Author: New Daily Prime

Less than a month after its much-anticipated reopening, the Port Harcourt Refining Company has halted operations once again. On Thursday, December 19, 2024, our correspondent visited the facility and observed that the lifting of Premium Motor Spirit (PMS), commonly known as petrol, had come to a standstill. Sources familiar with the situation revealed that petrol lifting had ceased as early as Friday, December 13, with the refinery’s 18-arm loading bay completely empty. The usually busy depot, known for its hustle and bustle with tankers queuing up to load products, appeared eerily quiet, with only a few trucks parked around the…

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has outlined key proposals aimed at stimulating Nigeria’s economic growth, including the elimination of Value Added Tax (VAT) on essential goods and exports. In a session with the Organised Private Sector, monitored virtually by PUNCH on Friday, Oyedele emphasized that these reforms would reduce the tax burden on businesses, simplify tax rules, and enhance Nigeria’s competitiveness. “The Tax Reform Bills will create a more conducive business environment. They will achieve this by reducing the tax burden, simplifying tax rules, and harmonizing taxes,” Oyedele stated. Key proposals include…

Bello El-Rufai, a federal lawmaker representing Kaduna North Federal Constituency, has strongly criticised Ministries, Departments, and Agencies (MDAs) for their continuous refusal to reduce their budgets, accusing them of wasting public funds on frivolous items such as utensils and vehicles. In a viral video obtained by PUNCH Online on Friday, December 20, El-Rufai, the son of former Kaduna State Governor Nasir El-Rufai, called on the Speaker of the House of Representatives, Tajudeen Abbas, to prioritise budget reductions for MDAs. He pointed out the growing concerns among Nigerians regarding the yearly increase in government spending. “Nigerians are tired of every agency…

A military court in Rostov-on-Don, Russia, sentenced an unnamed resident of Ukraine’s Lugansk region to 16 years in prison for “high treason” on Friday. The sentence was handed down after prosecutors accused the man of providing information about Russian armed forces to Ukraine’s security services. The Russian Federal Security Service (FSB) reported that the individual was found guilty of state treason, aiding terrorist activities, and illegally handling explosives. As part of the sentence, the accused will serve his time in a high-security penal colony. The sentencing comes amid heightened tensions, as President Vladimir Putin has urged Russian security services to…

Nigeria spends approximately $19 million annually on the importation of motorcycle spare parts, according to Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC). Speaking at NADDC’s 2024 end-of-year media briefing in Abuja, Osanipin stressed the urgent need to reduce Nigeria’s reliance on imported auto parts and increase local manufacturing capabilities. “Our investigation shows that the value of motorcycle spare parts imported into the country annually is close to 19 million dollars,” Osanipin explained. He noted that this figure excludes the importation of tricycles and vehicles, which also contribute to foreign exchange expenditure. He called for a…

The Central Bank of Nigeria (CBN) has authorised Bureau de Change (BDC) operators to purchase up to $25,000 weekly from the Nigerian Foreign Exchange Market (NFEM) to meet seasonal demand for foreign exchange during the holiday period. This temporary arrangement, which was announced in a circular dated December 19, 2024, will be in effect from December 19, 2024, to January 30, 2025. The move is aimed at addressing the increased forex demand typically seen during the festive season. According to the circular, BDCs may purchase foreign exchange from one authorised dealer of their choice, provided they fully fund their accounts…

By Alade Adisa The Academic Staff Union of Universities, ASUU, has said the federal government will kill public tertiary institutions and education in the country with its proposal to phase out the Tertiary Education Trust Fund, TETFund, by 2030. According to the union, such a proposal would not only make futile all the efforts put into setting up the Fund, but would also take tertiary education out of the reach of the poor. The position of the union was made known to New Daily Prime by the National President, Prof. Emmanuel Osodeke, while reacting to the provisions of some sections…

By Alade Adisa Despite what some may see as improved allocation to the sector, Nigeria’s proposed N3.5 trillion federal budget for education in 2025 is still below international benchmark for developing nations. The allocation is just 7.05 percent of the proposed budget of N49.7 trillion. Of the proposed budget, defence got the highest allocation of N4.9 trillion and was followed by Infrastructure which got N4.06 trillion. Education came third. The United Nations Educational Scientific and Cultural Organizations, UNESCO, had suggested long ago that developing nations should devote between 15-20 percent of their budgets to education consistently to be able to…

By Alade Adisa The Academic Staff Union of Universities, ASUU, has said the federal government will kill public tertiary institutions and education in the country with its proposal to phase out the Tertiary Education Trust Fund, TETFund, by 2030.According to the union, such a proposal would not only make futile all the efforts put into setting up the Fund, but would also take tertiary education out of the reach of the poor.The position of the union was made known to New Daily Prime by the National President, Prof. Emmanuel Osodeke, while reacting to the provisions of some sections in the…

A Consultant obstetrician and gynaecologist, Dr Moses Mafowosofo, has advised those suffering from erectile dysfunction to seek medical and psychological attention fast to rebuild their confidence.Mafowosofo, a Co-founder of M2 Specialist Hospital, made the call yesterday during an interview with journalists in Lagos.He added that erectile dysfunction could create a huge psychological problem on patients with regard to sexual activities.He said that many patients with erectile dysfunction had fear of initiating sex.The consultant said that erectile dysfunction could attack self-confidence.“What we have seen in most patients is that when they start medication, they tend to get their confidence back,” he…