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Remove Petrol, Electricity Subsidies Once Inflation Subsides — IMF To FG

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The federal government has been advised by the International Monetary Fund (IMF) to eliminate subsidies for petrol and electricity when the social safety programme has been improved and inflation has decreased.

In a paper titled “Nigeria: 2024 Article IV Consultation,” the IMF made this revelation.

The proposal came after Nigeria’s inflation rate increased sharply, from 31.70 percent in February 2024 to 33.20 percent in March 2024.

According to the IMF, an improved social intervention programme that the federal government of Nigeria created with assistance from the World Bank may benefit roughly 15 million households, or 60 million Nigerians.

“The authorities have recently approved an enhanced social transfer mechanism developed with World Bank support, and some initial payments have been made,” IMF said.

“In response to governance concerns, the authorities automated and digitalized the system to build a robust mechanism that delivers swift and targeted support to vulnerable households, some 15 million households or 60 million Nigerians potentially benefit from the scheme.

“Once the safety net has been scaled up and inflation subsides, the government should tackle implicit fuel and electricity subsidies.”

According to the IMF, the subsidies are costly and poorly targeted, with higher-income groups benefiting more than the vulnerable.

IMF also said with pump prices and tariffs below cost-recovery, subsidy costs could increase to three percent of gross domestic product (GDP) in 2024, compared to one percent of GDP in 2023.

IMF said its staff projected a higher fiscal deficit than anticipated in the 2024 budget, adding that “higher implicit” fuel and electricity subsidies would drive the increase.

The federal government had projected N9 trillion budget deficit for this year.

Aside from the subsidies, IMF said other drivers are lower oil and gas revenue projections, continued suspension of excise measures included in the medium-term expenditure framework (MTEF), and higher interest costs.

“Staff factors in an under-execution of capital expenditure in line with past outcomes and estimates an FGN deficit of 4.5 percent of GDP relative to the 2024 budget target of 3.4 percent of GDP,” IMF said.

“For the consolidated government, this implies a projected deficit of 4.7 percent of GDP in 2024, compared to 4.8 percent of GDP in 2023 measured from the financing side, which is appropriate given the large social needs and factoring in a realistic pace of revenue mobilization.

“Over the medium-term, staff projects consolidation in the non-oil primary deficit. With rising interest costs, government debt stabilizes towards the end of the projection period.”

On April 3, the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kilowatt-hour (kwh), from N66, to reduce electricity subsidy.

However, on May 6, electricity distribution companies (DisCos) said the tariff of Band A customers has been reduced to N206.80 per kwh.

On May 29, President Bola Tinubu announced petrol subsidy was gone, however, on August 15, 2023, TheCable reported the president was considering a “temporary subsidy” on petrol.

On April 15, Nasir el-Rufai, former governor of Kaduna state, said the federal government is spending more on petrol subsidy than before.

Also, Gabriel Ogbechie, chief executive officer (CEO) of Rainoil Limited, on April 17, said the federal government now spends N600 billion on petrol subsidy monthly.

BIG STORY

36-Year-Old US-Based Nigerian Mum Charged With Murder After 9-Year-Old Daughter Dies In Hot Car

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A 36-year-old Nigerian woman living in the United States, Gbemisola Akayinode, has been arrested and charged with murder after her 9-year-old daughter, Oluwasikemi Akayinode, died after being left in a hot vehicle for over eight hours.

Authorities from the Harris County Sheriff’s Office in Texas said the child’s death was ruled a homicide as a result of hyperthermia (heat stroke).

Court documents indicate that on July 1 2025 the girl was left in a car while Akayinode reported to work at a manufacturing plant in Galena Park near Houston. The day’s temperature was reportedly around 99 °F.

In her statement to police, Akayinode said that when she arrived at her job at about 5:45 a.m., she left her daughter with food, water, a rechargeable fan, and ice cubes in the back seat. She lowered the car’s rear windows halfway, she said. She reportedly administered melatonin to her daughter who began to fall asleep. She claimed she did not check on her daughter again until her shift ended at about 1:53 p.m., at which point she discovered the child unresponsive and blue.

Investigators say that although Akayinode claimed she did not have money for daycare, documents show her job foreman had been paying for day-care services for her daughter.

Akayinode faces a murder charge under Texas law. The sheriff’s office said the case had moved forward after the coroner ruled the child’s death a homicide due to prolonged heat exposure in a vehicle.

Child-safety organisations note that dozens of children nationwide die each year after being left in vehicles on hot days. According to one such group, more than 1,160 children have died in hot cars in the U.S. since 1990.

Akayinode is set to appear in court in Houston in the coming days. Authorities say they will present evidence relating to the timeline of events, the condition of the vehicle, and the mother’s actions during the critical period.

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BIG STORY

BREAKING: Political Thugs Burn Down ADC Secretariat, Disrupt Inauguration Of EXCO In Ekiti

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Tension gripped Ado-Ekiti, the Ekiti State capital, on Tuesday, as suspected political thugs set ablaze the Secretariat of the African Democratic Congress (ADC), destroying property worth millions of naira.

The early-morning attack, which occurred at the Basiri area of Ado-Ekiti, came just hours before the scheduled inauguration of the party’s executives across wards, local governments and the state.

Eyewitnesses said the hoodlums, who arrived in multiple vehicles, shot sporadically into the air to scare residents before setting the building on fire. Office equipment, sound systems, plastic chairs and canopies were all destroyed in the inferno.

A few hours later, the same group reportedly regrouped and stormed the venue of the planned inauguration, dispersing party members, journalists and guests. Vehicles and motorcycles parked at the scene were vandalised, while chairs and canopies already arranged for the event were destroyed beyond repair.

Despite the attack, ADC National Secretary and former Minister of Interior, Rauf Aregbesola, arrived amid tight security and went ahead with a brief inauguration of the newly affirmed executives.

Addressing journalists afterwards, Aregbesola condemned the incident, describing it as “a shameful act of political intolerance and a dangerous threat to democracy.”

“The beauty of democracy lies in freedom of association and participation without fear. What happened today is a descent into fascism,” he said.

Also reacting, former Ekiti Deputy Governor, Prof. Kolapo Olusola-Eleka, described the attack as “an act of political terrorism.”
He criticised the police for their slow response, saying security agencies failed to protect the party’s property despite early reports.

“We were let down. Two hours after we reported the midnight attack, there was still no protection. This is unacceptable,” he said.

Confirming the incident, Ekiti Police Public Relations Officer, SP Sunday Abutu, said the Commissioner of Police, CP Joseph Eribo, had ordered a full-scale investigation to arrest the perpetrators and bring them to justice.

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BIG STORY

BREAKING: Tinubu Nominates Bernard Doro To Replace Former Minister Of Humanitarian Affairs And Poverty Reduction

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  • sends name to senate for confirmation

 

President Bola Ahmed Tinubu has nominated Dr. Bernard Doro from Plateau State as a Minister of the Federal Republic of Nigeria, forwarding his name to the Senate for screening and confirmation.

The nomination, announced on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, follows the elevation of Professor Nentawe Goshwe Yilwatda, former Minister of Humanitarian Affairs and Poverty Reduction, who became the National Chairman of the All Progressives Congress (APC) in July.

According to sources within the presidency, President Tinubu had on Monday evening met privately with close aides to deliberate on names to fill two vacant ministerial portfolios — one being the now-vacant Humanitarian Affairs and Poverty Reduction Ministry, and the other, the Innovation, Science and Technology portfolio, whose minister resigned a few weeks ago.

Following the consultations, Dr. Bernard Doro emerged as one of the nominees.

About Dr. Bernard Doro

Born on January 23, 1969, in Kwall, Bassa Local Government Area of Plateau State, Doro is a seasoned professional with over two decades of experience across clinical practice, pharmaceutical management, strategic leadership, and community development, both in Nigeria and the United Kingdom.

In his statement, Onanuga described Doro as “a technocrat whose multidisciplinary background and commitment to service will enrich the administration’s vision for an inclusive and progressive Nigeria.”

Academic and Professional Background

Dr. Doro holds degrees in Pharmacy and Law, alongside an MBA specializing in IT-driven business strategy, and a Master’s degree in Advanced Clinical Practice.

He is also an Independent Prescriber and Advanced Clinical Practitioner within the UK’s National Health Service (NHS), having worked across urgent care, GP practices, walk-in centres, and hospital emergency settings.

Beyond his medical and administrative credentials, Doro is recognized for his youth mentorship initiatives and social impact projects both in the Nigerian diaspora and at home.

If confirmed by the Senate, Dr. Doro will be sworn in during the next Federal Executive Council (FEC) meeting and officially assume his ministerial duties.

His appointment is seen as part of President Tinubu’s broader move to strengthen technocratic leadership within his administration and inject fresh perspectives into ongoing national reforms.

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