Author: Aminu Ridwan

Nigerian states have collectively spent approximately N139.92 billion on external debt servicing in the first half of 2024, marking a significant increase from the N63.06 billion spent during the same period in 2023. This represents a 122% surge in debt service costs, largely driven by the devaluation of the naira. Data from the National Bureau of Statistics (NBS), sourced from the Federal Account Allocation Committee (FAAC), shows that states, which previously spent around N9 billion monthly in 2023, now allocate over N20 billion to service their external debt in 2024. The following are the top 10 Nigerian states with the…

Ogun State Governor, Dapo Abiodun, has expressed confidence that the commencement of fuel production by the Dangote oil refinery will eliminate persistent fuel shortages and bolster Nigeria’s economy by conserving foreign exchange. The 650,000 barrels per day refinery is set to start delivering petrol to filling stations within the next 48 hours, as final agreements with the Nigerian National Petroleum Company Limited are being formalised. In a statement by his Chief Press Secretary, Lekan Adeniran, Governor Abiodun emphasized that the refinery’s operations will end Nigeria’s long-standing dependence on fuel importation, which has caused significant challenges for over three decades. He…

Obanla Ridwan Olawale Huawei Technologies has entered into a strategic partnership with Nigeria’s Rural Electrification Agency (REA) to establish a solar photovoltaic (PV) test facility in the country. This collaboration is part of Huawei’s broader commitment to advancing clean energy solutions and supporting Nigeria’s renewable energy sector. The announcement was made during President Bola Tinubu’s visit to Huawei’s Beijing Research Centre, as part of his engagements at the ongoing China-Africa summit. During the visit, Huawei also unveiled its DigiTruck initiative, a mobile ICT classroom designed to enhance digital literacy in underserved Nigerian communities. The platform is expected to operate in…

Obanla Ridwan Olawale …Dangote Refinery to Supply 25 Million Litres in September The Nigerian National Petroleum Company (NNPC) Limited commenced the lifting of premium motor spirit (PMS) from the newly operational Dangote Refinery in Lekki, Lagos, on Tuesday, marking a significant milestone in Nigeria’s energy sector. The refinery, valued at $20 billion, is expected to play a pivotal role in addressing Nigeria’s petrol needs and easing the ongoing fuel scarcity across the country. Aliko Dangote, the president of the Dangote Group, emphasized the refinery’s capacity to not only meet Nigeria’s domestic demand but also supply the entire sub-Saharan region. Speaking…

Obanla Ridwan Olawale President Bola Ahmed Tinubu has congratulated 18-year-old Kwara-born badminton player, Eniola Mariam Bolaji, on her historic achievement at the Paris 2024 Paralympics. Bolaji, who won bronze in the women’s Para-badminton SL3 event on Monday, made history as the first African athlete to secure a medal in the sport at the Games. In a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu praised Bolaji for her courage and resilience, which she demonstrated in overcoming challenges to bring home Nigeria’s first medal at the Games. The President expressed gratitude to the young athlete…

Obanla Ridwan Olawale The Federal Government has refuted claims that the Ministry of Petroleum Resources directed the Nigerian National Petroleum Company Limited (NNPCL) to raise the price of petrol to N1,000 per liter. Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), made this clarification on Tuesday through a statement issued by his Special Adviser on Media and Communication, Nnemaka Okafor. “The Federal Government strongly denies the baseless and malicious claims circulating on social media,” Lokpobiri stated. “These allegations are completely unfounded and seem to be an intentional attempt to stir public unrest.” He emphasized that the NNPC…

Obanla Ridwan Olawale Economists are raising concerns over the Federal Government’s plan to increase its reliance on the Central Bank of Nigeria’s (CBN) Ways and Means advances to address revenue shortfalls. Experts warn that this move, led by President Bola Tinubu’s administration, could further strain the economy by exacerbating the ongoing cost-of-living crisis. Earlier this month, the National Assembly passed a bill allowing the CBN to double the percentage of Ways and Means loans it can provide to the Federal Government, increasing the cap from 5 percent to 10 percent of the previous fiscal year’s revenue. This legislative change was…

Obanla Ridwan Olawale Investors in Nigeria’s first foreign currency-denominated domestic bond will receive their allotments on Friday, following the closure of the $500 million bond offer. The Federal Government, along with its professional parties, concluded the proposal for the bond, which opened on August 19 and closed on August 30. The bond, a five-year instrument with a 9.75% annual interest rate, will be formally issued on September 6, marking the settlement date. Interest accrual and the bond’s tenure will begin from this date. The bond will be listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange, with bi-annual interest…

Obanla Ridwan Olawale In a remarkable achievement, Bolaji Eniola Mariam from Kwara State has become the first African athlete to win a Paralympic medal in badminton. This historic milestone was accomplished at the Paris 2024 Paralympic Games, where Bolaji’s performance earned her a place in the record books. Reflecting on her journey, Bolaji expressed deep gratitude to those who supported her along the way. “My time at the Paris 2024 Paralympic Games came to an end today, and I want to say a very big thanks to God, my family, my supporters, my coaches, my sponsors, and my state…

Obanla Ridwan Olawale The Dangote Group has announced that its oil refinery has commenced petrol production, marking a critical step towards stabilizing Nigeria’s fuel supply. This was confirmed by Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, in a statement on Monday. This development follows the refinery’s earlier announcement on August 22 that it was undergoing test runs, with full operations slated to begin by mid-September. The start of production had faced several delays between May and August. Back in May, Aliko Dangote, Africa’s richest man, had projected that the refinery would begin petrol production by June, eliminating…