Top News

Nigerian stocks accelerated at their swiftest pace so far this year on Tuesday as the main equity index rose by 5.2 per cent and the value of shares appreciated by over N1.5 trillion.

Analysts say the jump was helped by positive sentiments that followed new policy directions by the new administration in the country.

Investors warmed to President Bola Tinubu’s planned economic reforms, particularly his resolve to scrap costly fuel subsidies and unify Nigeria’s multiple exchange rates, with transaction volume increasing by 133 per cent and turnover more than doubling.

Nigeria’s dollar bonds accelerated on Monday, a day after newly inaugurated President Bola Tinubu vowed to harmonise the country’s multiple interest rates.

Mr Tinubu promises to take key monetary policy decisions in order to draw investors and end fuel subsidies which have eroded the government’s revenues for years.

Eurobonds, which have 2047 as their maturity, had risen 3.9 per cent to 67.1 cents on the dollar as of 12:30 p.m. in London, according to Bloomberg. Those due in 2049 added 3.4 per cent, while debts maturing in 2051 climbed 4 per cent.

The Federal Competition and Consumer Protection Commission on Tuesday said it will ensure that filling stations sell petroleum products in compliance with the law to prevent hardship on Nigerians.

The commission made this known Tuesday in a statement signed by Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer.

Nigerians have had difficulty getting petrol at filling stations since Monday after President Bola Tinubu announced government’s plan to put an end to the subsidy regime.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has cautioned Nigerians not to panic over subsidy removal, saying it has enough petroleum products to meet the country’s demand.

The NMDPRA said this in a statement on Tuesday by its General Manager, Corporate Communications, Kimchi Apollo.

The statement was issued against the backdrop of the government’s declaration that it will put an end to the fuel subsidy regime.

The Nigerian National Petroleum Company Limited (NNPC Ltd) says the decision to remove subsidy on petrol, popularly called fuel, by President Bola Tinubu is a welcome development.

The Group Chief Executive Officer (GCEO), NNPC Ltd, Mele Kyari, made this known at the NNPC Ltd. Towers in Abuja while briefing journalists late Monday night after the pronouncement by the president.

President Bola Tinubu, who on Monday was sworn in as Nigeria’s president, has said his administration is aiming to expand the country’s gross domestic product (GDP) by “not less than 6 per cent”.

The president also unveiled a plan to harmonise the nation’s multiple exchange rates as part of the broad plan to transform Africa’s largest economy.

Election observer group, Yiaga Africa, has raised concerns over voter inducement, apathy and electoral violence ahead of the Ekiti governorship election.

The group is also concerned about the imbalance in the distribution of voters to polling units as the electoral umpire, INEC, is yet to address concerns about oversized polling units.

These were contained in a pre-election statement by the group on Friday.

Bashir Maru, former deputy chief of staff to Zamfara State governor, has accused the governor of gifting vehicles bought to support security agencies in the state to his cronies and members of his family.

In a statement, Mr Maru also accused the governor, Bello Matawalle, of plotting to have him arrested.

He also said he has evidence that will reveal the beneficiaries of the Toyota Hilux vehicles.

At least, 20,802 out-of-school children including girls and Almajiris in three local governments of Katsina State will benefit from N332,833,000 support from the United Nations Children’s Fund (UNICEF) as part of efforts to improve school enrollment in the state.

The local government areas to benefit from the Educate a Child (EAC) Cash Transfer Programme for Out of School Children, as the financial aid is called are: Kafur, Mani and Safana.

As part of its Hunger Crisis Appeal project, the Nigerian Red Cross Society (NRCS) has set up 140 Mothers Clubs to tackle acute hunger and malnutrition in local communities in the North-west and North-central regions of the federation.