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Manchester City vs Brighton 28-10-2026 20:30. |
Nigeria Centre for Disease Control, NCDC, has hinted that the 2027 general election might be postponed due to the Ebola outbreak in Nigeria.https://dailypost.ng/2026/10/26/ebola-why-2027-elections-might-be-postponed-ncdc/
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Nigerians consumed the lowest amount of petrol in August amidst skyrocketing prices of the product, Daily Trust can report. Analysis of the factsheets released by the Nigerian Midstream showed that the average consumption of 41.6 million litres of petrol consumed in August was 31 percent reduction from the 60.2 million litres consumed in January. While analysis showed consumption wavered from month to month as there is no consistency in the drop, Daily Trust reports that the rising price of petrol has made many Nigerians to jettison their vehicles or stop the use of petrol-fueled generators. Even though the price increase was triggered by the US-Iran war which disrupted fuel supply, most Nigerians have accused the federal government of exposing Nigerians to bear the brunt of the war while other countries have introduced some sort of subsidy to protect their citizens. FCT: Rising transport fares threaten children, teachers’ school attendance INEC to decide on Pantami, Gwarzo, Adebutu, others October 29 A breakdown of the eight months average consumption showed that consumption was highest in January with a daily average of 60.2 million litres consumed. This could be due to the yuletide festivities. Consumption dropped to a daily average of 56.9 million in February and it went down to 47.3 million in March. It however, increased to 51.1 million in April and further dropped to 46.3 million in May. Consumption went back up to 47.4 million in June and it maintained the increase to 48.3 million in July before dropping to 41.6 million in August. PMS supply Ironically, the month of August saw one of the highest daily average PMS supplies into the local market with 50.5 million litres supplied daily. A breakdown showed that 64.9 million litres was supplied daily in January before crashing to 32.5 million in February. It increased to 40.1 million in March and 44.4 million in April and 47.4 in May. It increased significantly to 50.6 million in June but dropped to 45.5 million in July before rising to 50.5 million in August. The report also showed that Dangote supplied 40.1 million litres per day of PMS in January while NNPC and other independent marketers imported 24.8 million. In January, Dangote supply increased to 29.4 million while import dropped to 3m. In March, Dangote’s supply increased to 34.2 million but import increased to 5.9 million. For April, Dangote’s supply was 40.7 million litres while importers supplied 3.7 million. May also saw Dangote’s increase to 41.5 million, importers also increased their supply to 5.9 million. But Dangote reduced its supply to 32.5 in June while importers increased theirs to 18.1 million and the same pattern was followed in July with Dangote reducing supply to 25.8 million while importers increased supply to 19.7 million. August saw Dangote’s supply increased to 35 million while importers reduced supply to 14.6 million. NNPCL’s discount While the government had introduced a N66 per litre discount for Nigerians in October to ease the rising price of the product, most Nigerians have said the discount is inaccessible to everyone and the amount is too little to have an impact on the prices of goods and services. Daily Trust had reported that commercial transport operators across the country have expressed disappointment over the petrol discount at the Nigerian National Petroleum Company Limited (NNPCL) retail outlets, saying the intervention has yet to provide meaningful relief from high operating costs. The transporters said the discount was too small to significantly reduce their operating costs and difficult to access because of the procedures involved. Some also complained that spending time queuing for discounted petrol could reduce their working hours and the number of trips they make daily. Daily Trust reports that on October 8, 2026, the federal government announced a 31-day discount on petrol sold at NNPCL retail outlets, with priority given to public transport operators nationwide. The announcement generated debate over whether the intervention amounted to a return of petrol subsidy, which President Bola Ahmed Tinubu ended on May 29, 2023. The federal government, however, maintained that the discount is not a subsidy. “We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance, with priority for public transporters nationwide. It’s not a subsidy; the government is saying we sell to you at a cost,” the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said while announcing the initiative. However, nearly two weeks after the announcement, commercial transport operators who spoke to Daily Trust said they had yet to feel any significant impact from the initiative. https://dailytrust.com/petrol-consumption-hits-record-low-amid-rising-prices/ |
Today, I presented brand new 2026 Prado to my committed selected youth leaders to aid their election mobilisation activities. I am grateful to my Mummy, H.E Mrs Oluremi Tinubu for her continuous support to the party structure under my leadership. The party is supreme and that supremacy will show in our action in this election period - we will deliver polling unit by polling unit. https://x.com/dayoisrael/status/2114383440703373608 Modified: Dayo Israel has deleted the video following backlash Nigeria's First Lady Oluremi Tinubu Donates Campaign Buses To APC Youth Leadershttps://x.com/NTANewsNow/status/2114404936138281199
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Seems President Tinubu is delusional, Nlfpmod! |
“I hear my opponents talking about hunger and poverty. Who created it? They did! To you, the children of our country, it’s a promise of a second term – prosperity; you will not regret it." -President Bola Tinubu speaking today at the APC Kaduna campaign flag-off. #CTVTweets
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Erling Haaland! |
Wherever Nigerians congregate in the diaspora, conversations about our country almost invariably gravitate toward electricity. That was what happened after I delivered a keynote address at the University of Texas Rio Grande Valley on October 1. The Nigerians I met there agreed with me that perhaps the greatest incubator of poverty and underdevelopment in our country is the absence of stable, reliable electricity.Study Journalism Two Nigerian professionals at the university, an engineering professor and a pharmacist, urged me to devote a column to the subject and help make it a defining issue in the 2027 elections. I told them I had written several columns about Nigeria’s electricity woes. They knew. They wanted me to write another one. One of them later sent me a scholarly study of how India, which is several times Nigeria’s size, and which often competes with Nigeria for the dubious distinction of being the poverty capital of the world, has brought electricity to nearly all its households.Shop African Art I have often wondered why Nigeria’s political class treats electricity as an irritating inconvenience that can be managed with occasional sterile speeches, ministerial reshuffles and grandiose promises. The power crisis has arrested our development, strangled innumerable talents and made the ordinary business of living needlessly expensive. It ought to be the defining issue of every election. During the 2023 presidential campaign, Bola Ahmed Tinubu told a Nigerian Economic Summit Group audience that “a common screwdriver can create a path to fortune if electricity is taken care of.” One of my compatriots in Texas told me the remark impressed him enough to support Tinubu.Follow Politics I can understand why. The screwdriver was an unusually evocative trope. Think of the mechanic, the machinist, the carpenter, the barber and the hairdresser who have skills, energy and enterprise but whose work is perpetually interrupted by darkness. Give such people dependable electricity and their modest tools can become instruments of prosperity. Take it away and you force them to spend much of their earnings buying fuel to power their own little electricity companies. At the groundbreaking of the Gwagwalada power plant in August 2023, Tinubu described electricity as “the greatest human invention of the last 1,000 years” and said Nigeria could never become an industrial powerhouse without it. He understood the problem well enough to speak movingly about it. So, what happened to the electricity he promised?Track Exec Orders His choice of Adebayo Adelabu as minister of power offered an early clue. Adelabu had been a deputy governor of the Central Bank, but his consuming political ambition was to govern Oyo State. He saw his ministerial appointment no more than a pathway to the realization of his ambition. In April this year, he resigned to pursue that ambition. The power sector he left behind remained as benighted as he met it. His successor, Joseph Tegbe, inherited the same chronic crisis. Nigerians are entitled to judge the president by the electricity delivered to their homes and businesses, whatever names appear on the ministerial door.Shop African Art A 2024 National Bureau of Statistics survey of nine states found that grid-connected households received an average of just 6.61 hours of electricity a day. Households outside the grid had no such six hours to count. As recently as August 2026, the Nigerian Electricity Regulatory Commission recorded average grid generation of only about 4,102 megawatts. For a country of Nigeria’s size and possibilities, this is a monumental embarrassment. In a May 18, 2024, column titled “Nigeria’s Economic Apartheid in Electricity Consumption,” I called the government's stratification of electricity consumers into bands a form of economic apartheid. The official categories promise Band A consumers at least 20 hours of electricity a day and Band E consumers just four. Our government has bureaucratized chronic darkness and given its degrees impressive alphabetic names. Its ambition should be Band A electricity for everybody.Follow Politics Compare our circumstances with India’s. A 2022 scholarly study by Debajit Palit and Atul Kumar reported that about 400 million Indians lacked electricity in 2011. By 2019, India had achieved near-universal household electrification. The country then worked to make those connections useful. Its government reports that average rural electricity supply rose from 12.5 hours a day in 2014 to 22.6 hours in 2025. Urban residents now receive an average of more than 23 hours. India accomplished this through determined government investment in the prosaic infrastructure politicians rarely find glamorous: substations, transformers, feeders and distribution lines. Its Saubhagya program connected roughly 28.6 million households. It strengthened distribution companies, attacked losses and used public financing to get electricity to people whom the market alone had little incentive to serve. The scholarly study identified enabling government policies and financial support among the most important drivers of electrification.Shop African Art South Africa, which I visited in May 2024, supplies another instructive example. Only a few years ago, its rolling blackouts had become a national torment. The government made room for independent electricity producers, removed licensing obstacles and encouraged private investment in generation. Meanwhile, Eskom repaired and improved its existing plants. On October 2 this year, Eskom reported more than 500 consecutive days without nationwide load shedding. Nigeria should find that achievement particularly humiliating. Our electricity crisis has consequences that go well beyond the inconvenience of sitting in darkness. It shrinks our imagination of what is possible. Hospitals spend fortunes generating their own power. Businesses that should be expanding spend their capital on diesel. Digital work, automation, refrigeration, precision manufacturing and countless conveniences of modern existence are made prohibitively costly or impossible. Nigerians are compelled to pay a private tax to subsidize government incompetence every time they start a generator. The engineering professor I met in Texas gave me an illustration that has stayed with me. A computer-controlled Haas vertical milling machine, the sort used to produce sophisticated automobile components, can cost around $100,000. He estimated that running such a machine in Nigeria for 12 hours daily on diesel-generated electricity could consume about ₦155,400 in fuel each working day. Over 25 days, that is nearly ₦3.9 million in diesel alone. That is money a manufacturer elsewhere might spend hiring employees, buying materials or expanding production.Shop African Art Imagine how many Nigerian inventions die before they are born because the inventors cannot afford the electricity required to make them real. Imagine the jobs that never materialize, the workshops that never open and the economic possibilities that evaporate with every blackout. We have normalized a gigantic national tragedy. The 2023 Electricity Act has already given states wider powers to establish and regulate electricity markets. Governors, now flush with more money stolen from the poor in the name of subsidy removal, can no longer hide behind Abuja as if electricity were exclusively a federal affliction. They should be required to show what they intend to do with their new financial and jurisdictional powers.Access Services I would like every governor and every aspirant to publish a credible plan to add, as an ambitious starting benchmark, 200 megawatts of generation capacity within four years, subject to each state’s resources and a serious feasibility study. Tell us whether it will come from gas, solar, hydro or some combination. Tell us where the plants, substations and distribution networks will be built, who will finance them and how electricity will reach the people who need it. A promise to “attract investors” is political noise until someone shows us the financing, the agreements and the timetable.Follow Politics Tinubu also told Nigerians during the 2023 campaign not to vote for him for a second term if he failed to keep his electricity promise. His spokesman, Bayo Onanuga, has since reminded us of a caveat in the original statement: “unless I give you adequate reasons why I couldn’t deliver.” Well, Nigerians deserve those reasons now. They also deserve explanations from every politician who wants their votes in 2027. Whoever finally liberates Nigeria from the tyranny of darkness will have struck perhaps the greatest blow against poverty in our modern history. Tinubu’s common screwdriver is still waiting for the electricity that will turn it into a path to fortune.Track Exec Orders https://www.farooqkperogi.com/2026/10/electricity-should-decide-nigerias-2027.html?m=1 |
Manchester City down by 1-0! |
Aston Villa vs Manchester City 24-20-2026 12:30 pm. |
Putinofrussia:Use your brain too, is it the world, that make it impossible for farmers to go to farms! |
It is funny APC is just alive to people's suffering and giving 90 days discount, Nlfpmod! |
The National Economic Council has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investment across Nigeria.https://punchng.com/nec-approves-90-day-plan-to-reduce-cost-of-living/
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Beginning of the end is it! |
Ọ̀sun APC to Boycott PCC Inauguration The Ọ̀sun State chapter of the All Progressives Congress (APC) has said it was not officially briefed about the inauguration of the State Presidential Campaign Committee for President Bola Ahmed Tinubu’s re-election bid ahead of the January 16, 2027 election. In a statement signed by the state APC Chairman, Sooko Tajudeen Lawal, the party said it only became aware of the committee’s composition through a list of names posted on social media by Governor Ademola Adeleke’s spokesperson, Olawale Rasheed, less than 24 hours before the scheduled inauguration. The party described the short notice and lack of prior consultation with its state leadership as inappropriate for an exercise of such national importance. It expressed concern that the arrangement could create unnecessary misunderstanding between the APC and Governor Adeleke, who was appointed to coordinate President Tinubu’s re-election campaign in Ọ̀sun State. The party also alleged that unveiling the committee without engaging its leadership could be a ploy to set the state chapter against the President, insisting that the presidential campaign should be handled with proper official protocols. Despite its reservations, the Ọ̀sun APC reaffirmed its commitment to Tinubu’s re-election, describing the campaign as a collective responsibility that should not be treated with levity. The party acknowledged that Adeleke’s appointment as state coordinator could strengthen the President’s chances through collaboration among political parties, but stressed that all arrangements must be properly coordinated to achieve the desired results. #InsideOsogbo https://x.com/InsideOsogbo/status/2113219345115476220 |
PRP candidate blames poverty, unemployment for kidnapping, banditry The presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has described Nigeria as a failed state, citing worsening poverty, unemployment, insecurity and economic decline. Duke said he decided to contest the 2027 presidential election because he could no longer remain on the sidelines while the country’s challenges deepened without offering himself as an alternative. Speaking in an interview on Tuesday, the former Cross River State governor said he was driven by what he described as the urgency of rescuing Nigeria from its current trajectory.Buy Maps “You get to a point in your life where you say, ‘Either I walk away or I do something.’ “There is no guarantee that you will win. But I don’t want to look back and say that all these things happened and I did nothing,” he said. Duke said Nigeria could not afford another four years of what he described as its present economic and social decline. “I talk about the urgency of now because I don’t think we can go on like this for another four years,” he said. He added that his campaign would focus on policy options and solutions to the country’s challenges rather than personalities. “What I want to do is focus on those who aspire to lead this nation on addressing the issues that affect us and how we can resolve them. “I talk about the options. I talk about the real issues. I don’t want to talk about personalities,” he said. On insecurity, Duke argued that Nigeria’s security challenges could not be separated from the economy’s failure to create enough opportunities for its growing population.Buy Maps “If we don’t address these issues squarely and fundamentally, we’re already a failed state. There’s no question about it. “Look at what is happening — banditry, terrorism, kidnapping and all sorts of conflicts. These are symptoms of a state that is unable, not only to properly articulate its challenges, but to deal with them,” he said. Explaining his assessment, Duke said the existence of a government and public institutions did not necessarily mean that a state was meeting its responsibilities to citizens. “What is the definition of a failed state? Fundamentally, it is a state that fails to meet the aspirations of its people. “You may still have a government and institutions, but if the state cannot protect the people and provide the environment in which they can live productive lives, then it is failing them,” he said. He added that victims of kidnapping would have little reason to be concerned about academic debates over the definition of a failed state when they had experienced the consequences of insecurity. “Talk to someone who has been kidnapped. That person does not need you to explain the definition of a failed state. His experience has already told him what failure of the state means,” he said. Middle class disappearing Duke also lamented what he described as the virtual disappearance of Nigeria’s middle class, arguing that economic pressures had left many households struggling to meet their daily needs.Buy Maps “You have perhaps one per cent who are genuinely wealthy and then a huge number of people struggling around or below the poverty line. “The so-called middle class does not really exist anymore. Many of those we call middle class are only surviving from day-to-day. Let there be one serious emergency and they crumble,” he said. He said businesses were contracting while new enterprises were not emerging fast enough to absorb the growing number of people entering the labour market. “Businesses are contracting. New ones are not springing up the way they should. At the same time, we are turning out graduates every year and adding more people to the working population, but there is no work for them to do,” he said. The PRP candidate also linked poverty and unemployment to kidnapping and banditry, arguing that efforts to tackle insecurity would remain inadequate without addressing the underlying economic conditions. “When it comes to banditry and kidnapping, poverty and unemployment are at the bottom of much of it. “We keep reacting to these crises instead of asking what is producing them. We are too reactive in our governance. Governance is not just about today; it is about laying the foundation for tomorrow,” he said. Oil output, population growth Duke said another issue the presidential campaign should address was whether Nigeria’s economy had expanded sufficiently to support its growing population. Comparing the country’s crude oil production with its population growth, he said Nigeria’s economic capacity had not kept pace with the number of people it needed to support.Buy Maps “In 1980, Nigeria was producing about 2.5 million barrels of oil a day. Forty-six years later, we are producing around 1.7 million barrels, while our population has tripled. “So you have to ask: has the economy expanded enough to carry the population? Clearly, it has not,” he said. He argued that Nigeria’s population should be an economic asset if citizens had access to quality education, employment and opportunities to contribute productively to the economy. “Our numbers ought to be an asset. But a large population is an asset only when you can educate the people, employ them and make them productive,” he said. Duke warned that continued economic hardship could encourage more Nigerians with the means to emigrate, while those remaining in the country faced mounting pressure.Buy Maps Why I returned to Nigeria The presidential candidate said his ambition was also rooted in his decision decades ago to return to Nigeria after studying and working in the United States. “I had the opportunity in my twenties to remain in America. I went to school there and worked there for a while. “But I voluntarily decided that was not where I wanted to be. I believe the Almighty put me in Nigeria for a reason. I believe in this country’s possibilities, and this is where I believe I should contribute,” he said. Duke said the same conviction informed his decision to contest the Cross River governorship election in 1999 and had now motivated him to seek the country’s highest political office.Follow Politics “I wanted to prove then that we were better than what we were putting forward. From experience, I know Nigeria can be a very successful nation,” he said. https://www.vanguardngr.com/2026/10/nigeria-already-a-failed-state-middle-class-gone-duke/ |
wazklin:If you change your switch over from EKEDC, How will your meter read, simple Physics, no current! |
Nlfpmod! |
Dr. Sanuth, Director of Sanitation and Services Department (SSD), Ministry of The Environment and Water Resources, has refuted reports circulating on social media regarding his alleged appointment as the new Managing Director of the Lagos Waste Management Authority (LAWMA). In an official disclaimer statement on his status, Dr. Sanuth described the reports as entirely baseless, and unfounded. AI in sports video 2AI in sports video 2 According to him, “I have become aware of news circulating that I have been appointed Managing Director (MD) of LAWMA.Read Daily News “I wish to state categorically that this information is false and unfounded. “I have not been appointed to that position, and I urge everyone to disregard the rumour and refrain from circulating unverified information,” Dr Sanuth stated. While expressing gratitude to colleagues and members of the public who reached out with goodwill messages, he stressed the critical need for verifying information through official channels before sharing news with the public.Read Daily News ”I appreciate the goodwill and confidence of those who may have shared or reacted to the news, but it is important that facts are established before information is disseminated,” he added. https://www.vanguardngr.com/2026/10/sanuth-denies-lawma-md-appointment-reports/
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EKEDC is really stealing from people, Nlfpmod! |
*EKEDC IN DESPERATION* ___________ I installed an 18kW solar power system at my property in Lekki Phase 1, relegating EKEDC supply to a backup status. Since then, I have been having more frequent visits from personnel of Eko Electricity Distribution Company (EKEDC), coming to check my prepaid meter. On one of those visits, the EKEDC team stood watching the meter for motion to indicate consumption. When the meter wasn't moving, they called me to say they suspected I had bypassed the meter. I told them I had enough solar power for my daytime needs and only used their supply as a backup for the dark hours. To prove this to them, I switched on my inverter bypass for about 2 minutes so my consumption would be from EKEDC. They saw the meter rotating normally. They were visibly upset and one of them mumbled something like _"This ọ̀gá no wan gree us chop"_. They left. Today (19-Oct-2026), three of them came to my premises with a notice of disconnection. The last time I loaded an EKEDC token was in July 2026 and I still had ample units left. When I asked why they would disconnect me, they said the reason was "LOR" (Loss of Revenue). They said my slow consumption indicates a faulty meter and I had to pay them ₦112,606 for loss of revenue. I told them my meter was not faulty and that they could test it if they wanted. The lady said they were losing revenue and they had to make up for it. I didn't know whether to laugh or to be angry. I have no intention of paying EKEDC a dime for its loss of revenue due to my taking steps to protect my interest. But, I share this story for all who are investing in solar power to know that the DisCos are now desperate. They now have "Loss of Revenue" as a reason for your disconnection from their supply. It is simply that they are not making enough money from you. I am waiting for EKEDC to disconnect me from their grid before I lodge a formal complaint to the regulatory authority. We are in interesting times in Nigeria! Raphael Awoseyin 19-Oct-2026 Solar Power User Accuses EKEDC Of Demanding ₦112,606 Over ‘Loss Of Revenue’https://www.tvcnews.tv/solar-power-user-accuses-ekedc-of-demanding-%E2%82%A6112606-over-loss-of-revenue/
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Can this story be true, Nlfpmod! |
“The APC has more problems within than outside. Meanwhile, the opposition is resilient, tough and talking big.” — Senator Ali Ndume, APC, Borno South. When warnings like this come from inside the ruling party, they deserve attention.
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Manchester City vs AEK Athens 20-10-2026 8:00 pm. |
Babajide Sanwo-Olu, governor of Lagos, has reportedly asked Muyiwa Gbadegeshin, managing director of the Lagos Waste Management Authority (LAWMA), to resign over the accumulation of refuse on roads across the metropolis.https://www.thecable.ng/sanwo-olu-asks-lawma-md-to-resign-over-lagos-waste-crisis/
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Death is the end of all men! |
He was a great man and did well, Nlfpmod! |
The development comes months after the former governor’s family dismissed reports circulating on social media that he had died. Former Delta State Governor, Dr. Emmanuel Uduaghan, is dead, multiple sources close to his family have told SaharaReporters. The sources confirmed the news to SaharaReporters on Monday, although details surrounding his reported death remained sketchy as of the time of filing this report. “Uduaghan is no more; he is dead,” one of the sources said. The development comes months after the former governor’s family dismissed reports circulating on social media that he had died. In June, false reports claiming that Uduaghan had passed away spread across Facebook and WhatsApp, triggering concern among residents and political stakeholders in Delta State. The reports began circulating on Wednesday, June 26, prompting his media aide, Henry Unini, to publicly debunk the claims and assure the public that the former governor was alive. “I can tell you for a fact that Dr. Emmanuel Uduaghan is alive,” Unini said at the time. “Frankly, I don’t know where the writer got his information from. The death of someone is not something you take and write about casually.” Unini also recalled an incident involving the late Chief Nnamdi Azikiwe, who reportedly heard a news announcement of his own death and expressed surprise, questioning why the person who published the report had failed to verify the information with the appropriate sources. The media aide acknowledged at the time that the former governor had been experiencing health challenges but maintained that he was receiving medical attention. “It is now common knowledge that Dr. Emmanuel Uduaghan has been sick, but he is receiving proper medical care,” Unini said. He added that Uduaghan was recuperating and assured the public that there was no immediate cause for concern. “There is no cause for alarm whatsoever,” he said. Unini also expressed appreciation to friends, well-wishers and residents of Delta State who contacted the family to verify the former governor’s condition. He urged them to continue praying for Uduaghan and his family, adding that further updates would be made available to the public when necessary. The aide also cautioned against spreading unverified information, describing the earlier reports of the former governor’s death as unnecessary. “The rumour was uncalled for,” he said. As of the time of filing this report, SaharaReporters had yet to obtain further details about the circumstances surrounding Uduaghan’s reported death. He was 71. https://saharareporters.com/2026/10/19/breaking-former-delta-governor-emmanuel-uduaghan-dead?
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said financial markets and the international community have largely written off Nigeria’s opposition political parties as unserious, with investors already pricing in the prospects of President Bola Tinubu securing a second term and expecting continuity in his economic reforms. This is just as the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, also said policy consistency and transparency were essential to sustaining investor confidence, as improvements in economic and foreign exchange stability created better conditions for long-term investment. Meanwhile, the African Democratic Congress (ADC) has called on President Tinubu to explain the $12.4 billion gap, an equivalent of about N16.5 trillion, in Nigeria’s external accounts identified in the World Bank’s October 2026 Nigeria Development Update. Oyedele and Cardoso spoke at the closing press briefing of the IMF/World Bank Annual Meetings in Bangkok, Thailand, where the CBN governor said policy consistency would be critical to attracting long-term capital, sustaining economic stability and accelerating growth. On his part, Oyedele argued that investors’ expectations of continuity under Tinubu had influenced their assessment of Nigeria’s economic outlook, including their response to opposition proposals to restore fuel subsidies. “In all the meetings I have had, I came to a conclusion that the markets, including the domestic market, which you can read from the capital market, and the international market, have largely written off the opposition in Nigeria as being unserious. That is why they have not priced in the proposed return of subsidy,” he said. He added that any indication that the president intended to restore the subsidy would immediately be reflected in market prices. Related News: Tinubu Rules Out Fuel Subsidy Return, Directs States To Cut Transport Fares By October 1 Edun Rules Out Subsidy Return Despite Oil Revenue Gains, Warns Of Rising Global Pressures Obaseki Heads Out on Medical Vacation Following Completion of Second Term “So, maybe the international and domestic markets are aware about who is sincere about Nigeria and what direction they should travel,” he said. “As I said, the markets and the international community have been pricing in the prospect of a second term for the President, and they expect continuity in the reforms.” The minister’s comments followed repeated questions from investors about whether the government would sustain its policies as Nigeria approaches another election cycle. He said concerns about possible policy reversals had featured prominently in his engagements with investors in Thailand and during two visits to London, particularly over whether electoral pressures could force the administration to abandon its reform agenda. “Throughout the meetings we have had this week, as well as those I attended before now, including two visits to London to meet investors, one question has repeatedly come up: Are you going to reverse your reforms? Are you under pressure because of elections?” he said. According to Oyedele, the government remained committed to the reforms, which he described as necessary to restore macroeconomic stability and lay the foundation for sustainable growth. He said the next phase of the economic programme would focus on translating the gains in stability into stronger investment, lower financing costs, job creation and improved economic opportunities for Nigerians. Oyedele said private investment had increased twentyfold since the reforms began, rising from about $300 million in 2023 to $6 billion in 2026. He also highlighted improvements in Nigeria’s external position, saying net reserves had risen from barely $3 billion to more than $45 billion, representing a fifteen-fold increase. Oyedele ruled out a return to fuel subsidies and multiple exchange rates, warning that reversing the reforms could undermine investor confidence, trigger capital flight and put renewed pressure on the naira. “Let me be clear: there will be no return to fuel subsidies or multiple exchange rates,” he said. “If, for any reason, Mr President were to say today that we were considering bringing back fuel subsidies, what happened in Indonesia would be child’s play in comparison,” he said. “At the end of the day, capital would leave because investors understand what such a decision means.” He argued that capital flight could intensify pressure on the foreign exchange market and weaken the naira, with the consequences ultimately borne by ordinary Nigerians. “When capital leaves, the foreign-exchange market will come under pressure, and the naira will crash. The exchange rate could move to N3,000, N3,500 or N4,000 to the dollar,” he said. Oyedele said such a development would worsen the economic pressures facing households. The minister also defended the Nigerian National Petroleum Company Limited’s recent temporary reduction in petrol retail margins, insisting that it was a commercial decision rather than a subsidy financed with public funds. “The recent temporary reduction in the retail margin on fuel was a time-bound commercial decision by the Nigerian National Petroleum Company Limited to reduce margins and support Nigerians,” he said. “It is not a subsidy paid for with public funds.” He explained that a company’s decision to reduce its profit margin to lower prices should not automatically be classified as a subsidy. “If you offer a discount by reducing that profit margin, how does that become a subsidy?” he asked. Cardoso: Policy Consistency, Transparency Critical to Investor Confidence Meanwhile, Cardoso has stressed that policy consistency and transparency were essential to sustaining investor confidence, as improvements in economic and foreign exchange stability created better conditions for long-term investment. Cardoso said Nigeria was seeking to deepen financial cooperation with China to attract more Asian investment into its markets and improve cross-border payments, settlement arrangements and trade finance. He disclosed that discussions with the Governor of the People’s Bank of China, Pan Gongsheng, had focused on practical ways to strengthen cooperation among financial institutions in both countries. Cardoso said China’s developed payments infrastructure offered lessons for Nigeria, while stronger financial links could facilitate trade and investment between the two economies. He said the discussions would be followed by technical engagements during his forthcoming visit to Beijing, where officials would examine specific areas of cooperation and identify initiatives capable of delivering practical results. The CBN governor said Nigeria was particularly interested in attracting Chinese capital into its financial markets, noting that investment in Nigerian financial instruments had remained limited despite the substantial liquidity available in China. “Finally, bear in mind that, despite the considerable liquidity available in China, there has not been much investment in Nigerian financial instruments over time,” he said. “This could be an opportunity to change that trajectory and generate greater interest from Asian markets in Nigerian instruments and African instruments generally.” Cardoso said the initiative formed part of a broader effort to strengthen Nigeria’s financial relationships with Asian economies and expand the pool of capital available to domestic markets. World Bank Report: ADC Asks Tinubu-led Govt to Explain ‘Missing’ $12.4bn Meanwhile, the ADC has called on President Tinubu to explain the $12.4 billion gap, equivalent to about N16.5 trillion, in Nigeria’s external accounts identified in the World Bank’s October 2026 Nigeria Development Update. In a statement issued yesterday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said Tinubu owed Nigerians a clear account of the discrepancy, especially as families struggling with the cost-of-living crisis were forced to account for every naira. Citing the report, the ADC said Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026. The party said these inflows should have strengthened the country’s reserves, but the report instead identified a $12.4 billion gap. Abdullahi said the World Bank attributed the gap, in part, to oil export earnings that were not repatriated. He added that the report noted that the repatriation of export proceeds remained limited, partly because Nigerian oil had been pledged against several long-term loans. “The scale is staggering,” the ADC said. “This unexplained gap is larger than the entire current-account surplus for the same period. It is about 5.6 times the $2.2 billion Nigeria attracted in foreign direct investment. In naira terms, it is almost a quarter of the N68.32 trillion 2026 federal budget. “This cannot be dismissed as a minor accounting discrepancy. President Tinubu welcomed this report. He cannot celebrate one part of the report and stay silent on a gap bigger than the surplus that he and his government are celebrating. “Due to President Tinubu’s failed policies, families across Nigeria are forced to skip meals and account for every naira just to survive. Meanwhile, money that could have eased their hardship is currently unaccounted for. Tinubu owes Nigerians an explanation. “Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources.” The ADC called on the federal government to publish a full public reconciliation of the $12.4 billion gap and disclose all oil-backed loans and pledged crude commitments. It also demanded updated net reserve figures and clear evidence that higher revenues were improving essential services such as health, education and power. “President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the party said. https://www.arise.tv/oyedele-says-markets-expect-tinubus-second-term-rules-out-return-to-fuel-subsidy/? |
This is very insensitive from Jide Kosoki, because of free money dished out by government, Nlfpmod! |
“Things are not as bad as some people made you to understand…. Before tinubu came, what were they eating?….” — Actor Jide Kosoko dismisses hunger in the land, mocks hungry citizens.
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A former spokesperson to ex-Vice-President Yemi Osinbajo, Laolu Akande has dismissed claims by Babachir Lawal that former President Muhammadu Buhari considered Osinbajo’s 2023 presidential ambition “highly immoral and distasteful”.https://www.vanguardngr.com/2026/10/buhari-offered-to-support-osinbajos-presidential-bid-four-times-akande-counters-babachir-lawal/#google_vignette
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