News

Tuesday, 13 May 2025 04:43

UK slashes graduate visa, ends social care recruitment: Implications for Nigerian students and migrants

In a sweeping overhaul of its immigration policy, the United Kingdom has introduced dramatic reforms that will directly affect international students and migrant workers, including a significant number of Nigerians. The new measures, detailed in an 82-page White Paper titled “Restoring Control over the Immigration System”, signal the most radical reset of Britain’s immigration system in a generation. End of Social Care Recruitment from Overseas Effective immediately, the UK has banned new overseas applications for social care roles—a category that has seen a high influx of Nigerian and other international workers in recent years. The Home Office stated that the…

Monday, 12 May 2025 04:49

Nigeria's public debt surged 65.6% in first 18 months of Tinubu govt, DMO data show

Nigeria has experienced a dramatic N57.3 trillion increase in its public debt within the first 18 months of President Bola Tinubu's administration, according to recent Debt Management Office data. Total public debt rose from N87.38 trillion in June 2023 to N144.67 trillion by December 2024, representing a 65.6% surge since Tinubu took office on May 29, 2023. Exchange Rate Impact While the naira value of debt has skyrocketed, the total debt in dollar terms actually decreased by 17%, from $113.42 billion to $94.23 billion. This apparent reduction stems from the naira's steep depreciation, falling from N770.38 to approximately N1,535 per…

Friday, 09 May 2025 05:03

Nigeria repays $3.4bn COVID-19 loan to IMF, but annual $30m charges remain

The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in 2020 to cushion the economic impact of the COVID-19 pandemic and the sharp decline in global oil prices. The financing, provided under the IMF’s Rapid Financing Instrument (RFI), was disbursed in April 2020 to help Africa’s largest oil producer address severe balance of payments needs during the global crisis. In a statement released on Thursday, IMF resident representative to Nigeria, Christian Ebeke, said that as of April 30, 2025, the country had completed repayment of the facility. The IMF’s data…

Friday, 09 May 2025 05:01

200,000 Nigerians die yearly from unsafe and unhealthy food – FG, new report warn

Nigeria is facing a deepening public health crisis as both the federal government and a new report by civil society group Corporate Accountability and Public Participation Africa (CAPPA) raise alarm over the devastating impact of food-related illnesses and the unchecked spread of unhealthy, ultra-processed foods across the country. Speaking at the launch of a new national food safety operational manual in Abuja, the Minister of Innovation, Science and Technology, Uche Geoffrey Nnaji, disclosed that an estimated 200,000 Nigerians—many of them children—die each year from foodborne diseases. He pointed to dangerous practices such as using paracetamol to tenderize meat, fermenting cassava…

Thursday, 08 May 2025 03:58

Senate passed two out of four tax reform bills. Here are the highlights

The Senate has passed two out of four major tax reform bills proposed by President Bola Tinubu. However, the upper chamber rejected a proposal to increase the value-added tax (VAT) to 10 percent, opting to retain the current rate at 7.5 percent. The bill allows VAT input claims on fixed assets, overhead costs and administrative services. The two bills passed are the Nigeria Revenue Service Establishment bill, which repeals the Federal Inland Revenue Service, and the Joint Revenue Board Establishment bill, which seeks to harmonise tax collection. Two bills which the senate has scheduled for consideration and passage on Thursday…

Thursday, 08 May 2025 03:57

FG, UN launch $159m plan to address food insecurity in Northeast Nigeria

The Federal Government of Nigeria, in partnership with the United Nations, has unveiled a comprehensive $159 million plan aimed at tackling severe food insecurity affecting millions of people in the conflict-affected states of Borno, Adamawa, and Yobe. Minister of Humanitarian Affairs and Poverty Reduction, Nentawe Yilwatda, announced that the government will spearhead a coordinated multisectoral response to address the food crisis in these northeastern states. The announcement came during Tuesday's launch of the 2025 Lean Season Food Security and Nutrition Crisis Multisector Plan at the UN House in Abuja. According to the UN's Office for the Coordination of Humanitarian Affairs…

Wednesday, 07 May 2025 02:51

FG approves $652m China Exim Bank road finance package

Nigeria has approved a $652-million China Exim Bank funding package for construction of a road to move goods from a sea port and petroleum refinery on the edge of its main city Lagos to its southern states, the public works minister said. The financing was approved by the federal executive council chaired by President Bola Tinubu on Monday, David Umahi said in a statement. The road will be an evacuation corridor from the Lekki Deep Sea Port, the Dangote Petroleum Refinery - Africa's biggest with refining capacity of 650,000 barrels per day - and its adjoining fertiliser plant to at…

Tuesday, 06 May 2025 04:38

CBN's alarming cost explosion: Personnel expenses skyrocket in questionable financial report

The Central Bank of Nigeria (CBN) has revealed a disturbing surge in personnel costs, with expenses ballooning by a staggering 104% compared to 2023, according to the bank's recently released audited financial report. In a concerning development for Nigerian taxpayers, the bank burned through an astronomical N595.9 billion on personnel expenses—more than double the N291 billion spent the previous year. At the group level, this personnel cost explosion was even more pronounced, jumping from N295.4 billion to a massive N608.5 billion. The financial report exposes an equally troubling increase in total operating costs, which soared by 78% to reach N1.2…

Tuesday, 06 May 2025 04:37

Nigeria has highest number of malnourished children in Africa, second globally - UNICEF

The United Nations Children’s Fund (UNICEF) has revealed that Nigeria currently has the highest number of malnourished children in Africa and ranks second globally. Nemat Hajeebhoy, Chief of Nutrition at UNICEF, shared this information on Monday during a media briefing on the 2025 lean season multisectoral response plan targeting Borno, Adamawa, and Yobe states. The briefing was organized by the UN Office for the Coordination of Humanitarian Affairs (OCHA). According to Hajeebhoy, an estimated 600,000 children in Nigeria are suffering from acute malnutrition, with about half at risk of progressing to severe acute malnutrition—a condition that makes children nine to…

Monday, 05 May 2025 04:32

More public outrage against EFCC, GTBank over continued detention of VDM

Deji Adeyanju, legal counsel to social media influencer Martin ‘Verydarkman (VDM)’ Otse, has criticised the Economic and Financial Crimes Commission (EFCC) for his client’s continued detention amid growing public outcry. PREMIUM TIMES gathered that Adeyanju posted about his client’s arrest on his social media pages on Friday. Adeyanju disclosed that VDM was arrestedby the anti-graft agency at a Guaranty Trust Bank (GTBank) branch alongside C-Pack. He raised the alarm hours after VDM posted on his Instagram page that he and his mother were at GTBank to seek clarification over persistent debits from her account. In a statement issued by Adeyanju’s…

More...

Sunday, 04 May 2025 04:54

Nigeria's GDP Per Capita plummets to $824, less than half 1960 levels, AfDB president says

African Development Bank (AfDB) President Akinwumi Adesina has revealed that Nigeria's economic situation is more dire than commonly understood, with GDP per capita having fallen to just $824—significantly lower than the $1,847 recorded at independence in 1960. Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos on Thursday, Adesina emphasized that "Nigerians are worse off than 64 years ago" and called for a radical transformation of the country's economic model. Despite being Africa's largest economy by GDP, Nigeria's economic foundation remains fundamentally flawed and unsustainable, according to the AfDB chief. He attributed this decline to…

Sunday, 04 May 2025 04:51

Nigeria bids farewell to Ayo Adebanjo, voice of the voiceless, stalwart of true federalism

Nigeria on Saturday paid its final respects to Pa Samuel Ayo Adebanjo, the late elder statesman, nationalist, and leader of the Pan-Yoruba socio-political group, Afenifere, in a ceremony marked by glowing tributes, national reflection, and calls for purposeful leadership. The funeral, held at St. Philip’s Anglican Church in Isanya-Ogbo, Ijebu, Ogun State, drew an assembly of prominent Nigerian political figures, clerics, and civil society leaders. Among the dignitaries present were former President Olusegun Obasanjo, former Vice President Yemi Osinbajo, Labour Party’s 2023 presidential candidate Peter Obi, and governors Dapo Abiodun (Ogun), Babajide Sanwo-Olu (Lagos), and Seyi Makinde (Oyo). Also in…

Saturday, 03 May 2025 04:40

Meta threatens to shut down Facebook, Instagram from Nigeria over $290m fines. Here’s the lose-lose scenario for both Nigeria and Meta

Meta Platforms Inc., the parent company of Facebook and Instagram, has warned that it may be compelled to shut down its two major social media platforms in Nigeria following a series of hefty fines totaling over $290 million and what it describes as “unrealistic” regulatory demands from Nigerian authorities. The crisis stems from regulatory actions taken by three Nigerian oversight bodies: the Federal Competition and Consumer Protection Commission (FCCPC), the Nigerian Data Protection Commission (NDPC), and the Advertising Regulatory Council of Nigeria (ARCON). The FCCPC levied the largest fine—$220 million—for alleged anti-competitive practices. The NDPC fined Meta $32.8 million for…

Friday, 02 May 2025 05:03

May Day: Tinubu admits hunger, unemployment, insecurity are real as Labour demands urgent reforms

President Bola Tinubu has openly acknowledged the severe economic hardship facing Nigerians, admitting that hunger, unemployment, and insecurity are real and demand urgent solutions. His admission comes as workers nationwide marked May Day amid skyrocketing living costs, mass job losses, and escalating violence. Speaking through the Minister of Labour and Employment, Muhammad Dingyadi, at the Workers’ Day celebration in Abuja, Tinubu stated: “I am aware of the peculiarities of the economic hardship Nigerians face—rising living costs, hunger, insecurity, unemployment, and the loss of livelihoods. These challenges are real and demand definitive solutions.” Dire Statistics Highlight National Crisis The President’s acknowledgment…

Page 1 of 225

News

More...

Search

Most Read

Editorial

News

Business

Politics

Opinion

Features

Strangely

Crime

Wars

SCIENCE & TECH

SPECIAL REPORTS

Sports

VIDEOS