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Nigerians Won’t Pay Estimated Billing For Electricity If I’m President — Tinubu

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Bola Ahmed Tinubu, presidential candidate of the All Progressive Congress (APC), says Nigerians will not have to deal with the challenge of multiple foreign exchange (FX) rates if he is elected president.

Tinubu spoke at luncheon with business owners titled ‘business forward’ on Thursday in Lagos.

Currently, Nigeria operates two foreign exchange (FX) markets: one is the official central bank rate, while the other is at the parallel section also known as black market.

Although the parallel segment is more accessible to traders and businesses who need FX, the Central Bank of Nigeria (CBN) has consistently maintained that it represents less than one percent of forex transactions and should never be used to determine the exchange rate.

Speaking at the event, Tinubu said if he is elected, Nigerians would no longer pay estimated billing for electricity.

Estimated billing is a type of electricity payment system whereby the distribution companies (DisCos) do the billing without the aid of any meter (postpaid or prepaid). This usually results in over-charging customers for power consumed.

“By all means, you must have electricity. And you won’t pay for estimated billing anymore. When I become president, multiple exchange rates will go away. Write it down,” he said.

“My discussion today is to inspire so that the promise of today can be a reality tomorrow. We promise you, we will bring prosperity to Nigeria.”

Speaking further, the presidential candidate promised to take bold decisions that will turn the economy around, including removing fuel subsidy, saying Nigeria will not continue to subsidise fuel consumption in neighbouring countries.

He said he would convert challenges to opportunities for development.

“How can we be subsidising fuel consumption of Cameroon, of Niger, of Benin Republic. No matter how long you protest, we are going to remove subsidy. We can do it. We are educated enough,” Tinubu said.

The former Lagos governor also pledged that his government would give room for private the sector to thrive.

He said his government would not interfere in areas the private sector is doing well.

“Our guiding principle regarding economic policy shall be to provide the right policy framework so that business can flourish,” Tinubu said.

“But I want to do more than help existing businesses to exist. We must create the space where new sectors and lines of business can open. We must grow this economy so that it can accommodate over 200 million people with a decent standard of living.

“My government will collaborate with the private sector to bring about massive infrastructural renewal that enhance economic opportunities, lower business cost and overheads while producing jobs that spur further growth and development through increased consumer demand. This is the virtuous economic cycle we seek to create.

“From our national infrastructural campaign to our national portable water campaign and plans to reticulate major dams, our intention is to leverage public private partnerships to attract private sector investment along the critical path leading from modernisation of infrastructure to realization of sustainable, yet significant economic growth.

“Please also note the various sectors in which we have promised fiscal incentives, tax breaks, tax credits, rebates and access to finance.

“My aim is to develop local manufacturing and value-added businesses. My aim is to deepen consumer lending, increase affordable housing and provide business owners with low-cost loans to modernise operations and improve productivity.  My aim is to reform the structural foundation of our economy. To accomplish this major feat, government and the private [sector] must work hand in hand.

“Our policy will further stimulate our world-leading start-up ecosystem. I want our brilliant entrepreneurs to continue to innovate our people out of poverty and lead us towards the path of prosperity.”

BIG STORY

“I No Longer Identify As Nigerian” — Kemi Badenoch Finally Denounces Nigerian Citizenship

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Kemi Badenoch stated that she no longer identifies as Nigerian and does not possess a passport from the country.

The Tory leader, who was raised in Lagos and has Yoruba roots, mentioned that she has not held a Nigerian passport for about twenty years. Badenoch explained that although she knows the country “very well” and maintains an interest in its affairs, she believes her “home is where my now family is”.

While speaking on the Rosebud podcast, she said: “I have not renewed my Nigerian passport, I think, not since the early 2000s. I don’t identify with it any more, most of my life has been in the UK and I’ve just never felt the need to.”

She continued: “I’m Nigerian through ancestry, by birth despite not being born there because of my parents, but by identity, I’m not really. I know the country very well, I have a lot of family there, and I’m very interested in what happens there. But home is where my now family is, and my now family is my children, it’s my husband and my brother and his children, in-laws. The Conservative Party is very much part of my family, my extended family, I call it.”

Following the death of her father, Femi Adegoke, a doctor, in 2022, Badenoch said she had to obtain a visa to travel to Nigeria, describing the process as a “big fandango”.

She was born in a private hospital in Wimbledon, South West London, in 1980 before her parents took her to Nigeria. She was among the last to benefit from Britain’s birthright citizenship rule, which was abolished by Margaret Thatcher the following year.

Badenoch recalled feeling both British and Nigerian during her upbringing in Lagos. She said: “Finding out that I did have that British citizenship was a marvel to so many of my contemporaries, so many of my peers.”

She added that the reason she returned to the UK was a difficult one, saying it was because her parents believed “there is no future for you in this country”.

She also remembered “never quite feeling that I belonged there” while in Nigeria.

Badenoch has faced criticism from Lagos politicians over remarks she has made about Nigeria. She has often referenced her experiences in a country affected by corruption, military rule, and described Lagos as a place where “fear was everywhere”.

In December, Nigeria’s vice-president remarked that Badenoch “has every right to remove the Kemi from her name” if she was not “proud” of her Nigerian roots.

A spokesperson for Badenoch later clarified that she “stands by what she says” and that she is “not the PR for Nigeria”.

Arriving in the UK at age 16 to study, Badenoch shared on the podcast that she did not face racial discrimination in Britain “in any meaningful form”.

She said: “I knew I was going to a place where I would look different to everybody, and I didn’t think that that was odd. What I found actually quite interesting was that people didn’t treat me differently, and it’s why I’m so quick to defend the UK whenever there are accusations of racism. I did not experience prejudice in any meaningful form. That doesn’t mean prejudice doesn’t exist, that it doesn’t happen, many people do. But I didn’t, not seriously.”

She described the parliamentary group as an “extended family with lots of drama”.

She added: “I do see the Conservative Party as family, so much of what we do goes beyond party policy. It’s instinct, we recognise each other, we have the same sort of squabbles, and it’s why when people ask me about plots I just think, ‘eh, this is extended family stuff’. Anybody who’s got an extended family with lots of drama will recognise that.”

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BIG STORY

FG, States Launch Grassroots Development Scheme To Tackle Poverty, Unemployment

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The federal government and state governors have introduced a new initiative — the renewed hope ward development programme — aimed at creating employment, enhancing food security, and alleviating poverty.

The initiative was introduced on Thursday during a session of the national economic council (NEC) chaired by Vice-President Kashim Shettima in Abuja.

Reports indicate that the scheme is designed to directly empower at least 1,000 economically active individuals in every ward across Nigeria, thereby stimulating grassroots economic growth.

While addressing the press after the meeting, Atiku Bagudu, minister of budget and economic planning, said President Bola Tinubu, who was present at the meeting, described the programme as “a historic next step” in the administration’s reform agenda.

“Having stabilised the macroeconomy, the next step is to drill development down to the lowest levels so that, in all 8,809 wards, we can stimulate economic activity that will generate employment, reduce poverty, enhance food security, and strengthen social protection,” Bagudu said.

He noted that the programme will be co-funded by the federal, state, and local governments, capitalising on rising revenues from the federation account and complementing other development initiatives.

Bagudu explained that the project is grounded in Chapter Two of the Nigerian constitution, which compels all levels of government to harness national resources and encourage a self-reliant economy.

He referred to the effort as “a federation project” and said NEC approved his ministry to coordinate the programme as its secretariat.

Citing the recent International Monetary Fund (IMF) Article IV report, he pointed out that Tinubu’s reforms — including the removal of petrol subsidies, unification of foreign exchange (FX) markets, and improved revenue mobilisation — have strengthened Nigeria’s economic foundations.

“Mr president believes that to reduce poverty and food insecurity, we must invest collaboratively in the creative energy of Nigerians in every ward. Having achieved macroeconomic stability, this programme is the natural next step,” he said.

Hope Uzodinma, governor of Imo state, also spoke and confirmed the council’s unanimous support for the initiative, describing it as a tool to ensure reforms reach “the common man on the street.”

“The country is earning more money now, and so are subnational governments,” Uzodinma said.

“The president brought a programme that will fast-track the process of this additional money making a bigger impact by trickling down to the grassroots.

“This is how Nigerians will begin to feel the renewed hope agenda at their level.”

He highlighted that Tinubu’s reform policies are beginning to yield positive outcomes and emphasised the need to channel those benefits to the grassroots.

Uzodinma also mentioned that NEC deliberated on environmental impact assessments for major infrastructure projects, such as the Lagos-Calabar coastal road and the Sokoto-Badagry highway.

He said the council plans to establish a committee to align federal and state actions for the swift execution of these projects.

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BIG STORY

Trump Hits Nigeria With 15% Tariff In Revised Global Trade Blitz

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Nigeria, along with several other African nations, has been subjected to a 15 percent import tariff following a broad executive directive issued by United States President Donald Trump.

The White House disclosed the updated reciprocal tariff framework on Thursday.

Back in April, Trump had introduced extensive tariffs on various international trade partners, placing a 14 percent duty on Nigeria.

The implementation of these “reciprocal” tariffs was initially delayed for 90 days to allow time for bilateral trade negotiations, with the new deadline set for August 1.

Despite the extensions, most discussions did not lead to any new trade arrangements, prompting the enforcement of higher tariffs as part of Trump’s updated global trade strategy.

Across Africa, the United States was unable to finalize a single trade agreement, despite considerable efforts made by officials from both sides.

While countries explored options to navigate the tariff challenges, Trump also placed travel bans on multiple African nations.

Nigeria was not part of the original list, but was eventually included as the policy developed further.

Yusuf Tuggar, Nigeria’s minister of foreign affairs, mentioned that West African countries had intentions to enhance trade relations with the US but saw the travel bans as a major hindrance.

Here is the breakdown of the revised tariff categories:

10% – Falkland Islands, United Kingdom, and all other nations excluded from the executive order
15% – Afghanistan, Angola, Bolivia, Botswana, Cameroon, Chad, Costa Rica, Côte d’Ivoire, Democratic Republic of the Congo, Ecuador, Equatorial Guinea, Fiji, Ghana, Guyana, Iceland, Israel, Japan, Jordan, Lesotho, Liechtenstein, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Nauru, New Zealand, Nigeria, North Macedonia, Norway, Papua New Guinea, South Korea, Trinidad and Tobago, Turkey, Uganda, Vanuatu, Venezuela, Zambia, Zimbabwe
18% – Nicaragua
19% – Cambodia, Indonesia, Malaysia, Pakistan, Philippines
20% – Bangladesh, Sri Lanka, Thailand, Taiwan, Vietnam
25% – Brunei, India, Kazakhstan, Moldova, Tunisia
30% – Algeria, Bosnia and Herzegovina, Libya, South Africa
35% – Iraq, Serbia
39% – Switzerland
40% – Laos, Myanmar (Burma)
41% – Syria

China, which remains in a prolonged trade dispute with the United States, is still actively negotiating with the Trump administration.

Canada received a 35 percent tariff, while Mexico was hit with several levies including 25 percent on fentanyl, 25 percent on automobiles, and 50 percent on steel, aluminum, and copper, all of which will take effect in 90 days.

Brazil was initially given a 10 percent tariff.

However, an additional 40 percent duty was introduced on Thursday, raising Brazil’s total tariff rate to 50 percent.

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