Activist lawyer Deji Adeyanju slams President Tinubu’s administration over a 50% telecom tariff hike, calling it a “government from hell.” Learn about the public backlash and NATCOMS’ legal plans here. Activist lawyer Deji Adeyanju has strongly criticized President Bola Tinubu’s administration, labeling it a “government from hell.” Adeyanju’s remarks came in response to the recent approval of a 50% hike in telecommunications service tariffs by the Federal Government. He accused the current administration of deliberately inflicting hardship on Nigerians. The National Association of Telecoms Subscribers (NATCOMS) has expressed strong disapproval of this decision and has announced plans to take legal action against the Federal Government over the tariff hike. Telecom Tariff Increase Sparks Outrage Reports indicate that this is the first significant increase in telecommunications charges since 2013. Adeyanju voiced his frustration on social media platform X (formerly Twitter), where he condemned the government’s decision. In his post, he stated: “They just increased the tariff for all phone calls in the country.The government has vowed to punish Nigerians with suffering. A government from hell. This year, I have zero tolerance for nonsense. If you come to my timeline defending this injustice, I will block you. Supporting a government that is destroying Nigerians and the economy is unacceptable.” Public Backlash Intensifies The tariff hike has sparked widespread anger, with many Nigerians describing the move as inconsiderate amidst existing economic challenges. Critics argue that such decisions deepen the hardship faced by citizens in an already fragile economy. As the National Association of Telecoms Subscribers prepares to challenge the tariff hike in court, the issue continues to generate heated discussions both online and offline. Key Takeaways READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Discover how Tinubu’s economic reforms are transforming Nigeria’s economy and infrastructure. Governor Sanwo-Olu highlights Lagos’ achievements and plans for 2025. Lagos State Governor, Babajide Sanwo-Olu, has commended President Bola Ahmed Tinubu’s economic reforms, describing them as transformative and capable of redefining Nigeria’s global image. Speaking at the 2025 Annual Thanksgiving Service themed “Harvest of Thanksgiving” held at Tafawa Balewa Square in Lagos, Sanwo-Olu expressed optimism about Nigeria’s economic trajectory. He emphasized that both Lagos and the nation are entering a transformative period following tough but necessary economic reforms in 2024. Positive Impacts of Tinubu’s Reforms Sanwo-Olu acknowledged that while the reforms have caused short-term hardships, they are paving the way for long-term prosperity. The governor highlighted the following outcomes of the reforms: Sanwo-Olu assured Nigerians that the sacrifices made during the reform process would yield substantial benefits. Lagos: A Model for Development Highlighting Lagos State’s achievements in 2024, Sanwo-Olu showcased the state as a development benchmark. Key projects and milestones included: Sanwo-Olu also emphasized Lagos’ cultural and economic growth, fueled by the enthusiastic return of Nigerians from the diaspora. Private Sector Contributions Sanwo-Olu applauded private sector initiatives, particularly: Lagos’ 2025 Agenda Looking ahead, Sanwo-Olu pledged to intensify efforts across key sectors. Highlights of the 2025 agenda include: Vision for Nigeria’s Future Sanwo-Olu concluded with optimism, predicting brighter days ahead for Nigeria under Tinubu’s leadership. He reiterated Lagos’ commitment to setting the pace for the rest of the country and aligning with the President’s Renewed Hope Agenda. “Together, we can build a safer, more secure, and economically stable nation,” he affirmed. 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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The Senate has officially approved President Bola Tinubu’s request for a $2.2 billion loan, aimed at addressing part of the ₦9.7 trillion budget deficit for the 2024 fiscal year. This approval came after a report was presented by Aliyu Wamakko, the Chairman of the Senate Committee on Local and Foreign Debts, during a plenary session. Deputy Senate President Jibrin Barau, who presided over the session, praised the committee for its swift and thorough examination of the loan proposal. In a letter read at both the Senate and House of Representatives plenaries earlier this week, President Tinubu outlined that the loan would be integral to his administration’s fiscal strategy for 2024. Senate President Godswill Akpabio, reading from the letter, confirmed that the $2.2 billion (approximately ₦1.77 trillion) is already included in Nigeria’s external borrowing plan for the upcoming fiscal year. Akpabio also directed the Senate Committee on Local and Foreign Debts to expedite its review of the loan request and report its findings within 24 hours. Despite the deadline passing on Wednesday, the committee submitted its report on Thursday, leading to the loan’s approval. Wamakko’s report, titled Implementation of New External Borrowing of ₦1.77 Trillion ($2.2 Billion) in the 2024 Appropriation Act, explained that the loan is crucial for funding ongoing projects as outlined in the 2024 Appropriation Act, which are essential for Nigeria’s growth and development. According to Wamakko, the loan will also aid in the implementation of Nigeria’s Debt Management Strategy, which aims to reduce borrowing costs, extend debt maturity, create space for domestic market borrowers, and boost the nation’s external reserves. He further explained that Nigeria could raise the required funds through various means, including issuing Eurobonds in the International Capital Market (ICM). The committee recommended that the Senate approve the external borrowing of ₦1.77 trillion ($2.21 billion), which will be raised from one or more sources, such as the issuance of Eurobonds, sovereign Sukuk debt, or syndicated loans, depending on market conditions. Wamakko added that, given the increase in the official exchange rate from USD1.00/₦800 to approximately ₦1,640, the extra funds generated from this adjustment should be exclusively directed toward capital projects in 2024. This would ensure that additional funds are channeled into infrastructure and developmental projects, contributing to long-term growth and stability for the country. Following the presentation of the report, the Senate approved the loan without any objections, at the Committee of Supply. In conclusion, the Deputy Senate President commended the Senate committee for their thorough work, expressing gratitude for the timely handling of the matter. READ ALSO:
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The Northern Economic Development Forum has eased concerns raised by Northern governors over the new tax reform policies introduced by President Bola Tinubu, assuring that these reforms will benefit the northern region. Northern governors initially opposed the Tax Reform Bills, urging the National Assembly to reject them, arguing that the reforms might not align with the North’s interests. However, the development forum expressed confidence in the reform’s potential benefits, stating that the proposed tax laws aim to modernize and improve Nigeria’s tax system without adverse effects. President Tinubu and the Federal Executive Council recently introduced legislation to overhaul tax processes, unify revenue collection, and streamline financial obligations for both businesses and citizens. The Northern Economic Development Forum emphasized the importance of thoroughly understanding the proposed bills before opposing them. They announced plans for a comprehensive awareness campaign across the 19 northern states to rally support for the Tax Reform Bills, asserting that the reforms will drive progress in the North and benefit the entire country. In a statement signed by Dr. Mustapha Ibrahim Gusau, the forum explained critical elements of the four bills—the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and Joint Revenue Board (Establishment) Act—highlighting that the reforms are intended to clear up misconceptions. READ ALSO: The forum clarified that the new tax policies are not designed to increase the number of taxes but rather to optimize current tax systems without adding complexity. It also stressed that: The Forum highlighted that these bills will harmonize tax laws, enhance efficiency, modernize the tax system, and strengthen coordination among revenue agencies. They are also expected to foster transparency, align with international standards, and expand the tax base. The forum called on Nigerians, particularly in the North, to support the reforms and avoid unnecessary alarm.
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According to information released by Dangote Refinery, the price of its fuel is N960 per liter for ships and N990 per liter for trucks. The declaration comes after the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) asserted that they could import petroleum at lower prices than Dangote. The marketers said in a previous interview that they were purchasing fuel from overseas at a lower cost and urged Dangote Refinery to work with stakeholders. The refinery countered that the only products that could be purchased at a cheaper cost than its own were inferior ones. Dangote Refinery said in a statement released Sunday evening by Anthony Chiejina, the Group Chief Branding and Communications Officer, that it lowered its prices for selling onto ships while adhering to the Nigerian National Petroleum Company Limited’s (NNPCL) pricing benchmark. According to the text, “Both organizations assert that they are able to import PMS at a lower cost than what the Dangote Refinery is selling.” We compare our prices to those of other countries, and we think our rates are reasonable when compared to import costs. “Anyone who says they can get PMS for less than what we are selling is bringing in inferior goods and working with foreign dealers to bring in subpar goods without thinking about the health of Nigerians or the durability of their cars. Regulator NMDPRA regrettably lacks even laboratory facilities, which can be used to identify inferior goods that are brought into the nation. By offering PMS to domestic marketers at N971 per litre for sale into ships and N990 for sale into trucks, NNPC set the standard after deregulation. Our pricing was established by this, and we have since lowered it to N960 per litre for sale to ships and N990 per litre for sale to trucks. “We started selling at these rates in good faith and for the sake of the nation, even though we weren’t sure what exchange rate we would use to pay for the oil we bought. Simultaneously, a foreign trading company recently rented a depot facility adjacent to the Dangote Refinery for its purpose. to combine inferior goods that would be sold in order to compete with the superior output of Dangote Refinery. “This is harmful to Nigeria’s local refining industry’s expansion. We should note that nations frequently defend their home sectors in order to create jobs and boost their economies. For instance, in order to safeguard their home sectors, the US and Europe have been forced to slap high tariffs on microchips and EVs. READ ALSO: Atiku outlines the policies he would have implemented differently if he had been president: $10 billion for MSMEs and the progressive elimination of subsidies. We urge the public to ignore the purposeful misinformation being spread by those who would rather that we keep exporting jobs and importing poverty, even as we remain committed to offering reasonably priced, high-quality, domestically processed petroleum products in Nigeria.
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The Peoples Democratic Party (PDP) presidential candidate for 2023, Atiku Abubakar, claims that if he had won the presidency of Nigeria, his reforms would have “benefited from more adequate preparations” and “more sufficient diagnostic assessment of the country’s conditions.” Abubakar claimed that his policy changes would have “protected our fragile economy against a much deeper crisis by preventing business collapse” in a post on his X account on Sunday. He called President Bola Tinubu’s administration “overkill” for raising the energy cost, floating the currency rate, and eliminating the gasoline subsidy. In order to “first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process,” the former vice president stated that he would have set an example. He also said that “alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighborliness” would have been used by his administration. According to Abubakar, he would have established an economic stimulus fund (ESF) “to support MSMEs across all economic sectors with an initial investment capacity of approximately US$10 billion.” The former vice president claimed that even though he supported eliminating the gasoline subsidy, his government would have implemented the measures using “a gradualist approach.” “The abrupt and total elimination of subsidies would not have occurred. We used a gradualist approach while I was vice president, and we finished phases 1 and 2 of the reform before the end of our term, which is instructive,” he added. According to Abubakar, his government would have a “managed-floating system” of foreign exchange. “We would not be able to run an open, private sector-friendly economy under a fixed exchange rate system, so it was out of the question,” he stated. READ ALSO: Police Arrest 17 Nigerians, 113 Foreigners For Cybercrimes, Hacking But, considering Nigeria’s fundamental economic circumstances, implementing a floating exchange rate regime would be overkill. “We would have urged our central bank to handle foreign exchange in a gradualist manner. It would have been better to have a managed-floating system. We love to have you back, Kindly Subscribe to our Newsletter.
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Former Vice-President Atiku Abubakar has criticized the current administration for its “trial-and-error economic policies,” asserting that he would have taken a different approach if he had been elected President. In a statement he personally authored, the Peoples Democratic Party (PDP) candidate from the last election accused President Tinubu’s government of implementing a “palliative” economy, something he believes should not have been done. Atiku attributed the country’s current economic difficulties to the reforms introduced by the present administration. He noted, “Unleashing reforms to establish a suitable exchange rate, cost-reflective electricity tariffs, and the price of PMS all at once is excessive.” While he supports the removal of subsidies, Atiku emphasized that his administration would have opted for a gradual approach, similar to what countries like Malaysia and Indonesia have done in recent years. He stated, “I’ve received numerous questions about what I would have done differently as President. The focus should be on President Tinubu and the critical actions he needs to take to alleviate the suffering caused by his experimental economic strategies.” Atiku expressed that his administration would have been more strategically planned, emphasizing thorough preparations, better diagnostic assessments of the country’s situation, and more extensive consultations with stakeholders. He pointed out that his reform agenda, outlined in his policy document “My Covenant With Nigerians,” was designed to protect the fragile economy from deeper crises and to support businesses effectively. He further argued, “Implementing reforms for exchange rates, tariffs, and fuel prices simultaneously is clearly overkill. Additionally, the Central Bank’s aggressive monetary tightening is problematic. As importers of petroleum products, removing subsidies without a stable exchange rate will lead to adverse effects.” Atiku insisted that a more strategic response to the fallout from reforms was necessary, highlighting the importance of not overestimating the benefits of reforms or underestimating their costs. He acknowledged that reforms can fail and that he would address institutional weaknesses proactively. He added, “I would have led by example. Any fiscal reforms aimed at improving liquidity must first address governance-related revenue leakages, including unnecessary government expenses. I and my team would not have indulged in luxury while citizens suffered.” The former Vice President emphasized that his reforms would be designed with empathy, advocating for a strong social protection program to genuinely support the poor and vulnerable instead of relying on a “palliative economy.” He outlined specific measures he would implement, including launching an Economic Stimulus Fund (ESF) with an initial capacity of around $10 billion to support micro, small, and medium enterprises (MSMEs) across all sectors. Additionally, he proposed a targeted skills-to-job program for youth, addressing both graduates and those currently not engaged in education or employment. Atiku reiterated his long-standing call for subsidy removal on PMS, criticizing the opacity and potential for corruption in its administration. He highlighted the significant profits derived from oil subsidies that benefit certain elites within public and private sectors. He prioritized three main areas: READ ALSO: A Man Jailed For Attempting To Sit 2019 UTME Exam For Daughter In Abuja In summary, Atiku Abubakar presented a comprehensive vision for addressing Nigeria’s economic challenges, contrasting it sharply with the current administration’s approach. We love having you back, Kindly Subscribe to our Newsletter.
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With 52% of adult Nigerians holding official bank accounts, the Central Bank of Nigeria (CBN) has seen progress in the financial inclusion rate. Nevertheless, 32% of people are still not able to access the official financial system. During the 2024 World Savings Day Financial Literacy Fair in Abuja, the CBN revealed the country’s financial inclusion landscape’s achievements and obstacles. 52 percent, or 54.2 million adult Nigerians, had bank accounts in 2023, according to Ibrahim Yahaya, Acting Head of the CBN’s Consumer Protection Department. However, an estimated 32 percent, or 33.9 million people, were completely shut out of the financial system. According to Yahaya’s additional analysis of the data, 5% more adults are classified as having “other formal” financial inclusion. financial inclusion category, whilst 11% are part of the financial system unofficially. Yahaya emphasized the importance of fostering a saving culture in all age groups, but especially in young people. “If you look at it from the deposit side, savings have improved significantly over time,” Yahaya said. Even while bank deposits have been rising, there are still some things that can deter people from saving. The belief that income is never sufficient to cover urgent demands is ingrained, which hinders one’s capacity to save money, he said. READ ALSO “This day’s primary goal is to raise awareness of the value of saving money,” Yahaya said. “We want to make sure that young people develop a saving culture so they may grow up with sound financial habits. Motivating By encouraging this behavior in their kids, parents can help prepare for future situations. Making saving a habit, even in modest quantities, is essential to being ready for life’s unforeseen events, according to Yahaya. He went on to say that “life is full of journeys and having savings provides a safety net for any issues that may arise.” In the event of certain situations, having a backup plan is crucial. Also Read: Cardoso: CBN will use relevant instruments to combat inflationThe CBN official also connected saving to more general economic advantages, pointing out that savings increase bank deposits, which support lending to the real sector, which is a major engine of economic expansion. “The banks utilize our money to make loans, particularly to the actual industry, which propels economic expansion,” Yahaya stated. He urged Nigerians, especially the younger generation, to develop the practice of saving money regardless of the state of the economy. He said, “You might never start saving if you wait until you have plenty.” “However, you will reap the rewards later if you make it a habit to put aside money, even in tiny amounts.” Yahaya addressed the difficulties inflation presents for saving, stating that although inflation is especially challenging right now, preserving a saving culture can act as a buffer. There has been inflation, and I am aware that things are harder now. The impact will be lessened, he continued, if saving is ingrained in one’s mindset.
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Fuel marketers have bemoaned the lack of business at their retail locations across the country as the cost of a liter of gasoline has risen to above ₦1,000 at the majority of filling stations in Nigeria. The marketers claimed that due to high prices and poor returns on investment, they are currently reducing their workforce and work shifts. On Monday’s episode of Channels Television’s The Morning Brief breakfast show, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), was featured. The PETROAN CEO appeared on the show alongside Ukadike Chinedu, a representative of the Independent Petroleum Marketers Association of Nigeria (IPMAN). “All of us in the industry, including marketers and retail outlet owners, are finding it difficult to cope with the current situation, we used to buy,” Gillis-Harry stated. 45,000 liters of fuel cost less than 8.5 million naira a few months ago, but now we must pay almost 49 million naira to purchase the goods. “Financial organizations are not saving us. Because Nigerians also struggle with their purchasing power, the cost of money is so high, it is very difficult to even sell, and what we get to our retail outlets is not immediately purchased. READ ALSO According to IPMAN spokeswoman Ukadike Chinedu, middle-class Nigerians have given up driving their cars and switched to public transit, turning gas stations around the country into abandoned locations. “Bank funds make up the majority of the money we invest. In addition to being borrowed, the interest rate is considerable. There isn’t a refund for investment since we generate greater income the more we sell,” Chinedu stated. The features of the consumers who have now dropped some of their luxury automobiles with V8 and are now utilizing alternative modes of transportation have resulted in a very low volume of commerce in the filling stations. “You may discover that there is skeletal or ghost buying at some of the filling stations these days, as two or three automobiles will simply pull in and buy. Discussions concerning scarcity have given way to discussions about pricing differences. Similar to the aviation and agriculture industries, the two unions urged President Bola Tinubu to give oil marketers ₦100 billion as a seed capital to help them stay afloat. You May Also Like This Nigerians struggle with the burden of the Tinubu administration’s record-breaking food inflation and energy prices, which have doubled in the past year. In particular, the cost of gasoline increased from less than ₦200 to more than ₦1,000 per liter. Many have attributed the high cost of living that has hit the middle class to the dual policy of eliminating gasoline subsidies and unified exchange rates. The current administration has maintained that its measures are essential and will not be undone despite two significant rallies organized by citizens to highlight their dissatisfaction with the Tinubu administration and to put pressure on the All Progressives Congress (APC) government to undo its “reforms.”
