LIST OF REASONS

Sources close to Dangote Petroleum Refinery explained that the refinery's plans to import crude oil was because of insufficient supply from the Nigerian National Petroleum Company (NNPC) Limited. Despite the naira-for-crude deal initiated by President Bola Tinubu, which allows refineries to buy crude oil in local currency, the NNPC struggles to meet the refinery’s massive daily crude requirement. Currently producing 500,000 barrels per day (bpd), the refinery aims to scale up production to its full capacity of 650,000bpd by mid-2025. However, the available supply from the NNPC falls short of this demand, necessitating the exploration of external crude oil sources to bridge the gap.   The refinery’s officials assert that the decision to import crude does not reflect a failure on the part of the NNPC but rather highlights the sheer scale of their operations. The refinery’s capacity significantly exceeds that of most refineries globally, making it one of the largest in t...

World Bank stated that despite its positive projection of Nigeria’s economy growing by 3.5% in 2025 and 3.7% in 2026, significant risks threaten the nation’s full economic recovery due to persistent inflationary pressures, a weakened Naira, high debt-servicing costs, and insufficient fiscal buffers. The report underscores that while macroeconomic reforms have improved business confidence and contributed to modest growth, structural challenges still pose considerable threats to long-term stability and prosperity.   The report revealed that Nigeria’s economic growth reached 3.3% in 2024, driven primarily by a vibrant services sector, with financial and telecommunications services playing a central role. This sectoral performance was bolstered by macroeconomic adjustments, including fiscal reforms and a tightened monetary policy to curb inflation. One of the pivotal actions taken was the elimination of the implicit foreign exchange subsidy, which followed the unificatio...

The Oyo State Government stated that there is critical need for citizens to cooperate with security operatives in order to ensure that the security efforts of the government yield the desired results. Governor Seyi Makinde explained that such cooperation is essential to prevent tragedies like the devastating Bodija explosion of January 16, 2024, which claimed lives and destroyed properties. The explosion, which occurred at Dejo Oyelese Close, Adeyi Avenue, Bodija, Ibadan, resulted from explosives improperly stored in a residential building. Governor Makinde highlighted that early information from vigilant residents could have averted the disaster. Therefore, citizens’ proactive collaboration with security agencies is paramount to preventing similar incidents.   On the first anniversary of the explosion, the governor reflected on the tragic event that shook the entire city during a match of the African Cup of Nations. The loud blast reverberated across Ibadan, creating ...

Bosun Tijani, the Minister of Communications, Innovation and Digital Economy stated that the primary reason the telecom tariff hike must not exceed 60% is because it will be harmful to citizens who are dependent on the telecom services. Bosun Tijani made this clear during a recent appearance on Channels TV, where he addressed concerns about rising telecom service prices in Nigeria. According to Tijani, while telecom operators have pushed for a 100% increase in service charges to offset operational challenges and rising costs, the government cannot approve such a drastic hike due to its potential economic impact on citizens. Instead, the minister confirmed that the government has limited the allowable tariff increase to a range of 30% to 60%. He emphasized that this moderate adjustment is designed to ensure affordability while still allowing service providers to remain sustainable. Under the proposed 60% maximum hike, the cost of making phone calls, sending SMS, and accessing data will ...

The Anambra State House of Assembly stated that it passed a bill establishing the Anambra State Agunechemba security outfit in order to strengthen internal security and combat rising crime across the state. According to lawmakers, the decision was driven by the need for a proactive, community-based security structure to address growing insecurity, including kidnapping, armed robbery, and cultism, which have plagued various parts of the state. The bill is expected to enhance safety across Anambra’s 21 local government areas, providing a comprehensive framework for crime prevention and intelligence gathering. During the plenary session where the bill passed its first, second, and third readings, Speaker Somtochukwu Udeze commended members of the Assembly for their dedication in deliberating on the legislation. He praised their resolve in addressing security challenges head-on and acknowledged Governor Chukwuma Soludo’s commitment to ensuring Anambra remains a peaceful and crime-free stat...

Media reports stated that the shocking reason Bollywood actor Saif Ali Khan was rushed to the hospital early Thursday morning after confronting an intruder who broke into his Bandra residence was because he sustained multiple injuries. Khan, known for his roles in numerous blockbuster films, sustained multiple stab wounds during the altercation. The attack, which reportedly occurred during an attempted burglary, left the actor with serious injuries, including a knife lodged in his spine. The dramatic and violent nature of the incident, along with its implications for celebrity safety, has sparked widespread media coverage and public concern. Mumbai police confirmed that the intruder entered Khan’s residence using a fire escape, bypassing the building’s security measures. The assailant reportedly first confronted a maid inside the flat before being intercepted by the actor himself. A violent struggle ensued, during which Khan was stabbed six times. Despite his serious injuries, the int...

Media reports explained that the massive internet reaction to the recent ban on Red Dye 3 by the Food and Drug Administration (FDA) in the US was because many people welcomed the decision to prohibit the dye in food, drinks, and drugs due to its potential health risks, and at the same time criticized the delay in taking action despite decades-old research linking it to cancer. This blend of emotions created the perfect storm for an online response filled with memes, commentary, and humor, reflecting broader societal feelings about powerlessness and control. Red Dye 3, also known as Red Dye No. 3, is a petroleum-based coloring agent used in over 2,800 products, from candies to sodas. Although it was banned for use in cosmetics years ago due to its link to thyroid cancer in animals, it remained a staple in food products in the United States. The FDA has acknowledged its harmful effects on animals but has not definitively stated that humans are equally at risk. Nevertheless, the combinati...

First City Monument Bank (FCMB) stated that it appointed Felicia Obozuwa as its new Executive Director, Corporate Services and Service Management, because of her passion, expertise, and commitment to excellence. The bank emphasized that her strong drive for delivering superior service, coupled with her vast experience in banking, made her the perfect choice to lead strategic initiatives that would enhance its operational efficiency and foster sustainable growth. Her appointment, approved by the Central Bank of Nigeria (CBN), reflects the institution’s confidence in her ability to strengthen its corporate services framework. Obozuwa brings nearly three decades of professional experience and a proven track record of success in consumer, corporate, and commercial banking. She currently oversees critical areas, including service management, operations, human resources, administration, and project management. Her leadership style, characterized by her passion for innovation and excellence, ...

Ola Aina, Super Eagles defender and a key player for Nottingham Forest stated that Liverpool was fortunate to escape with a draw during their Premier League clash on Tuesday night at the City Ground because of a lucky corner that led to their goal, emphasizing that Forest’s solid defensive performance should have earned them a more favorable outcome. Reflecting on the match, Aina pointed out that while Liverpool had numerous shots on target, the resilience of Forest’s defense was crucial in keeping the scoreline level. His assessment highlights the progress Forest has made as a team, demonstrating why the players left the pitch feeling more disappointed than celebratory despite securing a point against one of England’s top clubs. The mood within the Nottingham Forest camp after the game revealed their growing ambitions. Unlike past seasons, when a draw against Liverpool would have been hailed as a major accomplishment, the reaction this time was more subdued. Aina’s comments on social...

The House of Representatives stated that the loss of revenues that should flow into the Nigerian government's coffers is because of weak audit and accounting systems. According to Bamidele Salam, Chairman of the House Public Accounts Committee (PAC), these deficiencies are creating loopholes that fuel corruption, undermining government efforts to generate revenue needed for national development. Speaking during a budget defense session with the Office of the Auditor General for the Federation (OAuGF), Salam emphasized that addressing these structural weaknesses is key to improving financial management and reducing reliance on borrowing. Salam explained that ineffective auditing practices allow major ministries, departments, and agencies (MDAs) to operate without adequate oversight, leading to impunity and financial mismanagement. He noted that several major agencies have not been thoroughly audited in recent years, creating a risk of unchecked corruption and revenue leakages. Accor...