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Nigeria’s growth forecast has been reduced from 3.3 percent to 2.9 percent in 2023 and 3.1 in 2024 respectively, with negative effects of high inflation on consumption taking hold. The cut is contained in the World Economic Outlook released at the Annual Meeting of the IMF/World in Marrakesh, Morocco on Tuesday. The growth forecast for 2023 is revised downward by 0.3 percentage points, reflecting weaker oil and gas production than expected, partially due to maintenance work. The World Bank had cut Nigeria’s 2022 growth forecast to 3.1% from a previous forecast of 3.8% in 2022. In its last Nigeria Development…
“For the past three months now, I haven’t fueled my car,” Fabian Dike, who runs a retail outlet selling wine and other alcoholic beverages, tells TheCable in Owerri, the Imo state capital. He says his car has been parked because he can no longer afford to maintain it. In the past, he filled his tank with N15,000, but today, almost N50,000 will be needed to do the same. He is not alone, millions of citizens nationwide are making lifestyle changes to survive in the “new” Nigeria. From Ibadan to Yola, from Lokoja to Cross River, from Port Harcourt to Lagos,…
London-based Financial Times publication says there are signs of President Bola Tinubu’s economic reforms not going as planned. In an editorial, the publication noted that although Tinubu started well by removing fuel subsidy and moving towards a market-driven exchange, events in the past four months show that more work has to be done. “In removing a costly fuel subsidy and in shifting towards a market-driven exchange rate, which has sharply weakened a previously overvalued currency, he has gone some way towards persuading investors he is serious about reform. But four months into his presidency, there are signs of things going…
Seyi Tinubu, the son of President Bola Tinubu, was on Sunday flown to Kano in a presidential jet to watch the finals of this year’s edition of the Kano International Polo Tournament. Witnesses say the presidential jet conveying Seyi Tinubu and his friends landed in Kano around midday on Sunday. He was said to have been received at the airport by some officials of the presidency, the Kano State government and the Kano Polo Club. He was thereafter chauffeured to the Usman Dantata Polo Ground amidst tight security provided by gun-wielding detachments of the Nigeria Police Force and the State…
Nigeria's national oil firm NNPC Ltd has again become the sole importer of petrol because local private firms are unable to obtain foreign currency, its chief executive said on Monday, four months after imports were opened up to private players. Mele Kyari also said the government had not reintroduced a decades-old petrol subsidy scrapped at the end of May, despite concerns from investors of a de facto return as pump prices have not moved since July, despite a more than 30% rise in oil prices. Africa's largest oil exporter, Nigeria, imports nearly all its fuel as it does not refine…
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu. Tinubu had announced the removal of fuel subsidy on his first day in office, leading to increase in fuel price from N197 to between N480 and N570, the pump price was subsequently reviewed upward to N620. However, there were reports that the price would go up as a result of fluctuation in the global oil market. There were reports that the federal government intervened to prevent further rise in pump price, but the government denied this. However, Daily Trust…
Yoruba nation agitator, Sunday Adeyemo, better known as Sunday Igboho, has regained his freedom from the Beninese authorities. The embattled agitator said on Sunday he was now legally free to leave Cotonou, capital of the Benin Republic, to Nigeria and other countries. “I am now free to return to Nigeria and visit any country in the world. I have fulfilled all the legal conditions attached to my bail a few years back and I am coming home to Nigeria, my country of origin, any moment from now. “I can confirm to you that I am now free to come back…
Corporate Lawyer and industrialist, Christopher Oladipo Ogunbajo, is dead. He was aged 99. The late Ogunbanjo was born in 1923. He would have been 100 years old in December. Reputed for promoting and nurturing industrial ventures, the late industrialist, in the late 1960s, was among the group of businessmen who supported local equity participation in foreign firms operating in Nigeria. He was an early advocate of domiciliary accounts in Nigeria, which later came to existence through the promulgation of the Foreign Currency Decree 18 of 1985. He began his education at St Phillips Primary School, Aiyetoro, Ile-Ife before proceeding to…
Proscribed Indigenous People Of Biafra (IPOB) says it is ready to negotiate with the federal government over a peaceful separation of Biafra from Nigeria. IPOB is asking for a United Nations supervised referendum to extricate Biafra from Nigeria. Emma Powerful, IPOB spokesperson, announced the development in a statement on Saturday. Powerful said the agitation for a Biafra nation under IPOB began in 2012 without violence or criminality. He said IPOB has lost over 5,000 members and property worth over $1 billion as a result of the extreme use of force by Nigeria’s security agencies. “We the global family and movement…
Nigeria’s available power generation capacity has plunged by 2,324 megawatts due to deteriorating plants/units’ capacities and poor maintenance caused by liquidity challenges, among others, the Federal Government has said. It stated that though the country’s installed power generation capacity increased marginally, the quantum of available power crashed by over 2,300MW between 2015 and 2022. Muhammadu Buhari was Nigeria’s president during the period under review. Former President Buhari took over from Goodluck Jonathan who built the power capacity to the level bequeathed in 2015. An analysis of the latest 2022 Electricity Market Competition Report by The PUNCH on Friday, showed that…
June 09, 2025

Nigerian energy firm achieves 200,000 barrels daily output after Shell acquisition

Renaissance Africa Energy Company Limited (RAEC) announced it has successfully increased crude oil production beyond…
June 09, 2025

Northern leaders criticize Tinubu for focusing on 2027 re-election instead of national challenges

The Arewa Consultative Forum (ACF) has criticized President Bola Tinubu and the ruling All Progressives…
June 09, 2025

The two kinds of people in the world - and why it matters for leadership

Robert E. Siegel One provocative assertion I often make when teaching is that there are…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 09, 2025

Here’s the latest as Israel-Hamas war enters Day 612

Israel reveals tunnel under Gaza hospital, says body of Sinwar's brother found there The Israeli…
June 08, 2025

Let God back into the lab: Why science without God is failing us

David Rives In recent decades, a subtle and sinister revolution has occurred in our scientific…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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