Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria currently spends $600 million on petrol importation monthly. Edun spoke on Tuesday during an interview on AIT’s Moneyline programme. The minister, however, reiterated that there is no petrol subsidy in the 2024 budget. “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 percent was only getting four percent of the value, and basically, they were not benefitting at all. So it was going to be just a few,” he said. “Another point that I think is important…

Some state governments and private sector investors are pumping over $10 billion into the construction of new deep and river seaports. However, there are concerns from the declining ship traffic and import volume into Nigeria. The shrinking volume of port business – caused by weaker naira, FX instability, and volatile exchange rate for clearing – is threatening the viability of about seven new port projects currently under different stages of development. Despite economic headwinds being responsible for a lull in business activities at the ports, state governments and private investors are still betting on the new ports, putting billions of…

The seventh day of nationwide protests in Nigeria, under the banner of #EndBadGovernance, was marked by tragic incidents, official responses, and strategic shifts by protest organizers. The demonstrations, which began on August 1, 2024, continue to highlight citizens' grievances over economic hardships and government policies. Key Developments: 1. Military Admits to Fatal Shooting in Zaria: - The Nigerian Army confirmed that a soldier fatally shot 16-year-old Ismail Mohammed during a protest in Samaru, Zaria, Kaduna State. - The incident occurred despite an ongoing curfew in the area. - The army stated that the soldier fired a warning shot that unfortunately…

As the #EndBadGovernance protests in Nigeria entered their sixth day, the movement continued to evolve across different parts of the country, with varying levels of intensity and diverse forms of expression. Here's a comprehensive overview of the situation: 1. Rivers State: - Protesters stormed the Eleme-Onne section of the East-West Road, a crucial route connecting Port Harcourt to key business facilities. - The demonstration disrupted vehicular movement, highlighting issues of poverty, hunger, and high food costs. - Protesters demanded job creation, infrastructure development, and revival of local refineries. - Some demonstrators gathered at former Governor Nyesom Wike's residence in Port…