The All Progressives Congress (APC) National Working Committee (NWC) has officially decided to use the indirect primary system to select its governorship candidate for the upcoming Anambra State election scheduled for November 8, 2025. APC’s Decision on Indirect Primary Speaking to journalists in Abuja after the NWC meeting on Thursday, Mr. Ajibola Basiru, the party’s National Secretary, confirmed the adoption of the indirect primary method. “Our deliberations focused on the processes for the forthcoming Anambra governorship election, and it was resolved that the candidate will emerge through an indirect primary,” Basiru stated. He explained that this decision was reached following consultations with APC’s State Working Committee (SWC) and key stakeholders to ensure inclusiveness. Stakeholders’ Meeting and Fair Electoral Process To further discuss the primary process, the APC leadership will hold a stakeholders’ meeting with the State Working Committee, State Caucus, and aspirants at the party’s headquarters at a later date. Basiru reassured party members that the primary election would be conducted transparently, ensuring a level playing field for all aspirants. APC’s Engagement on Renewed Hope Agenda The NWC also reviewed plans to commence interactions with government appointees regarding the achievements of President Bola Tinubu’s Renewed Hope Agenda after Ramadan. Basiru noted that these engagements will provide insight into the progress and challenges faced by various ministries, departments, and agencies (MDAs), strengthening collaboration between the party and the government. APC’s E-Registration and Party Membership Expansion The ongoing e-registration of APC members was also a key topic at the NWC meeting. Basiru revealed that the consultants handling the project had been mobilized, and essential equipment and software had been acquired to ensure a seamless registration process. “Our objective is to establish a membership register with high integrity before the next election. This will allow for better demographic analysis within the party,” Basiru emphasized. APC Raises N350 Million from Anambra Governorship Aspirants According to the News Agency of Nigeria (NAN), APC has generated N350 million from the sale of Expression of Interest and Nomination forms to seven aspirants. List of APC Aspirants for Anambra Guber Ticket The seven aspirants who have purchased the forms and will compete in the April 5 primary include: The APC governorship primary election is expected to be a closely contested race, with each aspirant vying for the party’s ticket to represent APC in the Anambra 2025 gubernatorial election. External Link & Reference For more updates on the Anambra election, visit the official website of the Independent National Electoral Commission (INEC): INEC Official Website READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Abuja – Former Minister of Women Affairs, Uju Kennedy Ohanenye, is currently under interrogation by the Economic and Financial Crimes Commission (EFCC) over allegations of financial mismanagement, procurement law violations, and the misappropriation of N138,413,253.89 in public funds. The funds in question were allocated in the 2023 budget for projects under the ministry but were allegedly diverted for unauthorized personal use, including the P-BAT Cares for Women Initiative. EFCC Interrogation Underway A credible source revealed to Vanguard that Ohanenye arrived at the EFCC headquarters in Abuja at approximately 11:00 AM on Thursday and has been under questioning since then. “Investigators are probing Uju Kennedy Ohanenye concerning her alleged involvement in the diversion of N138 million originally designated for women-focused programs in the 2023 Ministry budget,” the source stated. Allegations of Procurement Violations Preliminary investigations indicate that a substantial portion of the funds intended for women empowerment initiatives were diverted for personal enrichment, breaching financial regulations and due process in the ministry’s expenditure. Additionally, the former minister is being scrutinized for violations of procurement policies and unauthorized spending of public funds. As of the latest update, Ohanenye remains in EFCC custody while further inquiries continue. For more updates on this developing investigation, visit Vanguard or follow EFCC’s Official Website for authoritative reports. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The Nigerian House of Representatives recently took a significant step towards enhancing election transparency by passing a bill for the second reading. This bill seeks to establish an Independent Authority responsible for the registration, regulation, and funding of political parties in Nigeria, effectively reducing the Independent National Electoral Commission’s (INEC) control over political parties. What the Bill Proposes Co-sponsored by Speaker Tajudeen Abbas and Marcus Onobun from Edo State, the bill aims to shift critical responsibilities from INEC to a new independent body. Key proposals of the bill include: Why an Independent Authority? During the presentation, Marcus Onobun emphasized the need for a separation of powers. He argued that allowing INEC to both regulate political parties and conduct elections could compromise election integrity. Establishing a separate authority would ensure compliance with constitutional requirements and promote fairer electoral processes. Next Steps for the Bill After a voice vote by Speaker Abbas, the bill received overwhelming support and was referred to the Committees on Electoral Matters and Political Party Matters for further legislative action. If passed into law, this bill could transform Nigeria’s political landscape by providing a more impartial and effective regulatory framework. For more information on Nigeria’s electoral laws, visit INEC’s official website. This development is a critical move toward a more transparent electoral process in Nigeria. Stay updated on this and other political news by following LMSINT MEDIA for accurate and timely insights. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The Nigerian House of Representatives has passed for second reading a bill proposing the creation of an Independent Authority responsible for the registration, regulation, and funding of political parties in Nigeria. The bill, co-sponsored by Speaker Tajudeen Abbas and Hon. Marcus Onobun (Edo State), aims to shift these responsibilities from the Independent National Electoral Commission (INEC) to a new autonomous body. Key Highlights of the Bill Why an Independent Authority? Co-sponsor Marcus Onobun emphasized the need for a distinct regulatory body, stating, “INEC should not regulate political parties while also conducting elections. Establishing an independent authority will enhance adherence to constitutional guidelines and improve the transparency of electoral processes.” Next Steps After receiving widespread support through a voice vote led by Speaker Abbas, the bill has been forwarded to the Committees on Electoral Matters and Political Party Matters for further legislative scrutiny. External Link For more insights into electoral reforms in Nigeria, visit INEC’s Official Website. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Overview Senator Natasha Akpoti-Uduaghan has been suspended for six months by the Nigerian Senate following a sexual harassment allegation against Senate President Godswill Akpabio. The decision was made during Thursday’s plenary session based on the recommendation of the Senate Committee on Ethics, Privileges, and Public Petitions. Suspension Details The suspension entails the withdrawal of Akpoti-Uduaghan’s salary and security details. She is also barred from accessing the National Assembly premises. Her office will be locked, and her legislative aides will not receive salaries during this period. The Senate confirmed there would be no reconsideration of her status until the six-month suspension ends or if she issues a formal apology. What Led to the Suspension? The suspension stems from a recent incident where Senator Akpoti-Uduaghan protested the reassignment of her seat by Senate President Godswill Akpabio. She arrived at a plenary session to find her nameplate removed and her seat reassigned. She saw this as an attempt to silence her voice within the Senate. Senate’s Stand The Ethics Committee initially recommended a six-month suspension, which was later reduced to three months after a plea by Senate Minority Leader Senator Abba Moro (PDP, Benue South). However, the Senate voted overwhelmingly to uphold the six-month suspension as advised by the Senate Committee on Ethics, Code of Conduct, and Public Petitions. Senate Minority Leader Abba Moro supported the disciplinary action, likening it to “correcting a child,” drawing on Nigerian cultural norms. Steps to Appeal To appeal the suspension, Akpoti-Uduaghan must submit a formal written apology to the Senate, acknowledging the alleged violation of Senate rules. External Link For more information on the Nigerian Senate’s code of conduct, visit the Official Nigerian Senate Website. Conclusion This suspension serves as a reminder of the stringent measures the Senate can take to maintain decorum. It also highlights the ongoing discourse on gender and power dynamics within Nigerian politics. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Lagos, Nigeria’s economic hub, is facing an unprecedented rent crisis, with both high-end and affordable housing experiencing sharp increases in rental costs. The situation is exacerbating economic hardships for residents, impacting families, businesses, and commuting patterns across the city. Housing Shortage and Economic Reforms Driving Rent Increases Lagos has long struggled with a housing deficit, and despite government assurances, the problem persists. The removal of fuel subsidies and the floating of the naira have further strained household budgets, forcing many tenants to reconsider their living arrangements. With a population exceeding 20 million and an influx of about 3,000 new residents daily, demand for housing continues to outstrip supply. As landlords grapple with inflationary pressures, they pass increased costs onto renters, leading to skyrocketing lease prices. The impact is felt both in high-end locations like Victoria Island and in more affordable mainland areas. Tenants Struggle Amid Drastic Rent Hikes Yemisi Odusanya, a cookbook author, faced a staggering 120% rent increase in Lekki, leaving her with few affordable options. Similarly, Bartholomew Idowu, a transportation worker, saw his annual rent surge from ₦350,000 ($232) to ₦450,000, prompting him to consider relocating despite uncertainty over his next move. Personal trainer Jimoh Saheed was forced out of his Ikoyi apartment after his landlord doubled the rent to ₦2.5 million per year. His relocation to the mainland increased commuting expenses and disrupted his children’s education. Legal experts emphasize that rental increments should be subject to negotiations, but many landlords impose arbitrary hikes without recourse. Attorney Valerian Nwadike highlights a rise in landlord-tenant disputes, although legal enforcement remains weak without lawsuits. Lagos’ Real Estate Market: A Divide Between Luxury and Affordability Lagos’ real estate development continues at a rapid pace, but much of the new housing stock caters to high-income earners, including expatriates and oil industry professionals. Economist Steve Onyeiwu explains that this bifurcated market prevents luxury housing supply from benefiting lower-income residents. Meanwhile, property developers face bureaucratic hurdles, and high mortgage interest rates put homeownership out of reach for most Nigerians. Many landlords also deal with dollar-denominated expenses, pushing them to increase rents dramatically to compensate for the naira’s depreciation. Future Outlook: Solutions to Alleviate Housing Costs While government economic reforms aim to stabilize the economy in the long term, immediate relief for renters remains uncertain. Improved public transportation, including the new Lagos-Ibadan rail line, may help reduce housing pressures in central areas by enabling more residents to live farther from the city center. Real estate agents report rental spikes of up to 200% in prime locations, reinforcing the urgent need for comprehensive housing policies. As noted by Ismail Oriyomi Akinola, “Access to decent shelter is essential, not just for the wealthy but for all Lagosians.” : Nigeria’s Economic Outlook 2024 READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The Ikeja Electricity Distribution Company (IKEDC) has reportedly cut off the power supply to the Nigerian Air Force (NAF) base in Lagos due to alleged outstanding electricity bills, according to the News Agency of Nigeria (NAN). Power Cut Sparks Security and Operational Concerns An investigation by NAN revealed that the power disconnection has severely impacted security and operational efficiency at the Air Force base. Reliable sources within the base disclosed that an agreement was in place for NAF to remit N60 million monthly to IKEDC in exchange for 10 to 12 hours of daily electricity supply. Despite fulfilling its financial commitments, the base has suffered extended outages, leading to concerns over the fairness of IKEDC’s decision. Impact on Critical Services and Military Operations A confidential source revealed that the power outage has disrupted essential services, including medical facilities and water supply, affecting both military personnel and their families. Security Risks Due to Power Outage A major concern is the storage of high-caliber weapons within the base. With cooling systems down, rising temperatures could pose a significant threat. A source warned, referencing the 2002 Ikeja Cantonment bomb blast, that a similar disaster could have dire consequences for Ikeja and Lagos State at large. Additionally, the source alleged that NAF had overpaid its electricity bill by N60 million in November and December, yet no refunds or reconciliations had been made by IKEDC. “This act of withholding power supply unjustly is both unprofessional and detrimental to national security,” the source stated. Military Families Struggle Amidst Prolonged Blackout Families of military personnel stationed at the base have been subjected to harsh conditions due to the electricity cut. The source stressed that stable power is essential for the well-being of officers who serve the nation. “Frontline personnel are demoralized due to the suffering their families are facing. This could escalate tensions and have severe consequences,” the source added. A 48-hour ultimatum was reportedly issued to IKEDC, demanding the immediate restoration of electricity to prevent further disruptions. IKEDC Responds to Allegations Reacting to the controversy, IKEDC’s Head of Corporate Communications, Mr. Kingsley Okotie, clarified that NAF is only billed for the electricity supplied under a Band A feeder. He confirmed that while payments had been made, a significant outstanding debt remained. “Technically, the disconnection is not solely due to financial reasons but involves other operational factors,” Okotie stated. He highlighted that IKEDC had proposed specific infrastructure upgrades to enhance energy supply but had not been granted access by the base authorities. “The level of hostility towards our staff within the barracks is concerning. We have experienced harassment and cannot work in such an environment,” he added. Okotie urged the Air Force leadership to engage in constructive dialogue, emphasizing that all consumed electricity must be paid for. “Most military barracks in our jurisdiction have installed the required infrastructure, so it is unclear why this base should be an exception,” he noted. Call for Urgent Resolution With tensions escalating, stakeholders are calling for a swift resolution to prevent further disruptions. The power cut has not only impacted military operations but has also raised significant security concerns. Unless a resolution is reached soon, the situation could escalate, endangering national security and military readiness. Read more about Nigeria’s electricity sector READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Full List: Areas in Lagos Affected by NERC’s Electricity Tariff Increase Nigeria’s power sector has recently achieved a record-high electricity generation of 5,801.84 megawatts. According to the Minister of Power, Chief Adebayo Adelabu, the proposed electricity tariff increment will push the nation’s available power generation capacity to approximately 7,000MW. How Tariff Reforms Will Drive Power Sector Growth In a statement released by his Special Adviser on Strategic Communication, Bolaji Tunji, Adelabu emphasized that adjusting electricity tariffs is crucial to unlocking the sector’s full potential. These reforms aim to enhance both power generation and distribution efficiency. “To maintain this progress, the government must address tariff shortfalls amounting to N1.94 trillion for 2024, along with legacy debts of N2 trillion owed to power generation companies (GENCOs). The continued implementation of tariff reforms is essential to ensure consumers pay for the actual energy consumed,” the minister stated. He further explained that once tariffs are fully regularized, the country’s power generation capacity will approach 7,000MW. This would mark a significant milestone in achieving a stable and reliable electricity supply for all Nigerians. Electricity Tariff Hike and Its Implications Last week, the Minister announced plans to increase electricity tariffs for customers in Bands B, C, and D. The objective is to enhance the financial liquidity of the power sector while reducing the government’s subsidy burden. The adjustment will help bridge the tariff gap between Band A customers and those in other categories. The statement also revealed that Nigeria’s available power generation has now peaked at 6,003MW—the highest recorded in the nation’s history. Within this period, the country also achieved a peak power evacuation of 5,801.84MW and a daily energy output of 128,370.75 megawatt-hours (MWh). “We are excited to announce these historic milestones in Nigeria’s power sector,” the Minister remarked. “The increase in power generation and evacuation demonstrates the effectiveness of ongoing sector-wide reforms. These achievements translate into better electricity supply, improved business productivity, and economic growth.” Ongoing Power Sector Reforms and Future Prospects The Minister credited the recent milestones to the collaborative efforts of the Federal Ministry of Power and key industry stakeholders. Their strategic focus has been on overcoming sector challenges and optimizing Nigeria’s electricity infrastructure. These efforts include: While celebrating these milestones, Adelabu urged continued support from state governments, private investors, and the public. He emphasized that collective efforts are necessary to sustain these achievements and further enhance the country’s power supply. Conclusion The recent advancements in Nigeria’s power sector indicate steady progress toward a more reliable electricity supply. However, achieving sustainable power generation requires ongoing investments, regulatory adjustments, and stakeholder collaboration. For more insights on Nigeria’s energy sector, visit Energy Commission of Nigeria for expert analysis and updates. Energy Commission of Nigeria READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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An unattended gas cooker led to a devastating fire outbreak in the Oke-Apomu area of Ilorin, Kwara State, on Wednesday, resulting in the destruction of seven rooms in a 20-room residential building. Fire Incident in Ilorin: Seven Rooms Razed According to reports from LMSINT MEDIA, the fire erupted around 2 PM at Alfa Koro Compound, Oke-Apomu. Before firefighters could intervene, the inferno had already consumed seven rooms in the storey building. Firefighters’ Swift Response Confirming the incident, Hassan Adekunle, the spokesperson for the Kwara State Fire Service, disclosed that the blaze was triggered by an unattended gas cooker. “At approximately 13:53 hours on March 5, 2025, the Kwara State Fire Service received a distress call regarding a fire outbreak at No. 90 Koro Compound, Oke-Apomu, Ilorin. Our response team acted promptly and managed to prevent the fire from spreading further. Out of the 20 rooms in the building, 13 were successfully salvaged, while seven were completely damaged by the flames,” Adekunle stated. Fire Safety Awareness The Director of the Kwara State Fire Service, Prince Falade John, emphasized the need for fire safety precautions to prevent similar incidents. He urged residents to exercise caution when handling gas appliances to avoid fire hazards. Prevention and Safety Measures To mitigate fire outbreaks, it is crucial to observe safety protocols such as: For more fire safety tips, visit the Federal Fire Service Nigeria. Federal Fire Service Nigeria READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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ONITSHA— The National Agency for Food, Drug Administration and Control (NAFDAC) has intensified its crackdown on counterfeit drugs, revealing the seizure of 50 trailer loads of fake and substandard pharmaceuticals at the Niger Bridgehead drug market in Onitsha, Anambra State. In the course of the operation, NAFDAC’s security team also recovered two rifles, live cartridges, a machete, and other dangerous weapons concealed within the market premises. The ongoing enforcement campaign, which began on February 10, 2025, aims to eradicate fake drug cartels operating across Nigeria, thereby safeguarding public health. Weapons Discovered Amidst Crackdown While addressing journalists at the market, NAFDAC Director-General, Professor Mojisola Christianah Adeyeye, expressed shock at the discovery of the hidden weapons. She viewed the incident as a possible assassination attempt on the agency’s Southeast Director, Dr. Martins Iluyomade, who routinely carries out security briefings at that location. Represented by Dr. Iluyomade, Adeyeye confirmed that NAFDAC’s security team successfully thwarted two infiltration attempts by unidentified individuals trying to access the storage facility where the confiscated counterfeit drugs were kept. Two suspects have been arrested in connection with the incident and are currently providing useful information to security agencies. Nationwide Crackdown on Fake Drugs Continues Reaffirming the agency’s commitment to the nationwide anti-counterfeit drug operation, Adeyeye assured the public that the exercise is not targeted at any individual or group but is a crucial national assignment aimed at protecting public health. “With swift security interventions, we recovered a dagger, machetes, and firearms. Over the past few nights, several individuals attempting to breach our secured storage facility have been apprehended and are now in custody,” she stated. Collaboration with Market Leaders and Next Steps The NAFDAC boss also commended the cooperation of market leadership throughout the enforcement exercise. She announced that certain sections of the market would be reopened within the week as the agency moves on to the next phase of the operation. The 50 trailer loads of confiscated counterfeit and substandard drugs have been transported to a secure location for further regulatory action. For more details on NAFDAC’s efforts to eliminate counterfeit drugs in Nigeria, visit the official NAFDAC website or refer to trusted sources like the World Health Organization. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Nigeria has ascended to the sixth position in the 2025 Global Terrorism Index (GTI) with a score of 7.658, marking a shift from its eighth-place ranking in 2023 and 2024. This ranking underscores the persistent security challenges in the nation. Global Terrorism Rankings: Burkina Faso Tops the List The latest GTI report, released on March 5, 2025, identified Burkina Faso as the country most impacted by terrorism, scoring 8.581. Other nations in the top five include Pakistan (8.374), Syria (8.006), Mali (7.907), and Niger (7.776). Nigeria follows closely behind, highlighting the ongoing instability in West Africa. Rounding out the top ten most terrorism-affected countries are Somalia (7.614), Israel (7.463), Afghanistan (7.262), Cameroon (6.944), and Myanmar (6.929). Further rankings placed the Democratic Republic of the Congo (6.768), Iraq (6.582), India (6.410), Colombia (6.381), and Russia (6.267) in positions 11 through 16. Rising Fatalities: 565 Killed in Nigeria in 2024 According to the GTI, terrorism-related deaths in Nigeria totaled 565 in 2024, reflecting a consistent rise over the past two years. The report noted that global terrorism deaths have declined by nearly a third since 2015, with Nigeria and Iraq recording the most significant reductions over time. Nigeria’s terrorism fatalities peaked at 2,101 in 2014 before decreasing to 392 in 2022, the lowest since 2011. However, the number surged by 34% in 2023, reaching 533, and continued to rise in 2024 to 565 deaths. IS-Sahel Expands Influence in West Africa The report highlighted the increasing presence of IS-Sahel, a militant group extending its operations beyond the Liptako-Gourma region—comprising Burkina Faso, Mali, and Niger—into countries such as Algeria, Benin, and Nigeria. In 2024, IS-Sahel was responsible for 16 attacks in Nigeria, alongside 12 in Niger, six in Mali, and one in Burkina Faso. Furthermore, the number of nations impacted by at least one terrorist attack increased from 58 in 2023 to 66 in 2024, the highest recorded since 2018. The Sahel Region: Global Epicenter of Terrorism Terrorism remains a significant global threat, with shifting trends and increasing security challenges. The Sahel region accounted for 51% of all terrorism-related deaths in 2024, marking an almost tenfold increase since 2019. Fatalities linked to conflicts in the region exceeded 25,000, with 3,885 attributed specifically to terrorist incidents. Among the ten most-affected nations, five are located in the Sahel. Although Burkina Faso remains the hardest-hit country, both its terrorist fatalities and attacks saw a decline in 2024—dropping by 21% and 57%, respectively. Despite this improvement, Burkina Faso still accounted for one-fifth of global terrorism deaths. Niger’s Counterterrorism Setback The findings also emphasized the fragile nature of counterterrorism advancements. Niger, for instance, recorded the highest increase in terrorism-related deaths globally in 2024, surging by 94% to 930 fatalities. This reversed the progress seen in 2022 when the country had one of the most significant improvements in terrorism impact. The report cautioned that the gains made in Burkina Faso might be temporary, considering the volatile nature of the region. Conclusion: The Need for Stronger Counterterrorism Measures With Nigeria now ranking sixth on the GTI, addressing the root causes of terrorism and enhancing security strategies remain crucial. As militant activities continue to evolve, coordinated international and regional efforts will be essential in mitigating the threats posed by extremist groups. Institute for Economics and Peace READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Oil Price Decline Raises Concerns Over Budget 2025 Revenue Target The price of Bonny Light, Nigeria’s premium crude, has experienced a significant decline, dropping by 20% to $67 per barrel from $84.02 per barrel in January 2025. This sharp fall raises concerns about the Federal Government’s ability to meet its 2025 budget revenue target, which is heavily reliant on oil earnings. Budget 2025 at Risk Due to Oil Price Drop The 2025 budget was structured around a crude oil benchmark of $75 per barrel and an estimated oil production level of 2.06 million barrels per day (bpd). With revenue projections set at N36.35 trillion—56% of which is expected to come from oil sales—the recent slump in oil prices could lead to a revenue shortfall of approximately 10.7%. Currently, Nigeria’s oil production stands at 1.7 million bpd, falling significantly short of the budgeted target. The reduced output, combined with the falling global oil prices, presents a major financial challenge for the government’s fiscal plans. Global Oil Market Influences According to the latest data from the U.S. Energy Information Administration (EIA), the decline in crude oil prices is linked to increased U.S. inventories, which reached 3.6 million barrels by the end of February 2025. Additionally, the decision by the Organization of Petroleum Exporting Countries (OPEC+) to gradually lift production cuts starting in April 2025 has contributed to the oversupply in the global oil market. Economic Implications and Expert Analysis Speaking to Vanguard, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), emphasized the serious consequences of the oil price drop on Nigeria’s budget and overall economic stability. “This situation presents a significant challenge for the 2025 budget, as our oil benchmark is set at $75 per barrel, while prices are currently below $70. If this trend continues or worsens—especially if the U.S. succeeds in brokering a peace deal between Ukraine and Russia—the revenue gap will widen further,” Yusuf explained. He added that the declining oil price also affects foreign exchange earnings, creating additional pressure on macroeconomic stability. If the government maintains its current expenditure level despite reduced revenue, Nigeria could face a higher-than-expected fiscal deficit. However, Yusuf pointed out a silver lining, noting that lower oil prices could drive down energy costs, which would benefit businesses and consumers alike. Potential Adjustments and Future Outlook To mitigate the adverse effects of falling oil prices, economic analysts suggest that the government should reassess its spending priorities. Adjusting budget allocations based on projected revenue trends could help prevent excessive borrowing and economic instability. For further insights into oil market trends, visit the U.S. Energy Information Administration (EIA) website: https://www.eia.gov. U.S. Energy Information Administration READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The New Partnership for Africa’s Development Business Group Nigeria (NBGN) has embarked on a strategic rebranding initiative aimed at accelerating Nigeria’s economic development and fostering sustainable business growth. NBGN’s Renewed Commitment to Economic Development In a statement released to Vanguard, Bashorun Randle, Chairman of NBGN, highlighted the organization’s longstanding role in promoting economic advancement, regional integration, and sustainable growth in Africa. Over the years, NBGN has been instrumental in driving public-private partnerships and supporting Nigeria’s economic revitalization efforts. According to Randle, the rebranding is set to transform NBGN into a leading force in shaping economic policies, enhancing business growth, and fostering a sustainable economic landscape in Nigeria. He emphasized the organization’s commitment to engaging key stakeholders, including government bodies, private sector leaders, and development partners, to achieve these objectives. Key Areas of Focus in NBGN’s Strategic Rebranding The repositioning strategy will prioritize trade, investment, and industrial development, ensuring an enabling environment for businesses. Randle further explained that NBGN aims to collaborate closely with government agencies, private enterprises, and international partners to facilitate economic growth and policy development. Additionally, the organization will enhance direct engagement with major policymakers, including the Central Bank of Nigeria and the Ministry of Finance, to present structured policy recommendations aligned with Nigeria’s broader economic agenda. Call for Stakeholder Collaboration Randle urged all stakeholders—including government institutions, private enterprises, and the media—to actively support this vision. He reaffirmed that a unified effort can propel Nigeria’s economy forward, creating a more prosperous nation and contributing to Africa’s economic transformation. For more insights on economic development strategies, visit The World Bank READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
