Author: Damilola

The Federal Government has firmly ruled out any return to fuel subsidy, despite mounting public pressure over the worsening cost of living across the country. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Tuesday in Paris, France, during an engagement with global investors alongside President Bola Ahmed Tinubu. Oyedele maintained that the reintroduction of subsidy would undermine ongoing economic reforms, arguing that such policies historically created “distortions” within the economy. “We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price controls because we believe…

The 2023 Lagos governorship candidate under the Labour Party (LP), Gbadebo Rhodes-Vivour, has said he will remain in the African Democratic Congress (ADC), insisting his decision is guided by conviction rather than political convenience. In a statement on Tuesday, Rhodes-Vivour acknowledged the shifting dynamics within Nigeria’s opposition space but maintained that loyalty to grassroots mobilisation and long-term vision informed his stance. Rhodes-Vivour position comes amid recent defections by prominent figures, including Peter Obi and Rabiu Musa Kwankwaso, who have both moved to the Nigeria Democratic Congress (NDC). “I want to make it clear that I am staying in the African…

President Bola Tinubu has formally asked the Nigerian Senate to confirm the nomination of Joseph Olasunkanmi Tegbe as a minister. The request was conveyed in a letter read during plenary on Tuesday by Senate President Godswill Akpabio. “In compliance with the provisions of section 147 subsection 2 of the Constitution of the Federal Republic of Nigeria 1999 as amended, I am pleased to forward for confirmation by the Senate the nomination of Mr Joseph Olasunkanmi Tegbe as Minister of the Federal Republic of Nigeria,” the letter stated. Tinubu urged the senate to give the nomination prompt consideration, expressing confidence in…

Seventeen members of the House of Representatives have defected from the African Democratic Congress (ADC) to the Nigerian Democratic Congress (NDC). This is coming a day after Peter Obi and Rabiu Kwankwaso defected from the ADC to the NDC ahead of the 2027 presidential election. The defections of the lawmakers were formally announced on the floor of the Green Chamber during Tuesday’s plenary session by the Deputy Speaker of the House of Representatives, Benjamin Kalu. The lawmakers cited “unresolved crises” as the reason for their decision to leave the party. Those who moved to the NDC include Yusuf Datti, Uchenna…

The Nigerian naira traded within a narrow and relatively stable range against the United States dollar on Tuesday, May 5, 2026, across both the official and parallel foreign exchange markets. Data from the Central Bank of Nigeria showed that at the Nigerian Foreign Exchange Market (NFEM), the naira hovered around ₦1,374 per dollar. Trading during the session fluctuated within a band of about ₦1,362 to ₦1,378, reflecting modest day-to-day movements. At the parallel market, commonly referred to as the black market, rates remained slightly higher. Bureau De Change operators in major trading hubs such as Lagos and Abuja quoted the…

The Federal Government has called for urgent accountability from South Africa following the deaths of two Nigerians and a resurgence of anti-foreigner protests, warning that the situation poses risks to diplomatic ties and the safety of its citizens. Nigeria’s position was conveyed after it summoned South Africa’s Acting High Commissioner, Lesoli Machele, to a meeting in Abuja with the Permanent Secretary of the Ministry of Foreign Affairs, Dunoma Ahmed. In a statement issued by the ministry’s spokesperson, Kimiebi Ebienfa, the government said the deaths of Nnaemeka Matthew Ekpeyong and Kelvin Chidiebere Amaramiro — allegedly linked to assaults by South African…

A faction of the Peoples Democratic Party (PDP) aligned with Seyi Makinde has unveiled its timetable and guidelines for the 2026/2027 general elections, including detailed schedules for primaries and the cost of nomination forms. The announcement, shared via the party’s official X handle on Monday and signed by Organising Secretary Theophilus Dakas, outlines key activities leading up to the polls. According to the timetable, the sale of expression of interest and nomination forms will run from May 5 to May 13, 2026, covering all elective positions—from state assembly to the presidency. The cost of forms was pegged at N100 million…

Former governor of Kano state, Rabiu Kwankwaso, has called on his supporters to register with the Nigeria Democratic Congress (NDC) following his defection to the party. Kwankwaso and Peter Obi, former governor of Anambra state, formally joined the NDC on Sunday after leaving the African Democratic Congress (ADC), citing uncertainties surrounding the party’s future after the April 30 ruling of the Supreme Court. At the event, the NDC national chairman, Cleopas Moses Zuwoghe, presented membership cards to both politicians. Speaking afterwards, Kwankwaso said discussions with party leaders revealed a shared ideological direction, which informed their decision to join the platform.…

At least 130 Nigerians have signed up for voluntary evacuation flights from South Africa, as the federal government intensifies efforts to safeguard its citizens amid rising tensions linked to anti-foreigner protests. Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, disclosed this in a situation update shared on her X handle on Sunday, noting that the evacuation plan is part of wider diplomatic and security measures being coordinated through Nigerian missions. She said the initiative follows directives from Bola Tinubu, who ordered close monitoring of the situation and stronger protection for Nigerians abroad. “The President has reiterated that the priority at this time…

The Nigerian naira began the first trading week of May on a relatively stable note against the US Dollar, maintaining a narrow range across both official and informal foreign exchange markets. At the Nigerian Foreign Exchange Market (NFEM), the currency is currently exchanging at about ₦1,375.98 to the dollar. Early trading on Monday, May 4, 2026, showed only slight movements, with the naira briefly touching ₦1,376.00 before settling back, marking a marginal improvement from the ₦1,375.65 recorded earlier in the day. Activity at the official window reflects cautious optimism among market participants, with the Central Bank of Nigeria (CBN) continuing…