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Osinbajo Meets IMF, World Bank Representatives On Economic Stimulus, New Sustainability Plan Ready Soon

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Vice President Yemi Osinbajo is enlarging the pool of options open to Nigeria in achieving the Buhari Presidency plan to turn the current economic challenges to an opportunity for Nigerians, especially the “Common Man.”

Osinbajo on Tuesday met with representatives of the International Monetary Fund (IMF) and the World Bank as Nigeria continues to improve on its economic stimulus packages for citizens.

President Muhammadu Buhari has asked the Vice President to chair the Economic Sustainability Committee (ESC) and the Committee has been collaborating with domestic sectors of the Nigerian economy and now the VP is interfacing with international agencies for the purpose of rolling out options as the President has directed.

A source in the Presidency hinted that the Osinbajo panel will soon be submitting a Sustainability Plan which the President has requested and is expected to take the country’s economy to new heights between now and the year 2023.

In a tweet by Laolu Akande, the spokesperson to the Vice President, the meeting with the agencies just concluded this afternoon.

Although Akande did not indicate, Villa sources added that the President intends to act speedily on the report of the Osinbajo committee.

“Osinbajo has been busy today holding video conference-based meetings with IMF and World Bank representatives on how the agencies can collaborate with President Buhari’s forthcoming additional economic stimulus packages.

“Video shows just-concluded meeting with World Bank Nigeria representatives,” he tweeted.

The Economic Sustainability Committee is a seven-member team chaired by Prof Osinbajo, and the Committee is expected to conclude its report very soon.

It was set up as a response to the recent challenges in the economic front resulting from the fall in the prices of oil in the international market as well as the disruptive impact of the pandemic that has disrupted the global economy.

The committee is made up of Ministers of Finance, Budget, and Planning; Industry, Trade, and Investment; Labour and Employment; Minister of State Petroleum Resources; CBN Governor; NNPC Group Managing Director and Permanent Secretary, Cabinet Secretariat who serves as secretary of the committee.

As a result of the way workers were losing jobs in their millions President Muhammadu Buhari inaugurated ESC to seek ways in which Nigerians can keep their jobs.

The major focus has been on seeking ways to protect jobs and also create new ones after the coronavirus pandemic.

As recommended by ESC, President Muhammadu Buhari has approved the expansion of the COVID-19 palliatives to accommodate more Nigerians, especially those who rely largely on daily income.

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Saudi Arabia Frees Three Nigerian Pilgrims Detained For Alleged Drug Trafficking After FG Intervention

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Three Nigerian pilgrims arrested in Saudi Arabia over alleged drug trafficking have been released following high-level intervention by Nigerian authorities.

The National Drug Law Enforcement Agency (NDLEA) confirmed their release at a press briefing on Wednesday.

Femi Babafemi, NDLEA’s Director of Media and Advocacy, said the freedom of the detainees came after engagements between the agency and Saudi authorities. He disclosed that the pilgrims — Mrs Maryam Hussain Abdullahi, Mrs Abdullahi Bahijja Aminu, and Mr Abdulhamid Saddieq — were held in Jeddah for four weeks before being cleared.

Babafemi advised passengers to ensure proper luggage tagging to avoid falling victim to drug trafficking syndicates that manipulate baggage handling systems.

In August, the NDLEA had arrested a suspected drug kingpin, Mohammed Abubakar, also known as Bello Karama, and five members of his syndicate, accused of planting narcotics in the luggage of unsuspecting pilgrims at the Malam Aminu Kano International Airport (MAKIA).

According to investigations, the syndicate — in collusion with staff of the Skyway Aviation Handling Company (SAHCOL) — secretly tagged six additional bags to the names of the pilgrims, three of which contained illicit substances.

While the suspects checked in the drug-laden luggage on Ethiopian Airlines flight ET940 from Kano to Jeddah via Addis Ababa, Karama himself travelled separately on Egypt Air. Other accomplices identified include Abdulbasit Adamu, Murtala Olalekan, Celestina Yayock, and Jazuli Kabir. NDLEA said evidence of payments linked to the scheme had been traced to them.

Babafemi noted that NDLEA Chairman, Brig Gen. Buba Marwa (rtd.), personally engaged officials of Saudi Arabia’s General Directorate of Narcotics Control (GDNC), armed with Nigeria’s investigation report and charges filed against the syndicate. The discussions, he said, were held at multiple levels, both in Nigeria and Saudi Arabia, in line with President Bola Tinubu’s directive that no Nigerian should suffer unjustly abroad.

“One of the pilgrims was freed on September 14, and the remaining two were released on September 15, 2025,” Babafemi said.

Marwa expressed gratitude to Saudi authorities for their cooperation, stressing that the release reflected the spirit of the Memorandum of Understanding (MoU) between NDLEA and the GDNC. He also commended President Tinubu for backing the efforts, alongside Attorney General Lateef Fagbemi, Foreign Affairs Minister Yusuf Tuggar, Aviation Minister Festus Keyamo, and National Security Adviser Nuhu Ribadu.

He said: “The biggest support came from President Tinubu, who is committed to ensuring that every Nigerian receives fair treatment globally. This case demonstrates that no Nigerian will be unjustly punished for crimes they know nothing about.”

The incident, however, reignited concerns about airport security in Nigeria, with authorities pledging stricter checks at Kano airport to curb similar criminal practices.

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Nigeria Has Attracted $18bn Investment Commitments From Oil, Gas Field Plans —- NUPRC

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Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria has secured $18.2 billion in investment commitments from oil and gas field development plans.

Speaking on Tuesday at the Africa Oil Week in Accra, Ghana, Komolafe said the country’s reform efforts have boosted investor confidence.

“In 2025 alone, the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas. These projects are expected to add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas daily,” he said.

According to him, the commitments highlight Nigeria’s emergence as one of the most attractive destinations for upstream investment, backed by $18.2 billion in capital expenditure.

He added that the new investments also align with the country’s target of exceeding three million barrels of oil production per day.

Komolafe credited the progress to President Bola Tinubu’s renewed hope agenda, stressing that energy security is vital for economic growth and resilience across Africa.

He noted that the Petroleum Industry Act (PIA) of 2021 introduced a fresh governance and fiscal framework, under which the NUPRC has evolved into a proactive regulator.

Over nearly four years, Komolafe said, the commission has issued 24 major regulations, 19 of which have already been gazetted to implement the PIA.

He further explained that the NUPRC has designed a regulatory action plan (RAP) to reduce bottlenecks, ease entry into the sector, and ensure transparency in licensing rounds.

Komolafe pointed out that these reforms have driven results, including an increase in rig activity from just 8 in 2021 to 43 as of September 2025.

“Other results include the $5 billion final investment decision (FID) for the Bonga North deep offshore development and the $500 million Ubeta Gas Project. More FIDs are expected for projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields,” he added.

He also revealed that Tinubu has approved five major acquisition deals worth more than $5 billion, creating opportunities for Nigerian firms.

Komolafe highlighted that licensing rounds in recent years — including the award of 57 petroleum prospecting licences in 2022, the mini-bid round that same year, and the 2024 licensing round — were executed transparently and competitively, drawing strong interest from investors.

He said measures such as optimising signature bonus payments and reducing entry barriers helped ensure broader participation, with 27 out of 31 blocks offered in 2024 successfully taken up.

According to him, these milestones are setting the stage for sustained investments and accelerated growth, positioning Nigeria as a market defined by clarity, competitiveness, and investor confidence.

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Pensioners Threaten Nationwide ‘Naked’ Protests Over Unpaid Arrears, Palliatives

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The Coalition of Federal Pensioners of Nigeria has vowed to stage nationwide naked protests on October 6 over what they described as government neglect of their demands.

At a press conference in Lagos on Tuesday, the coalition’s national chairman, Mukaila Ogunbote, confirmed the planned demonstrations.

Ogunbote explained that pensioners had given the federal government until the end of September to clear arrears, approve increments, and release palliatives. He stressed that the planned protest would serve as a symbolic act to expose the government’s failure and draw attention to their plight.

He lamented that while workers received the N35,000 palliative within one month of President Bola Tinubu’s approval in October 2023, pensioners were yet to get their N25,000 package.

According to him, employees have since been paid additional palliatives for 10 months, but retirees’ demand for six months’ worth has been ignored.

Ogunbote also recalled that Tinubu had directed a N13,000 pension increase, which is yet to be implemented by either the ministry of finance or the office of the accountant-general.

“When we enquired, we were told our N32,000 increment was omitted from both the 2024 and 2025 budgets. This is injustice,” he said.

Fashola Oluwo, a retired worker from the federal ministry of information, decried the worsening cost of living, noting that many pensioners cannot afford basic needs. He added that some retirees have even died while waiting for their benefits.

Another pensioner, Dupe Ogunniyi, appealed to First Lady Oluremi Tinubu to intervene with the president on their behalf.

Ogunniyi said retirees are burdened not only by meagre pensions but also by the responsibility of supporting unemployed children.

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