Author: Ogochukwu Ndubuisi

FG Launches Major Overhaul of Electricity Distribution Companies The Federal Government of Nigeria has launched a major initiative to overhaul the country’s electricity distribution sector, starting with a pilot reform of two underperforming Distribution Companies (DisCos). Mr Bolaji Tunji, Special Adviser, Strategic Communications and Media Relations to the minister of power in a statement in Abuja on Monday, said that the Pilot scheme of the overhauling would begin with the two underperforming DisCos. Tunji quoted the Minister of power, Mr Adebayo Adelabu, as disclosing the plan after a meeting with the Japanese International Cooperation Agency (JICA), who presented a roadmap…

UN Cash-Strapped as U.S. Owes $1.5bn Dues, Others $900m The UN says it is undergoing some dire financial strain amid growing global challenges, Secretary-General António Guterres has said. Guterres, while briefing Member States in New York on Monday about the state of the multilateral body, pushed for wide-ranging structural reforms to cut costs and enhance the world body’s effectiveness. According to information provided by the UN Controller to the General Assembly’s Fifth Committee (Administrative and Budgetary), only $1.8 billion had been received against the $3.5 billion regular budget assessments for 2025. This amounted to a shortfall of around 50 per…

Nigeria’s Economy Improving Due to Reforms—World Bank Taimur Samad, World Bank’s Acting Country Director for Nigeria, has stated that the Nigerian economy is improving due to the country’s commitment to sustained reforms. Samad made this statement based on the latest Nigeria Development Update (NDU) report, titled “Building Momentum for Inclusive Growth”, released on Monday in Abuja, which highlighted several key indicators of progress. He said these include a stable exchange rate, rising foreign reserves, and improved fiscal conditions. He said the improvements in fiscal conditions were primarily driven by increased federation revenues, which had contributed to the positive economic outlook…

Naira Gains as Non-Bank Corporate Drives FX Inflows The naira gained against the dominant US dollar in the foreign exchange window of the Central Bank of Nigeria (CBN) as demand pressures reduced at the beginning of the week. Data from the Nigeria Foreign Exchange Market (NFEM) of the CBN showed that the daily official spot FX rate climbed to N1600.4396 per dollar after a $270 million FX intervention last week. Trading activities were consummated between the range of N1,595 and N1,605, according to intraday spot FX data. But the exchange rate worsened in the parallel market, closing at N1,635 from…

Nigeria Opens N300bn Worth of Sukuk for Subscription The Federal Government of Nigeria (FGN) has opened N300 billion worth of 7-year Sukuk for investors’ subscription at a rental rate of 19.75%, according to the Debt Management Office (DMO) offered document. The Sharia-compliant investment instrument, Sukuk, offered with 7-year tenors ending in May 2032, was opened for subscription on May 12 and scheduled to close on May 20, according to DMO. The DMO offer document showed that the minimum subscription has been set at ₦10,000 and in multiples of ₦1,000 per unit, thereby promoting inclusivity. The authority record showed that the…

Nigeria to End Foreign Shipping Waivers The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced plans to end the issuance of waivers under the Coastal and Inland Shipping Act 2003. Oyetola made this known on Sunday in a statement by his spokesperson, Dr Bolaji Akinola, following a meeting with a delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore. The meeting took place at the Ministry in Abuja and reaffirmed Oyetola’s commitment to reversing the over-reliance on waivers for foreign vessels in Nigerian waters. The visit coincided with the official unveiling of Unity Shipping World (USW), a new…

Trump to Lower Pharmaceutical Prices by 30% to 80% U.S President Donald Trump said he would sign an executive order to lower prices of prescription drugs and pharmaceutical products. “Prescription Drug and Pharmaceutical prices will be reduced, almost immediately, by 30 per cent to 80 per cent,” Trump said in a social media post. They will rise throughout the World in order to equalise and, for the first time in many years, bring fairness to America The U.S. president said he would sign the executive order, which he said would be one of the most consequential in U.S. history, at…

Energy Security: NNPC, Dangote Petroleum Refinery Strengthen Partnership The Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery and Petrochemicals have pledged to deepen collaboration on Nigeria’s energy security. The aim according to them is to also advance shared prosperity for Nigerians. The commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr Aliko Dangote to the Group CEO of NNPC Ltd., Mr Bashir Ojulari, and members of the company’s Senior Management Team at the NNPC Towers. The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, in a statement on Friday said the…

FG, World Bank launch $500m irrigation, power project The Federal Government has inaugurated the Steering Committee for the Sustainable Power and Irrigation for Nigeria (SPIN) project aimed to enhance national food security, water management, and climate resilience. The project, valued at $500 million and supported by the World Bank, aims to deliver large-scale multi-purpose infrastructure for irrigation and hydropower generation. Speaking at the inaugural meeting in Abuja on Friday, the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, who co-chairs the Steering Committee alongside the Minister of Power, said the initiative aligned with the Renewed Hope Agenda of President…

Digital Economy Contribution to GDP Will Rise to 21%- Tijani The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, says President Bola Tinubu is making significant efforts to raise Nigeria’s Gross Domestic Product (GDP) through increased contributions from the digital economy. Tijani made the disclosure on Thursday during a visit to his alma mater, Anglican Grammar School, Onikolobo, Abeokuta. According to him, the digital economy currently contributes between 16 per cent and 18 per cent to Nigeria’s GDP, with a strategic aim of increasing this to 21 per cent. “This means more jobs and opportunities. For the first…