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The Nigerian Association of Road Transport Owners (NARTO) has urged the federal government to remove the 7.5% Value Added Tax (VAT) on Automotive Gas Oil (AGO), commonly known as diesel. According to NARTO, the high cost of diesel due to the VAT imposition is impacting the distribution and supply of Premium Motor Spirit (PMS) petrol. Diesel is the primary fuel for about 90% of haulage trucks used to transport petrol from depots to retail outlets across the country. NARTO warns that unless the government takes swift action, the transporters may park their trucks, leading to a shortage of petrol supply.
The Nigerian Exchange (NGX) rebounded from its recent bearish trend, as equities surged and market capitalization saw a significant gain. This positive turnaround was led by Transcorp and NASCON. The All-Share Index (ASI) closed 0.93% higher, while the market capitalization rose by N339 billion. DANGOTE SUGAR, NASCON, and NAHCO were among the top gainers, while COURTVILLE, ABC TRANSPORT, and TANTALIZER experienced losses. Despite lower trading activity in terms of volume, OANDO emerged as the most traded equity. ZENITH BANK and GTCO performed well, while BUA CEMENT, BUA FOODS, SEPLAT ENERGY, MTN NIGERIA, DANGOTE CEMENT, and AIRTEL AFRICA remained unchanged.
The African Development Bank (AfDB) and Eritrea have bolstered their collaboration to drive sustainable growth and development in the nation. The AfDB is supporting Eritrea in various sectors such as energy, water and sanitation, agriculture, skills development, and economic governance. The bank's president, Dr Akinwumi Adesina, emphasized the importance of prioritizing agro-industrialization and proposed the bank's Special Agro-Industrial Processing Zones initiative for transforming rural communities into prosperous economic zones. Eritrea's president, Isaias Afwerki, expressed gratitude for the bank's strategic role in the country's development and called for more resources to strengthen the institution's support for Africa's priorities.
The Nigerian Association of Road Transport Owners (NARTO) is urging the Federal Government to stop the 7.5% Value Added Tax (VAT) on diesel, as it is causing a hike in fuel prices and disrupting the distribution of petrol. NARTO claims that diesel is essential for transporting petrol across the country, and the high cost of diesel is becoming unbearable for transporters. This article delves into the challenges and implications of the VAT on diesel and calls for an immediate solution to prevent further disruptions in the supply of petroleum products.
NEMA has issued a warning about the possibility of flooding in 13 states and 50 communities due to heavy rainfall. The alert covers a specified period of time, and residents are advised to take necessary precautions to ensure their safety. The article expands on the details, highlighting the potential risks and emphasizing the importance of preparedness.
The First Lady of Nigeria, Remi Tinubu, has extended a helping hand to 500 displaced families in Plateau State, providing N500 million aid to assist them in rebuilding their lives. Emphasizing the importance of unity and diversity, Mrs. Tinubu called for dialogue, tolerance, and understanding among Nigerians. The relief and resettlement packages aim to support the affected families in their journey to recovery and promote food production, in line with the President's agenda. The Plateau State Governor acknowledged the First Lady's efforts, highlighting the significance of putting the people's welfare before politics.
Parents and guardians in Nigeria are feeling the financial strain as schools nationwide announce increases in tuition fees. This comes at a time when the country is grappling with soaring inflation rates and a struggling economy. Students and parents alike are expressing their discontent and concern over the rising costs of education, with protests erupting in various universities. This article explores the impact of school fee hikes on families, the reasons behind the increases, and the reactions from parents and students.
Edo State Governor, Mr. Godwin Obaseki, has emphasized the government's efforts in driving investment in the oil palm sector to strengthen the agricultural value chain and enhance the economy of the state. With over 70,000 hectares of new lands allocated to investors for oil palm cultivation, the government aims to attract substantial investments and transform the entire agricultural industry. This strategic initiative is expected to create significant job opportunities and contribute to the economic growth of Edo State.
The Nigeria Customs Service (NCS) has announced collaboration talks with the Customs Service of neighbouring Republic of Benin to improve trade relations between both countries. This move is expected to enhance customs administration, trade facilitation, and regional cooperation.
Nigeria's Vice President, Kashim Shettima, reaffirmed the government's dedication to increasing domestic health financing, promoting health industrialisation, and enhancing health outcomes in the country. The pledge was made during a visit by global health partners, including the Global Fund, US President's Malaria Initiative, and PEPFAR. This commitment demonstrates Nigeria's determination to reshape its healthcare system for the better, aiming for inclusive growth and a nation where all citizens can take pride.
The Nigerian Postal Service (NIPOST) has experienced a continuous decline in revenue since 2019, reaching its lowest point of N3 billion in 2022. The latest data from the Nigerian Bureau of Statistics (NBS) highlights a 17 percent decline from 2021, with a 44 percent revenue drop in the past five years. The decline can be attributed to poor performance across various areas of NIPOST services. Despite a decrease in the number of post offices, the agency saw an increase in international mail. The reform initiatives implemented in recent years have not been successful in addressing the underlying issues, which have been largely attributed to corruption within the organization.
Nigerian police have launched a manhunt for kidnappers who recently abducted 10 travelers from two buses in the country's central region. The gunmen released 18 passengers following an intervention by local police and a vigilante group. The kidnappers have made contact with the families of the remaining victims, demanding ransom. The government assures that all hostages will be released unhurt.
Nigeria has made progress in strengthening its health security framework, as highlighted in the 2023 Joint External Evaluation (JEE). This evaluation marks an improvement from the previous evaluation in 2017, with notable achievements in implementing the National Action Plan for Health Security (NAPHS) and adopting a one-health approach. Despite the progress, challenges remain in areas such as domestic financing and the integration of the environment and animal sectors. Extending these improvements to subnational levels is also crucial for a robust response mechanism. The JEE provides an opportunity for Nigeria to prioritize health and advocate for enhanced investment in health security.
Nigeria's Vice President office has initiated a partnership with Micro, Small, and Medium Enterprises (MSMEs) to improve the economy and create jobs. The interventions will benefit 1.3 million people across 17 states and the Federal Capital Territory. These measures aim to fulfill the government's commitment to job creation and economic diversification, with MSMEs playing crucial roles. Various initiatives, including the establishment of shared centers, installation of solar panels, and the development of fashion hubs and furniture clusters, will contribute to this goal.
Vice President Kashim Shettima has announced that the Bola Tinubu administration in Nigeria will prioritize domestic health financing, industrialization, and improved health outcomes. The commitment was restated during a meeting with representatives from Global Health Partners, where Shettima emphasized the administration's determination to change the narrative of inclusive growth in a Nigeria where all citizens can be proud.
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