News

Tuesday, 04 February 2025 04:36

Nigerian internet subscribers drop by 24.5m amid economic crisis

The Nigerian Communications Commission (NCC) reported a significant decline in internet subscribers to 139.28 million in December 2024, down 15% from 163.83 million in December 2023. This sharp decrease appears to coincide with Nigeria's deepening cost of living crisis, as many citizens struggle to afford basic telecommunications services. Economic Context The reduction in internet subscriptions reflects the broader economic challenges facing Nigerian consumers. The removal of fuel subsidies in 2023, combined with rapid currency devaluation and soaring inflation, has severely impacted household purchasing power. Many Nigerians have been forced to prioritize essential needs like food and housing over telecommunications services,…

Tuesday, 04 February 2025 04:35

FG threatens sanctions on oil producers exporting quotas meant for local refineries, tightens domestic supply rules

The federal government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced a strict ban on the export of crude oil allocated for domestic refineries, aiming to boost local refining capacity and reduce pressure on foreign exchange. The move comes as approximately 500,000 barrels per day meant for domestic refining have reportedly been diverted to international markets. New Regulatory Measures In a letter dated February 2, 2025, NUPRC Chief Executive Gbenga Komolafe warned that the commission will deny export permits for crude oil cargoes intended for domestic refining. Any changes to designated cargoes must receive express approval from the…

Tuesday, 04 February 2025 04:32

Nigeria Customs to reinstate 24-hour cargo clearance

The Nigeria Customs Service (NCS) has announced plans to reinstate 24-hour cargo clearance as part of its ongoing modernisation initiative, codenamed B’Odogwu. Speaking at a stakeholder engagement in Apapa on Monday, the Deputy Comptroller General (DCG) in charge of ICT and Modernisation, K.I. Adeola, highlighted the project’s transformative potential for Nigeria’s trade ecosystem. The B’Odogwu project, approved in May 2022 and ratified by the Federal Executive Council in April 2023, is structured as a 20-year public-private partnership (PPP) between the NCS and the Trade Modernisation Project unit. Adeola stressed that the initiative goes beyond technological deployment, aiming to build a…

Monday, 03 February 2025 04:08

Trump’s tariffs spark different responses from Canada, China

President Donald Trump has ordered new tariffs on imports from key trading partners, triggering contrasting responses from Canada and China. The measures include 25% tariffs on Canadian and Mexican imports and 10% on Chinese goods, set to take effect Tuesday. Canada's Prime Minister Justin Trudeau announced swift retaliation, unveiling countermeasures worth C$155 billion ($107 billion) on U.S. imports. C$30 billion in tariffs will be implemented immediately, matching Trump's timeline, with the remaining C$125 billion following in three weeks. The Canadian tariffs target American products including beer, wine, bourbon, fruits, and orange juice from Florida, along with clothing, sports equipment, and…

Sunday, 02 February 2025 04:36

Trump imposes tariffs on imports from Canada, Mexico, and China, cites ‘national emergency’

The Trump administration has announced new tariffs on imports from Canada, Mexico, and China, invoking the International Emergency Economic Powers Act (IEEPA) to justify the move. In an executive order signed on Saturday, President Donald Trump authorized the tariffs, which take effect on Tuesday. The order imposes an additional 25% tariff on imports from Canada and Mexico and a 10% tariff on imports from China. However, energy resources from Canada will be subject to a lower 10% tariff. According to the White House, the measure is a response to what the administration calls an “extraordinary threat” from illegal immigration and…

Saturday, 01 February 2025 04:22

PSC reverses earlier order, applies Civil Service retirement rules on senior police officers

The Police Service Commission (PSC) has announced the immediate retirement of senior police officers who are either above 60 years of age or have served for more than 35 years. This decision was made during an extraordinary meeting of the PSC’s management board, according to a statement released on Friday by Ikechukwu Ani, the commission’s spokesperson. Ani explained that the PSC reversed a previous decision made in September 2017, which had allowed police officers to have their date of appointment calculated from their enlistment date. The commission concluded that this earlier decision conflicted with Public Service Rule No. 020908 (i&ii),…

Friday, 31 January 2025 04:45

FIRS collected N21.6trn in 2024 - about half of 2022 collections in dollar value

The Federal Inland Revenue Service (FIRS) announced a revenue collection of N21.6 trillion for the year 2024, surpassing its target of N19.4 trillion. This was disclosed by the Executive Chairman of FIRS, Zacch Adedeji, during his keynote address at the opening of a two-day 2025 FIRS Management retreat held at Fraser Suites, Abuja, on Thursday. The Service has set a revenue target of N25.2 trillion for 2025. Comparative Analysis of FIRS Revenue in Dollar Terms While the revenue figures in Naira show significant growth over the past three years, a comparative analysis in US Dollars reveals the impact of the…

Friday, 31 January 2025 04:44

NHRC reports surge in Human Rights violation complaints

The National Human Rights Commission (NHRC) of Nigeria has documented a dramatic increase in human rights violation complaints throughout 2024, with total complaints exceeding 2 million cases. This represents a remarkable surge from just 1,147 complaints in January 2024 to 355,726 in December 2024. Key Developments Dashboard Implementation - Launched February 14, 2024 - Serves as a monthly analytical tool and graphical presentation system - Functions as both a data collection mechanism and advocacy platform - Provides comprehensive overview of human rights concerns across Nigeria Statistical Analysis The dramatic increase in complaints shows the following pattern: - January 2024: 1,147…

Thursday, 30 January 2025 04:49

Max Air grounded for 3 months following Kano incident

The Federal Government, acting through the Nigeria Civil Aviation Authority (NCAA), has imposed a three-month suspension on Max Air’s domestic operations following a recent incident involving one of its aircraft in Kano. The decision comes after a Max Air Boeing 737-400 aircraft, with registration number 5N-MBD, experienced a tyre burst upon landing at Mallam Aminu Kano International Airport on Tuesday, January 28, 2025, at approximately 10:51 PM. This marks the third incident involving a Max Air aircraft within the past three months. Although all 53 passengers on board were safely evacuated and no injuries were reported, the aircraft was temporarily…

Thursday, 30 January 2025 04:46

ECOWAS confirms formal exit of Mali, Burkina Faso, and Niger

The Economic Community of West African States (ECOWAS) has officially confirmed the withdrawal of Mali, Burkina Faso, and Niger from the regional bloc, marking the completion of their exit process. In a statement on Wednesday, ECOWAS announced that the withdrawal of the three junta-led states became effective on January 29, 2025. “The withdrawal of Burkina Faso, the Republic of Mali, and the Republic of Niger has become effective today, 29th January 2025,” the statement read. The decision follows the three countries’ joint announcement in January 2024 to leave ECOWAS after the bloc imposed sanctions and demanded a return to democratic…

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Wednesday, 29 January 2025 04:48

FG raises N669.94bn in January 2025 Bond auction

The Debt Management Office (DMO) has successfully raised N669.94 billion in its January 2025 Federal Government of Nigeria (FGN) bond auction, with N606.46 billion allotted across three different bond tenors. According to the results posted by DMO on X (formerly Twitter), the allocations were distributed as follows: - 19.30% FGN APR 2029: N78.86 billion at 21.79% yield - 18.50% FGN FEB 2031: N159.29 billion at 22.5% yield - 22.60% FGN JAN 2035: N368.31 billion at 22.6% yield The auction, which initially targeted N450 billion, was oversubscribed with strong investor interest across all tenors. The funds raised are intended to support…

Wednesday, 29 January 2025 04:47

Telecom users challenge 50% tariff hike in court as NCC remains silent

Nigerian telecommunications subscribers are taking legal action against the Nigerian Communications Commission (NCC) over its recent approval of a 50% increase in call and data tariffs, following failed attempts at negotiation. The National Association of Telecommunications Subscribers (NATCOMS), representing 157 million users, announced Tuesday its plans to file a lawsuit after the NCC failed to respond to their proposal to reduce the hike to 10%. The association had given the regulator a three-day window to reconsider its position. "Since we have not received any response, we are moving forward with the court process starting Wednesday," said NATCOMS President Adeolu Ogunbanjo.…

Wednesday, 29 January 2025 04:42

Omoyele Sowore to be arraigned in court for calling Egbetokun illegal IG

Activist Omoyele Sowore will be arraigned today (Wednesday) following charges brought against him by the Inspector General of Police (IGP), Kayode Egbetokun, over social media posts in which Sowore referred to Egbetokun as an “illegal IG.” The case is being heard before Justice Liman at the Federal High Court in Abuja. Sowore faces three counts under the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024. The charges stem from posts made on his verified X (formerly Twitter) account, where he allegedly described the IGP as “illegal IGP Kayode Egbetokun.” The police claim these statements were false and intended…

Tuesday, 28 January 2025 04:21

CBN exempts BDCs from 2025 licence renewal fees

The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 licence renewal fee for all Bureau De Change (BDC) operators. This decision was disclosed on Friday by Jonah Onojah, Director of the Financial Policy and Regulation Department, and takes immediate effect. In a statement, the CBN clarified that the waiver aligns with the newly introduced Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, as well as the ongoing transition to a revised regulatory framework for BDCs. The statement read: “This is to inform all existing Bureau De Change operators that, in line with…

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