The Federal Government has disbursed N15 billion in compensation to property owners affected by the construction of the Lagos-Calabar coastal highway. The payment is part of efforts to fast-track the controversial project, which has faced resistance due to concerns over displacement and environmental impact. The highway, spanning approximately 700 kilometers, is expected to enhance connectivity along Nigeria’s coastal regions, boosting trade and tourism. However, the project has drawn criticism, particularly over allegations of inadequate compensation, lack of transparency, and its impact on communities along the route. Minister of Works, Dave Umahi, stated that the compensation process was carried out in…
Author: Temitope N.
Despite recent price stability, aviation fuel in Nigeria remains costly, posing challenges for airlines and passengers alike. Industry experts note that while fluctuations have eased, the current rates still place a heavy financial burden on operators. The high cost of aviation fuel continues to drive up airfares, making domestic and international travel more expensive. Airlines have struggled to maintain profitability, with some adjusting flight schedules or increasing ticket prices to offset fuel expenses. Stakeholders in the aviation sector are calling for government intervention, including subsidies or local refining solutions, to reduce reliance on costly imports. The persistent high prices are…
Nigeria’s equity market saw a loss of N166 billion despite a reported drop in inflation, highlighting investor concerns over economic stability. The downturn was driven by sell-offs in key sectors, as traders remained cautious about market conditions. The decline in inflation, which was expected to boost investor confidence, did not translate into market gains. Analysts suggest that lingering economic uncertainties, including foreign exchange volatility and high interest rates, may have contributed to the bearish sentiment. Blue-chip stocks bore the brunt of the decline, with banking, manufacturing, and consumer goods sectors experiencing notable sell pressure. Market participants are closely watching upcoming…
Rotary International has announced a N500 million budget for humanitarian services in Nigeria in 2025. The funds will be directed toward various community-focused initiatives, including healthcare, education, and poverty alleviation. According to the organization, this investment aims to support underprivileged communities by providing medical aid, improving access to quality education, and implementing clean water projects. Rotary has a long-standing history of contributing to social development, and this latest commitment reinforces its dedication to uplifting vulnerable populations. Beyond financial aid, the group also plans to engage volunteers and partners in executing these initiatives effectively. Local chapters will work closely with communities…
Energy theft in Nigeria will now attract a fine of N300,000, according to the federal government’s new regulations aimed at curbing electricity losses. This move is part of broader efforts to address power sector inefficiencies and ensure fair billing for consumers. The penalty is targeted at individuals and businesses found guilty of illegal connections, meter bypassing, and tampering with electricity infrastructure. The government hopes that stricter enforcement will discourage such practices, which contribute to revenue losses and unstable power supply. Electricity theft has been a long-standing issue in Nigeria, with many consumers resorting to unauthorized connections due to high tariffs…
The Central Bank of Nigeria (CBN) has maintained the N100 fee on ATM withdrawals below N20,000, a decision that has sparked mixed reactions among bank customers. The policy, aimed at regulating cash transactions and encouraging electronic payments, has been in place despite calls for its review. Critics argue that the fee places an unnecessary financial burden on low-income earners who rely on smaller cash withdrawals for daily expenses. Many customers believe that rather than promoting financial inclusion, the charge discourages the use of ATMs, pushing more people towards cash transactions. However, banking experts suggest that the policy aligns with CBN’s…
Fiscal policy expert Taiwo Oyedele has criticized Nigeria’s tax laws, stating that they are not conducive to economic growth. He pointed out that the current tax system places an excessive burden on businesses and individuals, discouraging investment and slowing economic development. Oyedele highlighted multiple taxation, complex compliance processes, and inconsistent policies as major obstacles preventing businesses from thriving. He noted that rather than promoting economic expansion, the existing tax structure stifles entrepreneurship and deters foreign investors. To address these challenges, he urged the government to implement tax reforms that simplify processes, reduce multiple levies, and create a more business-friendly…
Nigeria is facing a severe economic downturn as its GDP per capita has declined by 72%, according to the International Monetary Fund (IMF). The report highlights worsening economic conditions driven by inflation, currency depreciation, and slow economic growth, which have significantly reduced the purchasing power of citizens. The IMF attributes the decline to structural weaknesses, including low productivity, high unemployment, and inadequate investment in critical sectors. The fall in GDP per capita indicates that economic growth has not kept pace with population expansion, leading to a drop in living standards for many Nigerians. Experts warn that without urgent policy interventions,…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to boost petrol exports as a strategy to curb inflation and stabilize the economy. The chamber emphasized that increasing the country’s refining capacity and export of petroleum products would reduce dependence on imports, ease foreign exchange pressure, and lower production costs. LCCI noted that Nigeria’s heavy reliance on imported fuel contributes to rising inflation, as fluctuations in global oil prices directly impact domestic costs. By strengthening local refining and exporting surplus petrol, the country could generate foreign exchange earnings while reducing the cost of fuel for…
A coalition of women farmers has launched a new initiative aimed at boosting rural agriculture and improving food security. The program focuses on providing small-scale female farmers with access to resources, training, and financial support to enhance productivity and sustainability in the agricultural sector. Speaking at the launch, representatives of the group emphasized the need for policies that empower women in agriculture, noting that they play a crucial role in food production but often face challenges such as limited access to land, credit, and modern farming techniques. The initiative seeks to bridge these gaps by offering training on climate-smart farming,…