state governments, saying many states now have greater capacity to pay salaries and execute development projects.

The Imo governor also pointed to the Federal Government’s Compressed Natural Gas (CNG) initiative, urging transport operators to reflect the savings from lower operating costs in the fares charged to commuters.

He said the objective was to ensure that the benefits of the reforms were passed on to ordinary Nigerians.

Uzodinma thanked President Tinubu for the reforms and assured that the governors would continue working to ensure that Nigerians feel their impact.

9News Nigeria

9News Nigeria

A Kenyan court has ordered parties involved in a land dispute concerning the proposed $16 billion Dangote refinery in Lamu County to maintain the status quo on the disputed property, days before the planned groundbreaking ceremony for the project.

The order was issued by Justice Jane Onyango of the Malindi Environment and Land Court following a suit filed by 133 residents of Chandavai, who claim that their families have occupied, cultivated and developed parts of the land for generations.

The court directed that the existing situation on the disputed parcel, identified as LR No. 13061 in the Hindi/Manda Magogoni area, be maintained until the matter is heard between the parties on 14 October, 2026. 

The residents had sought orders stopping the planned groundbreaking and further development of the refinery. 

However, the court did not grant an order expressly cancelling or stopping the September 30 groundbreaking at this stage.

The ruling therefore represents a legal pause over activities on the disputed land rather than a final decision on the refinery project itself. 

Dangote Group said on Tuesday that the court order would not prevent the official groundbreaking ceremony from going ahead, although it could affect some activities at the site. 

According to court filings reported by Kenyan media, the residents say they have used the land for farming and livestock rearing and have built houses, mosques and shrines there. 

They also say some of their relatives are buried on the property.

They allege that government officials and agents of the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) Corridor entered parts of the land with heavy machinery in August 2024, destroying crops, trees and other property.

The residents further claim that they were subsequently informed that the land had been acquired for infrastructure projects linked to LAPSSET and the expansion of facilities around Manda Bay, including roads, the Kenya Navy Base, and US Camp Simba.

They argue that although many of them do not possess formal title deeds, their longstanding occupation and use of the land give them interests that should be recognised for purposes of compensation and due process.

The petitioners accuse authorities of failing to adequately consult them, conduct proper valuation and provide compensation or resettlement before development activities began.

They also allege that environmental and public-participation requirements were not properly followed.

The proposed refinery is one of the largest planned energy investments in East Africa.

The facility is expected to have a refining capacity of 700,000 barrels of crude oil per day, which would make it one of Africa’s largest refineries and potentially the largest refinery in East and Central Africa once completed. 

The project is estimated by Kenyan authorities and reports to be worth about $16 billion to $17 billion, with some Kenyan reports putting the investment at roughly Sh2.2 trillion.

It forms part of Kenya’s broader plan to develop Lamu as an energy and logistics hub under the LAPSSET corridor.

President William Ruto has strongly backed the project. 

Ruto recently visited Dangote’s refinery in Lagos and expressed support for the proposed Kenyan investment, while Kenyan authorities have been preparing for the September 30 groundbreaking ceremony. 

The refinery’s development comes with broader questions about how the facility would obtain crude oil.

Reuters reported earlier this month that the proposed refinery faces challenges including securing sufficient crude supplies. 

Kenya currently does not have a domestic refining industry capable of supplying such a large facility, meaning the project would have to rely on crude from Kenya and potentially other African producers. 

Environmental concerns have also surrounded the proposal, with conservation groups and other stakeholders raising questions about the potential impact of a major petroleum facility on Lamu’s coastal ecosystem and communities.

The respondents, including government agencies and Dangote Industries, have been given an opportunity to respond before the October 14 inter partes hearing.

Until then, the court’s status quo order remains in force concerning the disputed parcel.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has said the Federal Government is investing in shared MSME hubs to help small businesses access modern equipment, reliable power and production facilities.

Tinubu on Tuesday, stated this in a message highlighting the impact of the Federal Government’s National MSME Clinics and shared facilities initiative.

According to the President, 21 shared facilities across 19 states and the Federal Capital Territory are currently supporting businesses and an estimated 650,000 jobs.

He said the initiative was designed to address one of the major challenges facing Nigerian entrepreneurs; limited access to the tools and infrastructure required to expand production.

“A tailor should not need millions of naira to buy industrial machinery before she can grow her business. A food processor should not have to build a factory before producing at scale,” Tinubu said.

The President said the shared facilities would enable entrepreneurs to increase production, reduce operating costs and improve their competitiveness.

He noted that many Nigerians possess the ideas, skills and ambition to build successful businesses but are often constrained by inadequate access to equipment and infrastructure.

“Nigerians do not lack ideas, skill or ambition. Too often, they lack access to the tools and infrastructure needed to turn them into successful businesses,” he said.

Tinubu said the government’s responsibility was to remove such barriers and create an environment in which small businesses could expand and create more employment opportunities.

“When small businesses can produce more, at lower cost, they become more competitive. They grow. They employ more people. They create income and opportunity for Nigerian families.

“Giving Nigerian enterprise the tools to succeed is how we build prosperity from the ground up. That is the Nigeria we are building,” Tinubu said.

The President said expanding access to productive infrastructure for Nigerian enterprises was central to the Federal Government’s efforts to build economic growth across communities.

9News Nigeria

9News Nigeria

The Nigeria Labour Congress (NLC) has called on the Federal Government to intervene as petrol prices rise to about N1430 per litre in some major cities, with prices reportedly higher in less accessible areas.

Joe Ajaero, NLC President in a statement on Wednesday, September 16, the labour centre said petrol is now selling for N1,430 per litre in major urban centres, with prices significantly higher in Iess accessible locations.

The NLC said the development was already feeding into higher transportation costs and, consequently, increases in the prices of food, rents, school fees and other essential services.

“These new costs continue to inflict or deepen poverty among the populace, stressing the quality of life to the limits”, Ajaero said.

Comrade Joe Ajaero, urged the government to approve reasonable wage awards for workers, make sufficient crude available in naira to local refineries and expand the country’s petroleum storage capacity.

The labour centre warned that the rising petrol price would further increase transportation costs and push up the prices of food, rent, school fees and and other essential services.

Ajaero linked art of the latest price increase to the resurgence of conflict in the Gulf but argued that Nigeria, as an oil producing country with local refining capacity, should have measures to protect citizens from international market shocks.

The NLC also questioned why local refineries still import crude despite the country’s push for domestic refining.

According to the NLC, the Federal Government should immediately introduce reasonable wage awards for workers, supply sufficient crude oil in naira to domestic refineries and expand national petroleum storage capacity to provide a buffer during energy emergencies.

Its urged the government to consider subsidies or other forms of targeted support for citizens, arguing that extraordinary circumstances justify temporary intervention to cushion the impact of higher energy costs.

The union further said government intervention, including subsidies or other targeted support, should not be ruled out during an emergency of this nature.

Ajaero criticised the continued importation of crude by local refineries, describing the practice as unreasonably and contrary to the objective of developing domestic refining capacity.

He warned that the government could not afford to stand by while marketers imposed additional hardship on Nigerians in the name of deregulation, particularly as the country approaches the 2027 general election.

“We are of the view that government that seeks re-election in the next few months cannot afford to stand and watch marketers inflict suffering on the citizenry in the name of deregister. Labour has an obligation to speak out of act accordingly”, he added.

-9News Nigeria.

9News Nigeria

9News Nigeria

By Dr Pedus C. Eweama (WA Australia)

Nigeria’s government at all levels lacks reliable data sources to plan, implement and evaluate effective government policies and programs. No nation can strategically plan without knowing its population burden. Nigeria’s last census was in 2006, when the population was recorded as 140 million people. Given the changing dynamics of Nigeria’s demographic landscape, this data has become markedly obsolete. Despite concerns about flawed data collection modalities, poor analysis and the need to improve the quality of data collection and analysis, policymakers then had at least something to work with.

Beyond the impetus for data-driven national policies, the United Nations views national population and housing censuses as critical, irreplaceable sources of disaggregated data required for sustainable development, policy planning, and human rights tracking, as outlined by the UNSD Demographic and Social Statistics programme. More than 20 years after the last census, there are no clear plans by the Federal Government of Nigeria, which oversees the national census, to undertake an overdue national census, with current population estimates of 220 – 230 million relying heavily on demographic projections. Regrettably, most States and local governments in Nigeria lack data on who lives within their jurisdiction, making infrastructure planning speculative at best.

The UN considers the national census a foundational tool for evidence-based governance, economic planning, and social welfare. Without it, populations face a “data emergency,” leaving vulnerable groups uncounted and structurally invisible. Under Resolution E/RES/2025/13, the UN Economic and Social Council established the 2030 World Population and Housing Census Programme, urging all member states to conduct a census between 2025 and 2034.

Unfortunately, Nigeria lacks an entrenched road map for periodic census exercises or a national policy on population management. While there are discussions about a digital, biometric census by the National Population Commission (NPC), these discussions appear to be undermined by poor institutional readiness, insufficient funding commitment, logistical difficulties, and national security challenges.
Without data-driven policies, policymakers risk continuing to misallocate resources through a “fire brigade” approach.

Without proper enumeration, marginalised communities and States without political connection to the centre may easily become more isolated in terms of infrastructure projects – schools, hospitals and road networks.
Relying on historical figures leads to errors in economic forecasting and infrastructure scaling. While traditional headcounts remain vital, the UN supports integrating modern technology, geospatial referencing (georeferencing), and hybrid models that combine traditional enumeration with administrative registers and alternative data sources.

Unfortunately, Nigeria lacks reliable administrative data such as tax records, social security registries, social medicine enrolment data or accurate electoral rolls to reliably estimate population movement. The nation lacks effective geospatial and digital footprints such as satellite imagery, housing construction approval data, and digital utility connections to help model rapid urban growth between major cities.

Although difficult to compare on many fronts, progressive democracies have entrenched policies on population management that include periodic national censuses. For instance, the Australian Bureau of Statistics (ABS) ensures every person and household in the country was counted during its last census on Tuesday 11th of August – 5 years after its last census as part of 5 yearly census exercise. It is compulsory, and participation is required by law for everyone in Australia on census night, including visitors and visa holders. A consistent policy on the national census, obtained in most democracies, helps in the strategic planning for schools, healthcare, roads and public transport infrastructure.

In the last 20 years, Nigeria has effectively relied on mostly flawed official statistics, administrative databases, and population records by key public agencies to formulate national policies.

What official sources of data does Nigeria rely on for national policy?

Unfortunately, instead of the World Bank, United Nations, International Monetary Fund, African Development Bank and all other international development agencies relying on Nigeria for reliable national data, the reverse is the case – often incomplete, inaccurate and not reflective of our national realities.

Presently, core official data sources for Nigeria national policy-makers include the National Bureau of Statistics (NBS), National Population Commission (NPC) and the Central Bank of Nigeria (CBN).

Operating under the Statistics Act 2007, the NBS provides core official socio-economic statistics, provides inflation information, GDP metrics, and demographic indicators used for economic planning. National Population Commission is similarly responsible for generating population counts, housing surveys, and vital registration data (births and deaths) essential for developmental allocation and social welfare mapping. Central Bank of Nigeria (CBN) supplies monetary, financial, and macroeconomic data utilised for banking, fiscal and inflation-related policy design.

Nigeria also relies on digital, identity and administrative databases and tries to integrate institutional databases like the Bank Verification Number (BVN), tax identification numbers from the Federal Inland Revenue Service (FIRS), and Integrated Personnel and Payroll Information System (IPPIS) data to track public expenditure and manage the workforce, but the fragmentation of its data sources, inability to harmonise and consolidate available data sets, capacity gaps within public and private sectors, and lack of advanced data analysis and evaluation modalities have hampered evidence-based, data-driven national policies.

Bridging the Gap

Data discrepancies and inaccuracies, historical misplaced resource allocations, controversial spending regimes, and public scepticism have constrained reliance on national statistical modelling and, in turn, national policy has mostly relied on the dictates of politicians, often driven by emotions rather than evidence.

Part of any meaningful government reform should include investment in and institutionalisation of a culture of accurate data harvest, analysis and evaluation modalities that reflect Nigeria’s reality and global best practice. Government decisions based purely on demographic projections alone are usually unreliable at best and fraught with inaccuracies that often reflect nothing more than political patronage. Nigeria needs to imbibe the systematic use of reliable research, robust data analysis, and rigorous monitoring and evaluation. Without these important upstream capabilities, it will remain increasingly difficult for the government to understand population needs, design targeted interventions, track progress, make timely adjustments and deliver evidence-based results.

Nigeria’s issues are much more than poor policy implementation; there are marked weaknesses in upstream data collection and poor evidentiary use of critical data sets, which have led to fragmented development plans, leading to unrealistic assumptions, misplacement of priorities and misallocation of resources. The mismatch between evidence and policy remains a barrier to national development, and until we begin to rely on accurately generated data to inform our program planning and design, it will remain difficult to institute effective performance tracking and appraisal mechanisms, which perpetuates poor governance outcomes at all levels of Nigerian government.

Dr Pedus Eweama is an award-winning Australian-based medical practitioner and National Merit Award recipient. He writes from Perth, Western Australia and can be contacted via Pedusc@yahoo.com.
© 2026

9News Nigeria

9News Nigeria

President of the Dangote Group, Aliko Dangote has said the Dangote Refinery has become the largest supplier of jet fuel to Europe.

Dangote made the comments on Monday as the Dangote Refinery’s Initial Public Offering (IPO) went live, marking the first refinery to be offered on the Nigerian stock market in the 66-year history of the Nigerian Exchange.

“Europe must really thank Nigeria under the leadership of President Tinubu for keeping their planes flying. I’m very serious,” Dangote said.

He disclosed that the refinery had sold out its available jet fuel for export since August and September respectively, adding that supplies are now being reserved primarily for the Nigerian market.

“Right from August, September, we sold out in terms of jet fuel. We have nothing to sell anymore; we only reserve that for Nigeria,” he said.

The commencement of the refinery’s IPO also represents a significant development for Nigeria’s capital market, bringing the country’s largest refinery to the Nigerian Exchange for public investment.

9News Nigeria

9News Nigeria

The Federal Government has announced plans to provide students in public educational institutions with up to 100MB of sponsored data daily.

The programme is scheduled to commence on October 1, 2026.

The initiative, being implemented through the Nigerian Communications Commission (NCC) in collaboration with the Federal Ministry of Education, is designed to expand students’ access to online educational resources and support digital learning across the country.

Eligible students under the programme, will receive sponsored connectivity for approved educational websites and platforms, including digital libraries, learning-management systems, and other government-approved learning resources.

The initiative is expected to initially benefit students in public senior secondary schools and public tertiary institutions, with the government targeting about five million students.

The government has also disclosed that telecommunications operators, including MTN, Airtel and Globacom, are participating in the programme to facilitate access to the sponsored educational services.

However, the 100MB daily allocation is not unrestricted free internet data. 

It is intended specifically for accessing approved educational content and platforms covered by the programme.

The Federal Government said the initiative forms part of its efforts to promote digital inclusion by improving access to educational resources.

9News Nigeria

9News Nigeria

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar has defended his proposal for a subsidy on petrol.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Friday, Atiku said Dangote Refinery was right to oppose any policy that would compel private refineries to sell petroleum products at a loss.

However, he argued that his proposal was designed to reduce the cost of domestic refining rather than force refiners to absorb losses.

“We are restoring subsidy through a production subsidy model, not an import subsidy model,” Atiku said.

According to him, the proposed model would provide support for crude solely refined in Nigeria, enabling domestic refineries to reduce production costs and eventually sell petrol at more affordable prices.

Atiku explained that, unlike an import subsidy that supports petroleum products refined abroad, his proposal would tie government support strictly to crude refined domestically.

“If you do not refine in Nigeria, you do not qualify. This is not a subsidy for foreign refineries. 

“It is not a subsidy for importers. It is not a subsidy for middlemen. It is a subsidy for Nigerian production,” he said.

The former vice president said the proposed intervention would include safeguards such as a fiscal ceiling, maximum support per barrel, independent verification of crude supplied to refineries, electronic tracking of crude intake and refined output, domestic supply obligations and independent audits.

He also rejected the idea of government imposing an arbitrary pump price while leaving domestic refineries to bear the financial burden.

“If government wants to provide additional relief beyond what lower crude-input costs can sustainably deliver, then government must pay for that relief openly. It must be budgeted. It must be capped. It must be audited,” Atiku said.

He argued that Nigeria could protect the commercial viability of domestic refineries while also ensuring that consumers benefit from lower production costs.

Atiku further criticised the Tinubu administration over the rising cost of fuel, transportation, food and business operations.

While accusing the government of presenting economic hardship as an unavoidable consequence of reform, he maintained that his proposed production subsidy would support domestic refining, create jobs, attract investment and reduce the cost of petroleum products for Nigerians.

“Subsidise Nigerian production, not foreign importation. Produce here. Refine here. Create jobs here. Pay less here,” Atiku said.

9News Nigeria

9News Nigeria

The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) is preparing to take Nigeria’s oil and gas investment opportunities to China as part of efforts to attract fresh capital into the sector and increase revenue accruing to the Federation Account.

The commission is consulting key government agencies and stakeholders ahead of a proposed Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026.

The planned summit is expected to focus on investment opportunities across Nigeria’s upstream and downstream petroleum sectors, with particular attention to the country’s gas resources.

RMAFC disclosed the plan in a statement issued on Monday by its Head of Information and Public Relations Unit, Maryam Umar-Yusuf, following an engagement with stakeholders in the petroleum industry.

The engagement was led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe.

Enefe said the initiative was aimed at attracting investors into Nigeria’s petroleum industry and expanding the revenue available for distribution among the Federal Government, states and local governments.

“We looked at the opportunities in the gas sector of the economy and felt that we need to intervene, especially in bringing investors to the sector, both upstream and downstream,” he said.

RMAFC seeks fresh investment in oil, gas

According to the commission, its Investment Monitoring Committee is responsible for monitoring Federal Government investments in the oil and gas industry and ensuring that the country receives the revenues and other accruals due from the sector.

Enefe said the committee had recorded progress in monitoring the industry, including efforts that resulted in revenue recoveries and penalties against oil companies that failed to meet their obligations.

Some of the interventions, the commission said, were linked to requirements under the Petroleum Industry Act, including provisions relating to gas flaring.

But RMAFC is now seeking to go beyond revenue monitoring by helping to attract the investment required to expand activity in the industry.

Enefe said the commission had identified substantial opportunities in Nigeria’s gas industry, particularly in upstream production and downstream activities.

As part of the preparations for the China summit, RMAFC has opened discussions with the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.

The commission has also briefed the Presidency and is consulting other government agencies involved in the petroleum and investment sectors.

Why China?

Enefe explained that China was chosen as the venue because of its significant position in global energy and investment.

RMAFC has also held discussions with Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador, who reportedly expressed support for the proposed initiative.

Before the China summit, the commission is expected to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton in Abuja.

The meeting will bring together ministries, departments and agencies involved in the oil and gas and investment sectors to discuss preparations for the summit and make recommendations on how it should be organised.

Participating agencies are also expected to nominate representatives to a planning committee that will coordinate the preparations.

FG backs China oil and gas investment summit

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressed the ministry’s support for the proposed summit.

Ekpo said Nigeria needed to showcase its petroleum investment opportunities more aggressively in order to attract capital and support economic growth.

He also stressed the need for government institutions to coordinate the implementation of presidential executive orders and provisions of the Petroleum Industry Act.

According to the minister, Nigeria’s estimated 215 trillion cubic feet of gas reserves represent a major opportunity for industrial and economic development, as well as for strengthening the country’s position in the regional and global energy markets.

He assured RMAFC that the Ministry of Petroleum Resources would work with the commission and other relevant agencies to ensure the proposed summit achieves its objectives.

Nigeria seeks more oil, gas investment

The planned China summit comes as Nigeria continues efforts to attract investment into its oil and gas industry, particularly the gas sector.

The government has been seeking new capital to increase production, improve domestic energy supply and generate additional foreign exchange and government revenue.

Gas development will require investment across exploration and production, processing, pipelines, liquefied natural gas and other infrastructure needed to commercialise Nigeria’s reserves.

For RMAFC, increased investment in the petroleum industry also has direct implications for public finances because oil and gas earnings remain an important source of revenue for the Federation Account.

The commission said the proposed China summit was therefore part of a broader effort to strengthen cooperation among government agencies, attract investment into strategic areas of the petroleum industry and increase the revenue Nigeria derives from its natural resources.

9News Nigeria

9News Nigeria

EBC Financial Group has questioned the timing and scale of recent petrol price increases by the Dangote Petroleum Refinery, saying the refinery’s explanation that the hikes reflected the cost of crude oil purchased weeks earlier does not fully align with the pattern of the increases.

According to an analysis by EBC, Dangote raised its ex-gantry Premium Motor Spirit (PMS) price three times within nine days in August, with the price moving from N1,165 per litre to N1,185, then N1,200 and finally N1,265.

The successive increases amounted to N100, representing an increase of about 8.6 per cent within the period.

EBC noted that the increases came in different sizes — N20, N15 and N65 — with the two largest adjustments occurring while international crude prices were still declining.

David Precious, Senior Market Analyst at EBC Financial Group, said an explanation based on the cost of crude already purchased would ordinarily be expected to correspond with when the more expensive crude entered the refining process and with the size of the resulting cost difference.

“An explanation based on stored crude cost should predict one increase, sized to the gap between old and new cost, timed to when the costlier oil entered the refining process,” Precious said.

He added that the sequence of three increases over nine days had not fully explained the timing or size of the adjustments.

“That does not make the explanation false; it has yet to account for the timing or the size of the increases,” he said.

Crude Prices Fell as Petrol Prices Rose

EBC’s analysis pointed to the movement in global crude prices during the same period as one of the issues raising questions about the explanation.

Brent crude reportedly fell from about $95 per barrel on August 21 to around $86 by August 26, representing a decline of nearly 10 per cent in five trading days.

Despite the fall in crude prices, Dangote subsequently increased its petrol price to N1,265 per litre on August 29.

The analyst noted that Brent did not rise above $90 per barrel again until August 31, two days after the N65 increase had taken effect.

The later rebound in crude prices followed reports of US-Iran military action that heightened concerns over oil shipments through the Strait of Hormuz.

EBC said the subsequent rise in crude prices could potentially explain a future adjustment, but not the N65 increase that had already taken effect.

Import-Parity Gap Raises Further Questions

The analysis also examined Dangote’s price against an import-parity benchmark.

According to the Major Energies Marketers Association of Nigeria’s August 27 Energy Bulletin, Dangote’s gantry price was N1,200 per litre, compared with an estimated spot import-parity price of N1,222.32.

That meant the refinery was pricing about N22 below the estimated level required for an importer to compete at the time.

Two days later, however, Dangote’s price had risen to N1,265 per litre — about N43 above that earlier reference point.

EBC cautioned that the comparison does not establish whether the N1,265 price was excessive because there was no live, published benchmark available to determine exactly how import-parity costs changed during those two days.

Instead, the analysis raised a broader question about how external observers can determine whether individual price increases correspond to changes in actual production or replacement costs.

NNPC Also Increased Its Prices

The report further noted that the Nigerian National Petroleum Company Limited (NNPC) followed Dangote’s increases within days.

NNPC’s Abuja petrol price increased by N20 from N1,250 to N1,270 per litre, while its Lagos price moved from N1,210 to N1,225.

Chinedu Ukadike, national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), reportedly said retailers had little choice but to increase their pump prices when their own costs increased.

EBC stressed that the similar movements did not prove coordination between the suppliers.

Rather, it showed how quickly changes in refinery and replacement costs can pass through the downstream petroleum market, particularly in a market where Dangote has become a major source of locally refined petrol.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also identified crude sourcing, single-source domestic refining, refinery delivery timelines, logistics and transportation costs among factors contributing to petrol-price volatility.

EBC said this makes refinery-specific disclosure more important because movements in crude prices alone may not explain every change in pump prices.

EBC Calls for Greater Cost Transparency

EBC said one way to resolve the uncertainty would be for the refinery to provide a cost breakdown alongside each major price adjustment.

Such information could include the particular crude cargo involved, when it was purchased, the price paid for it and when it was delivered to the refinery.

According to EBC, this would allow marketers, regulators and potential minority shareholders to independently assess whether a particular price adjustment corresponds with changes in input costs.

The issue could become increasingly relevant as Dangote prepares for a reported stock market listing at a valuation approaching $40 billion.

EBC’s analysis said that without greater disclosure, future price adjustments could continue to generate questions because outside observers would have limited means of determining whether increases reflect genuine changes in costs or wider changes in refinery margins.

Diesel Price Also Increased

The refinery has since made a separate adjustment to diesel prices.

On September 4, Dangote increased its ex-gantry Automotive Gas Oil (AGO) price from N1,750 to N1,850 per litre, representing a N100 or 5.7 per cent increase.

The diesel adjustment was separate from the three August petrol price increases.

As of September 7, the refinery’s petrol gantry price remained at N1,265 per litre, according to the market data cited in the EBC report.

The debate over the pricing of locally refined petroleum products comes as the Federal Government and Dangote Refinery have repeatedly maintained that increased domestic refining and the naira-for-crude arrangement should reduce Nigerians’ exposure to fluctuations in international oil prices.

EBC’s analysis, however, suggests that greater transparency around the cost structure behind each adjustment would help investors, regulators and consumers better understand how those prices are determined.

9News Nigeria

9News Nigeria

The Federal Government has launched the “Hire from Nigeria” campaign, an initiative designed to position Nigeria as a preferred global destination for skilled talent and digitally delivered services.

This initiative will also create opportunities for Nigerians to work for international employers without leaving the country.

The campaign was unveiled on Monday at a press conference held at Radio House, Abuja, by the Minister of Information and National Orientation, Mohammed Idris, alongside the Ministers of Education, Dr. Maruf Tunji Alausa, and Industry, Trade and Investment, Dr. Jumoke Oduwole.

Speaking at the event, Idris described the initiative as a significant step towards placing Nigeria’s human capital at the centre of the country’s engagement with the global economy.

“Today is an important step in Nigeria’s efforts to position one of our greatest national assets, our people, at the centre of our economic engagement with the world,” the minister said.

According to him, changes in the global economy have created opportunities for knowledge, skills, creativity and professional services to cross international borders without the physical movement of goods.

He said Nigeria was well positioned to take advantage of the emerging opportunities because of its youthful population, and expanding digital capabilities.

“The future of Nigeria’s economy will increasingly be driven by the talent, creativity, skills and productivity of our people. Nigeria is ready to compete on the global stage. Nigerian talent is ready to work. And the world should look to Nigeria,” Idris said.

The minister explained that the campaign brings together the Federal Ministries of Industry, Trade and Investment and Education, the National Talent Export Programme (NATEP), the Investment in Digital and Creative Enterprises (iDICE) initiative and private-sector partners to connect Nigerian professionals with global demand.

He described it as a public-private collaboration aimed at positioning Nigeria as a reliable global source of skilled talent and digitally delivered services.

Idris said the campaign aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the Federal Government’s ambition to create one million export-linked jobs.

According to him, the initiative would enable young Nigerians to participate in the global economy without necessarily relocating abroad.

“A young Nigerian does not have to leave the country to participate in the global economy. With the right skills, infrastructure, professional standards, and access to markets, Nigerians can live and work and earn here at home, while providing valuable services to clients and employers worldwide,” he said.

The Minister of Education, Alausa, said his ministry was strengthening Nigeria’s talent pipeline through curriculum reforms, technical and vocational education, digital skills development and industry-focused training.

“The Ministry of Education commitment is wherever in the world, whoever in the world wants to hire, we want Nigerians to be trained, certified, and ready for the hire,” Alausa said.

On her part, the Minister of Industry, Trade and Investment, Oduwole, said the campaign would help transform Nigeria’s demographic advantage into jobs, exports and investment.

She stressed that the initiative went beyond communication, describing it as a national economic proposition.

“Hire from Nigeria is therefore much more than a communications campaign; it is a national economic proposition,” Oduwole said.

She added that the campaign would be presented to the international community at the 81st United Nations General Assembly, with the message that hiring Nigerian talent represents a commercially viable decision.

Also speaking, the Founder and President of Tech4Dev, Joel Ogunsola, said the initiative would help connect Nigeria’s large talent pool with growing international demand and translate skills into economic opportunities.

“Hire from Nigeria is a simple but powerful idea. Nigeria has the talent, the world has the demand. Our job is to bring the two together,” Ogunsola said.

He warned that talent without access to opportunities could become wasted potential, stressing the need to deliberately connect skilled Nigerians with international employers and markets.

The Federal Government said the campaign would connect Nigerian professionals, service providers and businesses with global employers, outsourcing companies, investors and international markets as part of its broader strategy to expand talent and services exports.

9News Nigeria

9News Nigeria

The Executive Director of Lux Terra Leadership Foundation, Rev. Fr. George Ehusan, has criticised the economic policies of the President Bola Ahmed Tinubu administration.

According to him, the removal of fuel subsidy and floating of the naira have contributed to an unprecedented level of inflation in Nigeria.

Ehusan on Thursday during a TV programme, said the policies had worsened the economic hardship facing Nigerians, particularly in the last three years.

“The subsidy removal and floating of the naira took us to a degree of inflation we have never seen before,” he said.

In response to President Tinubu’s recent comment that hunger existed in Nigeria before he was born, Ehusan described the statement as unfortunate.

“The President said there was hunger before he was born, which is an unfortunate statement because I am almost 69 years old, and the kind of poverty I have seen in the last three years, I have never seen since I was born,” the cleric said.

He called for more attention to the economic realities confronting Nigerians, urging the government to implement measures that would alleviate the hardship faced by citizens.

9News Nigeria

9News Nigeria

The Federal Airports Authority of Nigeria (FAAN) has cleared ride-hailing platform Bolt to immediately resume operations at Nigerian airports.

The development follows a dispute that temporarily disrupted Bolt’s airport services and generated nationwide complaints from passengers.

In a statement issued on Thursday, FAAN’s Director of Public Affairs and Consumer Protection, Henry Agbebire, said the disagreement was linked to longstanding concerns over the safety, security and accountability of commercial and e-hailing vehicles operating at the nation’s airports.

According to him, the concerns included unregulated passenger pickups and solicitation, as well as situations involving drivers operating across multiple ride-hailing platforms.

FAAN said the issues prompted the introduction of the Airport Car-Hire Management System (ACHRAMS), stressing that the system is not an e-hailing application and does not compete with platforms such as Bolt and Uber.

The authority also denied claims that it controls or fixes airport taxi fares, explaining that the fares existed independently of ACHRAMS and were not newly imposed by FAAN.

It emphasized that the system merely made existing fares more visible to passengers, leading to increased scrutiny because of the difference between airport taxi rates and the lower fares commonly offered by e-hailing platforms.

“We sincerely apologise for the difficulties this caused our passengers,” Agbebire said, adding that FAAN had “listened, reflected and made the necessary adjustments.”

The authority said it is also engaging other e-hailing operators and expects the discussions to be concluded in the coming days.

FAAN maintained that its actions were motivated by regulatory, safety and security considerations rather than commercial interests, while apologising to passengers for the inconvenience caused by the temporary disruption.

9News Nigeria

9News Nigeria

The National Coordinator and Executive Director of the National Brands Development and Made in Nigeria Special Project Office, George Nwabueze, has denied allegations that he is operating a “fake agency” in the country.

Nwabueze, while reacting to the allegation, insisted that the office is legitimate and has been in existence for the past 16 years.

He also reportedly produced an appointment letter as evidence of his official designation and authority to head the supposed ‘fake’ office.

The development follows controversy surrounding the status and authorisation of the agency.

Questions were raised over its establishment and operations within the Office of the Secretary to the Government of the Federation (SGF).

Nwabueze maintained that the allegations were unfounded, stressing that the existence and activities of the office predated the current controversy.

He said the appointment letter and other relevant documents would help clarify the circumstances surrounding the office and address claims that it was created without government approval.

9News Nigeria

9News Nigeria

By Princely Onyenwe | News Desk

Beyond the growing controversy surrounding the recent interaction between United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and a newly employed Gen Z staff member, a bigger story is emerging from the bank’s latest graduate recruitment drive — the employment of 374 young professionals and the potential economic impact of putting hundreds of new earners into the Nigerian economy.

The 374 young graduates recently employed through UBA’s graduate recruitment pipeline represent more than a new workforce for one of Africa’s leading financial institutions. They represent 374 career opportunities, 374 new sources of household income and potentially hundreds of families and communities that could benefit from the purchasing power generated by their employment as 9News reports.

The development is particularly significant at a time when youth unemployment, underemployment and the difficulty of securing meaningful jobs remain major economic concerns in Nigeria. For many young graduates, obtaining a permanent position with a major financial institution can mark a decisive transition from years of education and job hunting into professional and financial independence.

Although UBA does not publicly disclose a single official take-home salary applicable to every graduate trainee, publicly available salary estimates place the compensation of UBA graduate trainees in the range of several hundred thousand naira monthly, depending on employment stage, role and other conditions. Using ₦400,000 as an illustrative monthly take-home figure, 374 employees would collectively receive approximately ₦149.6 million every month.

That translates to nearly ₦150 million in new monthly purchasing power, or about ₦1.8 billion over 12 months, if the illustrative salary figure were applicable throughout the period. The figures are estimates and should not be interpreted as UBA’s officially confirmed payroll disclosure.

But the real significance goes beyond the arithmetic. The salaries earned by the new employees will potentially find their way into different segments of the economy as young workers pay rent, purchase food, cover transportation costs, settle school fees, support parents and siblings, purchase household items and patronise businesses around their places of residence.

Market women, food vendors, transport operators, landlords, supermarkets, neighbourhood shops, online vendors and other small businesses could all benefit from the increased spending power of newly employed workers.

For some families, the impact could be even more direct, as a young graduate who secures a well-paying job may suddenly become capable of supporting parents who invested heavily in their education, assisting younger siblings with school fees, contributing to household expenses or helping relatives who depend on them.

That is the often-overlooked economic value of employment. A salary does not stop with the person who receives it. It circulates through the economy as rent, consumption, savings, investments, family support and payments for goods and services. In that sense, every sustainable job created has the potential to produce an economic ripple effect far beyond the workplace.

UBA has continued to position its Graduate Management Acceleration Programme as part of its strategy for developing young African professionals. The bank has previously announced the recruitment and training of hundreds of young professionals through the programme, describing it as an avenue for developing the next generation of African business leaders.

The latest intake therefore places the spotlight not only on UBA’s role as an employer but also on the broader responsibility of major Nigerian companies to create opportunities for young people entering an increasingly competitive labour market.

The controversy involving Elumelu and the young graduate has generated discussions about workplace etiquette, generational differences, corporate hierarchy and the changing culture of professional interaction. Those conversations are important, but the employment dimension deserves equal attention.

For the 374 young professionals involved, the most important development may not be the viral exchange captured on camera. It may be the employment opportunity that gives them a career path, a monthly income and the ability to contribute more meaningfully to their families and communities.

It is also a practical illustration of the philosophy associated with Elumelu’s advocacy of Africapitalism, which places private-sector investment, entrepreneurship and job creation at the centre of Africa’s economic development.

Nigeria needs more companies capable and willing to make such investments in its young population. Government alone cannot employ everyone. Sustainable economic growth requires a productive private sector capable of expanding businesses, investing in human capital and creating decent employment.

The significance of UBA’s latest recruitment, therefore, goes beyond the immediate debate about whether a young employee should have addressed the bank’s chairman by his first name or whether Elumelu was justified in correcting her. The larger question is how many more young Nigerians can be given similar opportunities.

Behind every job is a human being, and behind that human being may be a family, dependants and an entire community whose economic circumstances can improve when a regular income begins to flow.

The viral conversation may last for days, but for the 374 young graduates who have secured new careers, the consequences of that employment could last for years. In an economy hungry for opportunities, creating a job is more than filling a vacancy; it is putting a new source of income into the hands of a Nigerian family and potentially putting more money into circulation across the wider economy.

For more inquiries on this news contact 9News Nigeria on +23408036856526

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has ordered the immediate arrest of George Buchi Nwabueze and suspended three Permanent Secretaries following an investigation into an alleged unauthorised agency operating within the Office of the Secretary to the Government of the Federation (SGF).

The development followed the discovery by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) of the National Brands Development and Made in Nigeria Special Project Office operating from the SGF’s office without what the commission said was presidential authorisation.

The ICPC Chairman, Musa Adamu Aliyu, reportedly identified Nwabueze as the alleged promoter of the organisation, while officials within the SGF’s office are also being investigated over their alleged involvement.

The investigation emerged from broader probes into the previously uncovered fake Presidential Foreign Intervention Promotion Council and concerns over weaknesses in government verification and oversight processes.

President Tinubu, following the findings, ordered Nwabueze’s immediate arrest and suspended three Permanent Secretaries; M.S. Danjuma, Nadungu Gagare and Richard P. Pheelangwah.

The Office of the Head of the Civil Service of the Federation also lists Danjuma, Gagare and Pheelangwah among serving Permanent Secretaries, with the latter three associated with offices under the SGF and other federal ministries. 

The President also directed a forensic audit of government processes to identify loopholes that could allow unauthorised entities to operate within government offices.

The ICPC said investigations into the matter are ongoing.

9News Nigeria

9News Nigeria

The Federal Government will commence the implementation of its 90,000-kilometre nationwide fibre-optic network project in October.

This was announced by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani.

Tijani said the project is aimed at expanding Nigeria’s digital infrastructure and improving access to high-speed internet connectivity across the country.

According to the minister, the nationwide fibre-optic network will strengthen broadband infrastructure, support digital services and create greater opportunities for businesses, individuals and other sectors of the economy.

He said the project forms part of the Federal Government’s broader efforts to accelerate Nigeria’s digital transformation and ensure wider access to reliable and affordable internet services.

9News Nigeria

9News Nigeria

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed that the Federal Government saved ₦15.8 trillion from subsidy reforms between June 2023 and December 2025.

Oyedele made the disclosure on Wednesday during a press conference on Nigeria’s reforms scorecard.

According to him, the savings solely generated from subsidy reforms helped mobilise additional resources for the Federation.

“Between June 2023 and December 2025, subsidy savings mobilised the sum of ₦15.8 trillion in resources for the Federation,” Oyedele said.

He further acknowledged that many Nigerians may question where the savings from subsidy removal have gone, asking, “Many people will say, where is the subsidy savings?”

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has said Nigerians employed by the local, state and federal governments are also part of the “common men and women” whose welfare is affected by government policies.

Tinubu made the comments while responding to concerns about the impact of government policies on ordinary Nigerians.

“I listen to people say common man and all that. Who are the people receiving salaries at the local government administration? Are they not common men and women? Those receiving salaries at the state level, are they not common men and women?” the President said.

He added that ordinary Nigerians receiving regular salaries from government also contribute to economic activity in their communities.

“The ordinary people receiving salaries at the federal government level regularly, and it affected all the market women around us, including your wives,” Tinubu said.

The President’s comments come amid ongoing discussions about the impact of his administration’s economic policies on Nigerians and the broader cost-of-living situation.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.

Tinubu disclosed this in a statement addressed to Nigerians, saying the new framework would provide investors with clear and predictable terms needed to commit billions of dollars to long-term projects.

The President said the move was aimed at unlocking up to $50 billion in investment in Nigeria’s deep offshore oil and gas sector.

According to the President, the initiative is expected to begin with the approximately $10 billion Bonga South West project, while existing deep offshore leases will have until December 31, 2029, to reach Final Investment Decision and qualify for the full standard incentive provided under the Order.

Tinubu said Nigeria could no longer afford to leave its deep offshore resources undeveloped.

He stressed that countries with the greatest natural resources do not automatically attract investment unless they also provide certainty for investors.

“Capital moves, and countries compete for it every day. The countries that attract long-term investment are not necessarily those with the greatest natural resources. They are the ones that provide the greatest certainty,” he said.

The President described the Order as the tenth major policy directive of his administration specifically targeting the oil and gas sector.

He said the directives were designed to address constraints affecting investment, production and value creation, adding that they formed part of his administration’s broader effort to make Nigeria’s oil and gas industry more competitive and attract capital back into the country.

Tinubu, beyond attracting foreign investment, said his administration was focused on ensuring that Nigerians benefit directly from the economic activities generated by the projects.

He said the government expects Nigerian engineers, fabrication yards, marine and technical service companies and young professionals to play significant roles in the new investment cycle.

According to him, projects accessing supplementary incentives under the new Order will be required to undertake activities in Nigeria, subject to defined exceptions and Nigerian Content requirements.

Tinubu said the policy was also aimed at positioning Nigeria as Africa’s regional hub for deep offshore project execution by developing local skills, businesses and industrial capacity.

The President disclosed that he had earlier engaged Shell plc Chief Executive Officer, Wael Sawan, on the need for a broader framework capable of unlocking investment beyond a single company or project.

“That framework is now in place,” Tinubu said.

He added that the success of the policy would ultimately be measured by its impact on Nigerians, including the creation of quality jobs, stronger indigenous businesses, increased oil production, higher revenues for the Federation and the development of new technical and industrial capabilities within the country.

“Our natural resources must work harder for our people,” the President said.

9News Nigeria

9News Nigeria

The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has highlighted what he described as significant improvements across key sectors of the Nigerian economy since May 2023.

Adedeji presented an economic snapshot comparing indicators from the beginning of President Bola Ahmed Tinubu’s administration with figures recorded by mid-2026.

According to the NRS chairman, Nigeria’s domestic refining capacity increased from 30,000 barrels per day in May 2023 to about 700,000 barrels per day by mid-2026, with the country recording its first net petrol export in March 2026.

On tax revenue, Adedeji said collections by the former Federal Inland Revenue Service (FIRS), now NRS, rose from ₦12.3 trillion in May 2023 to ₦28.3 trillion in 2025, while revenue stood at ₦27.1 trillion as of July 2026.

He also pointed to Nigeria’s trade balance, which moved from a marginal ₦44.7 billion surplus in May 2023 to ₦7.55 trillion in the first quarter of 2026.

On capital importation, Adedeji said the figure increased from US$3.9 billion in May 2023 to US$23.22 billion in 2025.

The NRS chairman further stated that revenue from the solid minerals sector rose from ₦16 billion in May 2023 to ₦70 billion in 2025.

According to the figures presented, Nigeria’s capital market also recorded significant growth during the period. 

The NGX All-Share Index reportedly rose from 55,738 points in May 2023 to about 250,000 points by mid-2026, while market capitalisation increased from ₦30.36 trillion to ₦161 trillion.

Adedeji also referenced education and social indicators, noting that the estimated number of out-of-school children declined from approximately 20 million in 2023, based on a UNICEF estimate, to between 18.3 million and 18.5 million by mid-2026.

On workers’ earnings, he noted that Nigeria’s minimum wage increased from ₦30,000 in May 2023 to ₦70,000.

The figures formed part of Adedeji’s broader defence of the economic reforms and policies implemented under the Tinubu administration.

These explanations from the NRS boss comes as the government continues to face scrutiny over the impact of its reforms on households and businesses.

9News Nigeria

9News Nigeria

The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said President Bola Ahmed Tinubu does not live a lavish lifestyle, despite public perceptions.

Adedeji made the statement on Channels TV while responding to a question on whether he was concerned about the perception that people in government live in luxury while many Nigerians continue to struggle with poverty.

In defense to the President, the NRS chairman said Tinubu often walks from his residence to his office and only uses a vehicle when travelling to the airport.

“Mr President goes from home to office on foot, not even driving except when he is going to the airport. I don’t know where you see the convoy,” Adedeji said.

His comments follows public concerns over the cost of governance, official lifestyles and the economic difficulties facing many Nigerians.

Adedeji’s remarks sought to counter the perception that President Tinubu’s administration is disconnected from the economic realities confronting ordinary citizens, highlighting what he described as the President’s relatively modest movement between his residence and office.

9News Nigeria

9News Nigeria

Chairman of the Rural Electrification Agency (REA), Ayodele Fayose, has said that inadequate electricity supply contributes to Nigeria’s population growth and hindering the country’s development.

Fayose made the comments while speaking on the challenges confronting Nigeria’s electricity sector, stressing the importance of reliable power supply to the country’s socio-economic development.

He was quoted as saying that “lack of electricity makes the population double in Nigeria,” a statement highlighting the broader consequences of inadequate electricity.

The REA Chairman’s statements focuses on concerns over the relationship between electricity access, economic opportunities, productivity and the quality of life of Nigerians.

Reliable electricity remains critical to businesses, industries, healthcare facilities, schools and households, particularly in rural communities where access to the national grid remains limited.

The Federal Government, through the REA and other stakeholders in the power sector, has continued to pursue initiatives aimed at expanding electricity access to underserved and unserved communities across the country.

However, challenges including inadequate generation and distribution infrastructure, financing constraints and limited access to electricity in rural areas continue to affect the pace of electrification.

9News Nigeria

9News Nigeria

By Princely Onyenwe | News Desk

ABUJA, Nigeria — The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday received the outgoing British High Commissioner to Nigeria, Dr. Richard Montgomery, during a farewell visit to the Bank’s Head Office in Abuja.

The visit formed part of Montgomery’s final official engagements as he prepares to conclude his diplomatic assignment in Nigeria after serving as the United Kingdom’s High Commissioner since May 2023.

During his tenure, he also served as the UK’s Permanent Representative to the Economic Community of West African States (ECOWAS), playing a pivotal role in strengthening diplomatic, economic and development cooperation between both countries.

Although the Central Bank did not disclose details of the discussions, the meeting reflected the longstanding partnership between Nigeria and the United Kingdom, particularly in the areas of economic development, financial sector reforms, trade, investment and institutional collaboration.

Montgomery’s relationship with Nigeria spans well beyond his current posting. Between 2009 and 2013, he served in Abuja as Counsellor for Development and Head of Office of the United Kingdom’s former Department for International Development (DFID), where he oversaw major development programmes across the country.

Before returning to Nigeria as High Commissioner, he served as the UK’s Executive Director at the World Bank Group in Washington, D.C., from 2018 to 2022.

His farewell visit to the apex bank comes ahead of a leadership transition at the British High Commission. The United Kingdom’s Foreign, Commonwealth and Development Office has announced the appointment of seasoned diplomat Peter Vowles as the next British High Commissioner to Nigeria.

Vowles, who most recently served as His Majesty’s Ambassador to Zimbabwe, is expected to assume office in September 2026, ushering in a new chapter in the long-standing diplomatic relationship between both nations.

The meeting with Cardoso also comes at a critical period for Nigeria’s economy as the Central Bank continues to implement monetary and foreign exchange reforms aimed at restoring macroeconomic stability, strengthening investor confidence and addressing inflationary pressures.

The United Kingdom remains one of Nigeria’s key development and investment partners, making continued collaboration between both countries important to their shared economic objectives.

As Dr. Montgomery rounds off his assignment in Nigeria, his farewell engagements with senior government officials underscore the enduring ties between Abuja and London, while expectations grow for continued cooperation under the incoming British High Commissioner, Peter Vowles.

9News Nigeria

9News Nigeria

Anambra State Governor, Prof. Charles Soludo, has said Nigeria’s economy has stabilised and is showing signs of recovery.

Soludo made the remarks on Monday while speaking at the Delta State Economic and Investment Summit, where he argued that increased patronage of Nigerian-made goods could transform the country’s employment landscape.

“From a microeconomics standpoint, Nigeria has stabilised and is on the rise. I haven’t borrowed a dime since I became Governor,” Soludo said.

The former Central Bank of Nigeria (CBN) Governor stressed that Nigeria could not achieve the level of job creation it desires while citizens continue to depend heavily on imported goods.

He urged Nigerians to embrace locally made products as a pathway to job creation and economic growth.

“We cannot create the kind of jobs we want with all of us using foreign or imported goods,” he said.

Soludo also noted that many Nigerians still patronise foreign brands despite the country’s large population and manufacturing potential.

“I look in this room, and I see suits from Europe, America, and China. If all of us, 247 million Nigerians, wear only made-in-Nigeria, more than 10 million jobs will be created,” he added.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has urged state governors across the country to prioritise investments that directly improve the quality of life of citizens and strengthen security.

Speaking on Thursday, the President called on a former governor to help engage serving governors on the need to redirect their focus towards initiatives that would have a more meaningful impact on the lives of Nigerians.

“You have governed before, you need to help us communicate with these other Governors…they need to do more to instead of building flyover when there is no numeric traffic, let’s do more to enhance the quality of life and support security agencies to penetrate areas,” Tinubu said.

He explained that rather than embarking on infrastructure projects that may not address pressing public needs, they should focus on strengthening livelihoods.

The President stressed that state governments should channel more resources into improving public welfare, expanding access to essential services, and providing adequate support for security agencies to effectively tackle insecurity, particularly in underserved and vulnerable communities.

The President maintained that while infrastructure development remains important, it should be guided by the actual needs of the people.

9News Nigeria

9News Nigeria

ABUJA (9NEWS NIGERIA) — President Bola Tinubu has declared that Nigeria has officially turned the corner on its worst economic crisis, promising citizens that “sustained stability and prosperity” are now within reach, as he met with Catholic Bishops in Abuja.

The President made the assertion on Tuesday, 28 July 2026, during a high-stakes, closed-door meeting at the State House in Abuja with a 19-member delegation from the Catholic Bishops’ Conference of Nigeria (CBCN).

Led by the newly elected CBCN President and Archbishop of Kaduna, the Most Rev. Matthew Man-Oso Ndagoso, the bishops did not hold back. They presented the President with a candid, unfiltered assessment of the nation’s current realities, spanning severe economic hardship, threats to democracy, and growing fears of a one-party state.

Here are the key takeaways from the explosive villa meeting that everyone is talking about.

1. “Nigerians are Bleeding”: Bishops Demand Faster Relief

Archbishop Ndagoso directly challenged the administration on the harsh realities facing everyday Nigerians. While acknowledging the government’s long-term economic visions, the CBCN pointed out that current policies have caused intense financial bleeding across households. The bishops warned that promised government interventions and palliatives are moving far too slowly to cushion the blow for vulnerable citizens.

2. Alarms Raised Over Nigeria’s Shrinking Democratic Space

With the 2027 general elections drawing closer, the Catholic clerics expressed deep concern over the health of Nigeria’s democracy. The delegation openly cautioned against a shrinking political space and the systematic weakening of opposition parties. They warned that Nigeria risks sliding into a dangerous single-party dominant state, which could severely damage public trust in the upcoming electoral cycle.

3. Christian Inclusivity and Religious Freedom Under the Spotlight

The bishops brought a critical message regarding national unity and religious freedom. They noted that many Christians currently feel alienated from the political center, a lingering anxiety stemming from recent shifts away from traditional Christian-Muslim balancing on presidential tickets.

Furthermore, the CBCN urged the federal government to guarantee equal protections for Christians, explicitly calling for an end to the bureaucratic bottlenecks that prevent churches from acquiring land in several northern states.

4. A Formal Request to Invite the Pope to Nigeria

In a move to foster national healing, the CBCN formally requested that President Tinubu extend an official state invitation to Pope Leo XIV to visit Nigeria. The bishops believe a papal visit would serve as a powerful catalyst for nationwide peace, reconciliation, and international goodwill.

5. The Battle for Mission Schools and University Access

The delegation put forward two major educational demands:

• Return of Mission Schools: They appealed for the structural return of schools to their original religious proprietors to restore moral and academic standards.
• Lifting the University Freeze: They flagged the National Universities Commission’s (NUC) current moratorium on private universities, warning it severely restricts higher education options for Nigeria’s booming youth population.

How Tinubu Responded

President Tinubu strongly defended his administration’s track record, reiterating that his aggressive economic reforms rescued the nation from total bankruptcy.

Responding to the bishops’ specific demands, Tinubu offered sharp, strategic feedback:

• On Security: The President revealed he has approved structural expansions across the Nigerian Armed Forces to permanently crush terrorism, banditry, and kidnapping.
• On Mission Schools: Tinubu clarified that school autonomy falls strictly under state jurisdiction, advising the bishops to lobby state governors directly rather than seeking a federal constitutional amendment.
• A Warning to Opponents: Addressing the concerns over democracy and 2027, Tinubu gave a firm political signal. He stated that he intends to fight a hard, democratic re-election race, sending a clear message to political rivals that he will not make their path to power an easy one.

9News Nigeria

9News Nigeria

Former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, has described the Nigeria Democratic Congress (ND) presidential candidate, Peter Obi, as a trader whose approach to leadership is shaped by short-term calculations rather than long-term national planning.

Speaking during a recent interview on Channels TV on Monday, Oshiomhole argued that traders are typically focused on quick turnover and immediate returns.

According to the senator, “Peter Obi is a trader. Traders have short-term calculations; they are not into long-term projections. They are not wired to think about what the situation will be in the long run. Their turnover is within three months, maximum of six months.”

He emphasized that it is difficult for traders to think in terms of long-term development.

Peter Obi, a former Governor of Anambra State, has consistently defended his record in public office, maintaining that prudent financial management, fiscal discipline and strategic investments are essential to sustainable national development.

9News Nigeria

9News Nigeria

Chairman and Chief Executive Officer of Channels Media Group, Dr. John Momoh, OON, has called on Nigerians, particularly young people, to remain optimistic while urging them to unlock their potential and contribute to national development.

Speaking at the National Diaspora Day and Merit Awards 2026 held in Abuja on Saturday, Momoh encouraged citizens not to lose faith in Nigeria despite its current challenges, stressing that every individual possesses the capacity to achieve greatness.

“In each and every one of us, and the youth among us today, there’s a lion sleeping. All we need to do is to wake it up,” he said.

The media executive’s remarks resonated with delegates at the event, where he emphasized the importance of resilience, innovation, and self-belief in driving Nigeria’s progress.

Momoh also emphasized the critical role of the Nigerian diaspora in national development, noting that their contributions, and continued engagement remain critical to the country’s growth and global standing.

The National Diaspora Day and Merit Awards celebrate the achievements of Nigerians at home and abroad.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to tackling poverty, and driving sustainable development across the country.

Speaking on Friday during a meeting with members of the Nigerian Diaspora Medical Association, the President described Nigeria’s diversity as a source of strength, saying the country continues to flourish professionally, ethically, and religiously while his administration works to consolidate stability.

“Our diversity is flourishing. Professionally, ethically and religiously. We are working on the stability,” Tinubu said.

The President also stressed that poverty remains unacceptable, assuring Nigerians that his administration is committed to improving their welfare through policies that promote economic growth and shared prosperity.

“Poverty is not acceptable, we won’t accept it. We will fight it, we will bring prosperity, we will bring care to our people,” he stated.

Tinubu’s remarks emphasizes his administration’s focus on national cohesion, economic reforms, and inclusive development.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has declared that despite his successful professional experience in the United States, he chose to return home to contribute to the country’s development.

Speaking on Friday during a meeting with members of the Nigerian Diaspora Medical Association, the President reflected on his early career in the U.S., where he trained with Deloitte & Touche and built a career in accountancy and finance.

“There is nowhere like home. I have experienced being in America and have taken the best of America in my chosen profession, accountancy and finance. 

“Where can I apply it best after initial training with Deloitte & Touche? I can’t forget the Standard Oil Building in Chicago and my first week there,” Tinubu said.

The President noted that while his experience abroad shaped his professional outlook, he remained convinced that his knowledge and expertise would have the greatest impact in Nigeria.

His comments follows an engagement with Nigerian medical professionals in the diaspora, where he encouraged greater collaboration between the government and Nigerians abroad in strengthening the country’s healthcare system and national development.

9News Nigeria

9News Nigeria

The Federal Government has launched a consumer credit scheme that allows eligible Nigerians to buy laptops and other digital devices through installment payments.

The initiative, launched through CrediCorp, is designed to improve access to essential digital tools by enabling beneficiaries to spread payments over an agreed period, easing the financial burden of outright purchases.

According to information released on the scheme, Nigerians who need laptops and other eligible digital devices can apply through the CrediCorp portal to access the credit facility, subject to the programme’s terms and eligibility requirements.

The government says the initiative is part of broader efforts to expand financial inclusion, promote digital access, and support education, and productivity by making technology more accessible.

Interested applicants can submit their applications through the official CrediCorp website.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.

The decision was announced at the 305th meeting of the Monetary Policy Committee (MPC) on Tuesday.

It means that the apex bank has opted to keep its key lending rate unchanged as it continues to monitor inflationary pressures and broader macroeconomic developments.

The Monetary Policy Rate serves as the benchmark for interest rates across the banking sector and is one of the CBN’s primary tools for managing inflation, stabilising prices, and supporting economic growth.

9News Nigeria

9News Nigeria

The Federal Government has dismissed claims that the administration of President Bola Ahmed Tinubu borrowed nearly ₦80 trillion within its first three years in office.

In response to the claims, the government said the reported figure wrongly equates the increase in the country’s total public debt with fresh borrowing, insisting that a significant portion of the rise resulted from accounting adjustments and the sharp depreciation of the naira.

According to the government, the devaluation of the naira significantly increased the naira value of Nigeria’s existing external debts, which are largely denominated in foreign currencies. 

It argued that this exchange-rate effect should not be mistaken for new borrowing.

The government further explained that changes in the country’s debt profile also reflect the recognition and restructuring of existing obligations, rather than the acquisition of entirely new loans.

While acknowledging that the Tinubu administration has obtained both domestic and external loans to finance government operations and development projects, the Federal Government maintained that the widely circulated figure exaggerates the amount of fresh borrowing undertaken since May 2023.

It reiterated that the increase in Nigeria’s total public debt should be viewed within the broader context of exchange-rate movements and debt accounting, rather than being presented solely as new borrowing by the current administration.

9News Nigeria

9News Nigeria

Nigeria’s minimum wage is legally defined as ₦70,000 per month under the National Minimum Wage (Amendment) Act 2024, and it remains in force as of July 2026. That figure converts to roughly $42–$44 at current exchange rates, a number that tells a stark story about naira depreciation and inflation. State governments have complicated the picture further, with some paying well above the federal floor and others still struggling to meet it. For Nigerian workers navigating salary negotiations, job offers, or labor rights, understanding where the law stands and where it is heading is not optional. It is the baseline for protecting your income.

How is the minimum wage in Nigeria applied across states?

State implementation of the federal wage floor is uneven, and the gap between states is wider than most workers realize. Minimum wage application depends on state legislation or executive mandates, meaning the federal law sets a floor but does not automatically enforce uniform compliance nationwide. A worker in Lagos earns a different statutory minimum than a worker in Kebbi, even though both are Nigerian citizens covered by the same federal act.

The states that have moved above the ₦70,000 federal floor include:

• Lagos State: ₦85,000 per month, reflecting the higher cost of living in the commercial capital
• Imo State: ₦104,000 per month, the highest confirmed state minimum wage as of April 2026
• Ebonyi State: ₦90,000 per month, a notable increase above the national benchmark

Several northern states have not fully implemented even the ₦70,000 benchmark. Fiscal constraints, smaller formal sector workforces, and local political dynamics all contribute to delayed or partial compliance. Workers in those states often receive wages below what federal law technically mandates, with little immediate recourse.

The practical implication is direct. Your location in Nigeria determines your statutory wage protection more than the federal law alone. A worker relocating from Kano to Lagos for a minimum wage job could see a statutory pay increase of ₦15,000 per month without any change in job title or responsibilities.

Pro Tip: Before accepting any job offer, ask the employer explicitly which wage schedule applies. State-level mandates can differ from the federal floor, and knowing the local rate gives you a factual basis for negotiation.

What does the minimum wage mean for living standards in Nigeria?

The ₦70,000 monthly wage falls well short of what it actually costs to live in Nigeria. A livable wage for a single adult in mid-sized Nigerian cities ranges from ₦140,000 to ₦290,000 per month. That means the statutory minimum covers, at best, half of what a single person needs to meet basic expenses.

Inflation exceeding 33% and sustained naira depreciation have eroded the real value of the ₦70,000 wage since the 2024 amendment took effect. The wage buys less today than it did when it was signed into law. Food prices, transportation fares, and rent have all risen significantly in that period.

The expense categories hitting minimum wage workers hardest are:

• Housing: Rent in Lagos, Abuja, and Port Harcourt consumes a disproportionate share of a ₦70,000 monthly income
• Transportation: Daily commuting costs in urban centers can absorb ₦5,000–₦10,000 per month or more
• Food: Staple food prices have risen sharply, with market inflation outpacing wage growth
• Healthcare: Out-of-pocket medical costs remain high for workers without employer-sponsored coverage

The Nigeria Labour Congress and the Trade Union Congress have both pushed back against the current wage floor. Trade unions have called for a living wage closer to ₦154,000 per month, arguing that the ₦70,000 figure was already inadequate at the time of its passage and has only grown more so since.

The gap between the statutory minimum and a genuine living wage is not a marginal shortfall. At best, ₦70,000 covers half the estimated cost of living for a single adult in a mid-sized Nigerian city. At worst, it covers less than a quarter for workers supporting families.

The dollar equivalent of ₦70,000 sits at approximately $42–$44. That figure places Nigeria’s minimum wage among the lowest in sub-Saharan Africa when measured in purchasing power terms, a fact that labor advocates cite regularly in wage review negotiations.

What are the legal nuances and exceptions in Nigeria’s minimum wage law?

The 2024 amendment applies nationwide, but it carries exemptions that affect a significant portion of the Nigerian workforce. Businesses with fewer than 25 employees are exempt from the minimum wage law. Sole trader family businesses are also exempt. These carve-outs mean that millions of workers in small enterprises have no statutory wage floor protecting them.

Key legal details every worker should know:

• The law covers employees in formal sector businesses with 25 or more staff
• Sole proprietorships run as family businesses fall outside the law’s scope
• The standard workweek is 40 hours, placing the effective hourly rate at approximately ₦404, or about $0.24
• The review cycle is now three years, reduced from the previous five-year cycle to allow faster responses to economic changes
• The next statutory review is scheduled for 2027, though labor unions are pressing for an earlier review in 2026

Enforcement varies significantly by state. Some state governments have labor inspection units that actively monitor compliance. Others rely almost entirely on worker complaints, which means violations in small or informal workplaces often go unaddressed.

Pro Tip: If your employer has 25 or more staff and pays below ₦70,000 per month, you have a legal basis to file a complaint with the state Ministry of Labour. Document your pay slips and employment contract before approaching any official body.

Employers also carry costs beyond the gross salary. Total employer cost for a minimum wage worker includes pension contributions, NSITF, ITF, and NHIS contributions, adding roughly 11–21% on top of the ₦70,000 base. That means the true cost of employing a minimum wage worker sits between ₦77,700 and ₦84,700 per month for compliant employers.

What future changes are shaping Nigeria’s minimum wage policy?

The current wage floor is already under formal pressure from multiple directions. The Nigeria Governors’ Forum proposed a new national minimum wage of ₦100,000 in May 2026, citing inflation and the rising cost of living as the primary drivers. That proposal represents a 43% increase over the current ₦70,000 floor and signals that even state executives acknowledge the current rate is insufficient.

Trade unions are pushing further. The Nigeria Labour Congress has demanded a minimum wage closer to ₦154,000, framing it as the threshold for a genuine living wage rather than a bare statutory floor. The gap between the governors’ proposal and the unions’ demand is ₦54,000 per month. That gap is where the political negotiation will play out.

“The government is committed to working with organized labor as partners in the wage review process, not as adversaries.” — Speaker Abbas Gbajabiamila, referencing the government’s position on the next wage review

State governors face a real fiscal constraint. Raising the minimum wage increases the public sector wage bill, which competes directly with spending on infrastructure, healthcare, and education. State governors balance wage increases against the risk of cutting services that workers also depend on. That tension explains why proposals move slowly even when political will exists.

The three-year review cycle now embedded in law gives labor unions a formal window to demand adjustments before economic conditions outpace the wage floor entirely. Unions are arguing that the 2026 inflation environment justifies an early review ahead of the 2027 statutory deadline. Whether the government agrees will depend on the outcome of ongoing tripartite negotiations between federal authorities, state governments, and organized labor.

Key Takeaways

Nigeria’s statutory minimum wage of ₦70,000 per month covers less than half the estimated living cost for a single adult, making the ongoing review process a matter of economic survival for millions of workers.

The wage floor is a ceiling for too many Nigerian workers

The ₦70,000 minimum wage was a political achievement when it passed in 2024. The problem is that it became inadequate almost immediately. Inflation above 33% and a weakening naira meant the real value of that wage started shrinking before most employers had even adjusted their payrolls. The law set a floor, but economic conditions turned that floor into a ceiling for millions of workers who cannot negotiate above it.

What concerns me most is the enforcement gap. The exemption for businesses with fewer than 25 employees is not a minor technical detail. A large share of Nigeria’s workforce is employed in small enterprises, and those workers have no statutory protection at all. The law’s reach is narrower than its headline figure suggests.

The governors’ proposal of ₦100,000 is a step in the right direction, but it still falls short of what unions calculate as a genuine living wage. The three-year review cycle is a structural improvement over the old five-year timeline, but it only helps if the government actually uses the window to make meaningful adjustments. Workers should not wait for the next review to understand their rights. Staying informed about state-level wage mandates, employer obligations, and union negotiations is the most practical form of self-protection available right now.

— 9News

Stay informed on Nigeria’s wage laws with 9newsng

Nigerian workers cannot afford to miss updates on wage negotiations, government announcements, or labor policy changes. The difference between knowing and not knowing can be thousands of naira per month.

9newsng covers Nigeria’s labor and wage policy with the depth and consistency that workers and employers need. From federal wage amendments to state-level implementation disputes, 9newsng reports on the developments that affect your paycheck directly. Bookmark 9newsng and check back regularly for breaking news on the next minimum wage review, union negotiations, and any early revision announcements expected before the 2027 statutory deadline.

FAQ

What is the current minimum wage in Nigeria?

The current minimum wage in Nigeria is ₦70,000 per month, set by the National Minimum Wage (Amendment) Act 2024 and still in effect as of july 2026.

Which Nigerian state pays the highest minimum wage?

Imo State pays the highest confirmed minimum wage at ₦104,000 per month, followed by Ebonyi at ₦90,000 and Lagos at ₦85,000.

Are all Nigerian workers covered by the minimum wage law?

No. Businesses with fewer than 25 employees and sole trader family businesses are exempt from the law, leaving many workers in small enterprises without statutory wage protection.

When is Nigeria’s next minimum wage review?

The next statutory review is scheduled for 2027, but trade unions are pushing for an earlier review in 2026 due to inflation exceeding 33% and continued naira depreciation.

What wage do Nigerian trade unions consider a living wage?

The Nigeria Labour Congress has demanded a minimum wage of approximately ₦154,000 per month, arguing that the current ₦70,000 floor does not cover basic living costs for a single adult.

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9News Nigeria

9News Nigeria

Chairman of BUA Group and BUA Foods Plc, Alhaji Abdul Samad Rabiu, says BUA is on course to commission its proposed 200,000-barrel-per-day oil refinery in the first quarter of 2027.

Rabiu made the announcement on Wednesday after a meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja, where he reaffirmed the conglomerate’s commitment to supporting Nigeria’s long-term economic growth through strategic investments.

He said BUA is currently undertaking major expansion projects across its food business, including flour milling, sugar refining, domestic sugar production under its backward integration programme, as well as the establishment of new oil milling, animal feed milling and noodles manufacturing facilities.

According to Rabiu, the projects are expected to be completed next year and will significantly boost the company’s production capacity, positioning BUA Foods as the largest food manufacturing business in Nigeria.

He expressed optimism that the increased capacity would help stabilise and reduce the prices of essential food commodities by improving supply and achieving greater economies of scale.

“Once we complete all these expansion projects next year, BUA Foods is going to be the largest foods business in Nigeria and, with that, hopefully, we’ll be able to bring down the price because, at the end of the day, if you are the biggest and you have this huge capacity, you’ll be able to help support prices to come down,” Rabiu said.

The planned 200,000-barrel-per-day refinery is expected to strengthen Nigeria’s domestic refining capacity and contribute to the Federal Government’s drive towards energy security and industrial development.

BUA Group has, in recent years, expanded its footprint across the cement, food processing, manufacturing and infrastructure sectors, with continued investments aimed at boosting local production, creating jobs and supporting the country’s economic transformation.

9News Nigeria

9News Nigeria

Editorial by Chinedum Anayo | 9News Abuja, Nigeria 

The image remains striking.

A seasoned broadcaster, known more for his sharp questions than public displays of emotion, paused on live television as tears welled up in his eyes. 

Rufai Oseni’s voice trembled as he reflected on Nigeria’s decline, reminding viewers that there was a time; December 1974, according to him, when Nigeria was lending millions of dollars in the tune of US$240 million to the World Bank, and in 1975, extending financial support to the International Monetary Fund (IMF) in the tune of US$120 million.

Whether one views the historical reference as symbolic or literal, the message resonated with millions of Nigerians because it spoke to a painful truth: a nation once celebrated as Africa’s economic giant now finds itself battling inflation, unemployment, a depreciating currency, and mounting public debt.

Meanwhile, the tears were not merely Rufai’s.

They belonged to the graduate who has submitted hundreds of job applications without success. 

They belonged to the civil servant whose salary no longer lasts beyond two weeks. 

They belonged to the entrepreneur watching production costs soar because of unstable electricity, expensive diesel, and foreign exchange shortages. 

They belonged to the parents forced to choose between paying school fees and putting food on the table.

The emotion on television simply gave a face to a crisis that millions experience daily.

Nigeria’s post-independence trajectory was one of extraordinary promise.

In the early 1970s, oil revenues had transformed government finances. 

Following the 1973 oil boom, Nigeria emerged as one of the fastest-growing economies in the developing world. 

Massive investments were made in roads, airports, universities, housing estates, steel complexes and new federal institutions. 

The country was confident enough to play leading roles in African diplomacy, peacekeeping and liberation struggles.

Nigeria financed regional development, contributed significantly to African causes and became a respected voice within the Commonwealth and the Organisation of African Unity.

Indeed, this was an extraordinary accomplishment.

There was widespread optimism that the country would soon rank among the world’s leading industrial economies.

Few would have imagined that half a century later, conversations about Nigeria would centre on debt servicing, food inflation, fuel prices and youth migration.

Perhaps the greatest tragedy is not that Nigeria declined.

It is that many countries that stood on similar economic footing decades ago chose a different direction.

In the 1960s, South Korea was poorer than many African countries. 

The country had limited natural resources and was recovering from a devastating war. 

Today, South Korea is home to global brands such as Samsung, Hyundai, LG and Kia. 

It exports advanced technology, automobiles, semiconductors and ships to virtually every continent. 

Its economy is driven by innovation rather than natural resources.

Singapore, at independence in 1965, had virtually no natural resources. 

Its leaders openly worried about whether the tiny island-state could even survive. 

Today, Singapore ranks among the world’s wealthiest nations, boasting one of the busiest ports globally, a respected financial system, world-class healthcare and one of the least corrupt public sectors.

Malaysia, which shared many similarities with Nigeria as an oil and commodity producer, invested heavily in manufacturing, education and infrastructure. 

Today, it exports electronics, machinery and high-value manufactured goods while maintaining stronger institutional stability.

China, a vast territory once associated with widespread poverty, transformed itself through decades of industrialisation, infrastructure development and export-led growth. 

Hundreds of millions of its citizens have been lifted out of poverty.

Even closer to home, Rwanda, despite suffering one of the worst genocides in modern history in 1994, has rebuilt institutions, improved public administration, attracted investment and become one of Africa’s fastest-growing economies.

None of these countries achieved perfection.

However, each made deliberate choices to prioritise productivity over politics, institutions over personalities and long-term planning over short-term gains.

Nigeria’s greatest resource has never been oil.

It has always been its people. With over 220 million citizens, Africa’s largest economy by population possesses immense agricultural potential, one of the continent’s youngest workforces.

Nigeria is also richly endowed with vast mineral resources, expansive arable land, a thriving creative industry, and one of the world’s fastest-growing technology ecosystems.

Unfortunately, these advantages have repeatedly been weakened by familiar problems.

Policy inconsistency.

Corruption.

Weak institutions.

Overdependence on crude oil.

Poor infrastructure.

An unreliable power supply.

Insecurity.

Political patronage.

Short-term economic thinking.

Successive governments have launched ambitious development plans with impressive names and lofty promises. 

Nevertheless, many of those plans disappeared with changes in administration, leaving behind abandoned projects and unrealised ambitions.

Meanwhile, countries with fewer natural advantages continued moving steadily forward.

Perhaps nothing captures Nigeria’s predicament more than its debt profile.

Borrowing, in itself, is not the problem.

The United States borrows.

Japan borrows.

The United Kingdom borrows.

China borrows.

Virtually every major economy carries public debt.

The difference lies in what the borrowed funds achieve.

Advanced economies largely invest borrowed resources in productive infrastructure, research, education, transportation and industries capable of generating future economic returns.

Nigeria, however, continues to face difficult questions about whether borrowed funds are translating into corresponding improvements in infrastructure, industrial capacity, healthcare, education and citizens’ quality of life.

Even more worrying is that debt servicing now consumes a substantial portion of government revenue, leaving less fiscal space for development priorities.

When a nation spends more servicing debt than investing in its people, the future inevitably becomes more difficult.

The Conclusive Human Cost

Economic decline is often discussed through graphs, percentages and statistical reports.

But behind every statistic is a human story.

The unemployment figure represents graduates unable to secure work years after leaving university.

Inflation represents mothers buying fewer groceries with the same income.

Currency depreciation represents manufacturers paying significantly more for imported machinery and raw materials.

Food inflation means millions skipping meals.

Brain drain means hospitals losing doctors, universities losing lecturers and technology companies losing skilled professionals to countries offering better opportunities.

Today, thousands of Nigerian doctors practise in the United Kingdom. 

Nigerian nurses are highly sought after across Europe and North America. 

Software engineers, academics and entrepreneurs continue to leave in search of environments where talent is rewarded with stable institutions and predictable policies.

The nation spends billions educating skilled professionals, only to watch many contribute their expertise to foreign economies.

At the same time, there Is still Hope.

Despite the sobering realities, Nigeria is far from a lost cause.

Its fintech industry continues attracting international investment.

Its film industry has become one of the world’s largest.

Its music dominates charts across Africa, Europe and North America.

Its young entrepreneurs continue building globally competitive businesses despite difficult operating conditions.

Its agricultural potential remains enormous.

Its strategic location gives it access to regional markets under the African Continental Free Trade Area (AfCFTA).

The ingredients for economic transformation still exist.

What remains uncertain is whether the political will exists to implement reforms consistently over decades rather than electoral cycles.

Economic miracles are not accidental.

South Korea did not become wealthy in one administration.

Singapore did not become efficient overnight.

China’s transformation unfolded over decades.

Development demands continuity, discipline, accountability and institutions that outlive individual leaders.

Rufai Oseni’s tears captured national attention because they reflected a shared disappointment.

But history teaches an important lesson.

No country develops through nostalgia.

The Nigeria of the 1970s cannot simply be recreated, nor should the country’s ambitions be confined to memories of what once was.

The challenge is to build something even stronger.

A Nigeria where economic growth is measured not only by GDP but by jobs created.

A Nigeria where borrowing finances factories instead of consumption.

A Nigeria where electricity powers industries instead of generators.

A Nigeria where graduates dream of building careers at home rather than searching for opportunities abroad.

A Nigeria where leadership is judged by measurable improvements in the lives of ordinary citizens.

That vision remains possible.

The country’s history proves that Nigeria once possessed remarkable economic confidence. 

Its people continue to demonstrate extraordinary resilience and creativity.

The question is no longer whether Nigeria can rise again.

The question is whether the nation is finally prepared to make the difficult, consistent and sometimes unpopular choices required to reclaim its place, not merely as Africa’s largest economy on paper, but as one of the world’s truly prosperous and competitive nations.

Until that question is answered with action rather than rhetoric, Rufai Oseni’s tears will remain more than a fleeting television moment. 

They will continue to mirror the hopes, frustrations and unanswered questions of millions of Nigerians who still believe their country can become far greater than it is today.

God bless The Federal Republic of Nigeria!

9News Nigeria

9News Nigeria

Arise Television anchor Rufai Oseni became emotional during the network’s programme as he reflected on Nigeria’s current economic challenges.

Speaking on the programme on Friday, Oseni expressed deep concern over the nation’s economic trajectory, contrasting its present realities with its financial standing in the 1970s while shedding tears.

According to him, Nigeria was in such a strong economic position that in December 1974, it was lending millions of dollars to the World Bank, while in 1975, it also extended financial support to the International Monetary Fund (IMF).

He lamented that the country’s fortunes have since declined significantly, urging Nigerians to reflect on how a nation that once served as a creditor to major global financial institutions has become heavily reliant on borrowing.

9News Nigeria

9News Nigeria

Chinedum Anayo | Abuja, Nigeria 

The Centre for the Right to Health (CRH) has successfully implemented a community-based environmental conservation project in Zhipe Community, Karu Local Government Area of Nasarawa State.

The project, titled “Mitigating Environmental Threats and Providing Alternative Livelihoods in Zhipe Community,” was implemented under the Global Environment Facility Small Grants Programme (GEF-SGP) with support from the United Nations Development Programme (UNDP).

The initiative was designed to tackle the growing environmental challenges confronting the community, including land degradation, deforestation, soil erosion, flooding, and the unsustainable exploitation of natural resources. 

In addressing these challenges, the project integrated environmental restoration with livelihood development, creating sustainable opportunities for rural households while promoting long-term ecosystem conservation.

CRH, as part of the intervention, undertook extensive advocacy, stakeholder consultations, and community sensitization campaigns.

These campaigns involved various traditional rulers, women, youth groups, farmers, and other critical stakeholders. 

The engagements strengthened community ownership of conservation initiatives and improved awareness of climate change adaptation, environmental protection, and sustainable natural resource management.

One of the project’s major achievements was the planting of 400 economic tree seedlings at strategic locations across Zhipe Community. 

The tree planting exercise was aimed at restoring degraded landscapes, improving biodiversity, reducing the effects of climate change, and strengthening the community’s environmental resilience.

In addition, degraded farmlands were rehabilitated using conservation agriculture techniques and cut-off drainage systems to minimise soil erosion, reduce land degradation, and improve agricultural productivity.

In a bid to improve household food security and nutrition, CRH trained 200 community members in food crop production and backyard gardening. 

The training equipped beneficiaries with practical knowledge and skills to enhance food production, improve household nutrition, and create additional income through sustainable farming.

To address the recurring threats of erosion and flooding, the organisation trained 60 youths in river embankment construction and erosion control techniques.

Following the training, the participants carried out community-led embankment works designed to protect farmlands from flooding, reduce soil erosion, and mitigate the environmental impacts of seasonal water runoff.

CRH further trained 60 beneficiaries in income-generating enterprises, including poultry farming, fish farming, rabbitry, snail farming, mushroom production, vegetable cultivation, and agribusiness management.

These efforts were made to promote the need to provide sustainable economic alternatives that support environmental conservation.

The programme is expected to reduce dependence on forest resources while creating sustainable income streams for participating households.

The project also promoted women’s leadership, economic empowerment, and social inclusion by training 20 women in leadership and cooperative management. 

The participants subsequently established the Zhipe Women Agric Cooperative Society, providing a platform for collective savings, enterprise development, agricultural support services, and the long-term sustainability of the project’s gains.

To ensure that the project responded to the specific needs of the community, CRH conducted a comprehensive conservation assessment and baseline survey to document existing environmental conditions, livelihood patterns, and the community’s dependence on forest resources. 

The organisation also facilitated eight Focus Group Discussion (FGD) sessions involving approximately 200 stakeholders, generating community-driven recommendations for environmental protection, sustainable land use, and natural resource management.

Speaking on the outcomes of the project, CRH said the intervention has significantly strengthened community participation in environmental conservation, improved livelihood opportunities, enhanced household food security, and encouraged the adoption of environmentally sustainable practices throughout Zhipe Community.

Community members expressed optimism that the knowledge, technical skills, and livelihood opportunities provided through the project would contribute to higher agricultural productivity, improved environmental stewardship, stronger household incomes, and the preservation of natural resources for future generations.

The organisation noted that the Zhipe intervention demonstrates how community-led conservation initiatives, supported through strategic partnerships under the GEF-SGP and UNDP, can simultaneously restore degraded ecosystems, improve rural livelihoods, strengthen climate resilience, and contribute to Nigeria’s broader efforts to combat climate change and achieve sustainable development.

9News Nigeria

9News Nigeria

The Nigerian economic landscape is currently navigating its most turbulent period in three decades. Since the inauguration of President Bola Ahmed Tinubu in May 2023, the nation has undergone a radical “shock therapy” transition aimed at correcting long-standing structural imbalances.

However, for the average citizen and global investor, the constant stream of Nigeria economic news often presents a confusing mix of aggressive reform agendas and unprecedented hardship. While the administration frames its “Renewed Hope Agenda” as a long-term roadmap to prosperity, the immediate fallout has triggered a severe cost-of-living crisis, plunging millions deeper into poverty.

Here is a deep-dive analysis into the five core economic policies driving this shift, the mechanics of the Naira’s valuation, and the real-world impact on the populace.

1. The Abrupt Removal of the Fuel Subsidy

For decades, Nigeria spent trillions of Naira annually to keep domestic petrol prices artificially low. President Tinubu dismantled this system on “Day One” of his administration, arguing that the subsidy primarily benefited smugglers and the wealthy while bankrupting the state.

The Fallout: Without immediate production increases or compensatory buffers, petrol prices instantly jumped from around ₦185 to over ₦1,000 per liter. Transportation costs tripled overnight, triggering a direct cost-push inflationary spiral that spiked the price of every essential commodity nationwide.

2. Aggressive Forex Unification and the Naira Float

In a bid to eliminate arbitrage—where well-connected individuals bought cheap dollars from the government and resold them at premium rates on the parallel market—the Central Bank of Nigeria (CBN) collapsed its multiple exchange rate windows into a single, market-driven pool.

The Fallout: This policy effectively floated the currency, triggering a massive devaluation cycle. The Naira lost over 70% of its value against the US Dollar within a year. A severe supply gap caused by rampant oil theft, underinvestment in the Niger Delta, and a inherited $7 billion Forex backlog left the CBN with few dollars to defend the local currency, eroding the purchasing power of all local earners.

3. Radical Monetary Policy Tightening

To mop up excess liquidity and combat skyrocketing inflation, CBN Governor Olayemi Cardoso returned the central bank to strict orthodox monetary policies. This included aggressively hiking the Monetary Policy Rate (MPR) to over 26%.

The Fallout: While intended to stabilize the macroeconomy and curb inflation, these sky-high interest rates have suffocated local businesses. Thousands of Micro, Small, and Medium Enterprises (MSMEs) have collapsed under the weight of expensive credit, while manufacturing giants like GlaxoSmithKline (GSK) and Procter & Gamble (P&G) have exited the country entirely, accelerating job losses.

4. Aggressive Fiscal Consolidation

Led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, the administration pushed heavily for fiscal consolidation. This strategy focused strictly on boosting government revenue and tightening public spending rather than maintaining protective economic buffers for vulnerable households.

The Fallout: While this policy successfully increased government revenues and boosted the stock market (NGX), the deliberate withdrawal of consumer safety nets occurred at a time when the domestic economy was completely unprepared. The lack of an established, comprehensive social security system left the poorest 80% of the population entirely exposed to market volatility.

5. Over-Reliance on Neoliberal Imports Without Domestic Buffers

The administration pursued rapid liberalization of key sectors, relying heavily on international market forces to correct pricing disparities before expanding domestic manufacturing and refining capabilities.

The Fallout: Because Nigeria remains a heavily import-dependent nation, floating the currency before achieving domestic self-sufficiency meant that imported inflation quickly outpaced wages. A recently negotiated minimum wage increase from 30,000 to 70,000 Naira was rendered largely meaningless as food inflation crossed the critical 40% mark, trapping families in a desperate struggle to afford basic daily meals.

Macroeconomic Overview: The Key Numbers

The polarized debate surrounding the “Renewed Hope Agenda” highlights the deep contrast between macroeconomic adjustments and the ground reality. Below is the real-time economic data painting the picture of the current transition phase.

Key Nigerian Economic Indicators

Sectoral Impact and The Path Forward

Despite the pervasive hardship, certain sectors are beginning to see structural transformations that could determine the long-term success of these reforms:

• The Energy Sector: The commencement of operations at the Dangote Refinery is projected to ease pressure on the Naira by 30% to 40% by reducing the need to export scarce USD for refined fuel imports. Transitioning public transit to Compressed Natural Gas (CNG) and solar energy is also gaining traction.
• Tech & Services: This arena remains Nigeria’s brightest star, continuing to attract global venture capital and provide buffer employment despite local currency shocks.
• Agriculture: Currently under a technical state of emergency, the sector requires urgent interventions in rural security to protect farmers and lower the structural cost of food.

Survival Strategy for Businesses and Investors

To navigate this transition phase, financial experts recommend that entities hedge against ongoing currency risk by holding USD-denominated assets, pivot corporate focus toward essential consumer goods, and strictly monitor ongoing CBN circulars and Form M regulations to protect operational cash flows.

The Verdict: Nigeria’s current economic status is a painful case of “short-term pain for long-term gain.” However, the sheer depth of the pain is actively testing social stability. For the administration to prevent total reform failure, it must urgently stabilize the Naira and actively secure agricultural zones to pull its citizens out of the inflation trap.

Disclaimer: This article is for informational purposes only and does not constitute formal financial advice.

For more context on the public reaction to these economic policies, visit www.facebook.com/9NewsNG

9News Nigeria

9News Nigeria

By Princely Onyenwe | 9News Nigeria

The growing rejection of genuine ₦100 banknotes across Nigeria has exposed a dangerous wave of misinformation capable of undermining public confidence in the naira. While the Central Bank of Nigeria (CBN) maintains that both the standard and commemorative ₦100 notes remain legal tender, many citizens continue to reject the standard ₦100 note, disrupting commerce, creating avoidable disputes and raising serious concerns about financial literacy, respect for the law and confidence in Nigeria’s monetary system.

The strength of any nation’s currency depends not only on the authority of its central bank but also on the confidence of its people. Across the world, legal tender serves as the foundation of commerce, enabling individuals and businesses to exchange goods and services with certainty. When citizens begin rejecting genuine banknotes based on rumours rather than official policy, that confidence is weakened, everyday transactions become difficult, and the integrity of the financial system comes under unnecessary strain. This is precisely the challenge Nigeria is beginning to face with the growing rejection of valid ₦100 banknotes.

The growing rejection of genuine ₦100 banknotes by many Nigerians is one of the most disturbing examples of how misinformation can disrupt everyday life and weaken public confidence in the nation’s financial system. Across markets, commercial buses, POS outlets, shops and business centres, many citizens now refuse to accept certain ₦100 notes, claiming they have been withdrawn from circulation or replaced with newer versions. This misconception has become so widespread that many people now treat a perfectly valid banknote as though it were worthless.

I recently witnessed an embarrassing confrontation between a shuttle bus driver and a passenger after the driver handed an older version of the ₦100 note as change. The passenger immediately rejected the note, insisting that it had been abolished and was no longer in use. What surprised me most was not merely the disagreement itself but the reaction of other commuters, who overwhelmingly supported the passenger and confidently repeated the same false claim. Within minutes, the atmosphere became tense, with both parties arguing over money that remains legal tender under Nigerian law. Unfortunately, this is no longer an isolated incident but a reflection of a growing national problem that deserves urgent public attention.

The obvious question is this: Who declared the standard ₦100 banknote illegal? The answer is simple—no one. In its official press statement issued on July 8, 2026, the Central Bank of Nigeria categorically reaffirmed that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender throughout Nigeria and must be accepted for all transactions nationwide. The Bank further clarified that the commemorative ₦100 note, introduced to mark Nigeria’s centenary, did not replace the existing standard ₦100 banknote. Both versions continue to circulate legally side by side unless and until the CBN officially withdraws either of them from circulation.

The CBN also issued a strong warning to individuals, businesses, financial institutions and other economic agents against rejecting the standard ₦100 banknote. According to the apex bank, such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in Nigeria’s national currency. The Bank further warned that it will not hesitate to apply appropriate enforcement measures against any individual or organisation found to be in breach. This clarification leaves no room for doubt. Any claim that the standard ₦100 note has been abolished or is no longer valid is false, misleading and unsupported by any official directive.

The confusion surrounding the ₦100 note appears to be one of the lingering consequences of Nigeria’s difficult naira redesign experience in 2022 and 2023. Millions of Nigerians endured severe cash shortages, conflicting policy interpretations and uncertainty over which banknotes remained valid. That painful experience understandably left many citizens suspicious of older-looking notes. Sadly, that suspicion has now spread to denominations that were never redesigned or withdrawn, allowing rumours to flourish where verified information should prevail.

The rejection of valid banknotes is not limited to the ₦100 denomination. In many communities, people also reject worn ₦200, ₦500 and ₦1,000 notes, as well as lower denominations, simply because they appear faded, old or different from newer prints. Some transport operators insist on receiving only crisp notes, while some traders refuse commemorative notes despite their continued legal status. These practices have no basis in law and only frustrate commercial activities, inconvenience ordinary Nigerians and weaken confidence in the country’s currency.

It is important to understand that a banknote does not lose its legal value because it appears old or because rumours suggest otherwise. A genuine banknote remains legal tender until the Central Bank of Nigeria officially withdraws it from circulation. No trader, passenger, transport operator, POS agent or business owner has the legal authority to determine which genuine CBN-issued notes should or should not be accepted. If every individual begins selecting the currency they prefer, Nigeria risks creating unnecessary confusion that could undermine confidence in the naira and the nation’s monetary system.

The economic implications of this growing misconception should not be underestimated. Every rejected banknote delays transactions, fuels needless arguments, wastes productive time and weakens trust in the financial system. Transport operators struggle to provide change, customers abandon purchases, businesses lose sales and innocent citizens are subjected to public embarrassment over money that remains perfectly valid.

Beyond these immediate inconveniences lies an even greater danger—the erosion of public confidence in the national currency. Currency derives its value not only from government backing but also from the collective trust of those who use it. Once misinformation begins determining which genuine banknotes are acceptable, unnecessary transaction costs increase, market efficiency suffers, and confidence in the monetary system gradually weakens. For a country working to strengthen financial inclusion, encourage digital payments and stabilise its economy, such misconceptions are both harmful and avoidable.

The Central Bank of Nigeria’s warning should therefore not be dismissed as a routine advisory. It is a reminder that the effectiveness of a nation’s currency depends on collective respect for its legal status. While enforcement has its place, sustained public enlightenment remains the more practical and enduring solution.

The CBN should therefore intensify nationwide awareness campaigns through radio, television, newspapers, digital platforms and community engagement programmes to educate citizens on the legal status of all genuine banknotes in circulation. Commercial banks should equally enlighten customers during cash withdrawals instead of assuming they already understand currency regulations. Market associations, transport unions, POS operators, supermarkets and business organisations should educate their members and discourage the rejection of valid naira notes.

The media also has an important responsibility. At a time when misinformation spreads rapidly through social media and word of mouth, journalists and news organisations must continue to verify currency-related claims before publication while providing accurate, factual and timely information capable of correcting dangerous misconceptions. Financial literacy should equally become a national priority through schools, civil society organisations and public education campaigns so that citizens understand the difference between rumours and official monetary policy.

Nigeria’s economy depends not only on sound monetary policies but also on public confidence in the naira. That confidence is weakened whenever genuine legal tender is rejected without lawful justification.

The Central Bank of Nigeria has now spoken clearly and unequivocally. There should no longer be any confusion. Every genuine ₦100 banknote issued by the CBN—whether the standard note or the commemorative centenary edition—remains legal tender and must be accepted for all transactions across the country until officially withdrawn by the Bank.

Nigerians should therefore reject rumours—not valid currency. Respect for legal tender is ultimately respect for the rule of law, confidence in national institutions and commitment to economic stability. No economy can thrive when citizens begin deciding for themselves which legally issued currency deserves acceptance. Correcting this dangerous misconception is therefore not only the responsibility of the government but also of financial institutions, the media, market leaders, civil society organisations and every Nigerian committed to building a stronger economy anchored on trust, facts and respect for the nation’s currency.

Editor’s Note: This opinion is based on the Central Bank of Nigeria’s official press statement issued on July 8, 2026, reaffirming that both the standard ₦100 banknote and the commemorative ₦100 banknote remain legal tender nationwide. The views expressed are those of the author.

9News Nigeria

9News Nigeria

The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved national budget.

In a statement issued on Sunday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government insisted that it does not operate a “shadow budget” or expend public funds outside the constitutional and statutory framework governing public finance in Nigeria.

He described the allegations as inaccurate and a misrepresentation of the International Monetary Fund (IMF)’s 2026 Article IV Consultation Report.

The clarification follows public commentary suggesting that approximately two per cent of Nigeria’s Gross Domestic Product (GDP), estimated at over ₦8 trillion, had been spent outside legislative approval based on references to the IMF Representative in Nigeria and the Fund’s latest assessment of the country’s economy.

The minister in rejecting the claims, stressed that all federal expenditures are undertaken in accordance with the provisions of the 1999 Constitution (as amended), Appropriation Acts, Supplementary Appropriation Acts, and other laws enacted by the National Assembly.

According to him, multi-year capital projects that extend beyond a single fiscal year are implemented under existing legal provisions, including approved capital rollovers where necessary, adding that such practices are standard features of public financial management and should not be interpreted as extra-budgetary spending.

“It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval,” the statement said.

The government argued that allegations of unlawful expenditure should be supported with verifiable evidence, including the identification of specific projects purportedly executed without appropriation or legal authority.

The statement further explained that Nigeria’s public finance system provides for several statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly.

These, it said, include statutory allocations to development commissions and agencies, costs of collection retained by designated revenue-generating agencies, separate capital budgets approved for certain agencies and the Federal Capital Territory, security and emergency interventions authorised by law, as well as debt service obligations and other transfers.

The ministry maintained that such expenditures are neither secret nor illegal, noting that they are established by law, reflected in fiscal reports and subjected to oversight, audit and accountability mechanisms.

It added that differences between how such expenditures are presented in the annual Appropriation Act and how they appear under international fiscal reporting standards should not be misconstrued as evidence of unlawful spending.

Addressing concerns over the country’s fiscal deficit, the Federal Government said it was misleading to suggest that the reported amount represented an increase in the deficit.

According to the statement, a fiscal deficit is determined by the relationship between total government revenue and total expenditure, stressing that financing arrangements such as statutory transfers, supplementary appropriations and other lawful mechanisms do not automatically increase the deficit.

The ministry also clarified that the IMF’s observations focused mainly on improving the comprehensiveness, timing and presentation of Nigeria’s fiscal reporting rather than questioning the legality of government expenditure.

It noted that Nigeria is already implementing reforms aimed at aligning budget presentation with international fiscal reporting standards.

The statement recalled that President Bola Ahmed Tinubu had, during the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly on December 19, 2025, called for an end to the practice of operating multiple and overlapping budgets in favour of a unified budget framework.

Reaffirming the administration’s commitment to transparency and accountability, the government said recent reforms have strengthened public financial management through improved budget credibility, enhanced revenue administration, digitalisation of government financial processes and stronger treasury management.

It added that these reforms have received recognition from the IMF, other multilateral institutions, international credit agencies, investors and global media organisations.

While acknowledging the importance of public scrutiny in a democratic society, the Federal Government urged commentators to ensure that public discourse is based on facts and a proper understanding of Nigeria’s constitutional and fiscal framework.

9News Nigeria

9News Nigeria

The Federal Executive Council (FEC) has approved four major maritime projects worth approximately ₦286 billion to modernize Nigeria’s port infrastructure.

The approvals were announced by the Minister of Environment, Balarabe Abbas Lawal, who represented the Minister of Marine and Blue Economy after the FEC meeting on Monday.

According to Lawal, the projects are designed to strengthen maritime operations, enhance environmental protection, and improve the efficiency of Nigeria’s waterways and port channels.

Among the approved projects is the procurement of two marine pollution control vessels valued at approximately ₦59.05 billion. 

The vessels are expected to combat plastic pollution and other marine waste across Nigeria’s territorial waters, creeks, and inland waterways.

The Council also approved the acquisition of six pilot cutter boats at a cost of about ₦80.03 billion. The boats will facilitate the transportation of marine pilots and support safe vessel navigation within port channels.

In addition, FEC approved the procurement of two firefighting boats worth approximately ₦34.06 billion. 

The specialised vessels will strengthen emergency response capabilities for fires involving ships, oil terminals, and other waterfront facilities.

The largest approval is for the capital and maintenance dredging of the Escravos Channel, valued at approximately ₦112.85 billion. 

The project will be executed through a joint venture involving the Nigerian Ports Authority and private sector partners, with the aim of improving channel navigability and sustaining critical maritime infrastructure.

9News Nigeria

9News Nigeria

Nigeria has been listed among the countries bearing the brunt of the world’s worsening food crisis, as a new global assessment warns that hunger levels are rising sharply across vulnerable regions.

9News Nigeria reports that the latest Global Report on Food Crises (2026) identified Nigeria as one of the countries experiencing a significant surge in food insecurity, driven by a mix of conflict, economic pressure, and declining humanitarian support.

According to the report, about 266 million people across 47 countries faced acute food insecurity in 2025, with projections showing conditions may deteriorate further in 2026. Nigeria is among the nations expected to record a major increase in hunger levels amid these global pressures.

Experts attribute Nigeria’s worsening situation to a combination of persistent insecurity, especially in the northern regions, economic instability, and climate-related shocks affecting food production. Armed conflicts and displacement have continued to disrupt farming activities, while inflation and currency depreciation have pushed food prices beyond the reach of many households.

Separate projections from global food agencies indicate that up to 35 million Nigerians could face severe hunger in 2026, marking one of the highest figures on the African continent.

The humanitarian outlook is further complicated by funding shortfalls. Reports show that global food assistance has declined significantly, with humanitarian aid dropping by nearly 40 percent in recent years, limiting the ability of agencies to respond effectively to growing needs.

Within Nigeria, the crisis is already visible in several states, particularly in the North-East, where millions of displaced persons depend heavily on aid. Health facilities in affected regions are reporting rising cases of child malnutrition, with humanitarian groups warning of long-term consequences if urgent interventions are not scaled up.

Beyond conflict, climate change is emerging as a major driver of food insecurity. A recent United Nations-backed assessment warned that extreme heat and erratic weather patterns are reducing crop yields and threatening food systems across sub-Saharan Africa, including Nigeria.

The report underscores a broader global trend in which food insecurity is no longer confined to isolated regions but has become a persistent and expanding threat. Analysts warn that without coordinated policy responses—ranging from agricultural investment to economic stabilisation and security interventions—countries like Nigeria may continue to see worsening conditions.

The inclusion of Nigeria among the worst-affected countries highlights the urgency of addressing structural challenges in food production, supply chains, and economic management as the global food crisis deepens.

9News Nigeria

9News Nigeria

The Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued resort to borrowing, raising concerns over fiscal discipline despite the removal of petrol subsidy.

9News Nigeria reports that Sanusi made the remarks while reacting to Nigeria’s rising debt profile and fresh external loan requests, including a proposed $516 million facility tied to infrastructure development.

Speaking during an interview monitored on News Central TV, the former Governor of the Central Bank of Nigeria acknowledged that recent economic reforms—particularly subsidy removal and foreign exchange liberalisation—were necessary. However, he warned that the absence of fiscal consolidation could weaken their impact.

According to him, the expectation following subsidy removal was that government finances would stabilise, reducing the need for borrowing. Instead, he noted that Nigeria continues to accumulate debt, raising questions about how savings from subsidy elimination are being managed.

“If you’re not paying the subsidy and you’ve got the money, why are we still borrowing?” Sanusi asked, stressing the need for transparency and measurable outcomes from the reforms.

He further criticised Nigeria’s historical dependence on foreign refineries, describing it as a structural flaw in an oil-producing nation. Sanusi argued that the country had, for years, subsidised external refining capacity while neglecting its own.

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries,” he said.

Despite the criticism, the monarch expressed optimism over emerging shifts in the petroleum sector, noting that Nigeria is gradually moving toward domestic refining and even exporting petroleum products—developments he described as positive for the economy.

Sanusi also raised concerns over the sequencing of policy reforms, particularly the liberalisation of the exchange rate in what he described as a “loose monetary environment.” He warned that such conditions contributed to the sharp depreciation of the naira, arguing that tighter monetary controls should have preceded the policy shift.

“Artificial exchange rates cannot work, especially when money supply is not controlled,” he said, adding that timing remains critical in economic reform implementation.

His comments come amid reports that the Federal Government has increased its 2026 borrowing plan to ₦29.20 trillion, alongside fresh loan requests, including the $516 million facility sought by President Bola Tinubu for the Sokoto–Badagry Superhighway project.

Analysts say Sanusi’s remarks reflect broader concerns about Nigeria’s fiscal sustainability, particularly at a time when citizens continue to grapple with inflation and rising living costs.

9News Nigeria understands that the debate over borrowing, reform outcomes, and fiscal discipline is likely to intensify as the government navigates economic recovery efforts.

9News Nigeria

9News Nigeria

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

There is no denying that the ongoing confrontation involving the United States, Israel, and Iran has shaken the global economy to its core. The disruption of shipping through the Strait of Hormuz—through which nearly 20% of the world’s oil supply flows daily—has triggered what experts now describe as the largest energy shock in modern history.

Oil tankers have vanished from that route. Prices have surged. Markets have panicked. Economies that depend on imported fuel are bracing for recession.

But here is the uncomfortable truth many are avoiding:

For Nigeria, this crisis should have been a blessing.

Instead, it has become another chapter in the country’s long story of missed opportunities.

Before the war escalated, crude oil traded around $70 per barrel. Within weeks of the conflict and the effective shutdown of Hormuz shipping routes, prices surged past $100, at times rising by over 50%, with projections in extreme scenarios climbing toward $150–$200 per barrel.

Even in the present volatility, prices remain elevated above $100 per barrel, levels that historically translate into windfall revenues for oil-producing nations.

Nigeria produces roughly 1.3 to 1.5 million barrels of crude oil per day. At $100 per barrel, that is well over $130 million daily in crude value alone—before accounting for gas and other exports. In times like this, countries with oil do not struggle; they expand.

Look at Russia. Look at Iran itself. Even under sanctions and conflict, they are quietly making more money from oil because of the same crisis shaking the world.

So why is Nigeria different?

Why are Nigerians experiencing deeper hardship at a time when their country should be earning more?

The answer is not in Tehran. It is not in Washington. It is not even in the Strait of Hormuz.

The answer is at home.

A surge in oil prices should, in a functioning system, ease economic pressure. It should strengthen the naira, boost government revenues, fund infrastructure, and most importantly, reduce the burden on citizens. Fuel, which is the backbone of Nigeria’s economy, should become more stable—not more expensive.

Yet, what Nigerians are seeing is the opposite.

Fuel prices remain painfully high. Transportation costs have surged. Food prices continue to climb. Inflation bites harder by the day. And now, the same global crisis that should be an economic advantage is being presented as justification for further hardship.

It raises a fundamental question of leadership.

Because elsewhere, governments are not folding their hands.

Even in countries that do not produce oil, leaders are responding with urgency. In Australia, for example, authorities have explored fuel relief policies, supply diversification, and negotiations with alternative suppliers to cushion the impact of rising global prices. There have been efforts to ease pressure on households through policy adjustments, including transport support and engagement with financial institutions to make credit more accessible, especially for farmers and small businesses whose survival depends heavily on fuel.

Across parts of Europe and Asia, governments have released strategic oil reserves, reduced fuel taxes, and intervened in energy markets to prevent economic shock from translating into social collapse.

These are not miracles. They are decisions.

Nigeria, however, stands in a far more advantageous position than all of them combined. It is not scrambling for oil—it has oil. It is not dependent on imports alone—it now has refining capacity, including the massive Dangote Refinery, which should, by all logic, insulate the country from global supply disruptions.

And yet, Nigerians are told to endure.

Endure higher fuel prices.
Endure rising food costs.
Endure worsening living conditions.

At the same time, insecurity continues to tear through communities—from Plateau to Benue and across parts of Northern Nigeria—while citizens are left to navigate both economic and physical uncertainty. Groups like Boko Haram and ISWAP remain active threats, compounding an already fragile situation.

What should have been a moment of economic leverage has instead exposed a deeper problem: the inability—or unwillingness—to translate national wealth into national wellbeing.

The tragedy is not the war.

The tragedy is that even in a moment when the world is paying more for oil—Nigeria’s oil—ordinary Nigerians are not feeling any relief.

The tragedy is that a country positioned to benefit from global disruption is instead weighed down by internal dysfunction.

The tragedy is that leadership has not risen to meet opportunity.

Because the reality remains simple:
When oil prices rise globally, oil-producing countries are supposed to smile.

Nigeria is not smiling.

And that is not because of Iran, (QED).

9News Nigeria

9News Nigeria

By 9News Nigeria Editorial Board

In the theater of international relations, the presence of a world leader is the ultimate “hard currency” of diplomatic value. A state visit from a G7 head of government or a global economic powerhouse is not merely a photo opportunity; it is a calculated endorsement of a nation’s stability, relevance, and future potential.

However, a longitudinal analysis of high-level state visits to Nigeria since 2010 reveals a sobering trend. There is a gradual but noticeable decline in high-level global engagement, particularly from Western powers and leading global economies. As Nigeria grapples with systemic insecurity, a “bastardised” economy, and a deepening crisis of leadership credibility, the world’s most influential players are increasingly keeping their distance. What we are witnessing is a “Diplomatic Recession”—a visible indicator of Nigeria’s dwindling relevance on the global stage. 

The Era of Engagement: 2010 – 2015

The early 2010s marked a period where Nigeria was still viewed as the “frontier of hope.” Despite emerging internal fissures, global powers sought active engagement with the Jonathan administration.

• July 2011: David Cameron (Prime Minister, UK) visited, signalling strong post-colonial and economic ties.
• July 2012: Hillary Clinton (U.S. Secretary of State) arrived, representing the peak of U.S. diplomatic investment in Nigerian democratic stability.
• February 2014: François Hollande (President, France) visited during Nigeria’s centenary, a time when Nigeria’s GDP was rebased to become the largest in Africa.
• May 2014: Li Keqiang (Premier, China) attended the World Economic Forum on Africa in Abuja, underscoring Nigeria’s status as an emerging great economy. 

During this window, Foreign Direct Investment (FDI) remained robust, peaking at $8.91 billion in 2011. The world wanted in because Nigeria appeared to be a partner that mattered. 

The Great Cooling: 2016 – 2023

The transition to the Buhari administration was initially met with international curiosity, but as the “Change” mantra gave way to economic stagnation and widespread insecurity, the caliber of visits began to shift from strategic partnership to crisis management.

• August 2016: John Kerry (U.S. Secretary of State) visited, but the focus had shifted heavily toward counter-terrorism rather than economic expansion.
• August 2018: A brief flurry of activity saw Theresa May (UK), Angela Merkel (Germany), and Emmanuel Macron (France) visit within a single month. While appearing positive, these visits were largely transactional, focusing on migration control and regional security as Boko Haram and banditry began to spiral.
• 2019 – 2022: A notable “diplomatic drought” ensued. While the pandemic played a role, FDI plummeted to just $894 million in 2022. The world was no longer knocking; it was withdrawing. 

The Credibility Gap: 2024 – 2025

Under the current administration of President Bola Tinubu, the diplomatic isolation has taken on a more pointed character. Despite the government’s aggressive “Foreign Policy” branding, the quality of engagement suggests a deep-seated lack of trust.

• January 2024: Antony Blinken (U.S. Secretary of State) visited, but the optics were shadowed by ongoing international scrutiny regarding the President’s historical legal entanglements in the U.S. and a widely contested election.
• May 2024: The visit of Prince Harry and Meghan Markle—while high-profile—was a cultural tour, not an official state visit, highlighting a shift toward “celebrity diplomacy” in the absence of substantive political engagement by the UK government.
• 2025 Trends: While lower-level ministers like Annalena Baerbock (Germany) continue to visit for security consultations, the absence of G7 Heads of State is deafening.

Analysis: Why the World is Distancing

The data suggests a direct correlation between internal decay and external distancing. Nigeria’s relevance is dwindling because:

1. Economic Bastardisation: FDI into Nigeria crashed by 70% in Q1 2025 alone, falling to a mere $126 million. Capital is fleeing toward more transparent markets like Egypt, which attracted over $46 billion in the same period.
2. Systemic Insecurity: Sporadic killings and widespread banditry have made Nigeria a “high-risk” zone. International observers now view Nigeria not as an investment hub, but as a security liability.
3. The Leadership Brand: The lack of credibility reposed in the current leadership—exacerbated by allegations of corruption and a lack of transparency—has made high-level bilateral meetings “politically expensive” for Western leaders. 

CROSS-PERIOD COMPARATIVE ANALYSIS (9News Nigeria)

Conclusion

A country is judged by the company it keeps. In 2010, Nigeria was a mandatory stop for any leader serious about Africa. By 2025, it has become a destination for “reactive” diplomacy—visits meant to contain fires rather than build futures. Until Nigeria addresses the “excruciating suffering” of its people and restores the integrity of its leadership, the global community will continue its quiet withdrawal, leaving the “Giant of Africa” to stand increasingly alone in a rapidly advancing world.

Nigeria’s size, resources, and human capital remain undeniable advantages. However, global engagement trends suggest that potential alone is no longer sufficient.

To restore its position as a key global player, Nigeria may need to:

• Strengthen internal security
• Rebuild institutional trust
• Stabilize its economic environment
• Reinforce credibility in governance

Ultimately, the trajectory of foreign leaders’ visits is not just about diplomacy—it is a reflection of how the world sees Nigeria, and how Nigeria positions itself in return.

Report compiled and edited by Obinna Ejianya (9News Nigeria – Melbourne, Australia)

© 9News Nigeria Editorial – Research & Analysis Desk

9News Nigeria

9News Nigeria

In Maiduguri’s bustling streets and quiet neighborhoods, a growing number of women are reshaping the local economy—often with little more than determination and small-scale capital.

This reality came into focus at the Women in Business Summit 2026, where entrepreneurs and stakeholders gathered to highlight the role women are playing in driving economic activity in Borno State.

The summit, which took place on Tuesday in Maiduguri, was organized by CIATECH Africa, in collaboration with Rayyan Microfinance Bank.

This forms part of a collaborative effort between CIATECH and Rayyan, formalized through a Memorandum of Understanding (MoU) signed by the two parties in recent weeks.

CIATECH is a non-governmental organizations working on advocacy, learning and production towards harnessing and advancement of technology, entrepreneurship among other things.

For many of the women present at the summit, entrepreneurship is not just a career choice—it is a necessity.

With limited formal employment opportunities, small businesses have become a vital source of income and stability.

From baking and fashion design to retail trading, women are carving out spaces for themselves in sectors that are often informal but essential to daily life.

“I started small, just to support my family,” one entrepreneur said, adding that “now, I’m thinking about how to grow and employ others.”

Yet, the path is not without challenges. Limited access to finance, lack of formal business registration, and restricted market opportunities continue to slow growth for many women-led enterprises.

At the summit, these issues were discussed openly, with a focus on practical solutions.

Similarly, participants explored ways to strengthen financial inclusion, improve business skills, and connect to broader markets.

Development actors and financial institutions present emphasized the need to move beyond one-off interventions toward more structured, long-term support systems.

One of the key outcomes of the event was the introduction of new initiatives aimed at addressing these gaps, including support for business formalisation and an entrepreneurship programme targeting 100 women.

For many attendees, these efforts represent a step toward sustainability—moving from survival-based businesses to more stable and scalable enterprises.

As Borno State continues to rebuild, the role of women in economic recovery is becoming increasingly evident.

Their businesses may start small, but their impact is far-reaching.In the face of constraints, these women are not waiting for change—they are creating it.

9News Nigeria

9News Nigeria

The Federal Government has unveiled a new consumer credit initiative that allows Nigerians to book domestic flights and pay in installments.

The programme, tagged “Fly Now, Pay Later,” is being implemented through the Nigerian Consumer Credit Corporation (CREDICORP) as part of a broader push to expand access to structured consumer credit across the country.

Under the scheme, eligible Nigerians can secure flight tickets for local travel without making full upfront payments. 

Instead, beneficiaries will be allowed to spread the cost over an agreed period, subject to credit approval and repayment terms.

How It Works

According to officials, the initiative operates on a credit-based model, similar to global “Buy Now, Pay Later” systems. 

Applicants will undergo a credit assessment process to determine eligibility before accessing the facility.

The scheme is being rolled out in partnership with travel financing platform Visaro, which will serve as the primary application channel. 

Interested individuals are required to apply through the platform’s website.

A participating financial institution will provide the underlying credit, while airlines collaborate to ensure seamless ticket booking for approved customers.

Government sources say the initiative is designed to make air travel more accessible to middle- and lower-income Nigerians who may struggle with the rising cost of flight tickets.

In recent years, domestic airfares have surged due to inflation, foreign exchange pressures, and increased operational costs in the aviation sector. The new credit scheme is expected to cushion these effects by spreading payments over time.

Officials also emphasized that the programme is not a subsidy or free-flight initiative, but rather a structured loan facility that must be repaid under agreed conditions.

Beneficiaries who fail to meet repayment obligations may face penalties, in line with standard credit practices.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has appointed renowned banker and entrepreneur Fola Adeola as Chairman of the newly constituted Presidential Petroleum Reform and Value Optimisation Taskforce.

Adeola, who co-founded Guaranty Trust Bank and currently serves as founder and chairman of Fate Foundation, will lead the taskforce charged with driving reforms and improving value optimisation across Nigeria’s petroleum sector.

The taskforce is expected to provide strategic guidance on enhancing efficiency, strengthening governance, and maximising value within the country’s oil and gas industry.

According to details of the appointment, the taskforce comprises a mix of experienced professionals drawn from the energy, finance, and corporate sectors.

Members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.

Also appointed to the taskforce is Mofoluwasho Fadayomi, who will serve as Secretary.

The establishment of the Presidential Petroleum Reform and Value Optimisation Taskforce underscores the administration’s efforts to reposition Nigeria’s oil and gas sector, improve transparency, and ensure that the country derives maximum economic value from its petroleum resources.

9News Nigeria

9News Nigeria

The Federal Government has officially launched the Presidential Food and Nutrition Assistance Programme in Plateau State.

The flag-off ceremony took place on Monday in Jos, the Plateau State capital, marking the commencement of the distribution of essential food and nutrition support to affected populations. 

The initiative forms part of a broader presidential intervention designed to provide immediate humanitarian relief while also strengthening long-term resilience among vulnerable communities.

Leading the intervention, the Minister of Humanitarian Affairs and Poverty Reduction, Hon. Dr. Bernard Doro, emphasized the need for a strategic and forward-looking approach to humanitarian assistance in Nigeria.

He was joined at the event by Prof. Nentawe Yilwatda, National Chairman of the All Progressives Congress (APC), and the Governor of Plateau State, Barr. Caleb Mutfwang, alongside other government officials and stakeholders.

In a joint statement at the ceremony, the leaders emphasized the strategic importance of the programme in addressing the country’s growing humanitarian challenges.

“Humanitarian assistance must not end with one-off distribution. It must serve as a bridge into structured social protection systems and sustainable poverty-exit pathways,” they said.

The Presidential Food and Nutrition Assistance Programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes food security, poverty reduction, and strengthened social protection mechanisms across the country.

Similar programme launches have taken place in other vulnerable states as part of a coordinated national response to rising hunger and malnutrition.

According to officials, the intervention specifically targets households severely affected by recent socio-economic challenges. 

The programme will provide essential food items and specialized nutrition support, particularly for vulnerable groups such as children, pregnant women, and breastfeeding mothers.

Government representatives expressed optimism that the initiative will not only cushion the immediate impact of hardship but also help create sustainable pathways out of poverty for many Nigerians.

9News Nigeria

9News Nigeria

By Obinna Ejianya (9News Nigeria)

Nigeria’s business environment is expected to face even harsher economic conditions after petrol prices surged to about N1,300 per litre nationwide, raising fears of another wave of inflation that could further squeeze companies and households already struggling under a fragile economy.

The latest spike in pump prices followed an upward adjustment in the gantry price of Premium Motor Spirit by the Dangote Petroleum Refinery, triggering immediate increases at filling stations across major cities including Lagos and Abuja.

However, economists and industry stakeholders say the current fuel shock is not occurring in isolation. Rather, it is striking an economy that has been under severe pressure since 2023 when the Federal Government removed fuel subsidy, a policy decision that triggered an unprecedented surge in petrol prices and dramatically increased the cost of living.

Since that policy shift, transportation costs, food distribution expenses and production costs across multiple sectors have continued to climb, leaving millions of Nigerians grappling with declining purchasing power. Businesses, particularly small and medium enterprises, have struggled to absorb the rising costs of energy and logistics.

Analysts say the new fuel increase to around N1,300 per litre could deepen these pressures, pushing transport fares, food prices and the cost of manufactured goods even higher.

While the latest price surge has been linked partly to the ongoing geopolitical tensions involving Iran, the United States and Israel, economic experts note that Nigeria has been unusually vulnerable to the global oil shock despite being a major crude oil producer.

The conflict in the Middle East has disrupted global oil supply routes and triggered sharp volatility in energy markets, sending crude prices toward $120 per barrel before easing slightly. The crisis has also created fears of prolonged disruption to oil shipments through the Strait of Hormuz, a strategic route through which nearly a fifth of global oil supply passes.

In response to the escalating crisis, major global economies under the G7 have begun discussions on emergency interventions to stabilise the market. Options being considered include releasing strategic oil reserves held by industrialised nations to cushion supply shortages and prevent further price spikes.

The International Energy Agency confirmed that its member states currently hold more than 1.2 billion barrels of emergency crude stockpiles that could be deployed if the situation worsens.

While such measures may help stabilise global markets, analysts warn that Nigeria’s internal economic structure makes it particularly exposed to external oil shocks.

Despite producing crude oil, Nigeria still relies heavily on imported refined petroleum products due to limited domestic refining capacity. As a result, global price fluctuations often translate directly into higher pump prices at home.

Economic experts say the situation has created a paradox in which Nigeria, an oil-producing nation, experiences some of the harshest economic consequences whenever global oil prices surge.

For businesses, the implications are immediate. Rising petrol prices increase logistics and transportation costs, which in turn raise the price of food, raw materials and finished goods.

Manufacturers and traders warn that the latest fuel hike could weaken consumer demand even further, as households already facing economic hardship struggle to cope with additional increases in everyday expenses.

Small businesses operating on thin profit margins are particularly vulnerable, with many relying heavily on petrol and diesel generators due to unstable electricity supply.

Economists also caution that if the Middle East conflict drags on, global oil prices could continue rising, which may push petrol prices in Nigeria significantly higher in the coming months.

Some industry projections suggest that pump prices could approach N2,000 per litre if global supply disruptions intensify and domestic vulnerabilities remain unresolved.

For many observers, the situation highlights deeper structural problems within Nigeria’s economic management. Analysts argue that the fuel subsidy removal in 2023 exposed long-standing weaknesses in the country’s energy and economic policies, leaving the economy highly sensitive to external shocks.

As global tensions continue to rattle energy markets, businesses and consumers in Nigeria now face the prospect of a prolonged period of inflation and economic strain—conditions that many say could have been mitigated with stronger domestic refining capacity and more resilient economic policies.

9News Nigeria

9News Nigeria

The Dangote Petroleum Refinery has increased its Premium Motor Spirit (petrol) gantry price to ₦995 per litre, representing a sharp ₦221 rise within four days.

The latest adjustment comes amid volatility in global crude oil prices and increasing replacement costs in the international market.

A senior official of the refinery confirmed the development on Friday night, noting that the new price reflects changes in global oil market fundamentals.

“Yes, the price has been reviewed. The new gantry price is nBreaking: Anambra to Host 2022 FC Bayern Youth championship in Nigeriaow ₦995 per litre,” the official told The PUNCH on condition of anonymity.

The new rate represents an increase from ₦874 per litre, which had only been introduced earlier this week after the refinery initially raised its ex-depot price from ₦774 to ₦874 per litre.

With the latest revision, the refinery’s petrol price has climbed from ₦774 to ₦995 per litre within four days.

Checks on petroleumprice.ng also confirmed that the new gantry price had already been updated on the portal.

Industry stakeholders say the adjustment could trigger another rise in retail pump prices across Nigeria.

According to market estimates, petrol could sell for above ₦1,050 per litre in several locations depending on transportation costs and marketers’ margins.

The development followed a brief halt in petrol loading operations at the refinery earlier on Friday.

Sources said truck-out operations were suspended at about 2:00 a.m., leaving depot owners and bulk marketers uncertain about the refinery’s next pricing direction.

Market participants noted that similar pauses in product loading have historically preceded price adjustments at the facility.

Officials of the refinery have repeatedly defended their pricing model, stating that petrol prices must reflect prevailing global market realities.

In a statement issued on Thursday, the refinery said pricing adjustments are influenced by international crude oil prices, logistics costs and operational conditions.

The company emphasised that it does not arbitrarily determine prices.

According to the refinery, Nigeria has now transitioned to a fully deregulated downstream petroleum market, where prices are largely driven by global crude oil prices, foreign exchange rates and supply dynamics.

The refinery also stated that it had absorbed about 20 percent of rising costs to help reduce pressure on the domestic market.

Meanwhile, data from the Major Energies Marketers Association of Nigeria indicates that imported petrol currently remains cheaper than locally refined products.

According to MEMAN’s pricing data, Dangote petrol gantry price earlier stood at ₦874 per litre; and Landing cost of imported petrol was ₦809.37 per litre.

This shows that imported petrol was about ₦64 cheaper than the product supplied by the refinery.

MEMAN also reported that Dangote’s diesel price stood at ₦1,169.42 per litre, while imported diesel was priced at ₦1,125.70 per litre.

9News Nigeria

9News Nigeria

The Federal Government has announced a nationwide ban on roadblocks for collecting taxes and levies, aiming to end harassment of motorists and traders.

The move is part of broader tax reforms under the Presumptive Tax Regulations and Guidelines signed in Abuja.

Under the new framework: Small businesses with annual turnover below N12 million are exempt from tax.

Other eligible informal businesses will pay a flat 1% tax on turnover, replacing arbitrary roadside collections.

The technology-based systems are encouraged to make payments transparent and efficient.

Olusegun Adesokan, Executive Secretary of the Joint Revenue Board (JRB), said the reforms are intended to eliminate coercive and fragmented tax practices while expanding the tax base.

Finance Minister Wale Edun added that the changes will make the tax system fairer and more predictable without increase in tax rates.

Authorities say the new rules will be enforced across federal, state, and local governments, with mechanisms to handle complaints.

The government expects the reforms to formalize million of informal businesses, strengthen non-oil revenue, and promote economic inclusion.

-9News Nigeria.

9News Nigeria

9News Nigeria

By Chinedum Anayo

There was once a time where a university degree symbolized stability. It meant a near-guaranteed pathway to financial security and professional identity. 

However, today, for many young lawyers, doctors, engineers and other professionals, it feels more like a starting line than a finish line.

Across various sectors, a growing number of highly trained professionals are embracing side hustles, not out of ambition alone, but out of necessity.

From Prestige to Pressure

Studying law, medicine, or engineering once carried an unspoken assurance: graduate, secure a respectable job, and build a stable life. That social contract now appears to be steadily weakening.

Economic volatility, rising living costs, currency instability, and competitive labor markets have combined to erode the once-stable foundation of single-income households. 

For many youngsters, one job no longer guarantees security.

“You study law, you still need a skill. You study medicine, you still need a side hustle.” 

That sentiment, increasingly echoed across social media and professional circles, captures the mood of a generation grappling with high uncertainty.

Medicine: A “Jealous Profession” Meets Economic Reality

Medicine, long regarded as one of the most demanding and noble professions, is now caught in the same web of economic pressure. 

Traditionally described as a “jealous profession” requiring full devotion to mastering life-saving expertise, it is increasingly intersecting with entrepreneurial survival.

Medical professionals now run small businesses, manage online brands, trade investments, and create digital content, sometimes spending hours on platforms like X and TikTok to supplement income.

Critics argue that such trends risk diluting professional focus. 

Supporters and advocates counter that financial insecurity itself undermines performance and well-being. 

In a strained economy, professionals are seeking multiple streams of income not from greed, but from fear of instability.

A Generation Under Strain

Mental health advocates warn that the pressure to constantly “do more” is taking a huge toll on the lives of individuals.

The narrative that a single job is no longer enough contributes to anxiety, burnout, and a pervasive sense of racing against time.

For young graduates entering the workforce, a degree now feels less like a guarantee and more like a license to compete in an unforgiving marketplace. 

The promise of linear career progression has given way to portfolio careers, gig work, and parallel income streams.

“It’s like relying on one source of water during a dry season.

“If it slows down, panic sets in. So people dig extra wells — not because they are greedy, but because they are trying to survive.” Professionals said.

Structural Shifts, Not Moral Failure

Experts emphasize that this shift indicates broader systemic changes rather than individual shortcomings. 

Globalization, technological disruption, inflationary pressures, and evolving labor markets have fundamentally altered the meaning of employment security.

The older model, a graceful system, one profession, one employer, one stable income is now increasingly rare. 

In its place is a dynamic, skills-driven economy that rewards adaptability.

Faith leaders have also weighed in, noting that societal change is not new. 

As referenced in 1 Corinthians 7:31, “the scene of this world is changing” — a reminder that economic systems evolve, sometimes abruptly.

Is this Adaptation or Alarm?

While some observers lament that “this generation is cooked,” others argue that it is simply adapting.

Side hustles, digital platforms, and skill diversification may represent resilience rather than collapse. 

The challenge, lies in balance, which is ensuring that professionals, particularly in high-stakes fields like medicine, are not stretched beyond safe limits.

The deeper concern remains structural: Should a full-time doctor, lawyer, or engineer struggle to rely on one income? For many, the answer highlights the widening gap between professional expectations and economic reality.

While the global economy shifts, one truth is emerging: education remains vital, but adaptability has become essential.

The question facing policymakers and institutions is no longer whether the system has changed.

It is whether it will evolve fast enough to protect those it once promised stability.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.5 per cent from 27 per cent.

CBN Governor Olayemi Cardoso announced this at a press conference in Abuja on Tuesday, February 24, 2026.

The MPR, which serves as the benchmark interest rate, is a key tool used by the apex bank to manage inflation, liquidity and overall macroeconomic stability.

Cardoso disclosed that the Monetary Policy Committee (MPC) members also retained the asymmetric corridor at +50 and -450 basis points around the MPR.

The CBN boss said the committee retained the Cash Reserve Ratio (CRR) at 45 per cent for deposit money banks and 16 per cent for merchant banks.

He added that the committee decided to keep the liquidity ratio unchanged at 30 per cent.

9News Nigeria

9News Nigeria

The Aliko Dangote, Chairman of the Dangote Group, has predicted a significant strengthening of the naira, saying the currency could reach N1,100 to a dollar this year.

According to Channels TV, Dangote made the remarks on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other dignitaries.

While the naira currently trades around ₦1,300 to a dollar, Dangote said government reforms signal better days ahead.

“I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” he said.

He added, “Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as N1,100 if we are lucky.

“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira.

“But it’s a catch-22 situation where, now, if the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.”

Dangote also called for stronger protection for local investors through incentives and infrastructure, highlighting power supply as a persistent challenge.

“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” he said.

The remarks come as Nigerian stocks continue to perform strongly.

Bloomberg reported that Nigerian equities delivered the world’s second-best dollar returns in 2026, climbing 31% and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024.

Total market capitalisation on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than before the naira’s collapse.

Otedola had previously predicted that the naira could trade below ₦1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.

He described the refinery’s output as “transformational for Nigeria and Africa” and said its ability to supply up to 75 million litres of Premium Motor Spirit daily would shift the country’s energy narrative and conserve foreign exchange.

9News Nigeria

9News Nigeria

Nigeria’s inflation rate has reduced slightly to 15.10% in January 2026, down from 15.15% recorded in December 2025.

Sources reports that this is based on the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.

According to the report, the marginal decline of 0.05 percentage points suggests a continued slowdown in price pressures at the start of the year, following several months of easing inflation.

On a year-on-year basis, inflation dropped significantly compared to the same period last year. The January 2026 rate of 15.10% is 12.51 percentage points lower than the 27.61% recorded in January 2025.

Details later…

9News Nigeria

9News Nigeria

Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and the Standard Bank of South Africa Limited (together, “Standard Bank”) have successfully achieved financial close on a landmark $250 million financing facility for Aradel Energy Limited.

Standard Bank acted as Global Coordinator and Bookrunner, leading the structuring, execution, and funding of the facility. The transaction affirms the bank’s deep sectoral expertise and reinforces its position as a leading financier in Africa’s energy industry.

The facility was structured to support Aradel Energy’s strategic growth agenda, including the acquisition of an additional 40 percent equity interest in ND Western Limited (ND Western) from Petrolin Trading Limited, the refinancing of existing loan facilities, and the funding of increased production from the Company’s existing asset base.

Aradel Energy is a wholly owned subsidiary of Aradel Holdings Plc and the operator of the Ogbele and Omerelu onshore marginal fields, as well as OPL 227 in shallow water terrain.

Prior to the transaction, Aradel Energy held a 41.67 percent equity interest in ND Western. Following the completion of the acquisition, its shareholding in ND Western has increased to 81.67 percent.

ND Western holds a 45 percent participating interest in OML 34 and a 50 percent equity interest in Renaissance Africa Energy Company Limited (Renaissance).

Renaissance is the operator of the Renaissance Joint Venture and a 30 percent owner of one of Nigeria’s largest and most strategic energy portfolios.

As a result of the transaction, Aradel Energy’s indirect equity interest in Renaissance has increased to 53.3 percent, significantly strengthening the company’s upstream position and long-term value creation potential.

Eric Fajemisin, executive director, corporate and transaction banking, Stanbic IBTC Bank said: “As Aradel Energy consolidates its position as one of Nigeria’s leading oil and gas companies, Stanbic IBTC Bank is proud to serve as a trusted long-term partner supporting the Company’s growth ambitions.”.

“The transaction illustrates Standard Bank’s ability to deliver large-scale, tailored funding solutions and further demonstrates our support to the fast-growing indigenous companies of Nigeria’s oil and gas sector,” added Cody Aduloju, regional head, energy & infrastructure finance, West Africa at Standard Bank.

Commenting on the transaction, Adegbite Falade, chief executive officer of Aradel Holdings Plc, stated, “The acquisition bolsters Aradel Energy’s competitive positioning across Nigeria’s oil and gas value chain and supports our commitment to strategic growth, asset optimisation, and enduring value creation. We are pleased to have partnered with Standard Bank, who supported us and delivered a fully funded solution under very tight timelines.”

The transaction reinforces Standard Bank Group’s commitment to providing strategic capital to clients as they execute on their transformative growth objectives.

9News Nigeria

9News Nigeria

Akwa Ibom State has taken another step towards strengthening its energy and investment portfolio through a collaborative agreement with Ibom LNG and Logistics Base Limited aimed at advancing gas infrastructure and industrial growth.

The two parties on Monday signed a Non Disclosure Agreement at the Akwa Ibom Investment Corporation in Uyo, signalling renewed commitment to developing the state’s liquefied natural gas capacity and promoting private sector participation in the industry.

At the signing, the Managing Director of AKICORP, Mr Imo Abasi Jacob, described the deal as a strategic effort to create an enabling environment for investors and accelerate economic diversification. He noted that the understanding would help attract financial and technical partnerships required to expand the energy value chain.

Chief Jimmy Ntuen, Chairman and Chief Executive Officer of Ibom LNG and Logistics Base Limited, also said the arrangement builds confidence for the company’s long term investment plans within the state.

Under the agreement, Ibom LNG will conduct further collaborative studies on its proposed mini liquefied natural gas plant, which will have a processing capacity ranging between 100 and 150 million standard cubic feet of gas per day. The facility, which is planned alongside a logistics base and port installation at Akpabom in Onna Local Government Area, will occupy a 35 hectare plot within the Liberty Oil and Gas Free Zone.

The free zone covers about 50,215 hectares and serves as a designated industrial hub for oil and gas projects. Authorities say it offers regulatory incentives, streamlined customs procedures and access to key export routes through the Atlantic coast.

The long term projection of Ibom LNG includes expansion into an export focused operation expected to handle up to ten million tonnes of gas annually. Such capacity, according to sector analysts, will reinforce Akwa Ibom’s status as a major contributor to Nigeria’s gas export market.

Energy policy observers view the development as complementary to the state’s existing floating LNG and gas commercialisation framework, which seeks to drive domestic utilisation, create jobs and position Akwa Ibom as a focal point for energy logistics in West Africa.

9News Nigeria

9News Nigeria

Africa’s economic growth is projected to rise to 4.0 per cent in 2026 and 4.1 per cent in 2027, according to the United Nations World Economic Situation and Prospects 2026 (WESP 2026) Report.

The Economic Commission for Africa (ECA), in a statement on Tuesday, said the report was inaugurated at ECA’s headquarters in Addis Ababa.

According to the report, the projected improvement followed growth of 3.5 per cent in 2024 and 3.9 per cent in 2025.

It said this reflected improved macroeconomic stability in several large African economies, which was supporting investment and consumer spending.

East Africa is expected to lead regional growth with a projected 5.8 per cent expansion in 2026, while North Africa’s growth is forecast at 4.1 percent.

“West Africa is expected to grow by 4.4 per cent, Central Africa by 3.0 per cent, and Southern Africa by 2.0 per cent.

“More so, Africa’s average public debt-to-GDP ratio remains high at about 63 per cent in 2025, with interest payments absorbing nearly 15 percent of government revenues, constraining development spending,” it said.

It called for renewed multilateral action, stronger global coordination and reforms to the international financial architecture to address debt sustainability, climate shocks and development financing challenges.

The statement quoted Mr Stephen Karingi, Director of the Macroeconomics, Finance and Governance Division, ECA as saying that Africa’s outlook, though improving, remained fragile.

“In spite the positive outlook, high debt-servicing costs, limited fiscal space and volatile commodity prices continue to weigh on Africa’s prospects for inclusive and sustainable growth.

“The global output is forecast to grow by 2.7 per cent in 2026, slightly below the 2.8 per cent estimated for 2025 and well under the pre-pandemic average of 3.2 per cent.

“This is amid subdued investment and limited fiscal space,”Karingi said.

UN Secretary-General António Guterres said global economic, geopolitical and technological tensions were reshaping the world economy and increasing uncertainty.

“Many developing economies continue to struggle and progress towards the Sustainable Development Goals remains distant,” he said.

Presenting the report, Mr Hopestone Chavula, Officer-in-Charge of ECA’s Macroeconomic Analysis Section, said Africa’s recovery remained uneven across subregions.

“Africa’s growth recovery remains uneven across subregions.

“While East Africa continues to lead growth momentum, other parts of the continent are constrained by structural challenges and exposure to external shocks,” Chavula said.

9News Nigeria

9News Nigeria

Chief Executive Officer of Shell Plc, Mr Wael Sawan, has commended President Bola Tinubu for restoring investor confidence and improving Nigeria’s investment climate.

In a statement on Sunday by presidential spokesperson, Mr Bayo Onanuga, Sawan spoke during a meeting at the Presidential Villa, Abuja.

Sawan said Shell was deepening investments in Nigeria and, with partners, ready to commit an additional $20 billion due to the President’s vision.

“Nigeria under your administration has emerged as a major destination for global oil and gas investments,” Sawan noted.

He highlighted recent Shell projects, including $5 billion in Bonga North, $2 billion in HI, and gas projects linked to Nigeria LNG.

“These investments reflect Shell’s long-term commitment, anchored on Nigeria’s improving economic stability.

“Your leadership and vision have created an investment climate that propelled us to invest, especially compared with other opportunities globally,” Sawan said.

He stressed that long-term stability now carries a premium for corporations investing over decades rather than short political cycles.

Sawan disclosed Shell increased its stake in OML 118, the Bonga Block, following TotalEnergies’ exit.

“We believe there is more to invest here. Bonga South West could attract about $20 billion in foreign direct investment,” he said.

He explained roughly half of the investment would be capital expenditure, the remainder on operations within Nigeria.

Sawan described Bonga South West as one of the world’s largest prospective energy investments.

According to him, Shell also sees further opportunities, including Bonga South, still in development stages.

Sawan said Shell’s renewed commitments represented a “sea change” from previous years when investments in Nigeria were declining.

“I thank you for leadership providing incremental incentives that give us clear line of sight to this investment,” he added.

He praised members of the President’s economic and energy team for professionalism and competence.

“Your team ranks among the best we work with globally, giving us confidence to keep investing,” Sawan said.

At the meeting, Tinubu approved gazetting targeted, investment-linked incentives for Bonga South West deep offshore project.

The President directed Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the gazette within existing legal and fiscal frameworks.

“These incentives are not blanket concessions. They are ring-fenced, investment-linked and focus on new capital and local value addition,” Tinubu said.

He added his expectation for Bonga South West to reach Final Investment Decision within his first term.

9News Nigeria

9News Nigeria

Access Bank Plc has confirmed readiness to host the second Africa Trade Conference (ATC 2026), aimed at accelerating Africa’s influence in shaping global trade.

This is contained in statement by the bank’s media unit on Sunday.

Roosevelt Ogbonna, Group Managing Director/CEO, said the event, scheduled for March 11, 2026, in South Africa, would help stakeholders build critical trade systems.

Ogbonna described ATC as more than a traditional conference. “Africa is no longer at the margins of global trade conversations. The focus is on execution.

“The Africa Trade Conference is a platform for action. It unites policy makers, capital providers, innovators, and infrastructure leaders to shape Africa’s trade future,” Ogbonna said.

He said Access Bank connects markets, ideas, and opportunities, helping African businesses move from ambition to impact and local relevance to global competitiveness.

Ogbonna said: “Our footprint across Africa allows us to facilitate cross-border trade, unlock regional value chains, and simplify the complexities of operating across markets.

“Our presence across Africa and key global corridors gives us insight into trade realities and responsibility to design inclusive, scalable solutions. ATC 2026 is part of that.”

According to him, Africa will not be a spectator in remaking global trade.

“We will be one of its architects. ATC 2026 will draw those blueprints,” he said.

The conference will highlight the African Continental Free Trade Area (AfCFTA), exploring policy harmonisation, infrastructure, digitisation, and innovative financing to unlock trade potential.

Discussions will also cover technology in commerce, sustainable trade practices, market access solutions, and financing models for Africa’s SME and industrial growth.

ATC 2026 will gather policymakers, global investors, development finance institutions, multinational corporations, and African business leaders, creating a curated ecosystem of influence and action.

The event’s theme is: ‘Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact.

9News Nigeria

9News Nigeria

The cost of staple food items in Nigeria has risen dramatically over the past nine years, with most essentials now selling at between four to ten times their 2016 prices.

According to data from the National Bureau of Statistics (NBS), a comparison of food prices in 2016 and 2025 shows the extent to which inflation has eroded household purchasing power, particularly among low- and middle-income Nigerians.

In 2016, a single egg sold for an average of ₦42.03. By 2025, the price had surged to ₦252.79, meaning that one egg today costs the equivalent of six eggs in 2016.

Evaporated tinned milk (Peak, 170g), which sold for ₦154.47 in 2016, now costs ₦1,058.15, translating to seven tins at 2016 prices. 

Similarly, the price of white garri rose from ₦191.02 per kilogram to ₦846.69, while yam tubers recorded one of the steepest increases, climbing from ₦202.89 per kilogram in 2016 to ₦2,023.83 in 2025, a tenfold rise.

Other staples have followed the same trend. White beans increased from ₦295.85 per kilogram to ₦1,587.82, while a loaf of sliced bread now sells for ₦1,675.51, up from ₦305.27 in 2016. 

The price of imported long-grain rice rose from ₦388.79 per kilogram to ₦2,255.28, making one kilogram today equivalent to nearly six kilograms in 2016.

The data displays the scale of food inflation confronting Nigerian households, as rising prices continue to outpace wage growth. 

The surge is attributed to a combination of factors including currency depreciation, higher transportation and energy costs, insecurity affecting food production, and supply chain disruptions.

With food accounting for the largest share of household expenditure in Nigeria, the sustained rise in prices has heightened concerns about food security and living standards across the country.

9News Nigeria

9News Nigeria

Nigeria’s economy is projected to grow above five per cent in 2026, driven by oil and gas reforms and improving macroeconomic stability, CFG Advisory CEO, Mr Tilewa Adebajo, said.

Adebajo made the projection on Tuesday at the Finance Correspondents Association of Nigeria’s 2026 Economic Outlook in Lagos.

The outlook exceeds the International Monetary Fund’s 4.4 per cent and the Central Bank of Nigeria’s 4.49 per cent growth forecasts for 2026.

He expressed cautious optimism, saying reforms had stabilised the economy, but warned that “the real challenge is converting stability into sustainable, inclusive growth”.

Adebajo said Nigeria’s reform agenda lacked clarity, noting that tax reforms were “less critical than deeper fiscal reforms needed to drive productivity”.

He said domestic and foreign investments remained at historic lows, with foreign direct investment below five per cent over the past decade.

According to him, weak industrial development, declining manufacturing and absence of a coherent industrial policy continue to constrain growth.

In spite of challenges, he said Nigeria retained strong potential, citing an informal sachet economy valued between 30 and 40 billion dollars annually.

On public finance, Adebajo described Nigeria’s roughly 100 billion dollar debt as unsustainable, with revenues largely consumed by debt servicing.

He noted that the 2026 debt service provision of N15.52 trillion exceeds combined allocations to security, defence, education and health.

Adebajo urged urgent asset sales and privatisation, especially in oil and gas, to raise 15 to 50 billion dollars for debt restructuring.

He also called for restructuring opaque oil contracts and recapitalising NNPC Ltd. to improve transparency, reduce borrowing costs and boost output.

While acknowledging improved oil activity, he warned that interest rates around 35 per cent were stifling credit, consumption and economic activity.

He projected single-digit inflation, easing interest rates near 20 per cent and relative naira stability, “if reforms and political will are sustained”.

Adebajo warned that reform fatigue, rising debt and weak growth could undermine stability unless urgent corrective measures are taken. 

9News Nigeria

9News Nigeria

The Nigeria Revenue Service (NRS) has dispelled news making the rounds on the imposition of Value-Added Tax (VAT) on banking services, including electronic money transfer, fees and commission.

Mr Dare Adekanmbi, Special Adviser on Media to Dr Zacch Adedeji, the Executive Chairman of NRS, said this in a statement in Abuja on Thursday, describing the reports as incorrect and misleading.

Adekanmbi said that VAT had always applied to banking services, adding that it was not newly introduced under the new tax law, the Nigeria Tax Act.

According to him, the Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers.

“This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.

“The Nigeria Tax Act did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard,” he said.

He urged members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information.

The statement also included a list of Frequently Asked Questions (FAQs) on VAT as it relates to the tax law in order to provide further clarity on other areas of concern to Nigerians.

Meanwhile, in addressing some frequently asked questions, Adekanmbi said that VAT applies to commissions, fees, and charges for services rendered by banks and other financial institutions.

He listed such services to include transfer fees, USSD charges, card issuance fees, account maintenance fees, and similar service charges.

According to him, this has always been the position under Nigerian VAT law, and was not introduced by the Nigeria Tax Act.

He said that VAT was not charged on the amount of money transferred or withdrawn.

“It applies only to the service charge or commission imposed by the bank.

“For example, if a bank charges N10 for a transfer, VAT of 7.5 per cent (N0.75) applies to that N10 charge, not to the amount being transferred,” he said.

He said that interest earned on savings accounts, fixed deposits, and similar deposit accounts was not subjected to VAT.

Adekanmbi said that interest income was not a supply of goods or services and therefore did not attract VAT under the Nigeria Tax Act, 2025 .

He also said that the Nigeria Tax Act expressly exempted basic food items and essential goods from VAT in order to protect consumers and reduce the cost of living.

“These exemptions are clearly listed under the VAT exemption provisions of the Act .

“Essential medical services and pharmaceutical products are VAT-exempt under the Nigeria Tax Act, consistent with longstanding policy to ensure access to healthcare.

“Tuition and core educational services provided by recognised educational institutions are exempt from VAT under the Act,” he said.

According to him, what has changed is compliance and enforcement, not the law.

“Financial institutions are being reminded of their existing obligation to remit VAT already charged and collected from customers, in line with the Nigeria Tax Act.

“The Act did not introduce VAT on savings, basic food, medical care, education, or essential consumption.

“Claims suggesting otherwise are misleading and incorrect,” he said.

9News Nigeria

9News Nigeria

The Nigerian Communications Commission (NCC) says it has developed a joint framework with the Central Bank of Nigeria (CBN) to address consumer complaints arising from failed airtime and data transactions caused by network downtime, system glitches, or human input errors.

In a statement on Thursday, Nneka Ukoha, NCC’s spokesperson, said the initiative is designed to ensure refunds within 30 seconds.

Ukoha said the framework followed several months of engagement involving the NCC, the CBN, mobile network operators (MNOs), value-added service (VAS) providers, deposit money banks (DMBs), and other relevant stakeholders.

The NCC official said the initiative represents a unified position by the telecommunications and financial sectors in response to growing complaints from subscribers who were debited without receiving airtime or data.

The framework, according to the spokesperson, also introduces an enforceable service level agreement (SLA) for MNOs and DMBs, clearly defining the responsibilities of each stakeholder in transaction processing and dispute resolution.

“Under the new framework, where a purchaser is debited but fails to receive value for airtime or data-whether the failure occurs at the bank level or with an NCC licensee-the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours,” she said.

“The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction.

“It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.”

Freda Bruce-Bennett, director of consumer affairs at the NCC, said the framework establishes a central monitoring dashboard to track transaction failures, refunds, and SLA breaches in real time — jointly hosted by the NCC and the CBN.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders-particularly the Central Bank of Nigeria and its leadership-for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions.”

Bruce-Bennett added that the framework will be implemented on March 1, after final approvals by the NCC and the CBN, once technical integration by MNOs, VAS providers, and DMBs is concluded

9News Nigeria

9News Nigeria

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax (PAT) of N502 billion in November 2025.

The NNPC Limited made this known in its Monthly Report Summary for November, 2025, released on Wednesday

The report also highlighted key figures, including crude oil and condensate production, natural gas output, revenue, strategic initiatives during the period, and more.

The report showed that the NNPC Ltd generated a total sum of N4,358 billion within the same period reported.

It also revealed that Crude Oil and Condensate Production was 1.60 million barrels per day (mbopd), while Natural Gas Production was 6,968 mscf/d in November 2025.

The report put NNPC’s statutory payments between January and August 2025 at N12.117 billion, while disclosing 61 per cent Premium Motor Spirit (PMS) availability in its retail filling stations across the country.

It said that November production performance was largely due to planned maintenance activities across key assets nearing completion, with production recovery expected at the end of December 2025 and continued delays with WAEP first oil.

It listed the key assets as Esso-Erha, Stardeep-Agbami and Renaissance-Estuary Area.

It announced that it has completed the 2025 scheduled facilities Turn Around Maintenance (TAM), and production initiatives from JV, PSC, and NEPL assets in readiness for delivering the 2026 production plan.

The report put the overall completion of Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project at 90 per cent, disclosing that sustained focus is being directed towards completion of the mainline welding works and pressure-testing.

According to the report, the project is to be completed in 2026.

The report also put the completion of the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project (River Niger Crossing) at 96 per cent, revealing that all required equipment, materials and personnel have been mobilised to site.

9News Nigeria

9News Nigeria

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

Between 2024 and 2025, Nigeria experienced a noticeable decline in living standards that affected a large portion of the population. During this period, poverty increased significantly, and many households that were previously considered financially stable found themselves struggling to cope with rising costs and declining incomes.

According to the World Bank’s assessments on poverty in Nigeria, an estimated 139 million Nigerians—more than 61 percent of the population—were living below the poverty line by 2025. This represents an increase from 113 million in 2023 and about 129 million in 2024. While the Federal Government has raised concerns about the methodology used in these estimates, data from the National Bureau of Statistics (NBS), particularly on inflation, household consumption, and labour market trends, points to a clear decline in overall household welfare.

When factors such as food insecurity, underemployment, and the vulnerability of the informal sector are considered, a very large share of Nigerians can be described as economically insecure. For many households, income levels and savings have declined to the point where coping with unexpected expenses has become increasingly difficult.

One of the main drivers of this situation was the sharp increase in fuel prices following the removal of fuel subsidies. Fuel plays a central role in Nigeria’s economy, affecting transportation, manufacturing, agriculture, and everyday commercial activities. As fuel prices rose, costs increased across multiple sectors at the same time. In the absence of sufficient support measures, these higher costs were passed on to businesses and households.

Small and medium-sized enterprises, which employ a majority of Nigerians, were particularly affected. Rising operating expenses, weaker consumer demand, and supply chain disruptions led many businesses to reduce staff or shut down entirely. NBS data during this period shows declining output and rising job losses in several non-oil sectors. As a result, many Nigerians lost jobs or sources of income, increasing the number of households falling into poverty.

Food inflation further worsened the situation. NBS Consumer Price Index data shows that food inflation exceeded 40 percent by late 2024 and remained high into 2025. The World Bank has noted that Nigerian households now spend a large share of their income—sometimes up to 70 percent—on food. This leaves limited resources for other basic needs such as healthcare, education, housing, and transportation. For some households, income is no longer sufficient to meet even basic nutritional requirements.

The effects were not limited to low-income households. Many salaried workers, professionals, and small business owners also experienced a decline in purchasing power due to inflation and currency depreciation. Savings were reduced, real wages failed to keep pace with rising prices, and many households experienced downward economic mobility.

Another important factor contributing to rising poverty has been Nigeria’s growing public debt and delays in meeting domestic payment obligations. Data from the Debt Management Office (DMO) and the National Bureau of Statistics shows that total public debt increased from about ₦87.9 trillion in 2023 to ₦121.7 trillion in early 2024, before rising above ₦152 trillion by mid-2025. Currency depreciation increased the naira value of external debt, while domestic borrowing also expanded through various government instruments.

As debt servicing takes up a larger share of government revenue, less funding is available for infrastructure and social spending. In addition, many Nigerian companies—particularly government contractors—have been owed substantial sums for completed work. These unpaid obligations have affected business cash flow, led to staff layoffs, delayed salaries, and contributed to financial hardship for workers and their families.

Challenges related to governance have also played a role. Limited transparency in revenue management, borrowing, and public spending has weakened accountability and affected the effectiveness of government programmes. While borrowing is often intended to support development projects, concerns remain about implementation, oversight, and overall impact.

Insecurity has further affected economic activity in several parts of the country, especially in the North-East and North-West. Farming, trade, and transportation have been disrupted, reducing incomes and reinforcing regional poverty patterns documented in NBS and World Bank data. Insecurity has also discouraged investment, contributing to job losses and slower economic growth.

Despite official statements pointing to reform progress and macroeconomic stabilisation, several outcome indicators remain concerning. World Bank estimates place Nigeria’s GDP per capita between $807 and $835, among the lowest levels in recent decades. Nigeria is also estimated to account for between 12 and 15 percent of the world’s population living in extreme poverty.

These figures reflect everyday experiences for many Nigerians, including job losses, reduced food consumption, unpaid wages, and financial stress. The increase in poverty between 2024 and 2025 reflects the combined effects of policy changes, economic pressures, governance challenges, and security concerns.

Addressing these issues will require improved fiscal transparency, timely settlement of domestic obligations, more effective social protection measures, better management of public debt, and sustained efforts to improve security. Without these steps, the risk of continued increases in poverty remains high.

9News Nigeria

9News Nigeria

The Customs Area Controller, Tincan Island Command, Comptroller Frank Onyeka, said the command generated N1.57 trillion in 2025, surpassing its N1.52 trillion revenue target.

Onyeka disclosed this during a media parley at the Tincan Island Customs Command headquarters in Lagos on Tuesday.

He said the command recorded an extra N51.8 billion above its 2025 target, noting that revenue collection remained ongoing until Dec. 31.

Onyeka described the achievement as historic, attributing it to discipline, professionalism and deliberate policy decisions rather than chance.

“The command was given a revenue target of N1.524 trillion for 2025 and exceeded it through enhanced validation, delayed examination and strict adherence to procedures,” he said

He added that the removal of multiple and unnecessary alerts eliminated delays and inconsistencies that had previously slowed cargo clearance and encouraged abuse.

“By streamlining internal procedures and strengthening coordination, we improved efficiency without compromising control,” Onyeka said.

The comptroller noted that revenue growth and trade facilitation were complementary, stressing that transparent and predictable processes naturally improved compliance.

He attributed the success to sustained engagement with importers, licensed agents, terminal operators and shipping companies to resolve challenges and build trust.

Beyond revenue, Onyeka said the command remained resolute on enforcement, recording seizures of improperly declared and prohibited items through intelligence-led operations.

“Surpassing the target is not a signal for any relaxation in enforcement standards.

“The command remains fully mobilised to sustain revenue generation and ensure every kobo due to the Federal Government is assessed, collected and accounted for,” Onyeka said.

He credited much of the success to the B’Odogwu Unified Customs Management System, saying initial challenges were resolved through stakeholder sensitisation and collaboration.

Responding to journalists, Onyeka said feedback after he assumed office in December 2024 revealed deep-rooted issues, including multiple alerts and enforcement inconsistencies.

He said his administration first fixed internal procedures, a move he described as paying off in record revenue performance.

Onyeka thanked the Comptroller-General of Customs, Dr Bashir Adeniyi, for strategic direction anchored on professionalism, automation, accountability and transparency.

He also commended his predecessor, Deputy Comptroller Dera Ntadi, officers of the command and stakeholders for their cooperation and dedication.

Onyeka pledged to block leakages, strengthen enforcement, support legitimate trade and contribute meaningfully to Nigeria’s economic and fiscal objectives.

He reaffirmed that his core mandate remained revenue generation, suppression of smuggling, trade facilitation and national security.

Looking ahead, Onyeka promised to sustain reforms and maintain the “one-stop-shop” clearance model to further enhance trade facilitation. 

9News Nigeria

9News Nigeria

The Naira on Monday opened the trading week on a stronger note, appreciating against the dollar at the official market to trade at N1,456.56.

According to data released on the website of the Central Bank of Nigeria, the Naira gained N7.93.

This represents a 0.5 per cent gain when compared to Friday, Dec. 19, when the local currency traded at N1,464.49 to a dollar.

The gain represents an improvement for Naira which experienced depreciation in the previous week. 

9News Nigeria

9News Nigeria

An MRS filling station located on Kano Road, opposite the Fire Service in Kaduna State, has commenced the sale of Premium Motor Spirit (PMS), commonly known as petrol, at a pump price of ₦739 per litre.

The development, observed on Monday, 22 December 2025, attracted motorists and residents who described the price as significantly lower than what is obtainable at many other fuel stations across the state.

Although there was no official statement from the station’s management at the time of filing this report, the pricing is coming amid ongoing adjustments in the downstream petroleum sector following increased competition among marketers.

The sale at ₦739 per litre may offer temporary relief to commuters and commercial drivers in Kaduna, who have been grappling with rising transportation costs linked to fluctuating fuel prices.

9News Nigeria

9News Nigeria

The National Opposition Movement (NOM) has called on the Federal Government to immediately suspend the implementation of President Bola Tinubu’s proposed tax law.

The call was made on Wednesday during a press conference at the Shehu Yar’Adua Centre in Abuja, where the group warned that the proposed tax regime could exacerbate poverty, widen inequality, and heighten social tension across the country.

Addressing journalists, NOM said Nigeria was already grappling with what it described as a “multidimensional crisis,” characterized by worsening insecurity, rising poverty levels, homelessness, food scarcity, and declining living standards. 

According to the group, introducing an aggressive tax policy under such conditions would further burden citizens and small businesses struggling to survive.

NOM expressed concern that the proposed law would require all adults of taxable age, whether employed or unemployed to file annual tax returns between January 1 and March 31, 2026, with penalties for non-compliance. 

The group also faulted provisions mandating business owners to file tax returns for all employees, including those earning below the taxable threshold.

Describing the policy as unrealistic, NOM argued that widespread unemployment, limited internet access, and weak institutional service delivery would make compliance difficult for millions of Nigerians. 

The group warned that, if implemented, the tax regime could turn taxation into what it termed an “exploitative racket” targeting vulnerable citizens.

The opposition movement further alleged that the proposed tax plan would impose additional financial pressure on low-income earners, including Nigerians earning below the minimum wage, at a time when citizens are already contending with subsidy removals, rising electricity tariffs, high transportation costs, and escalating food prices.

NOM urged the Federal Government to reconsider the policy and prioritize economic reforms that would ease the burden on citizens.

9News Nigeria

9News Nigeria

Nigeria’s downstream petroleum sector is embroiled in a deepening dispute as the Dangote Refinery’s aggressive pricing strategy reshapes market behaviour while sparking serious allegations against the country’s oil regulator.

In Lagos this week, private petroleum depot owners cut the ex-depot price of Premium Motor Spirit (PMS) from around ₦828 to about ₦710 per litre, reacting to competitive offers from Dangote-linked marketers selling petrol near ₦703 per litre. 

The price adjustment displays market pressure and heightened competition following Dangote’s fuel supply strategy.

Beyond the pricing, Aliko Dangote, president of the Dangote Group, has publicly accused the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of economic sabotage and corruption.

According to Dangote, Ahmed spent roughly $5 million on the secondary education of his four children in Switzerland, a level of expenditure he believes, is inconsistent with a public servant’s earnings and raises questions about financial impropriety and regulatory integrity.  

During a press briefing at his Lekki refinery, he urged Nigerian authorities to launch a full investigation and for Ahmed to explain how such funds were raised. 

He has suggested that relevant anti-graft bodies scrutinise the regulator’s conduct.

Most recently, civil groups are demanding independent probes into the NMDPRA boss’s wealth, while others defend him and argue that no verifiable proof has been provided to substantiate the corruption claims.  

Although Dangote released specific details regarding the alleged foreign education expenses of Engr. Farouk Ahmed’s four children.

In the report, the NMDPRA boss spent approximately  $2 million for four children’s university fees (over 4 years).

He also spent $210,000 on his son, Faisal’s Harvard MBA ($150,000 tuition + $60,000 for upkeep, tickets, and incidentals) in 2025.

Dangote additionally criticises the regulator for favouring import licences that he argues undercut local refining capacity and energy security.  

The House of Representatives has invited Dangote Refinery and the NMDPRA to resolve disagreements threatening the downstream petroleum sector.

According to the Reps joint committee on Petroleum Resources, the rising tensions could undermine the fragile stability recently achieved.

Nigerians are watching to see how authorities will respond to the serious regulatory accusations.

9News Nigeria

9News Nigeria

The stock market traded 553.2 million shares valued at N13.3 billion in 28,907 transactions on Monday.

This is compared with 571.7 million shares valued at N29.04 billion recorded on Friday across 20,418 deals.

This revealed 54 per cent and 3 per cent decline in turnover and volume respectively with 42 per cent growth in deals.

Meanwhile, FCMB recorded the highest volume, with 92.04 million shares traded, while VITAFOAM recorded the highest value, at N1.77 billion.

The equities market opened the week slightly positive, extending the gains of the previous week as investors gained N3 billion in value.

Market capitalisation rose by N3 billion or 0.003 per cent, closing at N95.267 trillion from N95.264 trillion on Friday.

Also, the All-Share Index (ASI) climbed 4.62 points or 0.003 per cent, ending at 149,437.88 up from 149,443.26.

This led the year-to-date (YTD) return increase to 45.19 per cent while the market breadth closed positive, recording 28 gainers and 23 losers.

On the gainers’ chart, Sovereign Trust Insurance led by 10 per cent, ending the session at N3.74, Guinness Nigeria followed by 9.96 per cent, settling at N239.50 while Mecure Industries grew by 9.88 per cent, closing at N41.70 per share.

Similarly, AIICO Insurance and First Holding Company increased by 9.86 per cent each, finishing at N3.79 and N34.55 per share.

On the other hand, Prestige Assurance led the losers’ chart by 10 per cent, settling at N1.53, FTN Cocoa Processors trailed by 8.16 per cent, finishing at N4.50 and Guinea Insurance dipped by 7.69 per cent, closing at N1.08 per share.

Royal Exchange dipped by 7.25 per cent, ending the session at N1.79 while Nigerian Breweries fell by 6.86 per cent, closing at N76.75 per share. 

9News Nigeria

9News Nigeria

President of the Dangote Group, Aliko Dangote, has declared that his $20 billion investment in the Dangote Petroleum Refinery is too significant to be allowed to fail.

Speaking on the challenges facing the refinery, Dangote said he has had to develop strategic measures to ensure the project’s survival amid what he described as a prolonged struggle with vested interests.

Dangote stressed that he is prepared to withstand ongoing pressures within Nigeria’s downstream oil sector.

“I must have a strategy on how to survive because a $20 billion investment is too big to fail. We are in a situation where we continue to play cat and mouse, and at the end of the day somebody will give up — either we give up or they will give up. I don’t think I will give up,” he said.

Dangote further revealed that the refinery is currently operating at a loss, countering perceptions that he is profiting from the ongoing developments in the petroleum sector.

The Dangote Refinery, located in Lekki, Lagos, is expected to significantly reduce Nigeria’s reliance on imported petroleum products.

According to him, fuel importers and marketers are resisting the success of local refining because it threatens their long-standing dependence on imports.

He added that he prays and wishes that fuel importers would incur even greater losses, arguing that continued fuel importation undermines Nigeria’s economic interests.

Dangote maintained that he is not “printing money” from the refinery, noting that he is also losing money, but remains determined to see the project succeed in the long term.

9News Nigeria

9News Nigeria

Nigerians have expressed outrage over the soaring cost of domestic flight tickets during the Christmas season, with fares on some routes climbing to as high as N500,000.

The issue sparked heated debate at the Senate this week, where lawmakers lamented the rising cost of air travel. Senator Onyekachi Nwaebonyi said a one-way ticket from Abuja to Enugu on December 13 cost N500,000 with Air Peace and N460,000 on Ibom Air, describing the fares as shocking.

Other senators disclosed that flights from Abuja to Lagos now range between N400,000 and N650,000, while trips to Kebbi, Ilorin and Enugu also cost hundreds of thousands of naira.

Social media users also criticised the airlines, with some questioning how flights of less than one hour could cost nearly half a million naira.

While Aviation Minister Festus Keyamo said the government cannot fix prices for private airlines, stakeholders argue that heavy taxes and charges—accounting for more than 50 per cent of ticket costs—give the government a role in addressing the problem.

Airlines, however, blame high operational costs.

The Airline Operators of Nigeria said multiple taxes and charges are a major driver of high fares, while United Nigeria Airlines’ Chief Commercial Officer, Raphael Uchegbu, defended festive pricing, citing demand, empty return flights and high fuel and airport charges.

Despite the backlash, Uchegbu said airlines have not significantly increased fares compared to last year, insisting that current prices reflect seasonal travel realities and rising operating costs.

9News Nigeria

9News Nigeria

The National Bureau of Statistics (NBS) says prices of beans, garri, tomatoes, beef, rice, and other food items witnessed a slight decrease in price in October 2025.

The NBS said this in its Selected Food Prices Watch report for October 2025 released in Abuja on Friday.

The report said that the average price of 1kg of brown beans decreased by 37.09 per cent on a year-on-year basis from N2,798.50 recorded in October 2024 to N1,760.53 in October 2025.

“On a month-on-month basis, the beans also decreased by 1.74 per cent from the N1,815.76 in September 2025.”

Similarly, the report said that the average price of 1kg of white garri decreased by 29.33 per cent on a year-on-year basis from N1,198.05 in October 2024 to N846.69 in October 2025.

“On a month-on-month basis, the price also fell by 2.88 per cent from the N871.78 recorded in September 2025.”

It also showed the average price of 1kg tomatoes decreased by 13.43 per cent on a year-on-year basis from N1,465.99 in October 2024 to N1,269.17 in October 2025.

“ Also on a month-on-month basis, the price decreased by 0.83 per cent from the N1,279.84 recorded in September 2025.”

The report said that the average price of 1kg of local rice decreased by 2.01 per cent from N1,944.64 recorded in October 2024 to N1,913.78 in October 2025.

“On a month-on-month basis, 1kg of local rice decreased by 1.59 per cent in October from the N1,952.94 recorded in September 2025.”

However, the average price of 1kg of onion bulb increased by 4.66 per cent on a year-on-year basis from N1,251.52 recorded in October 2024 to N1,368.32 in October 2025.

“On a month-on-month basis, it decreased by 9.33 per cent from N1,307.44 recorded in September 2025.”

Also the average price of 1kg of boneless beef increased by 16.93 per cent on a year-on-year basis from N5,858.58 in October 2024 to N6,850.51 in October 2025.

“On a month-on-month basis, the price also increased by 0.16 per cent from the N6,861.25 recorded in September 2025.”

On state profile analysis, the report showed that in October 2025, the highest average price of 1kg of brown beans was recorded in Imo at N2,174.09 while the lowest was recorded in Yobe at N1,263.68.

It said that Bayelsa recorded the highest average price of 1kg of white garri at N1,165.3 while the lowest was in Plateau at N490.1

According to the report, Ebonyi recorded the highest average price of 1kg of Tomato at N2,148.04, while the lowest was reported in Plateau at N687.09.

The report said the highest price on 1kg of local rice was recorded in Ogun at N2,163.23, while Yobe recorded the lowest price at N1,523.47.

The NBS said that the highest average price of 1kg Onion bulb was recorded in Abia at N2,353.05 while the lowest price was recorded in Kwara at N833.07.

It said Abia also recorded the highest average price of 1kg of boneless beef at N8,984.43, while Benue recorded the lowest at N5,419.03.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-East and South-West at N2,105.94 and N2,081.33, respectively.

“The lowest price was recorded in the North-West at N1,349.23.”

The South-East and South-South recorded the highest average price of 1kg of white garri at N1,066.85 and N980.44, respectively, while the lowest price was in the North-Central at N630.44.

It said the South-East recorded the highest average price of 1kg of tomato at N1,807.92 followed by the South-South at N1,592.89, while the North-West recorded the lowest at N898.21.

The NBS said also that the North-Central and South-West recorded the highest average price of 1kg of local rice at N2,021.70 and N1,966.89, respectively.

“The North-East recorded the lowest average price of 1kg of local rice at N1,803.38.”

The report said that the South-East recorded the highest average price of 1kg of onion bulb at N1,950.88, by the South-South at N1,647.47 while the North-West recorded the lowest price at N997.58.

9news Nigeria reports that in September President Bola Tinubu ordered a Federal Executive Council Committee to further crash prices of food items by ensuring the safe passage of products through various routes across the country.

9News Nigeria

9News Nigeria

The Naira closed the week slightly weaker on Friday, recording a loss of N2.60 against the United States dollar at the official foreign exchange market.

It settled at N1,450.42, according to figures released on the Central Bank of Nigeria’s official website, reflecting a mild but persistent downward drift.

The latest closing rate represents a 0.17 per cent depreciation when compared with Thursday’s level of N1,447.82, which itself showed limited pressure on market stability.

On Wednesday, the Naira exchanged at N1,447.64, marking a 0.1 per cent decline as demand for the dollar continued to outweigh available supply.

The currency had earlier traded at N1,445.39 on Tuesday, representing a 0.2 per cent loss when set beside Monday’s rate of N1,448.43 per dollar.

9news Nigeria reports that the week’s movements highlight ongoing fragility in the official window, where modest fluctuations have become increasingly common in recent months.

9News Nigeria

9News Nigeria

The Chairman of Dangote Group, Alhaji Aliko Dangote, has disclosed that the group will become the world’s largest producer of fertilizer by 2028.

Dangote said this while speaking at the Imo Economic Summit, organised by the Imo Government, in Owerri, on Thursday.

The business mogul and richest man in Africa said that the time had come for Africans to step on to greatness and occupy their place in world business.

He said that the Dangote Group would increase its urea production capacity from the current 3 million tons to 12 million tons by 2028, to enable it top fertilizer production in the world.

He urged Nigerians and Africans to invest at home, adding that “only a local investor can convince a foreign investor to invest in his home”.

“I recently announced that we will double investment at home, with a target of 1.4 million barrels per day, because there is no place like home.

“Africans must invest at home because that is the best way to convince a foreign investor to invest in Africa “, he said.

He thanked the President Bola Tinubu-led government for its policies and called for more investments in electric power generation.

Speaking, former President of Mauritius, Ameenah Gurib-Fakim, said that with a high youth population and 30 per cent of the world’s mineral reserves domiciled in Africa, the continent could lay the foundation of hope for the future.

It is time for Africa to take her destiny in her hands,” she said.

9news Nigeria reports that the summit was declared open by President Bola Tinubu, represented by Vice President Kashim Shettima.

Also in attendance was former Secretary-General of the United Nations, Mr Ban Ki-moon.

9News Nigeria

9News Nigeria

Nigeria’s Vice President, Kashim Shettima in delivering a message on behalf of President Bola Tinubu at the Imo State Economic Stakeholders Summit, praised the Igbo people as “the greatest stakeholders in the Nigerian project,” adding that “half of Abuja is owned by Ndigbo” and that “half of the population of Lagos is largely made up of Ndigbo.” 

In essence, the Vice President’s remarks underscore that the Igbo people are not just participants but integral pillars in the Nigerian nation, whose economic contributions and nationwide investments remain central to the country’s unity and development.

Politically, this functions as outreach to the Southeast, recognition that can be read as an attempt to reassure and co-opt a region that has long campaigned for greater inclusion in federal structures. 

Such high-profile commendation can lower political temperature, invite cooperation on investments, and create space for federal partnerships with Southeast state governments.  

The core of Shettima’s point; that Igbo people are geographically mobile and economically enterprising is supported by academic and economic literature documenting a distinctive Igbo entrepreneurship model (apprenticeship systems, dense trade networks and reinvestment patterns) that has produced strong business clusters across Nigeria’s cities (Onitsha, Nnewi, Aba) and a diaspora within the country’s urban centres. 

Those studies explain why public and private investment, retail networks, and property ownership by Igbo traders and professionals are visible in Abuja, Lagos and other states.

Empirically, the claim that  “half of Abuja is owned by Ndigbo” is almost certainly rhetorical.

What the claim captures, however, is a widely observed reality: Igbo individuals and businesses have a significant and visible presence in Abuja’s markets, commercial corridors and residential estates. 

According to verified sources, the Vice President’s claim hold significant weight in terms of economic footprint.

In policy spheres, if the claim is intended as more than flattery i.e., as a prelude to concrete action, Ndigbo and their representatives can reasonably expect or press for: (a) secure property rights and clear land-title processes in Abuja and other cities; (b) investment incentives and infrastructure support for Southeast states; (c) inclusion in national economic planning and procurement; and (d) protection from harassment and extortion in places where they are a commercial minority. 

Shettima’s words create political cover for such policy moves.

9News Nigeria

9News Nigeria

Nigeria’s economy grew by 3.98 percent year-on-year in the third quarter of 2025 (Q3’25), according to the latest figures released by the National Bureau of Statistics (NBS).

The growth rate represents a slight decline from the 4.23 percent recorded in the second quarter of 2025, reflecting continuing fluctuations in economic performance over the past year.

Despite this quarter-on-quarter slowdown, the Q3’25 growth figure remains higher than the 3.86 percent recorded in the corresponding period of 2024.

The NBS report also shows that economic growth has remained unstable over the past five quarters.

After rising to 3.86 percent in the third quarter of 2024, GDP growth slipped to 3.76 percent in the fourth quarter of the same year and further declined to 3.13 percent in the first quarter of 2025 before bouncing back in Q2’25.

In sectoral terms, agriculture recorded a growth rate of 3.79 percent in Q3’25, an increase from the 2.55 percent achieved in the same quarter of 2024.

The industrial sector also improved, expanding by 3.77 percent compared to 2.78 percent in Q3’24.

The services sector continued to dominate economic activity with a growth rate of 4.15 percent, although this was slightly lower than the 4.97 percent recorded in the corresponding period of 2024.

Overall, the services sector contributed 53.02 percent to total GDP in Q3’25, marginally higher than the 52.93 percent recorded a year earlier.

The oil sector experienced mixed outcomes during the quarter.

Average daily crude oil production rose to 1.64 million barrels per day (mbpd), higher than the 1.47 mbpd recorded in Q3’24 but slightly below the 1.68 mbpd produced in Q2’25.

Real growth in the sector stood at 5.84 percent year-on-year, showing a modest increase from 5.66 percent in the same quarter of 2024.

However, this represented a significant drop from the 20.46 percent recorded in Q2’25, as quarter-on-quarter growth fell to -5.53 percent.

The sector’s contribution to total real GDP was 3.44 percent, slightly above the 3.38 percent recorded in Q3’24 but down from 4.05 percent in Q2’25.

The non-oil sector also maintained its strong performance, expanding by 3.91 percent in real terms during the third quarter of 2025.

The growth was driven largely by steady improvements across services, agriculture, and industrial activities, underscoring the continuing importance of non-oil sectors to Nigeria’s economic stability and long-term growth outlook.

9News Nigeria

9News Nigeria

The Naira on Monday opened the week with a slight depreciation, trading at N1,448.43 against the Dollar at the official foreign exchange market.

Data from the Central Bank of Nigeria showed the Naira lost N1.69, representing a 0.1 per cent decline from Friday, Nov. 28, when it traded at N1,446.74.

Analysts attributed the minor loss to normal market adjustments, noting that the Naira’s performance remains relatively stable compared with previous months of volatility.

The relative stability of the Naira has drawn commendation from investors, who say reforms in the foreign exchange market have improved confidence and predictability.

CBN Governor, Mr Olayemi Cardoso, highlighted reforms that reduced opacity, curbed market manipulation, and restored discipline, creating a more transparent and efficient FX trading environment.

Speaking at the 2025 60th Annual Bankers Dinner in Lagos, Cardoso said the Naira now trades within a narrow, stable range, benefiting both businesses and investors.

He emphasised the dramatic reduction of the gap between official and parallel market rates, now under 2 per cent, down from over 60 per cent previously.

Cardoso added that sustained reforms and consistent policies are essential to maintaining stability, boosting investor confidence, and supporting Nigeria’s broader economic growth objectives.

9News Nigeria

9News Nigeria

The Chairman of First Bank, Mr. Femi Otedola is presently facing huge criticism over his alleged usual ways to use bank loans to take over businesses of other people.

This is coming just as perceived hidden interests of a prominent lawyer, Mr. Koku whose dual roles in the Nestoil and FBNQuest case, which now threatens the integrity of the Nigeria Oil sector, have been unmasked by this newspaper.

During an exclusive investigation by Our correspondent over the alleged conflict of interest and potential regulatory capture of the NUPRC, in Nestoil and Neconde’s Legal Battle with FBN Quest and First Trustees, it was gathered that in the corridors of Nigeria’s petroleum industry, a storm that could reshape perceptions of justice, transparency, and regulatory independence at the apex of the upstream sector is brewing.

Through months of document review and interviews with industry insiders, our correspondent in its investigation uncovered troubling evidence that a top legal practitioner is at the heart of a clash between public interest and private gain, raising fresh questions about conflicts of interest and the spectre of regulatory capture.

Findings showed that the wrangle between Neconde Energy Limited, Nestoil Limited, and a consortium of financial institutions represented by FBN Quest Merchant Bank Limited and

First Trustees Limited, resembles a typical high-value debt dispute but, dig deeper and a more intricate web emerged.

This investigation revealed that Babajide Koku SAN, a personal lawyer to Mr. Femi Otedola, the chairman of First Bank, has simultaneously served as legal counsel for both the FBN Parties and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in lawsuits
that could determine the fate of critical national oil assets.

This dual representation, spanning Suit No: FHC/L/CS/2127/2025 in Lagos and Suit No: FHC/ABJ/CS/2369/2025 in Abuja, goes far beyond a mere procedural oversight as legal documents obtained by this newspaper confirmed that Koku’s name appears on court filings for
multiple parties with directly competing interests, fuelling allegations that regulatory impartiality may be at risk.

According to legal experts who spoke with Our correspondent, the implications echo far beyond the courtroom—potentially shaking the very foundations of the sector’s governance.

Meanwhile, our investigation reconstructed the timeline of this controversy, beginning on 20 October 2025, when FBN Parties, represented by Koku, SAN, sued Nestoil and Neconde over an alleged $1billion debt.

But even before the gavel fell, FBN Trustees had petitioned the NUPRC on 9 September 2025, seeking consent to register a second charge over Oil Mining Lease (OML) 42, an asset in which Neconde holds a substantial stake.

It was also gathered that the NUPRC signalled its readiness to approve the charge, prompting Neconde, wary of a hostile takeover, to launch its own legal offensive on 6 November 2025.

“When the NUPRC responded to Neconde’s lawsuit, challenging the validity of the very consent it had given, it too appeared in court represented by Koku” a document at the disposal of this newspaper stated.

Meanwhile, multiple sources confirmed to Our correspondent that Koku, SAN was present for both the FBN Parties and the regulator, a move that has left industry players and legal watchdogs questioning whether the independence of
Nigeria’s upstream regulator may have been fatally compromised.

Experts that were interviewed by Our correspondent warned that such brazen dual representation is more than a technical breach of legal ethics, it is a flashing red light for regulatory capture, where public agencies risk being co-opted by the very entities they are meant to police.

One concerned stakeholder who spoke under the condition of anonymity described this as “akin to letting the fox guard the henhouse”, noting that the same lawyer advancing private creditors’ interests is now shaping the regulator’s legal defence.

“The stakes are monumental: should NUPRC’s consent to FBN Trustees be upheld, it could set a perilous precedent, enabling further encroachment by powerful financiers at the expense of due process and fair regulatory oversight” he added.

Also, critics alleged that Koku’s close affiliations with major stakeholders in the FBN entities call into question the motives behind the legal manoeuvring, stoking speculation about a well-orchestrated asset grab under the veneer of judicial process.

Another expert told this newspaper that lawyers must not act for conflicting interests without full, informed consent. He queried: “Assuming that all necessary disclosures have been made, is it appropriate for the NUPRC to appoint legal representatives who are currently acting on behalf of an interested party in the dispute.

“Furthermore, is it advisable for FBN Trustees to permit its retained counsel to also represent the NUPRC in litigation where FBN Trustees has a financial interest in the outcome”

Senior Nigeria legal analysts who offered to grant interviews on this issue cautioned that Koku’s actions could trigger motions for disqualification and expose both NUPRC and the FBN Parties to damaging reputational
fallout.

Meanwhile, some of the legal experts have called for an urgent review of how regulators appoint external counsel, warning that public trust in Nigeria’s oil industry hangs in the balance.

One of them added that: “For Koku, the risks are professional as well as reputational, with the possibility of regulatory scrutiny or even sanctions if formal complaints are lodged, particularly where formal disclosures were not made and subsequent consent of the NUPRC obtained.

“For NUPRC, the crisis raises uncomfortable questions about its commitment to unbiased oversight and whether it can withstand the corrosive influence of well-connected private interests”.

Speaking on investor confidence which they said is already on the line, legal experts noted that the fallout is already being felt beyond the courtroom.

However, Oil Industry veterans who spoke with Our correspondent noted that uncertainty and perceptions of impropriety could scare off much-needed investment from an already fragile upstream sector.

“Without transparency and clear ethical boundaries, you can’t have a credible investment climate,” one executive told Our correspondent, calling for sweeping reforms and tougher frameworks to safeguard regulatory processes from undue interference.

Legal experts are urging the government to overhaul consent procedures and demand full transparency in all dealings between regulators and their outside advisers.

Our correspondent gathered further that as the lawsuits wind their way through Nigeria’s federal courts, the spotlight remains fixed on Babajide Koku SAN, the NUPRC, and the banks pulling the strings behind the scenes.

It was also gathered that the case has become a litmus test for transparency, legal ethics, and the resilience of Nigeria’s regulatory institutions, and the final outcome may not only decide who controls a lucrative oil lease but could also set a lasting benchmark for the country’s commitment to fairness and the rule of law.

“In a sector too often shrouded in secrecy, only genuine accountability and unwavering ethical standards can restore faith in those entrusted with Nigeria’s most precious resources” another industry expert noted.

In a related development, Chairman of First Bank Holding, Mr. Femi Otedola has been accused of taking over businesses of First bank customers under the guise of debt default with the help of some corrupt judges.

According to finding, Otedola, as a result of his greed and love for other people’s business and properties would hide under the guise of giving loans to business owners to develop their businesses, inflate the loans, hide their loan documents and use the court to take over such businesses.

Apart from Nestoil/Neconde which would have been his latest victim if not for the vigilance of the legal team of Dr. Ernest Azudialu-Obiejesi, the chairman of First Bank had used the FBNQuest Merchant Bank Limited to fraudulently hijack several firms from their original owners.

However, officials of Neconde have lamented that for over three years, First bank has refused to release bank statements to the company.
The company alleged in several reports that First Bank has refused to provide bank statements, reconciliation documents, or loan records Nestoil which they need to use to verify whether any debt actually exists.

There are instances of Sahara Group and General Hydrocarbon which Otedola wickedly and cunningly used the loans which his bank gave to those two companies to hijack their lucrative businesses with the help of some corrupt judges.

Our correspondent’s independent investigation showed that Mr. Femi Otedola had earlier this year approached Neconde requesting to buy some 16 percent stake in the juicy Oml42 oil block.

For fears of what he has done to Sahara Group and General Hydrocarbon in the past, Otedola’s request was bluntly rejected by Neconde, and this led to First bank to drag Nestoil and Neconde in aggressive move to take over OML 42, citing an alleged $1billion dollar unverified debt.
“How can we owe what we cannot see?”

We cannot verify any debt because First Bank will not release the very documents that would confirm or disprove their claim.” one of the officials of Nestoil told this newspaper, insisting that without those statements, the bank’s attempts to enforce debt recovery actions amount to economic ambush and economic gangsterism.

Meanwhile, an expert in the Nigerian Petroleum business told Our correspondent that: “At the centre of the conflict is OML 42—one of the most promising onshore blocks in the Niger Delta Basin. Industry analysts estimate that the licence could generate hundreds of millions of dollars in revenue over its lifespan. At present OML42 accounts for approximately 5% of Nigeria’s crude oil production.

“There are claims that the subsidiaries of First Bank Holding under the Chairmanship of Mr Femi Otedola has shown “unusual, excessive interest” in taking over the OML42 through court orders, ex parte motions, and aggressive debt-recovery procedures that the company says lack documentary justification.

“It has become clear that the bank’s objective is not repayment—it is acquisition,”

Also, a legal expert who spoke with Our correspondent during our investigation said that the refusal of First bank to release bank statements, if true, raises serious questions about transparency and the integrity of the bank’s claims, saying that a creditor refusing to provide account statements is highly irregular.

He added that any enforcement action without documentary clarity could be challenged as predatory or abusive.

9News Nigeria

9News Nigeria

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN) has retained the country’s headline lending rate known as the Monetary Policy Rate (MPR) at 27 per cent.

In a communiqué issued at the end of the 303rd meeting of the MPC on Tuesday, the CBN Governor, Yemi Cardoso, said that members of the committee also voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and 16 per cent for merchant banks.

Cardoso said that the MPC also retained the 75 per cent CRR on non TSA public sector deposits.

“Liquidity Ratio is also retained at 30 per cent, while Standing Facilities Corridor adjusted to +50 / -450 basis points around the MPR,” he said.

He said that all 12 members of the MPC attended the meeting.

According to him, the committee’s decision is underpinned by the need to sustain the progress made so far towards achieving low and stable inflation.

“The MPC reaffirmed its commitment to a data-driven assessment of developments and outlook to guide future policy decisions.

“It welcomed the continued deceleration in headline inflation year-on-year in October for the seventh consecutive month.

“This favourable development resulted from several factors, including sustained monetary policy tightening, stable exchange rate, increased capital flows, and surplus current account balance” he said.

The CBN governor said that the relative stability in the price of Premium Motor Spirit, (PMS), and improved food supply supported the pace of disinflation.

He, however, said that headline inflation remained high at double-digit, requiring sustained efforts towards moderating it further.

“The committee is, therefore, of the view that the steady deceleration in inflation across the three measures, headline, core, and food in October 2025 suggests that the large impact of previous tight policy measures is expected to continue in the near term.

“Maintaining the current stance of policy amid lingering global uncertainties would, thus, allow the effect of previous policy rate hikes to sufficiently transmit to the real economy and further reduce prices.

“Members noted the robust performance of the external sector, evidenced by the surplus current account balance and steady accretion to reserves, which have contributed to stability in the exchange rate and moderation in inflation,” he said.

9News Nigeria

9News Nigeria

Kaduna State is set to deepen its footprint in Nigeria’s solid minerals sector following a landmark investment proposal secured at the ongoing G20 Summit in Johannesburg, South Africa.

Governor Uba Sani, who is attending the summit, received a formal proposal from Precious Metals Tswane (PMT), one of South Africa’s foremost precious metals refineries, to establish a state-of-the-art aggregation and processing centre in Kaduna State. 

The project will be executed in partnership with the Kaduna Mining Development Company (KMDC).

The proposal, presented on the sidelines of the summit, outlines a comprehensive plan covering technology transfer, capacity building for artisanal miners and the adoption of a sustainable, ESG-compliant mining framework. 

PMT is expected to deploy advanced processing systems that meet global environmental and governance standards.

Governor Sani welcomed the development, describing it as a major step toward unlocking Kaduna’s mineral potential and improving value creation in the sector.

“Kaduna remains firmly open to credible investors who bring technical expertise, responsible practices, and a commitment to long-term value creation for our people,” he said.

9News Nigeria

9News Nigeria

The Nigerian Civil Aviation Authority (NCAA) has imposed a N5 million penalty on Qatar Airways for violations related to consumer protection, signalling a stronger regulatory stance toward airlines operating in the country.

The announcement was made on Wednesday by the NCAA’s Director of Public Affairs & Consumer Protection, Michael Achimugu, who disclosed the development in a post on X (formerly Twitter).

“Glad to announce that, today, the NCAA has sanctioned @qatarairways to the tune of five million naira being penalty for consumer protection-related infractions. In addition, the letters of investigation (LOI) written to the airline over other cases may lead to further sanctions if not treated satisfactorily,” Achimugu wrote.

In September, NCAA accused Qatar Airways of mistreating Nigerian passengers and failing to comply with consumer protection regulations under Part 19 of the NCAA Regulations 2023.

The regulator threatened stiff penalties against the airline for repeatedly disregarding its directives.

The latest incident involved a Nigerian passenger accused by a Qatar Airways cabin crew member of sexual harassment during boarding in Lagos for a flight to the United States via Doha.

The allegation was only reported in Doha, where the passenger was arrested, detained for 18 hours, fined, and compelled to sign a document written solely in Arabic. Qatar Airways allegedly refused to continue his journey, forcing him to purchase another ticket at considerable financial and reputational cost.

The NCAA said it invited Qatar Airways’ country manager to a meeting over the incident, but he failed to attend, sending subordinates instead.

“I understand that some countries do not have advanced aviation consumer protection regulations like Nigeria does. In certain cases, some countries don’t even have any. This creates a situation where airlines operating out of those countries (mostly national carriers) act with disdain towards consumer protection enforcement in Nigeria.  

“This is not a situation that we would accept here. It is against the law for ANY Airlines not to respond to the NCAA. It is against the law to provide false information to the NCAA. It is against the law to fail to comply with the provisions of Part 19 of the NCAA Regulations 2023,” Achimugu said in an earlier post.

He also revealed that Royal Air Maroc and Saudi Air have been cautioned for similar infractions and risk heavy sanctions if they fail to comply with the regulator’s decisions.

9News Nigeria

9News Nigeria

The Ghana Airports Company Ltd. has promised to collaborate with United Nigeria Airlines (UNA) to maintain high on-time performance.

The Managing Director of the company, Mrs Yvonne Opare, made the promise at a ceremony to welcome UNA’s  daily direct flights from Lagos and Abuja to Accra, on Monday.

She said that the commencement of UNA’s operations on the route was a  demonstration of growing confidence in Ghana’s aviation industry.

“I am informed that United Nigeria Airlines will operate daily flights between Abuja and Accra and  four times a week between Lagos and Accra.

“Competition breeds efficiency; so, we welcome this competition and we promise to uphold and welcome all the other airlines that are in the pipeline to come to Accra.

“As the operators and managers of Ghana Airports Company Ltd., we remain firmly committed to supporting all our partner airlines to ensure operational excellence.

“We will work closely with United Nigeria Airlines to help to maintain high on-time performance in smooth ground operations,” she said.

The managing director said that the company would expect United Nigeria Airlines to deliver exceptional customer service, ensuring that every passenger would enjoy a seamless, safe and pleasant travel experience.

According to her, the entrance of UNA, reinforces Ghana’s efforts to position itself  as the preferred aviation hub and leader in airport business in West Africa.

9news Nigeria reports that the Deputy Director-General (Technology), Ghana Civil Aviation, Mr Theophilus Ago, said at the event  that Nigeria and Ghana formed a formidable bond.

He said the milestone would help to tackle the challenges faced by West Africans  in travelling within their countries and between West Africa and Europe.

He urged the airline to be excellent in its operations.

Nigeria’s Acting High Commissioner to Ghana, Capt. Dayo Adeoye, said that  commencement of UNA’s  direct daily flights from Abuja to Accra was  a symbol a new bridge of connectivity.

The Founder of United Nigeria Airlines, Prof. Obiora Okonkwo, promised to collaborate with the Ghana Airports Company and other organisations to serve passengers well.

He said that the airline had done much  to unite people in its  over four years of existence.

9News Nigeria

9News Nigeria

The Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) programme has announced plans to launch two additional funds for the technology and creative sectors in 2026, targeting investments in Nigerian start-ups across the country.

A press release on Monday, the 10th November 2025 by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications (Office of the Vice President), states that the new funding achieved a $64 million first-round close based on investor commitments last Thursday.

The announcement comes as the Chair of the iDICE Steering Committee, Vice President Kashim Shettima, described the formal kick-off, featuring an anchor investment in a new venture fund by Ventures Platform, a pan-African seed-stage fund, as an exciting milestone that will leverage the potential of Nigerian youth.

Ventures Platform was appointed as the Fund Manager for the technology component of iDICE in August 2025, following a competitive bidding process supervised by the funding partners.

With this development, iDICE joins other institutional investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII) in the new fund, which has achieved a $64 million first close and targets a final close of $75 million.

Vice President Shettima emphasised earlier that “the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda.”

Responding to the development, the MD/CEO of Bank of Industry, Dr Olasupo Olusi, said that by investing in Ventures Platform’s Fund II, authorities are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem.

According to him, the development will contribute meaningfully to the nation’s broader economic transformation agenda, with goals to create jobs at scale and empower high-growth entrepreneurs across the country.

Kola Aina, Founding Partner at Ventures Platform, expressed confidence in the partnership, saying: “We are delighted to have been selected as the iDICE Technology Fund Manager, partnering with the Federal Government of Nigeria and other key stakeholders to achieve our collective goal of supporting Nigeria’s young entrepreneurs and innovators to bring their innovative ideas and solutions to life—creating deep value and transforming the country’s economy.”

The iDICE programme is being implemented across three broad areas: skills and enterprise development, focused on building a community of highly skilled talent; expanding access to finance through equity, quasi-equity, debt capital funding, and capacity-building grants; and creating an enabling environment through pro-business policies and legislation.

In addition to its technology-focused investments in 2026, iDICE announced it “will launch two additional funds: a creative sector fund that will invest in creative sector start-ups and a ‘fund of funds’ that will invest in smaller funds supporting technology and creative sector startups.”

iDICE is a $617 million programme launched by the Federal Government of Nigeria to support young Nigerians aged 15-35 with skills and resources in the technology and creative economy sectors, aiming to increase employability, foster innovation, and create new entrepreneurs.

It is supported by financing from the African Development Bank Group (AfDB), Islamic Development Bank (IsDB), and the French Development Agency (AFD), with the state-owned Bank of Industry serving as co-investor and implementing agency.

Since its founding in 2016, Ventures Platform has invested in more than 90 startups across Africa, including Paystack, Piggyvest, Moniepoint, and LemFi.

9News Nigeria

9News Nigeria

The Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit, PMS, from ₦877 per litre to ₦828 per litre, representing a 5.6 percent decrease.

This latest adjustment comes despite crude oil prices climbing to an average of $64 per barrel on Thursday, up from $62 per barrel the previous day.

Findings by Vanguard show that the price reduction is linked to a newly reinforced crude supply arrangement between the refinery and the Nigerian National Petroleum Company Limited (NNPC Ltd) under the naira-for-crude framework.

Under the deal, NNPC Ltd is expected to supply the 650,000-barrels-per-day refinery with five December-loading crude cargoes, including Amenam, Bonny Light, Forcados and Qua Iboe grades.

Industry sources say the arrangement has improved supply stability and reduced cost pressures on the refinery.

According to Petroleumprice.ng, depot operators in Lagos confirmed that loading at the new price started early Friday.

“The price adjustment is expected to bring some relief to fuel marketers and consumers nationwide, following weeks of elevated pump prices,” the platform stated.

Marketers are now anticipating a corresponding adjustment at retail filling stations in the coming days.

Despite the downward revision, Dangote’s petrol price continues to sit below import parity.

A report by S&P Global Commodity Insights, presented at the Major Energy Marketers Association of Nigeria (MEMAN) conference in Lagos on Thursday, showed that as of October 17, 2025, Dangote’s gantry price of ₦877 per litre was below the average “into-tank” cost of imported fuel into Lagos and the ship-to-ship (STS) value at Lome, Togo.

S&P noted that this pricing advantage persists despite global crude fluctuations triggered by weak demand and sanctions on Russian oil exporters.

The report further revealed a significant decline in Nigeria’s fuel import volumes, now below 200,000 barrels per day, down from about 500,000 bpd in early 2023.

9News Nigeria

9News Nigeria

The Federal Government has expressed readiness to sell the Nigerian National Petroleum Company Limited (NNPCL) refineries if the right technical and financial partners are found, according to Olu Verheijen, Special Adviser to President Bola Tinubu on Energy.

Sources reports that Verheijen disclosed this in an interview with Bloomberg TV on the sidelines of the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates (UAE), on Tuesday. She said the plan is part of broader reforms to enhance competition and efficiency in Nigeria’s downstream oil sector.

The presidential aide explained that selling the refineries was one of several options under consideration to revitalise the sector.

“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” Verheijen said.

She noted that Nigeria’s state-owned refineries have been sustained for years through government subsidies, a practice that distorted the petroleum market.

“But now that we’ve removed the subsidies, we’ve removed the distortions in that market,” she added.

In October, the NNPC announced that it had begun a comprehensive technical and commercial review of its three major refineries, Warri, Port Harcourt, and Kaduna, as part of efforts to determine their viability.

Similarly, on July 11, the Group Chief Executive Officer (GCEO) of NNPC, Bayo Ojulari, acknowledged that the process of revamping the refineries had become “a bit more complicated,” adding that the company expected to complete its reassessment before the end of the year.

Verheijen also reaffirmed that the Federal Government’s long-term plan includes a public listing of NNPC, which she described as “an end destination.”

“What’s really important to the shareholders is that we have an NNPC that’s a lot more transparent, a lot more efficient, and delivers,” she stated.

She emphasised that President Tinubu’s administration is committed to ensuring NNPC operates under global best practices, with improved transparency and accountability.

On his part, Ojulari confirmed that NNPC has been enhancing transparency across its operations in preparation for the much-anticipated initial public offering (IPO).

9News Nigeria

9News Nigeria

The Oyo State Government, on Friday, officially handed over 90 hectares of land to the Federal Government for the construction of the proposed Moniya Inland Dry Port, in Ibadan.

The state deputy governor, Mr Bayo Lawal, handed over the land, on the Ibadan-Oyo road, Moniya, in Akinyele Local Government Area, to the Minister of Marine and Blue Economy, Mr Gboyega Oyetola, who was represented by the ministry’s Permanent Secretary, Mr Michael Olufemi.

Lawal described the Moniya Inland Dry Port as a project that would not only enhance the state’s economy, but would also promote agriculture value chain, industrialisation and infrastructure development in the country.

He added that the dry port operation would result in the decongestion of the Lagos ports and ease clearing goods.

Lawal charged all stakeholders to support the project to make it a reality in no distant future.

Earlier in his remarks, Oyetola, explained that the Moniya Inland Dry Port was a strategic national project that would bring shipping services closer to importers and exporters and stimulate industrial and agricultural growth across the entire South-West region.

He commended Gov. Seyi Makinde for his patriotic gesture in aligning with the Renewed Hope Agenda of the federal government.

The minister described the official handing over of the land as a clear demonstration of partnership and shared vision between the federal government and the Oyo state government to expand economic opportunities through modern trade.

He stressed that the project would strengthen regional competitiveness, create jobs, and enhance Nigeria’s logistic chain.

Also, in his goodwill message, the Executive Secretary, Nigerian Shippers Council, Mr Akutar Ukiyama, who was represented by the Director, Inland Transport Service, Alhaji Ahmodu Yahyah, appreciated Makinde for his visionary leadership and unwavering commitment to the economic advancement of the state.

Yahyah said the Inland Dry Port when completed would generate direct and indirect jobs for the people of the state, stimulate industrial growth, increase internally generated revenue and boost rural and urban development.

He added that the project when completed would provide a platform for seamless cargo clearance and logistics operations as well as enhance agriculture value chain.

9News Nigeria

9News Nigeria

Fuel prices in Nigeria are expected to increase as President Bola Tinubu has approved a 15% import tariff on petrol and diesel, to take effect immediately.

According to a government document obtained by THISDAY, the decision aims to protect local refineries, stabilise prices, and strengthen energy security under the administration’s Renewed Hope Agenda. While the tariff could push pump prices up by about ₦150 per litre, the report stated that the real impact may not exceed ₦100 per litre.

The directive, copied to the Attorney General, FIRS Chairman, and NMDPRA Chief Executive, introduces a 15% ad-valorem duty on the Cost, Insurance, and Freight (CIF) value of imported fuels. Payments will be made into a designated federal government account, verified by the NMDPRA before any fuel is discharged.

The policy is intended to prevent cheap imports from undercutting local refiners like the Dangote Refinery, and to ensure fair competition in the downstream market. Though the proposal suggested a 30-day transition period, the President reportedly ordered immediate implementation.

Officials insist the move is not revenue-driven, but designed to align import costs with domestic realities while keeping prices lower than those in neighbouring countries.

However, industry stakeholders have raised concerns, warning that the tariff could further strain consumers, as Nigeria still imports over 60% of its refined petroleum products.

9News Nigeria

9News Nigeria

An economic review has advised the Central Bank of Nigeria to issue higher-denomination naira notes such as N10,000 and N20,000 to restore the currency’s portability and ease the rising cost of cash transactions.

The report observed that the naira’s persistent depreciation has rendered the N1,000 note—Nigeria’s highest denomination—almost valueless in real purchasing terms. It noted that while a N1,000 note was worth about $7 in 2005, it now equals less than 60 cents, reflecting a 94% loss in value over two decades.

Analysts argued that higher-value notes would not worsen inflation, as price increases are driven by production and demand factors, not currency denomination. They explained that many countries issue higher-value bills to maintain convenience after major currency depreciation, not to trigger inflation.

The review highlighted that everyday transactions, especially in the informal sector, have become cumbersome as traders and rural dwellers must carry large amounts of cash for simple purchases. It also stressed that the cost of printing, moving, and securing existing lower-value notes has become excessively high for the apex bank.

Introducing N10,000 and N20,000 notes—or undertaking a currency redenomination—was described as a practical step to enhance transaction efficiency, cut operational expenses, and align Nigeria’s currency system with global standards.

The analysts maintained that this proposal does not mean printing more money but simply modernising the naira to match present economic realities and the steep decline in its purchasing power.

9News Nigeria

9News Nigeria

Aliko Dangote, President of Dangote Refinery has ruled out the possibility of acquiring the Port Harcourt and other government owned refineries.

Dangote, who spoke on Sunday at a briefing in Lagos, noted that if the government refineries are actually on sale as earlier reported, others should consider venturing into it.

The African richest man also pointed out that having many other persons in the petroleum sector would end the monopoly insinuation.

He said there may be noise if his company decides to “touch those refineries”.

According to him, some Nigerians have a “lot of money, maybe more cash than we have”, stating that they should consider investing in the sector.

“We believe they should go and try their own luck so that there won’t be talks about monopoly, rather, there will be talks about other people having opportunities.

“It is far better for other people to go and buy so that we will not be the only one supporting Mr President’s policy”, he added.

9news Nigeria reports that Dangote earlier announced that the company intends to expand its 650,000-barrel-per-day refinery to 1.4 million barrels per day to become the world’s largest refinery.

9News Nigeria

9News Nigeria

The Federal Government has approved uniform selling prices for the housing units under the Renewed Hope Housing Estate initiative.

According to the new pricing structure, a one-bedroom semi-detached bungalow will sell for ₦8.5 million, a two-bedroom semi-detached bungalow for ₦11.5 million, while a three-bedroom semi-detached bungalow will go for ₦12.5 million.

The estates, located across all six geopolitical zones, will feature 250 housing units in each participating state, except Kano which will have 500 units due to higher demand and population size.

The Renewed Hope Housing Scheme, one of the flagship programs of the Federal Government, seeks to bridge Nigeria’s widening housing deficit by providing affordable homes for low- and middle-income earners. 

Officials say the adoption of uniform sale prices is intended to promote fairness and ensure that Nigerians benefit equally from the initiative regardless of their state of residence.

9News Nigeria

9News Nigeria

Dangote Refinery has announced it will increase production from 650,000 barrels per day to 1.4 million barrels per day.

9news Nigeria reports that the President of the Dangote Group,Aliko Dangote, made this known during a press conference in Lagos on Sunday.

Dangote said the move reflects confidence in Nigeria’s future and aligns with President Bola Tinubu’s vision of making the country a global supplier of refined petroleum products.

According to him, upon completion, the expansion will make the facility the world’s largest refinery, surpassing the Jamnagar Refinery in India.

He said, “We are more than doubling the barrels… to 1.4 million from 650,000.

“This will make it the largest refinery” in the world, surpassing India’s Jamnagar Refinery.

“This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future.”

Dangote also commended the Federal Government for its support and for implementing policies that have spurred industrial growth, including the Nigeria First Policy, the Naira-for-Crude Policy, and the One-Stop Shop Initiative.

He said these policies have revolutionised the downstream sector and encouraged private investment in local refining.

According to him, government mediation also helped resolve recent disruptions at the refinery, which were linked to union activities and sabotage attempts.

The business mogul revealed that the expansion project would create about 65,000 jobs during construction and open new opportunities for local industries.

In addition to refining crude oil, the project will boost polypropylene production from 900,000 metric tonnes to 2.4 million metric tonnes per annum, alongside the production of base oils and linear alkylbenzene, a key ingredient for detergents.

While addressing concerns over potential fuel shortages during the year-end festive period, Dangote assured Nigerians of an uninterrupted petrol supply despite recent fluctuations in global oil prices.

He said the refinery was fully prepared to maintain consistent product flow and stable prices throughout the festive season.

He added, “For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety.” 

9News Nigeria

9News Nigeria

Nigerian Breweries Plc has reported group revenue of ₦1.04 trillion for the nine months ended Sept. 30, 2025.

This marks a 48 per cent growth compared with ₦703 billion recorded during the same period in 2024.

The company confirmed this in a statement on Saturday, contained in its unaudited financial results.

9news Nigeria reports that the company’s cost of sales rose from ₦495 billion in 2024 to ₦627 billion in 2025.

Marketing, distribution, and administrative expenses increased by 38 per cent from ₦184 billion to ₦254 billion due to expanded brand and sales activities.

Mr Uaboi Agbebaku, Company Secretary and Legal Director, said the firm’s performance reflected resilience amid challenging macroeconomic conditions.

He said the company achieved strong topline and operational growth despite high inflation, rising input costs, and pressure on consumer spending.

Agbebaku noted that the company consolidated its market leadership through product premiumisation, competitiveness, and enhanced route-to-market strategies.

He said the Group’s revenue grew by 47 per cent, supported by pricing adjustments and strong performance of its premium portfolio.

Operating profit improved significantly, driven by cost management and supply chain efficiencies, while net profit rose by 157 per cent due to lower finance costs.

He added that the 2024 Rights Issue programme contributed significantly to the Group’s positive turnaround in profitability compared to the previous year.

Agbebaku stated that the third quarter of 2025 saw a seasonal demand decline and a one-off impairment charge linked to the integration of Distell Wines and Spirits Nigeria Ltd.

He said these factors led to a net loss in the quarter.

However, he expressed optimism that a rebound was expected in the final quarter due to festive season demand.

Agbebaku said the Board expected the full-year results to remain positive.

He appreciated shareholders for their unwavering support, which had enabled the company to navigate challenges and maintain a path towards sustained growth.

9News Nigeria

9News Nigeria

The Federation Account Allocation Committee (FAAC) has shared N2.103 trillion to the Federal Government, States, and the Local Government Councils as the September 2025 Federation Account Revenue.

The revenue was shared at the October 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N2.103 trillion total distributable revenue comprised distributable statutory revenue of N1.239 trillion, distributable Value Added Tax (VAT) revenue of N812.593 billion, Electronic Money Transfer Levy (EMTL) revenue of N51.684 billion.

A communique issued by the FAAC on Friday, October 17, said a total gross revenue of N3.054 trillion was available in September 2025.

The FAAC stated that total deduction for cost of collection was N116.149 billion, while total transfers, interventions, refunds and savings was N835.005 billion.

The committee said gross statutory revenue of N2.128 trillion was received in September, noting that this was lower than the sum of N2.838 trillion received in August 2025 by N710.134 billion.

It stated that gross revenue of N872.630 billion was available from the VAT in September 2025, saying this was higher than the N722.619 billion available in the August 2025 by N150.011 billion.

The FAAC said from the N2.103 trillion total distributable revenue, the Federal Government received total sum of N711.314 billion and the State Governments received total sum of N727.170 billion.

The FAAC disclosed that the Local Government Council received N529.954 billion, while the sum of N134.956 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

On the N1.239 trillion distributable statutory revenue, the committee stated that the Federal Government received N581.672 billion and the State Governments received N295.032 billion.

It said the Local Government Councils received N227.457 billion, while N134.956 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The FAAC said from the N812.593 billion distributable VAT revenue, the Federal Government received N121.889 billion, the State Governments received N406.297 billion, and the Local Government Councils received N284.408 billion.

It revealed that N7.753 billion was received by the Federal Government from the N51.684 billion Electronic Money Transfer Levy (EMTL), the State Governments received N25.842 billion, and the Local Government Councils received N18.089 billion.

The FAAC added that Import Duty, VAT, and EMTL increased significantly while Companies Income Tax (CIT) and CET Levies decreased considerably in September 2025.

“Petroleum Profit Tax (PPT) increased Marginally while Oil and Gas Royalty and Excise Duty recorded marginal decreases,” it disclosed.

9News Nigeria

9News Nigeria

The Securities and Exchange Commission (SEC) has cautioned Nigerians against dealing with the digital token “Shalom Coin (SHLM)” or its promoters due to potential fraud risks.

In a statement on Friday, the Commission noted that SHLM is being promoted online as an investment opportunity on the Ethereum Blockchain as an ERC-20 token.

Preliminary findings indicate that the token is marketed as a “meme coin” or community token, often accompanied by speculative claims of high returns.

The SEC further revealed that SHLM’s smart contract reportedly allows the issuer to modify key parameters such as trading permissions, transaction fees, and total token supply, heightening the risk of potentially fraudulent activity.

“Shalom Coin (SHLM)” is not registered to operate in any capacity within the Nigerian capital market, and it is not approved by the SEC for issuance, trading, or public offering in Nigeria,” the statement read.

Investors were strongly advised to exercise caution, verify the authenticity of any digital asset or platform through the SEC’s official investor portal, and understand that participation in unregistered schemes carries full personal risk.

The SEC reiterated its commitment to protecting investors and enforcing regulations on all crypto activities in the country.

In 2024, the Commission approved two crypto exchanges—Quidax and Busha—under strict regulatory standards, emphasizing that all other platforms must meet SEC requirements to operate legally.

9News Nigeria

9News Nigeria

The Clean Heart Ever-Support Foundation joined the global community on Friday, October 17, 2025, to commemorate the International Day for the Eradication of Poverty with a special outreach program.

The initiative, held in Abuja, tagged “Zero Hunger Outreach,” was designed to support vulnerable families through food distribution, nutritional awareness and advocacy for inclusive policies that promote food security.

Speaking at the event, the National Coordinator of the Foundation, Uche Okorie emphasized the importance of collective action in addressing hunger and poverty, noting that the outreach aligns with the United Nations Sustainable Development Goal 2 (SDG 2) — Zero Hunger — which seeks to end hunger, achieve food security, and improve nutrition by 2030.

The outreach featured the distribution of food items, educational materials, and medical support to underprivileged households within the community. 

Volunteers and partners also engaged residents in discussions on healthy eating habits, sustainable agriculture, and empowerment initiatives aimed at long-term poverty reduction.

According to the Foundation, the ‘Zero Hunger Outreach’ reflects its ongoing commitment to creating a society where no one goes to bed hungry. 

“We believe that ending poverty begins with ensuring that every individual has access to nutritious food and opportunities to thrive,” the organization stated.

Participants expressed appreciation for the initiative, describing it as timely and impactful, especially given the current economic challenges facing many Nigerian families.

9News Nigeria

9News Nigeria

Founder and President of the Coscharis Group, Dr. Cosmas Maduka, has declared that no truly wealthy person trivializes the value of money.

Speaking during a recent engagement, the billionaire entrepreneur stated, “Tell me, have you ever heard any wealthy man say ‘money na water’? I haven’t. Not Tony Elumelu. Not Femi Otedola. Not even me.”

Maduka, who is renowned for building one of Nigeria’s most successful indigenous conglomerates, emphasized that the rich understand and respect the principles of value creation, financial discipline, and resource management, attitudes that separate them from those who take wealth lightly.

The remark has since sparked mixed reactions online, with many Nigerians reflecting on the cultural phrase “money na water” often used to suggest that money is easily spent or replenished. 

Maduka’s statement, however, simplifies his long-held belief that wealth is sustained by diligence and a deep respect for the process of making money.

9News Nigeria

9News Nigeria

Nigeria stands out as its people work harder than almost anyone else on the planet, even as the world grapples with evolving work cultures, automation and shorter workweeks.

According to a recent global survey cited by World of Statistics, Nigerians work an average of 2,124 hours per year, ranking the country second only to Mexico among the world’s most hardworking nations. 

The data highlights the sheer intensity of labour that sustains Africa’s largest economy, but it also raises critical questions about quality of life, productivity and fair compensation.

While global conversations increasingly centre on work-life balance and four-day workweeks, many Nigerians continue to navigate long workdays that often stretch beyond formal employment into informal hustles. 

In fact, recent findings from the National Bureau of Statistics (NBS) reveal that roughly 46% of employed Nigerians work more than 48 hours per week, with another 22% clocking between 40 and 48 hours.

In total, nearly seven in ten workers put in at least 40 hours weekly, figure that reflects the tenacity of a population striving to meet rising living costs in a sluggish economy.

“Nigerians are some of the most resilient people on earth,” says Lagos-based labour economist, Dr. Emeka Ude, who believes the statistics only tell part of the story. 

“Beyond the numbers are millions who juggle two or three jobs; a teacher who doubles as a tailor, or a banker who runs an online business after hours. The Nigerian worker doesn’t stop at closing time.”

Indeed, the informal economy, which accounts for over 50% of Nigeria’s GDP thrives on the relentless energy of small business owners, artisans, drivers and traders who work long days without formal benefits or structured rest periods.

Despite their reputation for hard work, Nigerian workers reportedly take about 41 days off annually, combining public holidays, leave entitlements, and weekends. 

That equates to roughly 15.7% of the year, a statistic that suggests some degree of rest, though experts argue that true rest remains elusive for most.

“Many workers don’t truly ‘switch off’ even when they’re off duty.

“Economic anxiety keeps people constantly alert. Even when they’re at home, they’re strategizing on side income or worrying about bills.” Abuja-based psychologist Adaeze Nwokoro said.

Curiously, while many Nigerians work long hours, others remain underemployed — working fewer hours than they would like. 

The NBS notes that about 12% of employed Nigerians fall into this category, revealing a structural imbalance in the labour market where effort does not always translate into productivity or prosperity.

For a country with one of the youngest populations in the world, the intensity of its workforce is both an asset and a warning. 

The drive that propels Nigerians to work such long hours is often born not of choice but necessity; a determination to survive in a system that demands more than it gives back.

However, as Nigeria pushes for economic diversification and improved labour conditions, analysts say the focus should not only be on how hard Nigerians work, but on how much that hard work pays off.

Key Statistics at a Glance

2,124 hours/year: Average annual working hours per Nigerian (World of Statistics, 2024), 46%: Workers clocking more than 48 hours weekly (NBS, 2024), 41 days: Average annual leave and public holidays combined (Nairametrics, 2025) and 12%: Underemployed population working below 40 hours weekly (NBS, 2023–2024).

9News Nigeria

9News Nigeria

The President of the Senate, Godswill Akpabio, has raised alarm over the growing hunger crisis affecting millions of Nigerians, calling for urgent and practical government intervention to address the nation’s food insecurity.

Speaking on the escalating cost of living and dwindling access to affordable food during plenary on Tuesday, 7 October 2025, Akpabio warned that hunger cannot be defeated through rhetoric alone but requires deliberate policy direction, diligent budgeting and strong political will.

“Hunger cannot be defeated with words. Hunger requires policy direction, diligent budgeting, and willpower to defeat it,” the Senate President stated.

He noted that recent reports indicate that over 33 million Nigerians are at risk of acute hunger due to rising food prices, insecurity, and the impact of climate change.

The Senate President emphasized the need for a coordinated national response that prioritizes food production, storage and equitable distribution, urging both federal and state governments to channel more resources toward agriculture and nutrition programs.

9News Nigeria

9News Nigeria

The Dangote Petroleum Refinery, Africa’s largest industrial project, has been thrust into controversy following the sudden dismissal of about 800 workers. 

Multiple insiders have confirmed that the sackings were linked to a WhatsApp group allegedly created by staff to circulate confidential operational details and mobilize union membership.

According to sources familiar with the matter, members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had been reaching out to refinery workers, urging them to join the union with promises of protection and support. 

To aid recruitment and communication, a WhatsApp group was reportedly established.

However, the group soon became more than a union drive. Insiders allege that it evolved into a channel where sensitive information about the refinery’s operations, including daily internal reports, was being posted. 

Management, already wary of security breaches and industrial agitation, interpreted this as a serious breach of trust and a potential threat to refinery stability.

“Reports from the refinery were being shared daily. Management saw it as a serious threat and acted quickly,” a source close to the development revealed.

Executives at the refinery, the centerpiece of Africa’s downstream oil and gas sector and a project valued at over $20 billion, were said to have viewed the incident as a coordinated attempt to undermine operations. 

The decision to terminate the workers was reportedly taken after an internal review concluded that the group’s activities violated company policies on confidentiality and corporate loyalty.

The mass dismissal has raised concerns within labor circles, with fears that the refinery’s stance could set the tone for future union-related disputes in Nigeria’s oil and gas industry. 

PENGASSAN has not issued an official statement at the time of filing this report, but sources suggest the union is already weighing a formal response, including possible legal action.

The Dangote Refinery, which recently began production and is projected to meet a significant portion of Nigeria’s fuel demand, is under immense pressure to maintain seamless operations amid global attention. 

For now, questions linger over the refinery’s internal security measures, the future of labor relations at the facility, and the fate of the hundreds of dismissed workers suddenly thrust into uncertainty.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has described Nigerian youths as the country’s greatest assets.

He urged them to continue dreaming big, innovating and making strides across diverse fields including science, technology, sports and the arts.

In his Independence Day message on Wednesday, the President reaffirmed his administration’s commitment to empowering young people through policies, programmes and funding opportunities designed to give them “wings to fly sky-high.”

Highlighting some of the interventions, Tinubu noted that the National Education Loan Fund (NELFUND) has already benefited about 510,000 students across 228 higher institutions in the 36 states and the Federal Capital Territory. 

According to him, a total of N99.5 billion has been disbursed under the scheme, with an additional N44.7 billion provided as upkeep allowance as of September 10.

On access to credit, the President explained that Credicorp, another government-backed initiative, has extended N30 billion in affordable loans to 153,000 Nigerians for vehicles, solar energy, home upgrades, digital devices and other essential needs.

He further revealed that YouthCred, which he promised in June last year, has become a reality, with tens of thousands of members of the National Youth Service Corps (NYSC) already benefiting from consumer credit to aid their resettlement.

Tinubu also reiterated his administration’s commitment to the Renewed Hope Agenda, particularly in expanding opportunities for young people in the technology and creative sectors. 

He cited the Investment in Digital and Creative Enterprises (iDICE) programme, being implemented through the Bank of Industry in partnership with the African Development Bank, the French Development Agency and the Islamic Development Bank.

“This initiative is at the cusp of implementation.

“Over the last two years, we have worked with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.” Tinubu said. 

The President assured that his administration remains determined to create a Nigeria where every young person has a fair chance at building a better future.

9News Nigeria

9News Nigeria

The Federal Government has restated that all income in Nigeria is taxable, including money earned by commercial sex workers.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this during a tax education session held recently at the Redeemed Christian Church of God, City of David, Lagos.

Oyedele explained that gifts or money sent to dependents for upkeep are not taxable, describing such transfers as “non-exchange transactions.”

However, he stressed that once payment is made for a product or service, tax must be paid, regardless of whether the activity is legitimate.

“If somebody is doing runs girls, that’s a service — they will pay tax on it. Tax law does not separate whether what you are doing is legitimate or not. It only asks whether you have an income,” he said.

Oyedele also urged Nigerians not to focus on isolated aspects of the reforms, likening such an approach to the parable of the blind men and the elephant.

The new tax laws, which take effect from January 1, 2026, are described as the most far-reaching in Nigeria’s history. They consolidate existing statutes into a single regime to simplify compliance and curb multiple taxation disputes.

Key provisions include exemption from personal income tax for workers earning below N800,000 annually, and relief for small businesses with a turnover of up to N100 million and assets not exceeding N250 million, which will be exempt from company income tax, capital gains tax, and the new development levy.

9News Nigeria

9News Nigeria

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Prof. Taiwo Oyedele, has clarified that under Nigerian tax law, income is taxable regardless of whether it is earned through legal or illegal means.

Speaking on Monday, Oyedele explained that the law does not distinguish between lawful and unlawful earnings when it comes to taxation.

“If you’re doing runs, it means you’re rendering a service. Therefore, you’re liable to pay tax. Tax law doesn’t care if it’s legal or illegal,” he said.

Oyedele added that the principle aligns with global tax practices, where all income is subject to tax, with questions of legality handled separately by law enforcement agencies.

He emphasized that the committee’s ongoing reforms are aimed at simplifying Nigeria’s tax systemand ensuring fairness in compliance.

9News Nigeria

9News Nigeria

The Presidency has welcomed former President Goodluck Jonathan to the 2027 presidential race but insisted that the courts must determine his constitutional eligibility, given that he was sworn in twice as president.

In a statement released on Monday by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, the Presidency said Jonathan’s entry into the race is a matter of law and record.

“President Jonathan reserves the right to run if he wishes. It is his inalienable right to contest the presidency again. President Tinubu will wholeheartedly welcome him if he decides to enter the race. But Jonathan will have his date in court,” the statement read.

However, Onanuga criticized efforts by former Information Minister, Professor Jerry Gana, to draft Jonathan into the 2027 contest under the Peoples Democratic Party (PDP), describing the move as a self-serving ploy.

“Politicians of Jerry Gana’s ilk merely want to lure him into the race to satisfy their personal, political, religious, and ethnic interests. They will abandon him midstream, as they did in 2015, and leave Gentleman Jonathan in the lurch,” Onanuga said.

The statement accused Jonathan of presiding over what it called a “disastrous” six years, which allegedly left the economy in shambles. 

It claimed Jonathan inherited $66 billion in 2010, $46 billion in foreign reserves and $20 billion in the Excess Crude Account but left office in 2015 with reserves below $30 billion and the ECA reduced to $2 billion.

According to the Presidency, despite record oil revenues averaging $100 per barrel between 2010 and 2013, Jonathan’s administration struggled to pay salaries by late 2014, with at least 28 states owing workers.

The statement further alleged that Jonathan’s government was marred by corruption scandals, including the diversion of security funds under then-National Security Adviser, Col. Sambo Dasuki (rtd).

Contrasting both leaders, Onanuga highlighted what he described as Tinubu’s “bold reforms” over the past 28 months, citing the removal of fuel subsidy, exchange rate unification, and a rebound in investor confidence.

“GDP grew by 4.23% in Q2 2025, the highest in four years. Inflation has dropped to 20.12%, the lowest in three years. Foreign reserves stand at $42.03 billion. The naira has stabilised, and the economy is back on track,” the statement noted.

The Presidency also listed ongoing infrastructure projects such as the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway as part of Tinubu’s achievements.

“Jonathan and others are welcome to the 2027 race. But millions of Nigerians who will not forget the recent past will not allow them to return to run the economy down again,” the statement concluded.

9News Nigeria

9News Nigeria

The Nigeria Customs Service (NCS) has begun the installation of advanced container scanners at the Apapa Port quayside.

The scanners, capable of screening up to 200 containers per hour, are designed to reduce inspection delays, strengthen anti-smuggling efforts and facilitate smoother trade.

Apapa Port Area Controller, Comptroller Oluwadare Oshoba, described the initiative as a “game-changer,” emphasizing that the new drive-through scanning system allows non-intrusive inspections directly at the berthing point. 

“No shipment will escape the scrutiny of this technology. Importers and agents must embrace honest declarations, as concealments and false claims will be easily detected,” Oshoba said during an on-site inspection on Monday.

The deployment includes two scanners provided by Trade Modernisation Project (TMP) Limited, with APM Terminals supplying an additional unit and a mobile backup to ensure uninterrupted operations.

The new technology promises to replace traditional manual checks, which often slowed port operations. 

Several importers, have already reported smoother processing.

9News Nigeria reports that one recently received a shipment from China with unprecedented speed.

Customs officials hope the scanners will not only enhance efficiency but also significantly curb illicit trade, ensuring that legitimate businesses benefit from faster clearance times.

9News Nigeria

9News Nigeria

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced key adjustments to its monetary framework.

The CBN on Tuesday, introduced a 75 percent Cash Reserve Ratio (CRR) on funds that are not part of the Treasury Single Account (TSA).

In a related move, the MPC reduced the benchmark interest rate by 50 basis points, bringing it down to 27 percent.

The decision, reached after the committee’s latest meeting, reflects the apex bank’s efforts to tighten liquidity around idle funds outside the TSA while also moderating borrowing costs to stimulate economic activity.

Financial experts say the sharp increase in CRR is aimed at curbing excess liquidity in the banking system, ensuring that deposit money banks maintain stricter reserve requirements for non-TSA funds. 

Meanwhile, the rate cut is seen as a balancing act to encourage private sector credit and investment.

The CBN stated that the dual measures are designed to stabilize Nigeria’s financial system while supporting growth amid inflationary pressures and fiscal reforms.

9News Nigeria

9News Nigeria

Nigeria’s real Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.

According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

9news reports that the figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has undertaken sweeping reforms in the petroleum industry, dismantling entrenched structures and reshaping the governance of oil resources.

From the controversial fuel subsidy removal to the restructuring of the Nigerian National Petroleum Company Limited (NNPC), Tinubu has positioned himself as the first Nigerian leader in decades willing to confront the deep-rooted challenges in the oil sector.

Step 1: Ending the Era of Subsidies

Tinubu’s inaugural pronouncement in May 2023, “fuel subsidy is gone”, set the tone for reforms that would reverberate through the economy. 

Though the policy resulted to nationwide protests and inflationary pressures, the administration has defended the decision as a necessary sacrifice to curb corruption, free up billions in government revenue and redirect funds toward infrastructure, education and healthcare.

Step 2: Redefining Oil Governance

In 2025, Tinubu deepened the reforms by moving to strip the NNPC of its dominant powers in awarding oil contracts. 

For years, the company acted as both player and regulator, raising global concerns over conflicts of interest. 

Under the new proposal, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to take over contract management, with NNPC confined to core commercial operations.

Further analysis, indicate that this shift could boost transparency, attract fresh investment and reassure international partners wary of Nigeria’s opaque petroleum governance.

Step 3: Boardroom Overhaul at NNPC

In parallel, Tinubu reconstituted the board of the NNPC, bringing in technocrats and private-sector veterans to strengthen corporate governance. 

Insiders describe the shake-up as part of a broader strategy to professionalize the national oil giant, reduce political interference and align with global best practices for state-owned energy companies.

The administration has also turned its attention to gas development and clean energy. Under the “Decade of Gas” agenda, Tinubu has championed gas commercialization projects, while pushing for investments in Compressed Natural Gas (CNG) to power vehicles and industries. 

Officials frame this as both an economic necessity and a climate-conscious pivot, ensuring Nigeria remains relevant in a rapidly changing global energy market.

However, critics argue that Tinubu’s petroleum reforms, while ambitious, have inflicted severe short-term pain. 

Fuel prices have more than tripled since subsidy removal and the anticipated cushioning measures have lagged, leaving millions of Nigerians struggling with skyrocketing living costs. 

Transparency campaigners also warn that institutional reforms must be backed with strict enforcement to prevent a recycling of old practices under new names.

“No president since 1999 has dared to touch the petroleum sector like this,” one senior industry expert told (9News Nigeria).

Tinubu’s gamble on petroleum reforms may define not only his presidency but Nigeria’s economic trajectory for decades to come.

9News Nigeria

9News Nigeria

The Federal Government has announced the disbursement of ₦330 billion to 8.5 million households under its social intervention programme. 

While the figure signals a significant push towards poverty alleviation, questions are emerging about the visibility and verification of the beneficiaries.

By comparison, the Nigerian Education Loan Fund (NELFUND) recently rolled out loans to fewer than one million students. 

That scheme was quickly backed by evidence, with students across campuses confirming receipt and sharing their testimonies.

In the case of the ₦330 billion household disbursement, however, many Nigerians are wondering why such a large-scale intervention has produced little or no public confirmation from beneficiaries. 

Citizens are asking: who are these households, how were they identified and through what channels was the money distributed?

The lack of clarity has sparked calls for greater transparency. 

Stakeholders argue that beyond headline figures, verifiable data such as names of communities, payment methods, and impact assessments would help strengthen public trust in government initiatives.

Until such details are provided, the ₦330 billion disbursement remains a figure many Nigerians are struggling to connect with real families on the ground.

9News Nigeria

9News Nigeria

The Federation Account Allocation Committee (FAAC) has shared a record ₦2.225 trillion among the three tiers of government and statutory beneficiaries for August 2025.

This is the highest monthly disbursement in Nigeria’s history.

The announcement was contained in a communiqué issued after FAAC’s meeting in Abuja, which attributed the surge in revenue to increased collections from oil and gas royalties, value-added tax (VAT) and common external tariff (CET) charges.

According to the breakdown, the total revenue for August stood at ₦3.635 trillion. 

From this amount, ₦124.839 billion was deducted as collection costs, while ₦1.286 trillion was set aside for transfers, interventions, refunds and savings, leaving ₦2.225 trillion available for distribution.

Out of the ₦1.478 trillion in statutory revenue, the Federal Government received ₦684.462 billion, states got ₦347.168 billion, and local government councils were allocated ₦267.652 billion. 

Oil-producing states also received ₦179.311 billion, representing 13 percent of mineral revenue as derivation.

From VAT collections of ₦672.903 billion, the Federal Government received ₦100.935 billion, while states and local governments got ₦336.452 billion and ₦235.516 billion, respectively.

The Electronic Money Transfer Levy (EMTL) contributed ₦32.338 billion, with the Federal Government receiving ₦4.851 billion, states ₦16.169 billion and local governments ₦11.318 billion.

Meanwhile, exchange rate gains of ₦41.284 billion were shared as follows: Federal Government ₦19.799 billion, states ₦10.042 billion and local governments ₦7.742 billion. 

An additional ₦3.701 billion, representing 13 percent of mineral revenue, was paid to oil-producing states as derivation.

FAAC noted that the landmark allocation reflects the impact of improved revenue mobilization efforts and is expected to boost fiscal capacity across all levels of government.

9News Nigeria

9News Nigeria

The management of Dangote Petroleum Refinery has accused the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) of seeking an annual subsidy of over ₦1.5 trillion.

In a statement issued on Wednesday, the refinery alleged that the marketers requested a discount of ₦75 per litre—₦70 for coastal freight, NIMASA, NPA and other associated costs and an additional ₦5 for pumping into vessels. 

This, the refinery said, would allow marketers to sell at the same price as its gantry in Apapa.

“Based on daily consumption volumes of 40 million litres of Premium Motor Spirit (PMS) and 15 million litres of Automotive Gas Oil (AGO), this amounts to an additional annual cost of ₦1.505 trillion (₦1,505,625,000,000), which they effectively asked the refinery to absorb or pass on to Nigerians,” the statement read.

Dangote Refinery rejected the demand, stressing it would neither raise its gantry price nor shoulder any form of subsidy. 

“We have no intention of increasing our gantry price to accommodate such demands, nor are we willing to pay a subsidy of over ₦1.5 trillion, a practice that historically defrauded the Federal Government for many years,” it stated.

The company also accused marketers of undermining local refining efforts, revealing that while it exported a combined 3,229,881 metric tonnes of PMS, AGO and aviation fuel between June and September, marketers imported 3,687,828 metric tonnes within the same period. 

“Such actions amount to dumping, which is detrimental to the Nigerian economy and the well-being of its citizens,” the statement added.

Reiterating its commitment to transparency and accountability, the refinery noted it continues to work with government agencies in advancing Nigeria’s energy security. 

“Dangote Petroleum Refinery remains firmly committed to the progress and well-being of Nigeria, and is open to partnerships with patriotic and responsible stakeholders in pursuit of national development,” it concluded.

9News Nigeria

9News Nigeria

Africa’s richest man, Aliko Dangote, is taking a bold step into the Compressed Natural Gas (CNG) sector as part of his refinery’s downstream operations. 

The move, announced at the one-year anniversary of petrol production from the 650,000-barrel-per-day Dangote Refinery, is set to reshape fuel distribution and create thousands of jobs in Nigeria.

Tackling Distribution Challenges

Since the refinery began operations, one of the major hurdles has been moving products from the plant to consumers across the country. 

Traditionally, this requires fleets of diesel-powered trucks, which are costly to maintain and vulnerable to volatile global oil prices. 

By deploying 4,000 CNG-powered trucks, Dangote is not only addressing distribution bottlenecks but also cutting logistics costs that often inflate pump prices.

A Cheaper & Cleaner Alternative

CNG is widely regarded as a more affordable and environmentally friendly fuel compared to diesel. 

For a country grappling with high fuel prices, the adoption of CNG trucks means lower operating costs for transport and logistics, with potential benefits trickling down to consumers. 

Dangote has already claimed that petrol prices have dropped by over ₦250 per litre since production began, and the use of CNG could strengthen that trend.

Job Creation on a Massive Scale

Dangote has pledged that the new fleet will generate 24,000 jobs across Nigeria, ranging from drivers and mechanics to fleet managers and technical specialists. 

Importantly, he noted that this investment is creating opportunities rather than displacing existing ones: “The CNG trucks will not be operated by robots.”

National Policy 

The Federal Government has been promoting CNG adoption under its “Decade of Gas” policy, which seeks to position natural gas as Nigeria’s transition fuel. 

Dangote’s initiative directly supports this vision, offering a large-scale private sector push that complements government plans to diversify energy use and reduce reliance on imported petrol and diesel.

For Dangote, moving into CNG is part of a broader play to control the entire energy value chain, from refining crude oil to distributing fuel and expanding into petrochemicals and fertilisers. 

Dangote’s long-term goal, as he stated, is to reduce Africa’s dependency on imports. 

“Relying on imports means exporting jobs and importing poverty.” He said.

The CNG fleet, while a logistics solution, also fits into this philosophy of industrial self-reliance and local value creation.

9News Nigeria

9News Nigeria

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased further to 20.12 per cent in August.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for August 2025, which was released in Abuja on Monday.

According to the report, the headline inflation showed a decrease of 1.76  per cent compared to the 21.88  per cent recorded in July.

The report said that on a year-on-year basis, the headline inflation rate was 12.03 per cent  lower than the rate recorded in August 2024 at  32.15 per cent.

Furthermore, the report said that on a month-on-month basis, the headline inflation rate in August was 0.74  per cent, which was 1.25 per cent lower than the rate recorded in July at 1.99 per cent.

“This means that in August, the rate of increase in the average price level was lower  than the rate of increase in the average price level in July,” it said

The report attributed the increase in the headline index for August to the increase in some items in the basket of goods and services at the divisional level.

It said that the three major contributors to the headline inflation year on year were food and non-alcoholic beverages at 8.05 per cent, restaurants and  accommodation services at 2.60 per cent, and transport at 2.15 per cent.

It showed that the least contributors were recreation, sport, and culture at 0.06 per cent, alcoholic beverages, tobacco, and narcotics at  0.07 per cent, and insurance and financial services at 0.09 per cent.

The report said that the food inflation rate in August was 21.87 per cent on a year-on-year basis, which was 15.65 percentage points lower compared to the rate recorded in August at 37.52 per cent.

“The significant decline in the annual food inflation figure is technically due to the change in the base year.”

It said that on a month-on-month basis,  the food inflation rate in August was 1.65  per cent, which decreased by 1.47  per cent compared to the 3.12 per cent recorded in July.

The NBS report attributed the decrease in food inflation to the reduction in average prices of items.

It listed such items to include imported and local rice,  guinea corn flour, maize flour sold loose, guinea corn (sorghum), jillet, semolina and soya milk.

It said that all items less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 20.33 per cent in August on a year-on-year basis.

“On a month-on-month basis, the core inflation rate was 1.43  per cent in August, which increased by 0.46 per cent  compared to the 0.97  per cent recorded in July,” it said.

The report said that on a year-on-year basis in August 2025, the urban inflation rate was 19.75 per cent.

“On a month-on-month basis, the urban inflation rate was 0.49 per cent, which decreased  by 1.37 per cent compared to July at 1.86  per cent.”

It said that in August, the rural inflation rate was 20.28  per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 1.38 per cent, which increased by 0.92 per cent compared to July at 2.30 per cent.”

On states’ profile analysis, the report showed that in August, the all-items index inflation rate on a year-on-year basis was highest in Ekiti at 28.17 per cent.

9News Nigeria

9News Nigeria

The Comptroller-General of the Nigeria Customs Service (NCS), Mr Bashir Adeniyi, says the Service has automated the clearance process for overtime cargoes and extended the window to 120 days to facilitate trade.

Adeniyi disclosed this on Monday at a one-day sensitisation programme on the Automation of Overtime Cargo Clearance System for stakeholders.

According to him, the extension will also improve the ease of doing business across the nation’s ports.

9news Nigeria reports that the  stakeholders include consignees, brokers, terminal operators, and customs officers in Zone ‘A’, Lagos.

He explained that the automation would help resolve delays often caused by abandoned consignments and reduce the volume of letters seeking clearance extensions, which make up nearly 50 per cent of correspondence to his office daily.

“We have created a help desk at the headquarters to prioritise clearance of project cargoes belonging to government agencies.

“Importation is critical to Nigeria’s economic development, and our goal is not just to generate revenue but to ensure goods reach their owners quickly and efficiently,” he said.

Adeniyi added that less than one per cent of cargoes arriving at Nigerian ports in 2024 were classified as overtime and expressed optimism that the new system would reduce this to zero.

He also assured stakeholders of continuous sensitisation sessions to ensure smooth adoption of the process.

The Comptroller-General urged terminal operators, shipping companies, and clearing agents to provide feedback for further improvement.

He noted that some consignments were deliberately abandoned while others faced delays due to network challenges.

“The Overtime Cargo Automation programme is fully developed and ready for deployment.

“This sensitisation is to ensure all stakeholders, terminal operators, shipping companies, and agents, understand the system and work together for success,” Adeniyi said.

In his remarks, Assistant Comptroller-General of Customs, Mr Isah Umar, said that the e-clearance system would simplify procedures, enhance transparency, reduce human interference, and strengthen data integrity for imports and exports.

He explained that the system would also provide automatic records of cargo disposal and harmonise documentation through the use of the Single Goods Declaration (SGD).

Chief Superintendent of Customs, Mr Aliyu Abdulkadir, highlighted that under the Nigeria Customs Service Act 2023, overtime cargoes are subject to disposal after 120 days, while perishable and inflammable items may be disposed of immediately through e-auction or other approved means to prevent accidents.

Similarly, Assistant Comptroller of Customs, Mr Ibrahim Muhammed, walked participants through the ICT processes of the new system.

He said cargoes are classified as overtime after 30 days, with clearance escalated step-by-step from the Area Controller to the zonal level, and to headquarters if unresolved within the stipulated period.

He stressed that the system provides a transparent, efficient, and accountable framework for managing overtime consignments.

Also speaking, the Zonal Coordinator of Zone ‘A’, Assistant Comptroller-General Muhammed Babadede, described NCS as the most digitalised Customs administration in West and Central Africa and commended the Comptroller-General for driving reforms through automation.

9news Nigeria reports that the sensitisation session featured interactive discussions, with stakeholders, including shipping companies, terminal operators, importers, exporters, and clearing agents, seeking clarifications on the new process.

Customs management assured them that continuous engagement would be sustained for effective implementation.

9News Nigeria

9News Nigeria

Nigerian businessman and Africa’s richest man, Aliko Dangote, has announced that the deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks from his refinery’s direct fuel distribution initiative will generate at least 24,000 jobs across Nigeria.

Dangote made the disclosure in Lagos during a conference to mark the first anniversary of petrol production at the 650,000-barrel-per-day Dangote Refinery. 

He said the refinery’s operations have already reduced petrol prices significantly, easing the burden on Nigerians.

“Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly ₦1,100 before production began to ₦841 in the South West, Abuja, Delta, Rivers, Edo, and Kwara,” Dangote stated.

He noted that Nigeria, plagued by fuel queues since 1975, is now witnessing “a new era” in the downstream oil sector. 

According to him, the company’s investments are not eliminating jobs but expanding opportunities for Nigerians.

“The deployment of CNG-powered trucks is expected to create at least 24,000 jobs. We are not displacing any jobs; we are creating many more. The CNG trucks will not be operated by robots,” he said.

Dangote also highlighted the welfare packages available to employees, stressing that they earn salaries three times the national minimum wage, with additional benefits such as life insurance, health insurance for workers and their families and lifelong pensions.

The industrialist said Nigeria is now positioned as Africa’s refining hub beyond fuel production.

He revealed that the refinery is set to make the country the largest exporter of polypropylene and a leading global producer of fertiliser; initiatives he said would generate foreign exchange, create jobs and spur growth in other sectors.

He urged the National Assembly to enact legislation in support of the Federal Government’s “Nigeria First” policy, which prioritises local production and industrialization.

“Other nations were not industrialised by outsiders. We must build and industrialise our own economies. Without this, how can others invest? Relying on imports means exporting jobs and importing poverty,” Dangote declared.

He stressed that Africa’s fast-growing population presents enormous opportunities but warned that without urgent industrialisation, the continent risks perpetuating unemployment and poverty.

9News Nigeria

9News Nigeria

The Federal Government has suspended the enforcement of the 4% Free on Board (FOB) levy introduced by the Nigeria Customs Service (NCS), following concerns from stakeholders over its impact on trade and the economy.

The levy, which officially took effect on August 4, 2025, was pegged at 4% of the FOB value of imported goods; that is, the cost of the goods plus transportation to the port of loading. 

It was designed to replace the existing 1% Comprehensive Import Supervision Scheme (CISS) fee and phase out the 7% customs surcharge.

According to the Nigeria Customs Service Act, 2023, Section 18(1)(a), Part V, the NCS is mandated to maintain accounts where “not less than 4% of the Free-on-Board value of imports” is paid, providing a steady source of funding for Customs operations and modernization.

The levy, despite its legal foundation, drew backlash from importers and manufacturers.

These include Higher import costs, Double billing issues and Inflationary pressures.

Financial experts cautioned that introducing the levy during a period of currency volatility and high inflation could further weaken trade competitiveness and worsen Nigeria’s already fragile business climate.

The Federal Ministry of Finance explained that the levy was meant to provide Customs with sustainable funding and support the roll-out of modernization programmes such as the B’Odogwu Clearance System, aimed at improving efficiency at ports.

However, with mounting criticism, the government announced a suspension to allow for further consultations and a review of its broader economic implications.

Hence the suspension, the government is expected to engage importers, manufacturers and trade experts to refine the policy.

Meanwhile, businesses see the suspension as a temporary relief.

9News Nigeria

9News Nigeria

The Federal Government has ordered the immediate suspension of the 4% Free on Board (FOB) charge earlier introduced by the Nigeria Customs Service (NCS) on all imported goods.

The decision was announced in a statement signed by Omachi, Permanent Secretary for Special Duties in the office of the Minister of Finance and Coordinating Minister of the Economy on Monday.

According to the statement, the suspension was directed under the powers vested in the Minister by Part III, Section 12 of the Nigeria Customs Service Act, 2023, in his capacity as Chairman of the NCS Board.

“I write to direct the immediate suspension of the implementation of the collection of 4% Free on Board (FOB) recently levied by the Nigeria Customs Service on all imported goods,” the statement read.

Omachi explained that following extensive consultations with industry stakeholders, trade experts, and relevant government officials, it was agreed that enforcing the levy at this time would pose serious challenges to trade facilitation and economic stability.

He noted that businesses and importers had raised concerns about the increased financial burden, warning that the charge could worsen inflation, reduce Nigeria’s trade competitiveness, and weaken the overall business climate.

The ministry stated that the suspension would allow for a more comprehensive review of the levy’s framework and its broader implications for the economy.

“The Ministry of Finance looks forward to working closely with the Service and all relevant parties to devise a more equitable and efficient revenue structure that supports both revenue generation and economic growth and stability,” the statement added.

9News Nigeria

9News Nigeria

Nigeria’s trade ties with the United States have come under renewed strain after U.S. imports of Nigerian goods plunged by 41 per cent within a month, deepening concerns over the country’s access to one of its most important export markets.

Fresh data from the U.S. Census Bureau and Bureau of Economic Analysis show that American imports from Nigeria dropped sharply from $639 million in June 2025 to $379 million in July.

Over the same period, U.S. exports to Nigeria also fell, sliding from $919 million to $584 million.

Despite the decline, Washington maintained a trade surplus with Nigeria, though reduced to $206 million in July compared to $280 million in June.

Between January and July 2025, the U.S. exported $3.92 billion worth of goods to Nigeria and imported $3.14 billion, leaving it with a cumulative trade surplus of $781 million.

The sharp reversal comes at a time when U.S. trade with Africa overall is expanding.

Imports from the continent rose from $3.67 billion in June to $4.47 billion in July, while exports dipped slightly, leaving the U.S. with a wider trade deficit of $1.17 billion.

Country-level figures show the U.S. posted a $557 million surplus with Egypt in July but ran a $1.42 billion deficit with South Africa, largely due to mineral and automobile imports.

Washington’s deficit with South Africa has already reached $7.74 billion this year.

Nigeria’s setback is linked to President Donald Trump’s renewed tariff measures under his “reciprocal tariff” policy.

In late July, Trump signed an executive order raising tariffs on Nigerian exports from 14 per cent in April to 15 per cent, targeting countries with trade surpluses against the U.S.

Although crude oil — Nigeria’s biggest export — remains partly exempt, uncertainty over enforcement has discouraged import demand, particularly for agricultural products, leather, and manufactured goods.

Analysts say the policy is part of Washington’s push to protect domestic industries and curb trade imbalances, but for Nigeria, it signals shrinking opportunities in a critical market.

The report further noted that America’s global trade deficit widened to $78.3 billion in July, up from $59.1 billion in June, driven by a surge in imports from Asia and Europe.

Total imports hit $358.8 billion, while exports rose modestly to $280.5 billion.

9News Nigeria

9News Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members who are yet to register with the Dangote Refinery to do so immediately.

In a memo issued to all zonal and depot chairmen, IPMAN President, Alhaji Abubakar Maigandi, and National Secretary, Hon. James Terlumun Tor, confirmed that the refinery will begin product loading and supply directly to marketers’ locations across the country on the set date.

According to the memo, IPMAN’s National Executive Committee (NEC) emphasized that members who have already completed their registration with the Dangote Refinery and Petrochemicals Company Limited should proceed with payments to the facility in preparation for loading.

“The National Executive Committee of IPMAN, under the leadership of Alhaji Abubakar Maigandi Shettima as National President and Hon. James Terlumun Tor as National Secretary, is pleased to inform our members who have renewed their IPMAN membership registration in line with the association’s 2009 Constitution (as amended) that payment, loading, and supply of petroleum products at the Dangote Refinery have commenced,” the memo stated.

It further stressed that the refinery would officially commence product distribution on Monday, September 15 and urged interested members yet to register with the facility to complete their registration without delay.

9News Nigeria

9News Nigeria

By Obinna Ejianya (9News Nigeria – Melbourne, Australia)

President Bola Ahmed Tinubu’s decision to remove fuel subsidy on the very first day of his administration has proven to be the most consequential economic policy in recent Nigerian history. The aftermath has been devastating: the cost of goods and services has skyrocketed, transportation has become prohibitively expensive, the naira has tumbled to historically low exchange rates, and millions of Nigerians are gasping under unprecedented hardship. What we are witnessing is not merely an economic adjustment but a humanitarian crisis in real time.

Tinubu’s economic agenda has become a tale of detours in the face of Nigeria’s harsh realities. Instead of offering direct relief, Tinubu has leaned on palliatives and policy experiments that circle around the real solution. It is like standing before a starving child who is desperate for food, yet choosing to take a long, winding journey before delivering the meal. In the process, the child weakens further — and in Nigeria’s case, millions are sinking deeper into poverty and despair.

The direct and obvious solution lies in reversing course and reinstating fuel subsidy, even if partially, to stabilize fuel prices and provide immediate relief. Nigeria’s economy is fundamentally fuel-dependent. From transportation to agriculture, from small-scale industries to households that must power their lives with generators due to chronic electricity failure, fuel cost determines the baseline for the entire economy. Lowering fuel prices would immediately reduce the cost of living, stabilize markets, and restore a measure of confidence to the people. Yet, instead of taking this straightforward step, President Tinubu has chosen to pursue a labyrinth of indirect policies, programs, and palliatives that have failed to deliver tangible relief to the masses.

The ₦500 billion palliative fund, touted as a cushion against hardship, has disappeared into a sea of bureaucracy, inefficiency, and corruption, leaving ordinary Nigerians untouched. The distribution of buses, cash transfers, agricultural inputs, student loans, and grants to MSMEs sounds impressive on paper, but the reality is that these measures have barely reached those at the bottom who bear the real brunt of subsidy removal. Even when such interventions reach a fraction of intended beneficiaries, the astronomical rise in prices wipes out whatever temporary relief they provide. A bag of rice remains out of reach for many households, transport costs continue to cripple daily earnings, and SMEs that should be the lifeblood of the economy are suffocating under impossible operating costs.

The painful irony is that many of these palliative measures might have worked if they had been introduced after Nigerians were already assured of affordable fuel and a stable cost of living. In developed countries — including Australia where I live — governments ensure that essential services remain subsidized to keep life affordable for ordinary citizens. Fuel, energy, healthcare, transport, and even agriculture benefit from varying levels of subsidy, making daily living sustainable. Only after these fundamentals are secured are additional palliatives introduced to cushion citizens from shocks. That is the right sequence. By reversing it — withdrawing subsidy first and then dangling inadequate relief measures — Tinubu has placed the cart before the horse, worsening hardship instead of alleviating it.

The truth is that none of these palliative programs addresses the fundamental trigger of Nigeria’s economic crisis: unaffordable fuel. The ripple effect of high petrol prices cascades through every sector, inflating food costs, transport fares, production expenses, and ultimately plunging millions deeper into poverty. The insecurity crisis is worsened by desperation, as hunger and lack of opportunity push more citizens into crime and unrest. It is therefore disingenuous to pretend that cash handouts or piecemeal interventions can substitute for structural relief through affordable energy.

Nigerians are not blind to the pattern. They see that endemic corruption continues to swallow intervention funds, that the so-called relief packages are politicized or hijacked before they reach the common man, and that everyday life is becoming worse despite the billions supposedly committed to alleviating suffering. The growing distrust in government is a direct consequence of this misplaced policy priority.

President Tinubu must confront the reality. No economy can thrive when its citizens are choking under suffocating costs of basic survival. No policy can succeed if its impact is invisible to those it claims to help. By reinstating fuel subsidy, even temporarily while working out a comprehensive long-term energy reform, Tinubu would directly lower the cost of living, allow SMEs to revive, bring transportation and food prices within reach, and give Nigerians the breathing space they desperately need.

Nigeria does not need more committees, lofty promises, or half-measures that fail to address the root cause. What is required is the political will to acknowledge that the subsidy removal, though perhaps well-intentioned, has unleashed unbearable hardship without a safety net that works. Reintroducing subsidy is not a sign of weakness but of responsive leadership — leadership that prioritizes the survival and dignity of its people over rigid adherence to economic orthodoxy.

If Tinubu truly wants to be remembered as a reformer who rescued Nigeria from the brink, then he must hit the nail on the head. Nigerians do not need endless palliatives that vanish into thin air. They need the fuel price lowered, the economy stabilized, and the chance to breathe again. Anything less is like watching that starving child grow weaker by the minute, while the food that could save him is carried on a needless detour.

9News Nigeria

9News Nigeria

Nigeria has officially exited the International Monetary Fund’s (IMF) debtor list following the full repayment of a $3.4 billion emergency loan secured during the COVID-19 pandemic.

The facility, obtained under the IMF’s Rapid Financing Instrument (RFI) in 2020, was designed to help Nigeria cushion the economic shocks of the global health crisis. 

The IMF confirmed this week that Nigeria has cleared the outstanding principal, prompting its removal from the Fund’s latest list of countries with active credit obligations.

According to the IMF’s report, “Total IMF Credit Outstanding – Movement from May 1 to May 6, 2025,” Nigeria no longer appears among the 91 developing and least-developed countries with outstanding obligations. 

This development strengthens Nigeria’s fiscal credibility, potentially improving investor confidence and reducing the country’s cost of borrowing.

The move comes at a time when the federal government is pushing for stronger economic reforms to restore stability to public finances and attract foreign investment.

However, while the repayment marks a milestone, the IMF clarified that Nigeria will continue to service interest charges and related fees tied to the loan, particularly through Special Drawing Rights (SDRs). 

This is a routine process even after clearing principal balances.

In addition, Nigeria still faces broader debt obligations to other multilateral, bilateral, and private lenders. 

Following the repayment, Nigeria becomes one of the few African nations to fully liquidate its COVID-era IMF borrowing.

9News Nigeria

9News Nigeria

In what has become a striking reminder of the hurdles Nigerian professionals face on the global stage, Ridwan Akinfenwa, a Nigerian software engineer, has disclosed how he lost an international appointment worth over $260,000 annually because of his nationality.

Speaking exclusively in a detailed LinkedIn post sighted by 9News Nigeria, Akinfenwa recounted that he had successfully gone through a rigorous recruitment process for a Chief Technology Officer (CTO) role with a foreign technology company. 

After multiple interviews and a signed employment contract, the dream role was abruptly withdrawn.

According to him, the employer claimed that “further compliance checks” revealed they could no longer engage Nigerian nationals due to regulatory constraints. 

The decision, he said, left him devastated, not only because of the financial loss but also because of the larger implications for talented Nigerians seeking international opportunities.

While the company has yet to publicly address the matter, observers suggest several possible reasons behind the withdrawal. 

Global firms are often constrained by: International sanctions or trade restrictions, Banking and anti-money laundering compliance rules and Heightened fraud-prevention systems, which, according to industry analysts, unfairly cast suspicion on Nigerian professionals despite their qualifications.

Additionally, there is a subtle bias against African professionals in global recruitment.

9News Nigeria reports that Akinfenwa admitted this was not his first time losing out due to his nationality. 

“This is one of several occasions where being Nigerian has overshadowed my skillset,” he lamented, adding that such barriers continue to discourage many young talents in the country.

Nigeria continues to be one of Africa’s biggest exporters of tech talent, with engineers excelling in Silicon Valley, Europe, and Asia. 

Yet cases like Akinfenwa’s show how global compliance frameworks and sometimes prejudice can lock out professionals from opportunities they have earned.

9News Nigeria

9News Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s upstream oil sector is experiencing a significant turnaround.

It said Crude oil losses from theft and metering issues had fallen to their lowest levels in nearly 16 years.

According to the Commission, daily losses in July stood at 9,600 barrels per day (bpd)—the lowest recorded figure since 2009, when losses dropped to an all-time low of 8,500 bpd.

This data was based on year-to-date crude oil loss trends up to July, released by the NUPRC and shared by Eniola Akinkuotu, Head of Media and Strategic Communications on Thursday in Abuja.

The Commission described the progress as a major milestone in its ongoing efforts to eliminate crude losses across Nigeria’s oilfields and pipeline infrastructure.

Between January and July, total crude losses were contained at 2.04 million barrels, averaging 9,600 bpd over the seven-month period, the NUPRC added.

“This marks a clear departure from the high-loss years that have long plagued the industry.

“By comparison, the entire 2024 calendar year recorded 4.1 million barrels lost at a daily average of 11,300 barrels.

“Remarkably, in just the first seven months of 2025, losses were cut by 50.2 per cent, with only 2.04 million barrels lost over the period.

“The figures for the period ending July 2025 also represent a dramatic 94.57 per cent drop in crude oil losses.

“This is compared to the full year of 2021, when Nigeria lost a staggering 37.6 million barrels at a daily average of 102,900 barrels,” it said.

It said so far in 2025, only 2.04 million barrels have been lost, which was a reduction of 35.56 million barrels compared to the 37.6 million barrels lost in 2021, underscoring the scale of progress made in just four years.

It said that crude oil losses in 2021 were the highest recorded in nearly 23 years, making it the peak year between 2002 and July 2025.

“Since the implementation of the Petroleum Industry Act in 2021, Nigeria has recorded steady progress in reducing crude oil losses.

“In 2021, losses stood at 37.6 million barrels, averaging 102,900 barrels per day.

“By 2022, this dropped to 20.9 million barrels at a daily average of 57,200 barrels.

“The downward trend continued in 2023, with losses reduced to 4.3 million barrels at 11,900 barrels per day.

“Even more progress was made in 2024, as losses were further contained to 4.1 million barrels, averaging 11,300 barrels per day,” it said.

The commission said it had adopted a balanced mix of kinetic and non-kinetic strategies in tackling oil losses.

On the kinetic front, the commission said it continued to collaborate closely with security agencies, operators and communities, while on the non-kinetic front, it implemented strategic regulatory measures to close systemic loopholes.

“One key initiative is the metering audit across upstream facilities to ensure accurate measurement of production and exports.

“To further strengthen control, the NUPRC under the leadership of Mr Gbenga Komolafe approved 37 new crude oil evacuation routes to combat oil theft,” it said.

9News Nigeria

9News Nigeria

The National Association of Rubber Producers, Processors and Marketers Association of Nigeria (NARPPMAN) says Nigeria is targeting to contribute at least 12 per cent of global rubber production.

The National President of NARPPMAN, Mr Peter Idowu, said this on Thursday in Abakaliki during the inauguration of the pioneer state executive members of the association.

“Our target is to contribute at least 12 per cent of global rubber production because Nigeria has enough land and resources to achieve it. 

“We are poised to collaborate with government institutions, corporate organisations and international partners in building a resilient rubber value chain,” Idowu said.

He said that the association was committed to reviving the rubber sector and repositioning it as a key driver of agricultural and industrial development.

The Ebonyi chapter, according to him, is the 18th to be inaugurated since the association’s formation in 2019, with plans to establish 24 state chapters nationwide.

Idowu said that NARPPMAN was determined to restore rubber’s pride of place among Nigeria’s export crops, contribute to natural resource management and alleviate poverty through sustainable production.

He urged the Ebonyi government to collaborate with the association to produce a comprehensive rubber development policy, with focus on out-grower schemes, off-takers, processing and marketing.

In his remarks, Mr Jonathan Udu, Chairman, Ebonyi chapter of the association, described the inauguration as a milestone in diversifying agriculture and reviving rubber production in the state.

He recalled that rubber was introduced during the colonial era alongside cocoa and palm oil but had declined over the years.

“In spite of the challenges, rubber still has immense potential to drive economic growth, create jobs and empower communities.

“We pledge to work with the national body, government and private sector to reposition rubber as a major agro-industrial product in Ebonyi,” Udu said.

He commended Gov. Francis Nwifuru for prioritising agriculture in his People’s Charter of Needs agenda, describing his policies on food security, youth empowerment and agro-business as a strong foundation for rubber development.

Also speaking, Dr Steve Odo, Director-General of the Ebonyi Small and Medium Enterprises Development Agency (SMEDA), assured rubber farmers of the government’s full support. 

“Rubber is one of the crops that can diversify our economy.

“The government will work with NARPPMAN to support farmers with inputs, extension services and access to markets,” Odo said.

Eze Charles Azuenya, the Traditional Ruler of Ebouwana Edda, pledged to donate land in his domain for rubber cultivation, describing the association’s formation as historic.

Chief Ugo Nnachi, an ex-officio member of the new executive, noted that Ebonyi could become the South-East hub for rubber production with adequate farmer incentives.

Mrs Nkechinyere Iyioku, Commissioner for Agriculture and Natural Resources, represented by Chief Fidelis Mwankwo, welcomed the initiative and assured government partnership.

She urged the new leadership to develop workable strategies to boost rubber plantation in the state.

Highlights of the event was the swearing-in of the 10-man state executive.

9news Nigeria reports that Côte d’Ivoire is Africa’s largest natural rubber producer with an annual growth of over 30 per cent and a record 1.7 million metric tons in 2023.

The country became the world’s third-largest producer in 2024, after contributing about 12 per cent of the global output.

9News Nigeria

9News Nigeria

The Dangote refinery will start the free fuel distribution scheme on Monday.

The Dangote Group spokesperson, Anthony Chiejina, said in a statement that the scheme would start with the South-West, the Federal Capital Territory, Abuja, Kwara, Delta, Rivers and Edo States.

He added that the refinery had also dropped petrol retail prices to N841 per litre in Lagos and the South-West and N851 per litre in Abuja, Edo, Kwara, Rivers and Delta States.

“We are starting the free fuel distribution scheme on Monday. We will start with Lagos and the South West, Abuja, Kwara, Delta, Rivers and Edo States. There will be a drop in price effective on Monday when the free distribution starts,” the firm stated.

Recall that the free fuel distribution scheme was to have started in August, but it was delayed due to logistics challenges in China.

Over 1,000 trucks have been received by the refinery for the commencement of the programme.

More states are expected to benefit from the scheme as more trucks arrive in Nigeria.

In a recent statement, Dangote said it embarked on a large-scale CNG-powered truck roll-out to boost logistic strength and cost reductions across the distribution value chain of the domestic economy.

“Even though we recently noticed how the CNG prices doubled a week ago, that will not deter our 10,000 CNG truck roll-out this year,” the company said. 

9News Nigeria

9News Nigeria

Oil and gas major Shell (SHELL) signed a 10-year natural gas deal with Hungary’s MVM CEEnergy on Tuesday, in a move designed to strengthen its presence in central and eastern Europe.

Shell, the world’s biggest liquefied natural gas (LNG) trader, said it would sell around 200 million cubic metres (mcm) of natural gas a year to the Hungarian natural gas wholesaler MVM CEEnergy, beginning in January 2026.

MVM Group receives a large amount of its gas from Russia, unlike energy providers in most European countries following Russia’s invasion of Ukraine.

Hungary’s foreign minister Peter Szijjarto said earlier on Tuesday that the deal would be the country’s “largest volume and longest western supply contract ever.”

A six-year purchase contract with Shell was concluded in 2020 for 250 mcm of liquefied natural gas annually, between 2021 and 2027. That was Hungary’s first long-term LNG deal with a Western energy company.

The LNG comes in via Croatia’s Port Krk where it is regasified and then delivered to Hungary through the Hungary-Croatia gas pipeline.
Hungary consumes around 8 billion cubic metres of gas a year. It is still the biggest buyer of Russian gas in the European Union.

RUSSIAN GAS PURCHASES TO CONTINUE

Szijjarto said the cooperation with Shell is working well but it would still be buying gas from Russia’s Gazprom.

“With this, are we going to be able to live without Russian gas? No, because of geographical and infrastructural conditions. Not until we have proper infrastructure development in the region,” he said.

Earlier this year, Slovakia and Hungary rejected European Commission plans to phase out Russian gas and other energy imports, deepening a rift with Brussels over their relations with Moscow.

Hungary, which has been receiving Russian gas from the south via Bulgaria and Serbia through the Turkstream pipeline, increased its purchases from Gazprom last year.

Szijjarto said earlier this month that Hungary had imported some 5 billion cubic meters of gas via the Turkstream pipeline through Serbia by the end of August, which meant this year’s gas imports via Turkstream could hit a record high.

Hungary, which ships gas to Slovakia via an interconnector, also buys gas from Romania, and smaller volumes via the HAG pipeline which runs from Austria into Hungary.

9News Nigeria

9News Nigeria

The Central Bank of Nigeria (CBN), says the bank is targeting a diaspora reserve of one billion dollars by 2026.

Dr Olayemi Cardoso, the Governor of CBN, said this at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Cardoso said the diaspora reserve currently stood at 600 million dollars.

According to him, the CBN has prepared the framework and done everything required to enable them meet the target by 2026.

“It is now over to the banks to make this happen.

”I want to commend all the banks that are driving this including Zenith, Access, Fidelity, all of them because they are many.

”I am taking a special interest in this thing and I want that to continue because it speaks volume and makes a huge difference on how our people in diaspora see us,” he said.

9news Nigeria reports that the theme of the two-day conference is: ‘The New Economic Playbook: The Intersection of Banking, Policy and Technology’.

9News Nigeria

9News Nigeria

Former lawmaker and lawyer, Senator Dino Melaye has criticized President Bola Ahmed Tinubu’s borrowing record.

He alleged that the administration’s financial recklessness could soon extend to borrowing from fintech companies like Opay and Moniepoint.

Speaking yesterday on Arise TV, Melaye accused the President of breaking his campaign promise to curb government wastefulness. 

He pointed to recent acquisitions, including a Cadillac vehicle and a new aircraft as examples of misplaced priorities at a time when Nigerians are grappling with economic hardship.

“President Tinubu has borrowed so much that we won’t be surprised if he starts borrowing from Opay and Moniepoint.

“A president who said he was coming to curb wastefulness has bought a Cadillac and an aircraft, increased the budget of the National Assembly, and borrowed like no other president in history.” Melaye said. 

Melaye’s remarks follows growing public concern over Nigeria’s rising debt profile.

9News Nigeria

9News Nigeria

The Nigeria Ports Authority (NPA) says it has reviewed the Electronic Call-Up system and will begin operations at Apapa Port on Monday.

The Port Manager, Apapa Port Complex, Mr Debo Lawal, disclosed this in an interview with the 9news Nigeria in Lagos on Sunday.

Lawal said the entire ETO system was reviewed to align with global best operational standards and to address past inefficiencies at the port.

He explained that trucks had previously mixed up terminal routes due to the absence of barriers, creating congestion and confusion within the port environment.

“The review ensures proper order. For instance, trucks designated for APMT cannot mistakenly access ENL terminal, as barriers are now automated with the ETO system,” he said.

Lawal added that all five terminals at Apapa Port would now operate with specific colour codes and serial numbers to prevent unauthorised truck movements.

“For example, APMT has serial number 001 with a blue colour code, while ENL Consortium is 002 with an orange colour,” he explained.

He said the update would stop “criss-crossing”, where trucks carrying empty containers and exports linger around the port in search of alternative business opportunities.

Lawal noted that analysis revealed ENL uses 100 trucks daily, but not all are required on the road simultaneously, hence the need for rescheduling.

He stressed that all trucks entering the port must pass through government-approved transit parks before gaining access to designated terminals.

9news Nigeria reports that the NPA launched the ETO in 2024 to reduce congestion within and outside ports, improving efficiency and promoting ease of doing business.

9News Nigeria

9News Nigeria

Former Speaker of the Imo State House of Assembly, Hon. Ike Ibe, has expressed deep concern over Nigeria’s deteriorating economic situation.

Speaking on Friday, Ibe lamented that despite Nigeria’s abundant natural and human resources, citizens are increasingly grappling with poverty, hunger and trauma.

“It has never been this worse in Nigeria,” he said, describing the current situation as one that demands urgent attention from both leaders and the general populace.

The former governorship candidate urged citizens and stakeholders to look inward and make better decisions that could positively shape the nation’s trajectory.

“There’s a lot we can do as citizens,” he emphasized.

9News Nigeria

9News Nigeria

The age-old debate over whether Lagos is a “no man’s land” has resurfaced, following comments made by Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala.

In a statement Today on Arise TV’s Daybreak programme, Bwala described Lagos State as a “no-man’s land”.

According to Bwala, the remark is an acknowledgment of Lagos’s cosmopolitan reality.

He highlighted how business titans from across Nigeria, including the richest man in Africa, a Northerner operate in Lagos.

However, historians and cultural custodians affirm that Lagos is firmly rooted in Yoruba heritage. 

The Awori people, a Yoruba subgroup, are widely recognized as the earliest settlers, with the Benin Empire later exerting influence through the installation of the first Oba of Lagos. 

Despite these influences, Lagos developed within Yoruba cultural traditions.

The controversy arises from Lagos’ unique character as Nigeria’s most cosmopolitan city. 

From the colonial era, when it became the British administrative seat in 1861, Lagos has attracted migrants from across Nigeria and beyond. 

Today, it stands as the country’s economic powerhouse, home to thriving Igbo, Hausa, and other ethnic communities.

Supporters of the “no man’s land” narrative argue that Lagos belongs to everyone, citing the collective role of diverse groups in building its commerce, politics, and culture. 

The critics, reject the claim, describing it as an erasure of indigenous Yoruba identity.

Bwala later emphasized that, “Culturally, historically, and constitutionally, Lagos belongs to the Yoruba people, and that has never been in contention.”

Most importantly, beyond politics, the reality is that Lagos thrives as a shared space; a city where indigenous ownership coexists with multiethnic participation in its development.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has announced that Nigeria has achieved its 2025 annual revenue target in August.

Speaking at an engagement in Abuja on Tuesday, the President emphasized that the Federal Government has not resorted to borrowing from local banks this year, describing the development as a significant step toward fiscal stability.

According to him, it was achieved well ahead of schedule, driven largely by improved performance in non-oil revenue sources.

“Today, I can say with confidence that Nigeria is not borrowing from local banks. We have met our revenue target for the entire year, and we achieved this in August through non-oil revenues. With non-oil revenue performing strongly, we have no cause for concern about external economic factors,” Tinubu stated.

9News Nigeria

9News Nigeria

A wave of silent but disruptive visa cancellations is unfolding in Nigeria, as the United States Embassy has begun revoking valid visas previously issued to Nigerian citizens. 

The cancellations, which have hit professionals, entrepreneurs, frequent travelers, and even families, have left many stranded with cancelled trips, mounting costs and unanswered questions.

While the Embassy has not publicly commented on the matter, official notices sent to affected individuals cite a generic clause: that “new information became available after the visa was issued.” 

This phrasing, drawn from U.S. immigration regulations, allows consular officers to withdraw visas at their discretion. 

However, the absence of specifics or an appeal process has fueled frustration and suspicion.

According to diplomatic sources and legal experts familiar with the issue, the revocations are being driven by three main factors. 

First is security vetting, as U.S. authorities intensify scrutiny of applicants amid rising concerns about global migration flows. 

Second is overstay patterns, with Nigeria repeatedly ranking among countries whose citizens overstay U.S. visas. 

Third is data reliability, as Washington presses for more seamless access to Nigerian immigration and identity records to validate applicants’ backgrounds.

The impact has been immediate and personal. 

A senior Nigerian journalist discovered his visa had been cancelled only at the airport on his way to an international assignment. 

A federal agency head preparing for an overseas engagement was ordered to submit his passport to the Embassy, only to have his visa withdrawn without explanation. 

An entrepreneur with a clean travel record and extensive U.S. ties suffered a similar fate.

What unites these cases is the lack of transparency. 

Recipients are left with a single sentence explaining that their visas are no longer valid, with no avenue to contest the decision. 

The quiet revocations come on the heels of another policy change that reduced U.S. non-immigrant visas for Nigerians from five-year multiple-entry to single-entry permits valid for just three months. 

9News Nigeria

9News Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria gas flaring has fallen to 7.16 per cent in July 2025, while daily gas production rose to 7.59 billion standard cubic feet per day (BSCFD).

The NUPRC, in its Gas Production Status Report for July 2025, released on Saturday said this marked an 8.58 per cent increase compared to the 6.99 BSCFD recorded in the full year of 2024.

According to the report, the simultaneous growth in output and decline in flaring underscores the Commission’s drive to boost production while advancing its 2030 zero-flare commitment.

The report stated that Nigeria’s gas industry had sustained steady growth over the past three years, with daily average production hitting 7.59 BSCFD in July 2025.

“The 7.59 BSCFD daily average also represents a 9.84 per cent increase from the 6.91 BSCFD posted in the full year of 2023, which shows a sustained rise in gas production,” it said.

It said in spite of an increase in production, there was a continued reduction in gas flaring.

This, it said fell to 7.16 per cent in July 2025, down from 7.55 per cent in 2024 and 7.38 per cent in the corresponding period of 2023.

It sated that the reduction in gas flare was recorded in spite of the steady increase in gas production which reflected the Commission’s commitment to end routine gas flaring by 2030.

“The Commission has embarked on gas reduction programmes like the Nigerian Gas Flare Commercialisation Programme (NGFCP).

“Other initiatives include developing a Decarbonisation and Sustainability Blueprint, promoting Carbon Capture and Storage (CCS), and integrating sustainability into project planning through the Upstream Petroleum Decarbonisation Template (UPDT).

“In terms of Domestic Gas Delivery Obligation (DGDO) performance, the sector delivered 72.5 per cent in July 2025, up from 71.8 per cent in June,” the report said.

Data from the Commission further showed that DGDO performance stood at 72.2 per cent in January.

It revealed that it rose to 73.5 per cent in February, dipped slightly to 70.8 per cent in March, before climbing again to 73.7 per cent and 73.0 per cent in April and May, respectively.

On gas production by contract type, it said 63 per cent of output during the review period came from Marginal Sole Risk (formerly Marginal Fields), while Production Sharing Contracts (PSCs) accounted for 24 per cent.

“Joint Venture (JV) contracts contributed 10 per cent, and Sole Risk (SR) operators delivered the remaining three per cent.

“Gas utilisation data shows that, year-to-date as of July 2025, 35.88 per cent of production was channelled to export sales, 27.82 per cent was supplied to the domestic market, while 29.13 per cent was utilised for field and plant operations (own use).

“Companies deployed gas mainly for in-house purposes such as fuel, gas lifting, and reinjection for pressure maintenance,” it stated.

It further stated that Gas-to-Power supply hit its strongest level in three months, with average daily deliveries rising by 3.48 per cent month-on-month, from 833.86mmscf/d in June to 862.86mmscf/d in July 2025, the highest in three months.

9News Nigeria

9News Nigeria

Imo Gov. Hope Uzodinma and Chairman Crude Oil Theft and Management Committee says the committee is collaborating with the Nigerian National Petroleum Company Limited (NNPCL) to boost crude oil production.

According to him, the aim is to increase crude oil production to three million barrels per day in line with the target set by President Bola Tinubu.

He made this known while speaking to newsmen in Abuja after a closed-door meeting with governors of oil-producing states, top officials of the NNPCL, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Uzodinma noted that oil production figures were already showing signs of improvement.

“Only yesterday, the National Economic Council requested an update from the sub-committee on crude oil theft and prevention.

“During the meeting, we observed an encouraging upward trend in crude oil production, which we attribute to the collective efforts of industry management, security agencies and state-level actors.”

The governor explained that Friday’s meeting was convened to receive briefings from the new leadership of NNPCL and NUPRC.

“We are satisfied with the presentations and the current work plan of the NNPCL.

“The committee plans to engage further with the management to align on strategies that will help Nigeria meet its production target.

“Our goal is to ensure the country produces at least three million barrels of crude oil per day, in line with the target set by President Bola Tinubu,” Uzodinma said.

He also lauded the President for his leadership and recent reforms in the oil and gas sector, which he said were beginning to yield positive results.

9News Nigeria

9News Nigeria

The Federal Government is intensifying efforts to harness the untapped economic and cultural value of Nigeria’s geo-heritage sites, with Vice President Kashim Shettima reiterating the administration’s readiness to partner with key stakeholders to achieve this vision.

This was contained in a press release issued by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), on August 28, 2025, and made available to 9News Nigeria.

Receiving members of the UNESCO International Geoscience and Geoparks Programme (IGGP) Nigeria National Committee, led by Chairman Dr. Aminu Abdullahi Isyaku, at the Presidential Villa in Abuja, the Vice President highlighted President Bola Ahmed Tinubu’s commitment to transforming Nigeria’s socio-economic landscape through innovative use of natural resources.

“We are opening doors for collaboration with subnational governments and relevant bodies,” Shettima said, emphasizing that the initiative, though long overdue, would yield significant benefits for national development.

He explained that the Tinubu administration’s Renewed Hope Agenda extends beyond traditional sectors, focusing also on scientific and environmental opportunities. According to him, the government is determined to leverage geo-heritage assets for job creation, sustainable tourism, peace in host communities, and global research funding.

“This country is richly endowed. It is time for all of us to work together to make it thrive,” the Vice President asserted, commending the Nigerian Geological Survey Agency and the Ministry of Innovation, Science, and Technology for championing the preservation of Nigeria’s geological heritage.

Vice President Shetima lauded UNESCO IGGP’s alignment with national objectives, particularly in promoting resilience under themes such as climate change, hydro-geology, geo-hazards, and sustainable resource management.

Earlier, Dr. Isyaku appealed for government support in completing the mapping and documentation of Nigeria’s geo-heritage sites and advancing pending geoscience projects. He noted that the establishment of the national committee—five decades after the inception of the global IGCP framework—marks a significant milestone for Nigeria’s integration into the international geoscience community.

Dr. Isyaku further assured that the committee’s initiatives are consistent with the Renewed Hope Agenda, pledging increased public awareness campaigns on geoscience benefits, climate resilience, and sustainable development.

Also in attendance were Prof. Olusegun Ige, Director General of the Nigerian Geological Survey Agency; Uba Saidu Malami, President of the Geological Society of Nigeria; Dr. Olagunju Lateef, Secretary-General of NATCOM UNESCO; Mrs. Grace Okpala, Director of the National Geoscience Information Centre; Dr. Ganiyu Mosuro, Co-Founder of DigGeoNaija; and Mr. Ishaku Muhd Ganu, Deputy Director at the Ministry of Solid Minerals Development, among others.

– 9News Nigeria

9News Nigeria

9News Nigeria

Guaranty Trust Holding Company Plc (GTCO) has increased its investment in Guaranty Trust Bank Ltd. (GTBank) to N504 billion.

The bank disclosed this in a statement on Thursday in Lagos.

The increase followed its subscription to GTBank’s rights issue of 6,994,050,290 ordinary shares at 50 kobo each, valued at N365.85 billion.

With this injection, GTBank’s paid-up share capital rose from N138.19 billion to N504.04 billion.

The statement reads, “Guaranty Trust Holding Company Plc has announced that it has increased its investment in its wholly owned Banking subsidiary, Guaranty Trust Bank Limited (“GTBank”) to N504 billion

“This is through a rights issue subscription for 6,994,050,290 ordinary shares of fifty kobo each made by GTBank for a total consideration of N365,850,403,572.67.

“This is increasing GTBank’s paid-up share capital from N138,186,703,485.78 to N504,037,107,058.45.”

The bank said the capital injection ensured GTBank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria (CBN).

The capital injection was funded by the two-phased equity capital raising programme recently undertaken and concluded by GTCO Plc.

This is with an international fully marketed offering on the London Stock Exchange (LSE) that secured 105 million dollars from high-quality, long-term institutional investors in exchange for 2.29 billion new ordinary shares.

This is making GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE.

Launched in July 2024, GTCO’s equity capital programme began with a public offering to Nigerians that raised N209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares.

This was fully allotted and evenly split between retail and institutional investors.

The bank further said that the additional equity capital would be deployed by GTBank primarily for branch network expansion and asset growth (loans, advances, and investment securities portfolio).

It noted that it would also fortificate its information technology infrastructure and leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence.

Following the capital injection, the company continues to hold 100 per cent of the entire issued and paid-up share capital of the Bank.

The bank added that none of the directors of the company had any interest, direct or indirect, in the bank.

Commenting on the recapitalisation of Guaranty Trust Bank Ltd., Mr Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said, “The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our group.

“With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.

9News Nigeria

9News Nigeria

The naira appreciated to N1,533 against the United States dollar in the Nigerian Foreign Exchange Market (NFEM) on Thursday, August 28, 2025.

The naira, however, depreciated to N1,552 against the dollar in the parallel market on Thursday.

The local currency depreciated from N1,546 per dollar recorded on Wednesday, August 27.

Data published by the Central Bank of Nigeria (CBN) showed that the exchange rate for the currency fell to N1,533 per dollar from N1,537.2 per dollar on Wednesday, indicating N4.2 appreciation for the naira.

The margin between the parallel market and NFEM rate widened to N19 per dollar from N8.8 per dollar on Wednesday.

9News Nigeria

9News Nigeria

The African Union Development Agency (AUDA-NEPAD) has launched a continent-wide push to mobilise Africa’s own financial resources to close its $90 billion annual infrastructure deficit.

In a statement ahead of the Luanda Financing Summit scheduled for October 28–31, the agency urged African pension funds, sovereign wealth funds and diaspora bonds to take the lead in financing transformative projects across transport, energy, and digital sectors.

“Africa cannot build its future by depending solely on external capital.

“Mobilising African institutional investors is essential to both sovereignty and long-term resilience.” AUDA-NEPAD stressed. 

The Luanda summit, hosted by Angolan President and current AU Chair João Lourenço, will gather African heads of state, institutional investors and global financiers to explore blended finance models, de-risking instruments and investment vehicles that will ensure African savings remain invested within the continent.

Flagship initiatives under the Programme for Infrastructure Development in Africa (PIDA), including the Lobito Corridor and cross-border energy interconnectors are expected to be presented as investment-ready opportunities.

Africa currently requires between $130bn and $170bn annually to meet its infrastructure needs but secures only about $80bn, leaving a significant financing gap. 

AUDA-NEPAD, under the leadership of Nardos Bekele-Thomas, has stepped up engagement with African investors, including the newly formed Alliance of Multilateral African Financial Institutions launched in partnership with Afreximbank earlier this year.

The summit will feature participation from leading African businesses such as Dangote Group, Arab Contractors, MTN, Sonatrach, and Sonangol, alongside major financial institutions including Ecobank, UBA, Nedbank and the Commercial Bank of Ethiopia. 

They will be joined by global partners such as the World Bank, IMF, and Blackstone Infrastructure Partners, as well as non-Western financiers like China Eximbank, the Saudi Fund, and Abu Dhabi Investment Authority.

Nigeria’s President Bola Tinubu, along with leaders from South Africa, Kenya, Egypt, Rwanda, and Ethiopia, are expected to attend. 

Former Nigerien president Mahamadou Issoufou is also billed to participate in his role as AfCFTA “champion,” despite ongoing disputes surrounding the position.

Announcing the summit at the BRICS meeting in Brazil last July, President Lourenço emphasized its alignment with the Global South’s rising economic agenda and Africa’s determination to fund its own development.

9News Nigeria

9News Nigeria

The National Economic Council (NEC) has approved the Nigerian Medium-Term National Development Plan for 2026 to 2030, tagged the Renewed Hope Economic Development Plan. 

The new framework is designed to consolidate ongoing reforms and advance President Bola Ahmed Tinubu’s vision of driving the nation toward a $1 trillion economy.

Briefing State House correspondents after the 151st NEC meeting chaired by Vice President Kashim Shettima, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, disclosed that the new plan will replace the existing 2021–2025 development framework, which expires in December.

According to Bagudu, the Renewed Hope Plan draws from the Nigeria Agenda 2050, a long-term blueprint developed in 2020 with inputs from the private sector, civil society, political parties, traditional institutions and other key stakeholders.

He noted that the 2026–2030 plan will prioritize policy continuity while addressing emerging socioeconomic challenges. 

“The Renewed Hope Plan 2026–2030 will ensure policy continuity, consolidate ongoing reforms, and respond to emerging socioeconomic challenges. It will accelerate job creation, improve human capital, expand sustainable infrastructure, enhance food security, and strengthen social protection,” the minister said.

Bagudu added that the Council has urged effective participation from all states and stakeholders to guarantee inclusivity and accelerate the nation’s growth trajectory.

9News Nigeria

9News Nigeria

The National Economic Council (NEC), on Thursday endorsed the framework for the Renewed Hope Development Plan (2026–2030).

9news Nigeria reports that the plan is aimed at consolidating Nigeria’s reform agenda and actualise the one trillion dollar economy target of President Bola Tinubu’s administration.

This was part of the resolutions reached at the 151st meeting of the Council, presided over by the Vice-President Kashim Shettima, held at the Presidential Villa, Abuja.

The council commended the Ministry of Budget and Economic Planning for kickstarting the process and also urged the effective participation by all states and stakeholders to ensure inclusivity and accelerated growth.

The Chairman of the Council, Vice-President Shettima, said the new national development plan will build on existing policies, deepen continuity, and align Nigeria’s growth trajectory with the long-term goals of Nigeria Agenda 2050.

He described the transition as critical to sustaining the country’s economic trajectory and consolidating the administration’s ongoing reforms.

“Another major consideration today is the expiration of the National Development Plan 2021–2025 and the preparation of its successor, the Renewed Hope Plan 2026–2030.

”This, to us, is no ordinary transition. It is the bridge between lessons learnt and ambitions pursued.

”The Renewed Hope Plan will consolidate ongoing reforms, deepen policy continuity, and align our medium-term strategies with the long-term horizon of Nigeria Agenda 2050. It’s a practical roadmap towards a one trillion economy by 2030,” he said.

The Vice-President emphasised that the plan will be participatory rather than top-down, engaging multiple tiers of government, civil society, and private actors.

9News Nigeria

9News Nigeria

President Bola Tinubu has approved a 6-month temporary ban on the export of raw sheanuts to curb informal trade, boost local processing, protect and grow Nigeria’s shea industry.

Vice-President Kashim Shettima announced the president’s directive on Tuesday during a multi-stakeholder meeting at the Presidential Villa, Abuja.

9news Nigeria reports that the ban, which is with immediate effect, is subject to review on expiration.

It is aimed at boosting Nigeria’s shea value chain to generate around 300 million dollars annually in the short term.

Shettima explained that the ban was a collective decision involving the sub-nationals and the Federal Government with clear directions for economic transformation in the overall interest of the nation.

He, therefore, called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.

The vice-president said the decision was not “an anti-trade policy” but a pro-value addition policy designed to secure raw materials for  processing factories.

He added that the decision would  enable industries run at full capacity thereby boosting rural income and jobs for our people.

”The decision will transform Nigeria from an exporter of raw shea nut to a global supplier of refined shea butter, oil and other derivatives, ” he said.

Shettima said it was about industrialisation, rural transformation, gender empowerment and expanding Nigeria’s global trade footprint.

On opportunities for job creation and income generation, the vice-president said, “Nigeria produces nearly 40 per cent of the global shea product.

”Yet, we account for only 1% of the market share of 6.5 billion dollars.

“This is unacceptable. We are projected to earn about $300 million annually in the short term, and by 2027, there will be a 10-fold increase. This is our target.”

He stated that the government was not closing doors; but opening opportunities.

”Mr President is currently in Brazil, and both countries have agreed to prioritize access for Nigerian shea butter and oil into the Brazilian market.

”This process will be completed within the next 3 months,” the vice-president added.

He highlighted the gender dimension of the policy, adding, “by protecting the shea industry, we are protecting livelihoods, dignity and opportunity for millions of our women.

“We are not closing doors, we are opening better ones.

“Today, we plant the seeds of an industry that will yield fruit for decades to come for our women, for our economy, and for Nigeria’s place in global trade.”

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said that Nigeria was the world’s largest producer of sheanuts, contributing nearly 40 per cent of the global supply.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has ordered an immediate suspension of raw shea nut exports from Nigeria.

The directive, announced on Tuesday, August 26, 2025, comes shortly after the commissioning of Africa’s largest shea butter processing facility in Mokwa, Niger State, established by Salid Agriculture Nigeria Limited. 

The multi-billion-naira plant is expected to significantly enhance Nigeria’s capacity for value addition in the shea industry.

Present at the meeting where the suspension was announced were delegates from the Federal Ministry of Finance, senior representatives of the Nigeria Customs Service, and other key stakeholders in the trade and agriculture sectors. 

Nigeria is among the leading producers of shea nuts in West Africa, a region that accounts for the majority of global supply. 

However, most exports have traditionally been in raw form, depriving local economies of substantial revenue from value-added products such as shea butter and derivatives used in cosmetics, pharmaceuticals, and food industries.

By halting the export of raw shea nuts, the Tinubu administration joins a growing list of West African governments, including Burkina Faso, Mali, Côte d’Ivoire, and more recently Togo that have introduced restrictions to promote local processing. 

9News Nigeria reports that Nigeria is a leading hub for shea-based manufacturing, where the crop is largely cultivated by women.

9News Nigeria

9News Nigeria

When Japan announced at the 9th Tokyo International Conference on African Development (TICAD 9) that the city of Kisarazu in Chiba Prefecture would serve as the official “hometown” for Nigerians, the news was received with excitement back home.

For many, it signaled an opening into a city whose character blends industry, commerce and culture in ways that Nigerians can uniquely harness.

Perched on the edge of Tokyo Bay, Kisarazu enjoys a strategic location that makes it both a retreat from Tokyo’s bustling centre and a vital hub for trade. 

The Tokyo Bay Aqua-Line Bridge and Tunnel, one of Japan’s engineering marvels, links the city directly to Kanagawa Prefecture, placing it within easy reach of metropolitan Tokyo’s vast economy. 

This connectivity means that Nigerians who settle in Kisarazu will not only enjoy the calm of a smaller city but also benefit from quick access to Japan’s capital markets and industries.

The city itself is no stranger to economic activity. Its shipyards, steel works, and factories have long made it an industrial player, while its retail landscape is anchored by the Mitsui Outlet Park, one of the country’s largest shopping complexes. 

Meanwhile, beyond commerce, Kisarazu is also a cultural gem, with festivals, historic shrines, and traditional crafts shaping its identity. 

For Nigerians, the combination of economic vibrancy and cultural depth presents fertile ground to establish livelihoods, businesses, and even cultural exchanges that can introduce Afrobeat, Nollywood and Nigerian cuisine to Japanese audiences.

What makes Kisarazu particularly intriguing is its balance. 

It is modern yet not overwhelming, industrial yet welcoming, urban yet connected to nature through its bay views and coastal charm. 

Unlike Tokyo or Osaka, where competition can be intense, Kisarazu offers room for new communities to grow and integrate. 

Nigerians who make the city home will find themselves in a place where opportunities in industry, retail, and culture intersect.

It is a city where their presence can make a visible impact on both the local economy and Japan’s broader demographic future.

While Japan confronts the challenges of an ageing population and shrinking workforce, Nigeria continues to export its youthful dynamism and cultural influence.

Kisarazu may well stand as the bridge between both nations’ aspirations. 

For Nigerians, it is not just a hometown abroad, it is a gateway into Japan’s future.

9News Nigeria

9News Nigeria

Renaissance Africa Energy Company Limited at the weekend joined the International Association of Oil & Gas Producers (IOGP).

Renaissance, a consortium of indigenous energy firms that acquired onshore and shallow water oil blocks hitherto operated by Shell Petroleum Development Company became the third Nigerian company and the fourth in Africa to be welcomed into the global association.

A statement issued on Monday by Mr Michael Adande,  Spokesperson for Renaissance noted that the development was announced in London by IOGP.

IOGP is an organisation of oil and gas companies and associations that share best practices and data on health, safety, environment and operations.

The statement quoted Chief Executive Officer (CEO) of the association, Mr. Graham Henley as saying: “I am delighted to welcome Renaissance Africa Energy Company to IOGP. Having worked in Nigeria some years ago, I understand both their challenges but also the tremendous expertise and insights that they have to share.

“I look forward to welcoming Renaissance Africa Energy Company to our committees and subcommittees soon.”

Speaking on Renaissance membership of the IOGP, the Managing Director and CEO of Renaissance, Mr Tony Attah said, “We are very glad to have become a member company of the IOGP, barely 5 months since we completed the acquisition of Shell shares in the defunct Shell Petroleum Development Company.

This is another milestone in our strategy to unleash a new beginning that enables energy security and industrialisation in a sustainable manner.”

Attah also said, “Renaissance is poised to set a standard for the oil and gas industry in Nigeria and across the continent. And we are glad that we have such a credible collaboration in IOGP.”

Attah enjoined other stakeholders in Nigeria oil and gas industry to emulate the vision and courage of Renaissance and to be in sync with global standards as represented by IOGP.

Renaissance’s General Manager Safety and Environment and the company’s Representative to IOGP, Engineer Elozino Olaniyan, expressed excitement at the achievement.

“This is a very important endorsement of the high standards that Renaissance has started its operations with. We are delighted as it highlights our commitment to operate in line with global best practices across the entire value chain of our operations.

“Renaissance is working with renewed commitment to excellence, and presents an opportunity for Nigerians to drive industrialisation that would ultimately translate into job creation and overall economic growth.” she said.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu’s recent visit to Japan has yielded major commitments and partnerships expected to boost Nigeria’s economy and human capital development.

At the Ninth Tokyo International Conference on African Development (TICAD9), Japan pledged a $5.5 billion economic support fund for Africa, from which Nigeria is expected to benefit substantially.

Nigeria also secured a $238 million loan facility from the Japan International Cooperation Agency (JICA) to strengthen its national power grid. 

Additionally, JICA granted ¥1.75 billion to the Nigeria Centre for Disease Control (NCDC) to enhance its diagnostic capacity. 

Another $190 million renewable energy loan facility was advanced to Nigeria, aimed at deploying distributed renewable energy solutions across underserved communities.

President Tinubu used the platform to lobby for Nigeria’s permanent membership of the United Nations Security Council, as well as stronger roles in the International Court of Justice and the International Maritime Organization.

Meanwhile, in a notable diplomatic gesture, the Japanese government designated the city of Kisarazu as the hometown for Nigerians willing to live and work in the country. 

Under this partnership, Japan will introduce a special visa category for highly skilled, innovative, and talented young Nigerians seeking to relocate to Kisarazu.

Furthermore, artisans and blue-collar workers from Nigeria who are willing to upskill will also benefit from a special dispensation visa to work in Japan.

9News Nigeria

9News Nigeria

Air Peace Ltd. says it has received its fourth Boeing 777 aircraft aimed at deepening its international expansion plans and providing Nigerians affordable access to international travel.

This is contained in a statement by the airline’s spokesperson, Mr Efe Osifo-Whiskey, on Saturday in Lagos.

Osifo-Whiskey said the wide-body Boeing 777-200 ER, bearing registration 5N-CEG, touched down at the Murtala Muhammed International Airport, Lagos, on Friday from Teruel, Spain.

According to him, the aircraft was greeted with a traditional water-cannon salute and a rousing reception led by its Chairman, Dr Allen Onyema and its management team.

Osifo-Whiskey noted that the arrival of the state-of-the-art aircraft aligned with Air Peace’s vision of global connectivity.

He said the aircraft was configured with a total of 312 seats, including 26 luxurious business class seats and 286 economy class seats, adding that it offered a blend of comfort and modern amenities.

The Air Peace Chairman, Allen Onyema, described the acquisition as a pivotal milestone in the airline’s growth trajectory, emphasising that it represented a decisive step in Air Peace’s expansion strategy.

He announced that the newly acquired aircraft would be deployed in the next two months for the inaugural long-haul flights from Abuja to London’s Heathrow and Gatwick airports.

Onyema also disclosed further plans to open new routes into key European cities, South America, particularly direct flights to Sao Paulo, Brazil, and the Caribbean, building on Air Peace’s groundbreaking operations into Antigua and Barbuda as well as St. Kitts and Nevis.

Onyema reiterated the airline’s commitment to offering Nigerians fair and affordable access to international travel while curbing the high fares long endured by passengers on foreign carriers.

He stressed the urgent need for an efficient hub system in Nigeria to enhance both regional and international connectivity.

The Air Peace chairman expressed gratitude to President Bola Tinubu for his continued support of indigenous airlines through policies that create an enabling environment for growth.

He equally commended the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, for implementing inclusive measures that positioned Nigerian carriers to compete effectively on the global stage.

9News Nigeria

9News Nigeria

The National Bureau of Statistics (NBS) says the average retail price of a litre of diesel decreased from N1,813.81 in June 2025 to N1,789.45  in July.

The NBS said this in its Diesel Price Watch for July released in Abuja on Friday.

The report said that the July price of N1,789.45 per litre amounted to a 1.34  per cent decrease over the N1,813.81 paid in June.

“On a year-on-year basis, the price increased by 29.72 per cent from the N1,379.48 per litre recorded in July  2024,” it said.

On state profile analysis, the report said that the highest average price of diesel in July was recorded in Benue at N2,341.46 per litre, followed by Adamawa at N2,163.88 and Plateau at N2,029.71.

It said that the lowest price was recorded in Ondo State at N1,465.71 per litre, followed by Zamfara at N1,470.35, and Gombe State at N1,485.00.

“Analysis by zones showed that the South-South had the highest price of N1,941.98 per litre, while the South-West recorded the lowest price at N1,619.06,’’ it said.

9News Nigeria

9News Nigeria

Renaissance Africa Energy Company Ltd. says it is on track to hit a production target of 300,000 barrels per day (bpd) by January 2026, following recent operational gains and facility upgrades.

Dr Mesh Maichibi, Chief Production Officer at Renaissance, disclosed this on Friday at a two-day 20th Annual Lecture and Award Ceremony of the Nigerian Society of Engineers (NSE), Port Harcourt Branch.

Delivering a lecture on “Transition Management: The Renaissance Case Study,”  Maichibi highlighted the company’s rapid progress since acquiring assets from Shell Petroleum Development Company (SPDC) in March.

He stated that Renaissance currently produced about 230,000 bpd and was preparing to activate three additional facilities before the end of the year to meet its target.

“At the point of acquisition in March, production stood at 100,000 bpd. Currently, we are producing 230,000 bpd, and we are confident of reaching 300,000 bpd by January 2026.

“We have a solid strategy to achieve this target. We know the crude locations, understand the challenges, and are implementing the right mechanisms to deliver results,” Maichibi said.

He identified Belama flow station as one of the company’s high-capacity assets, capable of producing 25,000 bpd, noting that restarting such facilities alongside other wells would significantly boost output.

Maichibi said that Renaissance had increased production by more than 100 per cent within months of taking over operations, and was addressing sectoral challenges, including disruptions by non-state actors.

According to him, the company is positioning itself to become Africa’s largest energy firm.

“Change should be embraced. As we move forward, we must constantly evaluate our actions and adjust to ensure we are doing the right thing,” he said.

The chief production officer also underlined the company’s commitment to capacity building and local content development.

“Eighty per cent of our operations are executed by contractors, whom we now refer to as partners.

“We are investing in their development and training young graduates to take over leadership roles in the future,” he said.

Maichibi noted that Nigeria’s vast crude oil reserves demanded long-term planning and skilled manpower, hence the need to groom the next generation of energy professionals.

Earlier, Mrs Idaeresoari Ateke, Chairman of the NSE Port Harcourt Branch, reaffirmed the union’s commitment to professional excellence and mentorship.

She said the annual lecture and awards remained a cornerstone of the branch’s calendar, honouring outstanding contributions to engineering while fostering intergenerational knowledge transfer.

9news Nigeria reports that the ceremony featured keynote presentations, award recognitions, and tributes to past leaders of the branch.

9News Nigeria

9News Nigeria

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N770.54 in July 2024 to N1,024.99 in July 2025.

It made the declaration in its Premium Motor Spirit (Petrol) Price Watch for July 2025 released in Abuja on Thursday.

It stated that the July 2025 price of N1,024.99 represented a 33.02  per cent increase over the price of N770.54  recorded in July 2024.

“Comparing the average price value with the previous month of June,  the average retail price decreased by 1.22 per cent from N1,037.66.”

On state profiles analysis, the report said Jigawa paid the highest average retail price of N1,107.52 per litre, followed by Lagos and Sokoto at N1,100.29 and N1,100.00, respectively.

“Conversely, Zamfara, Yobe, and Kogi paid the lowest average retail price at N884.63, N950.60, and N986.67, respectively,’’ it stated.

Analysis by zones showed that the North-West-Zone recorded the highest average retail price in July  2025 at N1035.85, while the North-East Zone recorded the lowest price at N1017.65 per litre.

9News Nigeria

9News Nigeria

The Federal Government is considering a review of salaries for political office holders, following concerns that the current pay structure is no longer realistic given Nigeria’s economic challenges.

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, disclosed this on Monday during a press conference in Abuja. 

He noted that the salaries of top political figures, including the President and ministers, have remained unchanged since 2008.

According to Shehu, President Bola Tinubu currently earns ₦1.5 million monthly, while ministers receive less than ₦1 million. 

He described these figures as inadequate compared to the workload and expectations placed on public office holders.

“You are paying the President of the Federal Republic of Nigeria ₦1.5 million a month, with a population of over 200 million people. Everybody believes that it is a joke.

“You cannot pay a minister less than ₦1 million per month since 2008 and expect him to put in his best without necessarily being involved in some other things.” Shehu said. 

He further criticised the disparity between the salaries of political leaders and those of heads of government agencies, noting that some earn as much as ten to twenty times more than ministers and the Attorney-General of the Federation.

The RMAFC chairman stressed that the commission’s mandate is limited to political office holders, including governors, legislators, ministers, and directors-general, and called for public support in determining “reasonable living salaries” for these officials.

“In line with this constitutional responsibility and in response to the evolving socio-economic, political and fiscal realities of our nation, the Commission has resolved to initiate the process of reviewing the revenue allocation formula to reflect emerging socio-economic realities,” he stated.

Shehu added that the review was also necessary to strengthen Nigeria’s fiscal federalism and promote equity and sustainability in revenue distribution.

9News Nigeria

9News Nigeria

The Nigerian National Petroleum Company (NNPC) Limited has again reduced the pump price of Premium Motor Spirit, otherwise known as petrol, at its retail outlets in Lagos and Abuja.

The NNPC Limited reduced petrol pump price to N865 per litre in Lagos and N890 per litre in Abuja, the nation’s capital.

The price reduction represents a N10 cut in both cities from the previous prices of N875 per litre and N900 per litre, respectively.

The Nigerian National Petroleum Company (NNPC) Limited has again reduced the pump price of Premium Motor Spirit, otherwise known as petrol, at its retail outlets in Lagos and Abuja.

The NNPC Limited reduced petrol pump price to N865 per litre in Lagos and N890 per litre in Abuja, the nation’s capital.

The price reduction represents a N10 cut in both cities from the previous prices of N875 per litre and N900 per litre, respectively.

9News Nigeria

9News Nigeria

A Liberian delegation led by the country’s Deputy Minister of Agriculture, Mr. David Akoi, has visited the National Agricultural Development Fund (NADF) in Abuja to understudy Nigeria’s agricultural financing framework.

This development, which occurred on Thursday, follows Liberia’s preparations to establish its own Agricultural Enterprise Development Bank.

The team had earlier toured farming sites in Kano and Jigawa States, meeting with local officials to gain insights into grassroots agricultural practices.

“We want to establish an institution that will be adequately funded and dedicated to financing agricultural initiatives. To achieve this, we need to learn from existing models like NADF to understand what has worked,” Mr. Akoi stated.

In response, NADF’s Executive Secretary, Mohammed A. Ibrahim, outlined the Fund’s financing approach, revealing that 70% of its resources go into debt financing, 20% into equity, while the remaining 10% is split between grants and emergency support.

He explained that NADF functions as a wholesale lending institution rather than a retail bank, with a mandate spanning the entire agricultural value chain; including livestock, aquaculture, and the blue economy.

Mr. Ibrahim emphasized the Fund’s balance between commercial viability and social impact, while highlighting its support for research institutions, state governments, and sector-wide institutional development.

 “We always have to balance the commercial and the social to make a great impact,” he said. 

Mr. Akoi noted that Liberia aims to adopt proven practices from Nigeria to build a robust, well-funded agricultural financing institution capable of driving food security and rural development.

9News Nigeria

9News Nigeria

UNICAF, a leading provider of higher education in Africa, has reaffirmed its commitment to widening access to quality learning through both fully online and blended programmes.

The institution maintains partnerships with several international universities, including the University of Suffolk (UK), Liverpool John Moores University (UK), the University of East London (UK), the University of California, Riverside Extension (USA), and its own multi-campus Unicaf University across Africa. 

Upon completion of their programmes, students are awarded degrees from the respective partner institutions.

UNICAF University holds accreditation in Malawi and Zambia and is approved to recruit students in Kenya. 

The British Accreditation Council (BAC) has also accredited its campuses in Zambia and Malawi. 

The development comes as Nigeria’s Tertiary Education Trust Fund (TETFund) recently launched the Nigerian Education Loan Fund (NELFUND) platform, which offers interest-free loans of up to ₦10 million for academic and non-academic staff in tertiary institutions. 

UNICAF.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has nominated two individuals for leadership positions within the Nigerian Electricity Regulatory Commission (NERC).

The nominees are Mr. Abubakar Yusuf, who has been put forward for the position of Commissioner for Consumer Affairs, and Dr. Fouad Olayinka Animashun, who is being considered for the role of Commissioner for Finance and Management Services.

President Tinubu has also directed Engr. Ramat to assume the responsibilities of Chairman/Chief Executive Officer of the Commission in an acting capacity. 

This interim arrangement will remain in place pending the outcome of the Senate’s confirmation process, as required by law.

9News Nigeria

9News Nigeria

For many Nigerians, affording the basics of life has become a daily struggle. 

As inflation tightens its grip, the cost of housing, transportation, and imported goods has surged beyond the reach of the average citizen. 

In Lagos, for instance, a decent two-bedroom apartment now goes for as high as ₦3.5 million annually, an impossible feat for many earning below the yet-to-be-implemented ₦70,000 minimum wage.

But for those hoping to secure a vehicle before prices escalate further, this week may be their last chance. 

From Friday, the Nigeria Customs Service (NCS) is expected to begin implementing a controversial new valuation system that removes the use of actual invoices to determine import duties, particularly on vehicles. 

Instead, Customs officials will independently determine the value of goods, regardless of the importer’s invoice or declared transaction value.

This change, stakeholders argue, opens the door for arbitrary valuations, potentially leading to exorbitant import duties. 

Car dealers and importers have already raised alarm, warning that the move will further destabilize the automobile market, burden consumers, and stifle an already fragile economy.

Beyond the new Customs policy, Nigerians are reeling from the cumulative effects of fuel subsidy removal, exchange rate unification, and rising food and utility prices. 

These government reforms; aimed at fiscal stabilization have also stripped millions of Nigerians of their purchasing power.

The Nigeria Customs Service, under the current administration, has continued to boast record-breaking revenue generation. 

However, many argue this revenue drive has come at the cost of citizen welfare and economic stability. 

“No country prioritizes revenue over the welfare of its people, except Nigeria,” a Lagos-based economist told 9News Nigeria.

Other analysts in the economic circles say the government’s reliance on revenue from imports, rather than stimulating domestic production or protecting local industries, is worsening inflation. 

Importers are now expected to pay not only duties, but also multiple levies, Value Added Tax (VAT), and Freight on Board (FOB) charges, costs that are inevitably passed on to consumers.

The administration of President Bola Ahmed Tinubu has defended its policies, emphasizing that difficult reforms are necessary to correct structural imbalances and rebuild the economy. 

Key among these reforms are the removal of petrol subsidies, a unified exchange rate to curb arbitrage, and attempts to broaden the tax net. 

The government has also rolled out some interventions, including loans for small businesses, palliative programs, and a proposed new national minimum wage, which is still under negotiation.

Also, in a notable move seen as a step in the right direction, President Tinubu recently signed a landmark Insurance Reform Bill into law, with the objective of strengthening Nigeria’s insurance sector. 

The reform is expected to modernize the industry, expand insurance coverage for Nigerians, particularly low-income earners and improve confidence in the financial services space. 

Yet, for many Nigerians, these efforts appear slow and insufficient. 

The once-budding middle class is shrinking rapidly, caught between rising costs and stagnant earnings. 

Owning a car, building a home, or even planning for migration (“japa”) is now out of reach for millions, particularly the youth.

Observers recall that during the Goodluck Jonathan administration (2010–2015), Nigeria saw a reduction in customs duties and the introduction of policies to encourage local manufacturing and automotive assembly. 

Many credit that era with stimulating industrial activity and improving consumer access to imported goods. 

But those gains have since eroded, as the country pivots back to an import-heavy economy choked by heavy taxation.

Nigeria’s 1999 Constitution clearly states that the welfare of citizens is the primary responsibility of government. But many argue that this constitutional mandate is increasingly observed in the breach.

As the Customs valuation policy takes effect, many fear that the already strained economy may slide further into crisis. 

“Tax them like America, deliver the economy of Congo,” one social media user lamented.

9News Nigeria

9News Nigeria

The newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025 is set to transform Nigeria’s financial landscape, following President Bola Ahmed Tinubu’s assent to the landmark legislation.

The Act, which repeals and consolidates several outdated laws, introduces sweeping reforms designed to improve transparency, strengthen regulatory oversight, and deepen insurance penetration across the country. 

According to the Presidency, the NIIRA 2025 is central to the administration’s goal of building a $1 trillion economy under the Renewed Hope Agenda.

One of the core reforms in the Act is the introduction of stringent capital requirements for insurance and reinsurance operators. 

This measure is expected to bolster the financial stability of the sector and reduce the risk of collapse among low-capital firms.

The law also mandates the strict enforcement of compulsory insurance policies, including those for motor vehicles, public buildings, and construction projects. 

This move is designed to enhance consumer protection and ensure broader coverage across both urban and rural communities.

Digitisation is another critical pillar of the reform. 

The Act encourages the full digital transformation of insurance operations, aiming to increase accessibility, eliminate fraud, and improve service delivery, especially in claims processing and policy management.

The NIIRA, to rebuild public confidence, enforces a zero-tolerance stance on delays in claims settlement. 

Insurance companies will now be obligated to process and pay valid claims within a stipulated timeframe or face sanctions.

In addition, the law provides for the establishment of dedicated policyholder protection funds to safeguard customers in the event of insurer insolvency. 

This new layer of protection is expected to encourage more Nigerians to embrace insurance as a reliable safety net.

The Act also supports Nigeria’s greater involvement in regional insurance frameworks, particularly the ECOWAS Brown Card System, which facilitates cross-border motor vehicle insurance within West Africa.

The National Insurance Commission (NAICOM) has been tasked with administering and enforcing the provisions of the NIIRA 2025. 

The Commission is expected to play a central role in driving the reform’s implementation, increasing industry compliance, and attracting new investment into the sector.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law. 

The new law, titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals and consolidates several outdated insurance regulations into a unified legal framework designed to overhaul the country’s insurance landscape.

The announcement was made in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, who described the legislation as a “landmark reform” that will strengthen financial stability, encourage investor confidence, and promote inclusive economic growth.

According to the statement, the NIIRA 2025 introduces a wide range of reforms to improve transparency, accountability, and efficiency in Nigeria’s insurance industry.

The National Insurance Commission (NAICOM) has been charged with implementing and enforcing the new provisions. 

The Commission is expected to drive the digitisation process, increase insurance penetration, and unlock investment opportunities within the sector.

“This reform ushers in a new era of innovation and global competitiveness for the Nigerian insurance industry. It reflects the Federal Government’s commitment to financial sector revitalisation and aligns with the Renewed Hope Agenda to build a stronger, more inclusive economy.” The statement said.

9News Nigeria

9News Nigeria

Google on Thursday said that Nigeria has witnessed a digital surge, ranking sixth globally for app downloads, with a 320 per cent rise in just two years.

The West Africa Director, Google, Mr Olumide Balogun, said this in a statement made available to 9news Nigeria in Lagos.
According to him, it shows a market with deeper engagement, higher loyalty, and richer opportunities for businesses that tap into the app driven economy.

He said digital pulse of Nigeria beats fastest on mobile.

‘’With N1bn projected in app usage and purchases for 2025 across the continent, marketers in Nigeria cannot afford to ignore this wave.
Smartphone access is set to reach 880 million across Africa by 2030, monthly mobile data use is expected to triple.

‘’Nigerians spend over four hours daily on mobile, with 80 per cent of that time in apps,’’ he said.

According to him, apps have moved from being optional extras to becoming the core of customer engagement, business efficiency, and innovation.

Balogun said for marketers and business owners, apps are now a key growth driver.

He said the path forward was clear, to understand what makes apps work and how to maximise their impact.

The director, however, highlighted seven ways Nigerian marketers could make the most of this app-led shift.

He said marketers treat the customer journey as unified forget dividing audience into “web customers” and “app customers.”

“Nigerian consumers move seamlessly from browser, to app and back again, often in a single purchase journey,” he said.

Balogun said marketers should focus on profitable app engagement, stressing that app users are their most valuable customers.

He said that app users engage more, show higher loyalty, and tend to spend more than those who stick to website.

According to him, with digital privacy in sharper focus, apps give marketers a chance to collect direct and consented customer data.

He said that growing ones app’s user base takes more than organic buzz.

“Google ads offers app campaigns designed for this moment, reaching billions of users across Google Search, Play, Gmail, YouTube, and more than two million sites and apps on the display network.

“When it comes to discovering new apps and products, few platforms rival YouTube.

“With nearly two billion logged-in users every month, YouTube reaches audiences at scale, and it is where people spend more than a billion hours each day watching video,” he said.

9News Nigeria

9News Nigeria

China approached 2025 with the numbers marking President Xi Jinping’s 13-year reign revealing a staggering transformation of the world’s second-largest economy. 

With a projected GDP of $41 trillion, up from $8.5 trillion in 2012, and a rise in per capita income from $6,000 to $13,000, China’s economic leap has been both strategic and relentless. 

Inflation has been kept at bay, foreign reserves have grown to $4 trillion, and citizens now earn, on average, ten times more than they did when Xi took office. 

Pensions have risen significantly, and debt has been managed with minimal increase.

These numbers have placed China on a steady march toward global economic dominance. 

The country’s investments in infrastructure, manufacturing, and energy, coupled with decisive governance, have translated into real economic empowerment for millions of its citizens.

In comparison, Nigeria, Africa’s largest economy, continues to wrestle with inflation, naira instability, and sluggish growth. 

While China’s economic output multiplied, Nigeria’s GDP has hovered around the $477 billion mark, only marginally improved from the $460 billion recorded in 2012. 

Per capita income remains under $2,200, and inflation reached an alarming 34% in mid-2025, driven by high food prices and foreign exchange pressures. 

Monthly wages and pensions for the average Nigerian remain drastically below global standards, with millions living on less than $2 a day.

However, beneath Nigeria’s economic turbulence, the current administration led by President Bola Ahmed Tinubu has begun laying down what it calls the foundation for long-term recovery and growth. 

Major reforms in the energy sector have revived confidence in domestic refining, particularly with the operationalization of the Dangote Refinery and steps toward removing Nigeria’s dependency on imported fuel. 

The unification of the foreign exchange system, although controversial, has sent a strong signal towards transparency in currency markets.

The Tinubu administration has also made strides in digital finance, expanding the scope of cashless transactions and attracting fintech investment. 

Social investment programs are being restructured and conversations around a new minimum wage are gaining momentum, although still controversial.

Additionally, agricultural reforms and food security strategies are underway, with hopes to reduce import dependence and create jobs in rural areas.

But the journey ahead remains daunting. Where China has created value through exports, Nigeria still imports most of its basic needs. 

Where China built vast transport networks and world-class cities, Nigeria battles decaying infrastructure and energy deficits. 

Evidently, the resolve of the current government suggests an awareness that course correction is urgent and that time is limited.

China’s 13-year sprint under Xi Jinping is a portrait of focused national ambition. 

Nigeria’s slow grind under successive governments has yet to yield the same dividends.

9News Nigeria

9News Nigeria

The rising cost of international visa applications, coupled with increasingly high rejection rates, has sparked a growing public debate in Nigeria and beyond: Should foreign embassies refund visa fees to unsuccessful applicants?

Many Nigerians are seeking better opportunities abroad, whether for education, tourism, work, or medical reasons and visa application fees represent a significant financial commitment. 

However, these fees are often non-refundable, regardless of the outcome. 

In cases where applicants are rejected without clear explanations or the chance for appeal, frustration is mounting.

Social media platforms have recently seen a surge in complaints, with many Nigerians questioning the ethics of embassies collecting large sums, often in foreign currency from applicants who end up with nothing but a rejection letter. 

9News Nigeria reports a viral case in early 2024 involved a woman who reportedly spent millions of naira on a U.S. visa application process, only to be denied. 

Her story reignited the debate about whether embassies should adopt a refund or partial refund policy for failed applications.

Although public figures like Abike Dabiri-Erewa, Chairperson of the Nigerians in Diaspora Commission (NiDCOM), have spoken extensively on the dangers of irregular migration and the need for proper documentation, there is no public record that she or the Nigerian government has officially demanded that embassies implement a refund policy.

Still, advocacy groups and civil society organizations are beginning to amplify the call for reform. 

Some suggest that visa policies should include greater transparency in rejection reasons, a standardized appeals process, and a tiered refund structure based on the stage at which an application is rejected.

On the flip side, foreign missions defend the non-refundable policy as standard global practice, arguing that every application involves background checks, security screenings, and personnel time; costs that exist whether or not a visa is granted.

Many are calling on the Nigerian government to initiate bilateral discussions with foreign missions to explore more applicant-friendly frameworks. 

9News Nigeria

9News Nigeria

The Lagos State Government has officially renamed the iconic “Charly Boy Bus Stop” in the Gbagada-Bariga axis to “Baddo Bus Stop”.

This decision stirred widespread backlash and revived debates about legacy, cultural memory, and community identity.

Originally named informally by residents in honour of veteran entertainer and activist Charles Oputa, popularly known as Charly Boy, the bus stop had become a symbol of grassroots recognition rather than official designation. 

Charly Boy, who lived in the area from 1989 to 2006, was known for his community outreach, most notably empowering over 4,000 okada riders through his CB Show and Coded Foundation.

Although viral stories claim he gave out over 2,500 motorcycles, provided scholarships, and took people off the streets, these specific claims remain unverified by official records. 

However, his influence and visibility in the Bariga-Gbagada area are widely acknowledged.

Speaking out on the renaming, Charly Boy expressed deep disappointment.

“The people named it after me, not the government.

“You may change the signboard, but you can’t erase the fire. You can’t rename impact.” He said.

Human rights advocate Omoyele Sowore described the move as part of a broader trend of “erasing grassroots history”.

The new name, “Baddo Bus Stop,” is believed to be in reference to Nigerian music icon Olamide Baddo, who hails from Bariga. 

While Olamide’s cultural influence is undisputed, many argue that such a decision should not come at the cost of erasing the contributions of a pioneer whose legacy was earned through social impact, not fame alone.

9News Nigeria

9News Nigeria

The Naira closed the week on a positive note, gaining 4.52 kobo against the U.S. dollar at the official market on Friday.

According to the latest figures from the Central Bank of Nigeria, the Naira traded at N1,534.72 per dollar.

The figure represnts a modest gain of 0.05 per cent on Thursday, when it was valued at N1,534.79 to the dollar.

However, the Naira had experienced minimal losses earlier in the week, trading at N1,535.62 on Wednesday and N1,535.24 on Tuesday.

The trading week began with a minor decline of 20 kobo on Monday.

9News Nigeria

9News Nigeria

To boost rice production in the country, Dangote Rice Limited, a subsidiary of Dangote Industries Limited yesterday in Lagos signed a purchase and sale agreement with Niger State Government owned Niger Foods Security Systems and Logistics Company Limited on steady supply of Paddy rice.

Dangote Rice and Niger Foods are collaborating to boost the production of rice as a staple menu in Nigerian homes and guarantee food security.

Under the agreement signed at the Lagos Headquarter of the DIL, Niger Foods is to engage in high scale mechanized and commercial farming, as well as the development and production of agricultural products, including paddy rice which will be sold to Dangote Rice.

Welcoming the Niger State delegation led by the Governor, Mohammed Umaru Bago to his office during the brief agreement signing ceremony, President/Chief Executive, Dangote Industries Limited, Aliko Dangote said that the agreement was aimed at promoting sufficiency in food production in Nigeria, “a feat we have achieved both in the cement and oil refining sectors.”

He described Niger Foods as a leading rice farming and processing company which has engaged in the production of Paddy noting “We share the same altruistic vision with Niger Foods, of establishing and developing efficient and profitable agricultural business, processing, and supply of diverse farm produce towards contributing to national food sufficiency and security. For this aligned vision towards a food-secure Nigeria, we commend the Niger State Governor His Excellency Umaru Bago and his administration.”

Dangote explained that with the agreement in place, Niger Foods will be supplying high-quality paddy rice to Dangote Rice Limited. This will help to foster sustainable agricultural development and food sufficiency in the country.

The African foremost industrialist stated that Dangote Rice has invested massively in rice mills and plantations across the nation, explaining that the investment is to create employment through the out-grower scheme and promote food self-sufficiency and security.

“We believe that more private sector players should be encouraged to partner the government in developing commercial agriculture. This is vital, considering the private sector currently accounts for roughly 90% of our GDP,” he stated.

Dangote further stated that Niger State has now joined five other states, namely Jigawa, Sokoto, Kebbi, Kano and Nasarawa where Dangote Rice has mills are under construction.

According to him, the Dangote group will be off-taking 1million tons of Paddy rice from local farmers by the end of 2026, which will go a long way in deepening the nations Rice Food Supply Network and provide reassurance and confidence to our local farmers not to abandon rice paddy farming and to be confident that a willing off-taker exists in the market place.

In his own remarks, Governor Bago said his administration is inspired by the Midas touch and the humility of Aliko Dangote and thanked him for accepting the partnership arrangement.

He said that Niger state has massive arable land and water resources which confers comparative advantage on the state. He stated that towards harnessing this comparative advantage, his administration has gone looking for investors in rice production to boost agriculture as done in other climes.

The Governor said, “Lagos State is opening a food hub and need off takers, we have signed a memorandum of understanding (MOU) with them. We are transitioning our people from the primitive to civilized mode of farming. We are partnering Turkish investors all in a bid to improve our agricultural yield. We need to feed ourselves, that is why we are excited at this development.”

Managing Director of Dangote Rice, Thabo Mabe who signed on behalf of the Company described the ceremony as very significant in the task to cultivate massive rice farming to boost food production.

“Today is a milestone. This is a very significant development that will delight rice consumers. This event will bring about self-sufficiency and self-dependence in food production”, he added.

Also speaking on the agreement, Executive Chairman, Niger Foods Security Systems and Logistics Sammy Adigun stated that the agreement was a very important one and a good project at that which will unlock over N18trillion naira in revenue over time.

He explained that the project will entail cultivating thousands of hectares of land and direct support to over 5000 farmers in the value chain.

9News Nigeria

9News Nigeria

French entertainment giant Canal+ has successfully acquired full ownership of Africa’s largest pay-TV provider, MultiChoice Group in a deal valued at $3 billion.

The acquisition, which has been months in the making, culminated on Tuesday, July 23, 2025, following the approval of South Africa’s Competition Tribunal. 

This landmark regulatory greenlight paves the way for Canal+ to increase its stake from a minority holding to complete control over the South African-based broadcaster, which owns major platforms like DStv, GOtv, Showmax, SuperSport, and Africa Magic.

The tribunal’s decision came with several public interest conditions, including commitments to local content investment, skills development and continued South African ownership compliance. 

Canal+ is expected to inject R26 billion (approximately $1.4 billion) into the region over the next three years.

“This is a transformative moment,” Maxime Saada, CEO of Canal+ said.

She also noted that the deal will expand the company’s reach into English- and Portuguese-speaking markets across Africa, complementing its existing French-language footprint on the continent.

To comply with South Africa’s Electronic Communications Act, which caps foreign ownership of broadcasting licensees at 20%, a new entity; LicenceCo will be created. 

This company will hold the necessary broadcast licenses and be majority-owned by historically disadvantaged persons and employees of MultiChoice, ensuring that South African interests remain protected under the law.

Canal+ initially began increasing its stake in MultiChoice in 2020 and made a formal offer earlier this year to acquire the remaining 55% of shares. 

The approval now means that by October 8, 2025, Canal+ will assume full operational control of MultiChoice.

The deal represents one of the largest media acquisitions in African history and signals an intensified global competition in the continent’s entertainment space.

9News Nigeria

9News Nigeria

Former Kano State Governor and New Nigeria Peoples Party (NNPP) chieftain, Senator Rabiu Musa Kwankwaso, has raised concerns over what he described as the growing imbalance in the distribution of federal resources across Nigeria.

Speaking during the public hearing on the Constitution Review held in Kano today, Kwankwaso accused the Federal Government of concentrating the national budget disproportionately in one region of the country to the detriment of others.

“Let me advise the Federal Government on the distribution of federal resources.

“From the information available to us, it’s like most of the national budget is now tilting in one direction in this country.” He said.

Kwankwaso, a two-term governor and former Minister of Defence, emphasized that while he and many Nigerians support development and infrastructure in every region, government must reflect fairness and unity.

“Now, we are told there is a road from the South to the East.

“We support infrastructure anywhere in this country and any other thing that is good for the masses. But a situation where government is taking our resources and dumping it in one part of the country and other parts are left just like that, I don’t believe that is the right thing to do by the government itself.” He said.

Kwankwaso, however, insisted his comments were not political but rooted in a call for national cohesion.

The Constitution Review hearing in Kano was part of a nationwide initiative to gather input from citizens on pressing national issues, including federalism, revenue sharing, and equitable development.

9News Nigeria

9News Nigeria

When President Bola Tinubu announced the removal of fuel subsidies in his inaugural speech, the country erupted in tension. 

The streets buzzed with protests, transportation costs doubled overnight, and inflation quickly soared. 

However, beyond the hardship, the decision marked a turning point, one that likely spared Nigeria from a deeper financial collapse and unlocked long-term economic potential.

At the heart of the matter was a fiscal crisis spiraling out of control. The fuel subsidy had grown into an unsustainable burden, costing the government over ₦400 billion every month. 

This was not just an expense; it was a hemorrhage. 

The fact remains that maintaining it would have meant borrowing to stay afloat, with debt service obligations swallowing nearly all of the country’s revenues. 

Public sector salaries, infrastructure funding, even basic health and education programs were already under strain. 

Economic experts warn that had the policy continued, Nigeria risked defaulting on its obligations, eroding investor confidence, and plunging into a full-scale debt crisis.

Beyond the books, the subsidy also quietly crippled the growth of Nigeria’s oil industry. With pump prices kept artificially low by government regulation, private investors were driven out of the downstream sector. 

Refinery projects stalled, and local production dwindled. 

The market was simply unattractive. But since the removal, there’s renewed momentum. 

Projects like the Dangote Refinery have gained traction, and private sector confidence is gradually returning. 

The liberalization of fuel prices, though painful in the short term, has opened a path to long-term self-reliance in refining and distribution, which could, in time, lower costs and create thousands of jobs.

For now, Nigerians are grappling with the immediate consequences, higher prices, shrinking disposable income, and a growing sense of economic unease. But behind the discomfort lies a strategic shift that may prove critical to the country’s survival. 

If subsidy payments had continued, Nigeria wouldn’t just be paying for cheap fuel, it would be trading its future for temporary relief.

9News Nigeria

9News Nigeria

President Bola Tinubu has directed the National Single Window (NSW) Steering Committee to ensure that  the platform becomes fully operational by the first quarter of 2026.

‎The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja.

‎This is contained in a statement on the event issued by the Presidential Spokesperson, Mr Bayo Onanuga on Tuesday in Abuja.

‎Onanuga said that the President was represented at the even by his Chief of Staff, Femi Gbajabiamila.

Tinubu  said the recent Tax Reform Acts, signed into law in June, underscored the urgency of accelerating reforms and pursuing Nigeria’s $1 trillion economy target.

‎He highlighted the importance of financial and trade reforms in achieving national economic transformation.

‎”It’s important that we continue to stay focused on this project. So that at the end of the day, we meet our timelines and achieve the results the President expects.

‎As you all are aware, the project is one of the transformative initiatives of Mr. President which we collectively must ensure is effectively and commendably implemented,” Gbajabiamila said.

‎‎He emphasised the role of a unified electronic platform in simplifying Nigeria’s import and export operations.

‎According to him, the NSW will boost investment and trade revenues, improve transparency, and strengthen Nigeria’s global business credibility.

‎Tinubu urged all agencies to refine their targets and Key Performance Indicators (KPIs) to meet the Phase 1 deadline.

‎”I do expect that since the last meeting of the steering committee  held on April 8, all stakeholders have operated and actively progressed with all the required KPIs and set targets to ensure that we go live with phase 1 in Q1 2026 as was previously scheduled,” he said.

‎Mr Wale Edun, Minister of Finance, described the progress as encouraging but stressed the need for swift execution.

‎He urged a shift from strategy to concrete implementation, calling the project complex but transformational.

‎

9News Nigeria

9News Nigeria

The Universal Basic Education Commission (UBEC) has expressed deep concern over the failure of state governments to utilize more than ₦250 billion allocated for basic education interventions across the country.

Dr. Aisha Garba, Executive Secretary of UBEC, made the revelation on Monday during the inauguration of a three-day Financial Management Training for fund managers from the State Universal Basic Education Boards (SUBEBs) across the 36 states and the Federal Capital Territory (FCT).

The training, which targets Directors of Finance and Accounts, Heads of Internal Audit, and Matching Grant Desk Officers, is aimed at strengthening capacity for effective and accountable management of basic education intervention funds.

Garba lamented that despite efforts to improve access to the Universal Basic Education (UBE) Matching Grant, many state governments are failing to effectively apply the funds towards upgrading school infrastructure and improving teaching and learning conditions nationwide.

“The real issue is not just about accessing the UBE Matching Grant. But also the slow utilization, non-compliance with fund usage guidelines, diversion of funds, and failure to remit taxes or follow due process in contract awards. These are lapses we can no longer ignore.” She said.

She noted that the Commission has initiated reforms to tackle these issues, including a comprehensive review of the fund utilization guidelines, the introduction of a new template for SUBEB Action Plans, and enhanced capacity-building programs for both UBEC and SUBEB personnel.

“These efforts have yielded positive results. Between January and June 2025, ₦92.4 billion in UBE Matching Grants was accessed by 25 states and the FCT.

Additionally, ₦19 billion from the 2023/2024 Teacher Professional Development fund was disbursed to 32 states and the FCT, while ₦1.5 billion was released under the School-Based Management Committee School Improvement Programme to 1,147 communities nationwide.” She said.

Despite these strides, she emphasized that over ₦250 billion still lies idle in the accounts of state SUBEBs and the FCT-UBEB.

“This training is therefore crucial,” she added. “We must address the challenges of delayed access, sluggish fund utilization, and weak oversight. Our goal is to empower fund managers with the skills to ensure timely, transparent, and impactful use of these vital resources.”

9News Nigeria

9News Nigeria

The Nigerian stock market closed the week on a positive note on Friday as investors gained N824 billion.

This was the fourth positive market performance in the week, after a week uptrend in the previous week.

Market capitalisation surged by 1.00 per cent to reach N83.241 trillion, up from N82.417 trillion recorded on Thursday.

Similarly, the All-Share Index (ASI) rose by 1,301.79 points, or 1.00 per cent, settling at 131,585.66 from its previous close of 130,283.87.

This uptrend was fueled by strong buying interest in medium and large-capitalised stocks including Learn Africa, NCR Nigeria, UPDC, Ellah Lakes, BUA Cement and 41 other stocks.

Also, the market breadth closed positive, with 46 gainers and 25 losers.

NCR Nigeria led the gainers’ chart leading by 10 per cent, ending the session at N6.60 while Learn Africa also increased by 10 per cent, closing at N6.27 per share.

UPDC soared by 10 per cent, settling at N4.84 and Ellah Lakes rose by 9.98 per cent, finishing at N10.80 per share.

Also, BUA Cement gained by 9.98 per cent, closing at N123.40 per share.

On the flip side, Red Star Express declined by 9.97 per cent, settling at N12.92 while Union Dicon Salt dropped by 9.62 per cent, ending the session at N10.80 per share.

Academy shed by 6.67 per cent, finishing at N7.00 and Sterling Nigeria lost by 4.34 per cent, closing at N6.17 per share.

Similarly, First Bank Holding Company fell by 4.10 per cent, settling at N33.95 per share.

3.35 billion shares worth N62.39 billion shares were traded across 28,593 transactions.

This is compared to 1.19 billion shares worth N42.76 billion that was exchanged across 37,418 transactions earlier on Thursday.

Transactions in the shares of First City Monument Bank topped the activity chart with 1.31 billion shares worth N12.63 billion.

Fidelity Bank followed with 1.15 billion shares valued at N23.04 billion while Access Corporation transacted 113.8 million shares worth N3.07 billion.

CHAMS sold 92.62 million shares valued at N293.87 million and Zenith Bank traded 50.7 million shares worth N3.66 billion.

9News Nigeria

9News Nigeria

President Bola Ahmed Tinubu has approved the establishment of the South-East Investment Company (SEIC), a specialized investment vehicle under the South East Development Commission (SEDC).

The initiative, designed to function as an independently governed and privately driven enterprise, marks a significant shift toward sustainable, long-term regional development planning. 

The SEIC will focus on attracting private capital, fostering industrial competitiveness, and driving economic transformation in the South-East.

President Tinubu’s approval followed a performance briefing from the SEDC detailing its progress over the last 100 days, alongside a formal request for the creation of a subsidiary dedicated to unlocking long-term financing and implementing transformative initiatives.

At a brief ceremony held at the Presidential Villa in Abuja, the President officially handed over the the Certificate of Incorporation for SEIC to the leadership of the South East Development Commission. The event was attended by the Minister of Regional Development, Engr. Abubakar Momoh, the Managing Director/CEO of the SEDC, Mr. Mark Okoye, and members of the Commission’s Executive Management Team.

This initiative was inspired by the legacy of the defunct Eastern Nigeria Development Corporation (ENDC), which under the leadership of Dr. Michael Okpara spearheaded one of the most successful industrial expansions in Nigeria’s history.

According to the presidency, the new company will not rely on annual government budgets but will operate through a private-sector-led structure to ensure financial sustainability, transparency, and efficiency.

The launch of SEIC is expected to pave the way for infrastructure investment, manufacturing clusters, technology hubs, and targeted development across key economic sectors such as agro-processing, logistics, and light industries.

9News Nigeria

9News Nigeria

The Dangote Petroleum Refinery and Petrochemicals has suspended its discounted fuel supply program.

The decision was communicated in a letter from Fatima Dangote, Group Executive Director of Commercial Operations, to all strategic partners.

According to the management, this decision was made after an internal investigation revealed that some affiliate marketers and strategic partners were diverting subsidized fuel for personal profit.

In response, the refinery officially halted the discount scheme effective July 13, 2025. 

Initially launched to offer marketers competitive margins and stabilize nationwide supply, the program allowed approved affiliates to purchase refined products at subsidized rates. 

These marketers were reported to have sold their Authority To Collect (ATC) loading tickets to unregistered vendors, allowing them to profit off the price differential—without incurring typical operational, logistical, or regulatory costs.

9News Nigeria

9News Nigeria

United Bank for Africa Plc (UBA) has announced plans to raise N157 billion through a rights issue.

The disclosure was made via a notice to the Nigerian Exchange Ltd (NGX).

It said in a statement on Thursday that its stock brokers, United Capital Securities Ltd., had submitted an application to the Nigerian Exchange Ltd. to that effect.

It added its stock brokers had requested for approval and listing of a Rights Issue of 3,156,869,665 ordinary shares of 50 Kobo each at N50.00 per share

“Trading License Holders are hereby notified that United Bank for Africa Plc, through its Stockbrokers, United Capital Securities Ltd., has submitted an application to the Nigerian Exchange Ltd.” in that regard.

“The rights issue will be on the basis of one new ordinary share for every 13 ordinary shares held as of the close of business on Wednesday, July 16, 2025.

“The qualification date for the Rights Issue is July 16, 2025,” the bank noted.

The move is part of UBA’s strategy to strengthen its capital base and support its expansion and growth objectives across Africa.

9News Nigeria

9News Nigeria

Facing growing security threats, Nigeria is witnessing a surge in homegrown defense innovation, championed by Dr. Bright Echefu of EIB Group.

Under his leadership, the company is spearheading a shift toward indigenous defense manufacturing.

EIB Group has emerged as a pioneering force in Nigeria’s nascent defense technology industry, developing cutting-edge solutions such as unmanned aerial vehicles, satellite systems, and advanced combat drone technologies. 

These products, once exclusively sourced from foreign markets, are now being designed and manufactured on Nigerian soil, a feat Dr. Echefu describes as a “patriotic mission.”

“Local manufacturing is more than a business opportunity; it is a national duty,” he emphasized.

He added that the group’s focus aligns with broader efforts to achieve industrial self-reliance. 

According to him, Nigeria’s past success in reducing dependency on imported machinery like tractors offers a blueprint for replicating similar achievements in security infrastructure.

At the heart of this initiative is EIB Stratoc, the group’s defense subsidiary, which is fully Nigerian-owned and employs over 1,000 skilled professionals. 

The company works directly with the Nigerian military on research, product development, and the supply of mission-critical hardware.

Dr. Echefu believes that robust collaboration between the private sector and the armed forces is key to building a resilient national defense system. 

However, he cautions that the growing demand for locally made defense tools has begun to outstrip supply. 

He is calling on the federal government to intensify support for indigenous manufacturers through policy reforms, financial backing, and official patronage.

“The opportunity to transform Nigeria’s security architecture is real, but it requires bold investment and belief in local capacity.

“Our vision is clear: a Nigeria where surveillance drones, combat support tools, and critical systems are built by Nigerian hands, using Nigerian resources.” He said.

Beyond national security, the impact of EIB Group’s innovations is reverberating across Nigeria’s industrial landscape. 

The company’s operations have created jobs, fostered technical training, and facilitated technology transfer, offering new career paths for young engineers and technicians.

Dr. Echefu’s message is unequivocal: “We must believe in our ability to defend and develop our nation. Local innovation is not a backup plan, it is the future.”

As Nigeria searches for lasting solutions to its security and economic challenges, the EIB Group’s efforts stand as a compelling model of what is possible when vision, innovation, and national interest converge. 

9News Nigeria

9News Nigeria

The Federal Government has pledged to end Nigeria’s dependence on fish importation by boosting local production and empowering youth and women with start-up grants in the fisheries sector.

Mr Adegboyega Oyetola, Minister of Marine and Blue Economy, made the commitment on Wednesday in Abuja during a consultative meeting with Fisheries Cooperative Groups.

He outlined the government’s vision to transform aquaculture into a pillar of food security, employment, and export competitiveness.

According to him, Nigeria must chart a new path toward self-sufficiency in fish production.

“The Federal Government is fully committed to supporting the fisheries and aquaculture subsector through policy, technical support, and financial inclusion.

“We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth,” he said.

Oyetola stressed that empowering youth and increasing their participation in aquaculture was not only crucial for food production but also a strategic way to reduce unemployment.

He reaffirmed that the administration was committed to youth and women empowerment, with multiple initiatives already in motion.

He assured stakeholders that the ministry was actively engaging local and international partners to address industry challenges.

Oyetola also revealed that talks were ongoing with the World Bank to secure financial support for fish farmers and that the ministry would work with the Nigerian Agricultural Insurance Corporation (NAIC) to provide affordable insurance coverage.

“We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam across other regions.

“This meeting is only the beginning of a sustained and transformative dialogue. Integrated planning and inter-ministerial cooperation are key pillars of our strategy,” he added.

Mr Olufemi Oloruntola, Permanent Secretary of the ministry, reiterated its readiness to form strong partnerships with cooperative societies to ensure inclusive sectoral growth.

Earlier, Mr Mashi Sani, President of the Fisheries Cooperative Federation of Nigeria (FCFN), proposed a Sustainable Livelihoods and Fish Food Security Initiative (SLESI) to enhance livelihoods across the fisheries value chain.

He proposed a N75 billion, three-year budget to create one million sustainable jobs, reduce post-harvest losses by 50 per cent, and boost national fish production by 35 per cent.

Sani noted that Nigeria’s fisheries sector was crucial to food security, income generation, and nutrition, especially for rural communities.

In spite of its significance, the sector faced challenges such as overfishing, poor infrastructure, lack of access to finance, and weak extension services.

He urged the Federal Ministry of Marine and Blue Economy to adopt and fund the SLESI in collaboration with the FCFN to secure sustainable livelihoods, ensure national food security, and develop Nigeria’s blue economy.

He also called on the government to address persistent issues including poor transportation, weak market linkages, and inadequate technical support systems.

9News Nigeria

9News Nigeria

Nigeria’s inflation rate fell to 22.22% in June 2025, marking a drop from the 22.97% recorded in May, according to new figures released by the National Bureau of Statistics (NBS) on Wednesday.

The latest Consumer Price Index (CPI) report indicates a month-on-month decline of 0.75 percentage points and a significant year-on-year decrease of 11.97 percentage points from the 34.19% recorded in June 2024.

The decline comes amid the implementation of a rebased index, with 2024 as the new base year.

While this change contributes to the year-on-year moderation, prices continue to rise at a quicker pace on a monthly basis.

Month-on-month inflation increased to 1.68% in June from 1.53% in May, underscoring the persistent pressure on household costs.

Food inflation declined sharply to 21.97% year-on-year in June from 40.87% in the same month of 2024.

However, it rose to 3.25% on a month-on-month basis, up from 2.19% in May, driven by higher prices of staples such as tomatoes, pepper, crayfish, plantain flour, and meat.

The average annual food inflation rate for the twelve months ending in June was 28.28%, lower than the 35.3% recorded over the corresponding period last year.

Core inflation, which excludes volatile food and energy prices, also declined year-on-year to 22.76% in June from 27.4% in June 2024.

On a month-on-month basis, however, it increased to 2.46%, compared to 1.10% in May, highlighting renewed pressure in non-food sectors such as housing, utilities, and transportation.

Urban inflation eased to 22.72% year-on-year in June from 36.55% a year earlier, while rising to 2.11% on a month-on-month basis.

The average twelve-month urban inflation rate declined to 28.16%.

In rural areas, inflation stood at 20.85% year-on-year, compared to 32.09% in June 2024, while monthly inflation slowed to 0.63% from 1.83% in May. The annual rural inflation average was 24.65%.

At the state level, Borno recorded the highest year-on-year all-items inflation rate at 31.63%, followed by Abuja at 26.79% and Benue at 25.91%. Zamfara recorded the lowest rate at 9.90%, with Yobe and Sokoto at 13.51% and 15.78% respectively. On a monthly basis, Ekiti (5.39%), Delta (5.15%), and Lagos (5.13%) saw the sharpest price increases, while Zamfara, Niger, and Plateau recorded significant price drops of 6.89%, 5.35%, and 4.01% respectively.

Food inflation was highest in Borno at 47.40% year-on-year, followed by Ebonyi and Bayelsa. The slowest food inflation rates were recorded in Katsina, Adamawa, and Sokoto. Month-on-month, food prices rose fastest in Enugu, Kwara, and Rivers, while Borno, Sokoto, and Bayelsa experienced declines.

Key divisions contributing to overall inflation included food and non-alcoholic beverages, transport, housing, electricity, gas, education, healthcare, and clothing. While the easing of year-on-year inflation reflects some macroeconomic adjustment, the continued monthly rise underscores the financial strain on Nigerian households amid a challenging cost-of-living environment. [The Guardian]

9News Nigeria

9News Nigeria

The President of Dangote Group, Aliko Dangote, has expressed doubts about the possibility of the state-owned PortHarcourt, Warri and Kaduna refineries functioning again.

Dangote revealed that despite the refineries gulping up to $18 billion, they have still failed to work.

Speaking after a tour of the Dangote Petroleum Refinery in Lekki, Lagos, Dangote noted that his own refinery, with a capacity of 650,000, is producing over 50 percent of it output as Premium Motor Spirit, a stark contrast to the government refineries which only committed 22 percent of their production to petrol.

Dangote likened the attempt to revive the refineries to trying to modernize a car built 40 years ago,saying technology has advanced too far for such efforts to be effective.

-9News Nigeria.

9News Nigeria

9News Nigeria

Labour Party presidential candidate in the 2023 election, Peter Obi, has strongly condemned reports of a ₦150 billion purchase of a presidential jet.

He called it an unacceptable misuse of public funds in the face of Nigeria’s ailing healthcare system.

Speaking in a recent interview on Channels Television, Obi stated: “I will not use ₦150 billion to buy a jet when 80% of our primary health care centers are not functioning.”

Obi’s criticism touches a nerve in Nigeria’s broader governance discourse, whether leadership is too focused on elite comfort at the expense of essential services. 

While proponents of the jet purchase argue that the president and vice president require safe, efficient transportation due to the demands of their offices and the deteriorating state of the current fleet, critics counter that such a luxury cannot be justified when the majority of Nigerians are grappling with poor access to basic healthcare, rising inflation, and unemployment.

With over 80% of these facilities reportedly in disrepair or under-resourced, many citizens are left vulnerable to preventable diseases and maternal deaths.

Peter Obi’s statement aligns with his well-known advocacy for prudent governance and people-focused budgeting. 

He has consistently argued for fiscal discipline and a redirection of government spending toward sectors that directly impact the lives of ordinary Nigerians.

9News Nigeria

9News Nigeria

The Nigerian Communications Commission (NCC) has advised mobile phone users across the country to take proactive steps in safeguarding their personal data against unauthorized access and cyber threats.

In a recent advisory issued to consumers, the NCC emphasized the importance of regularly changing passwords and turning off mobile hotspots when not in use. 

These simple but effective measures, the Commission noted, can significantly reduce the risk of data breaches and identity theft.

“Secure your data! Prevent unauthorized access by changing your password and turning off your mobile hotspot regularly,” the advisory read.

The Commission also directed consumers to its dedicated portal — https://consumer.ncc.gov.ng for more useful tips on digital safety, cyber hygiene, and best practices for protecting personal information online.

9News Nigeria