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The Nigeria Customs Service (NCS) has refuted claims made by a 70-year-old US returnee, Mr. Olukayode David-Albert, that officers in Lagos demanded ₦76 million to clear his two vehicles and personal belongings. The service labelled the accusation as baseless.
Reports revealed that David-Albert accused Customs officers of initially billing him ₦76 million for import duties. This included ₦3.3 million for a 2011 Chrysler, ₦70.8 million for a 2024 Hyundai SUV, and ₦2 million for household goods. Allegedly, the sum was later reduced to ₦53.5 million after negotiations.
Responding to the allegations, the Tincan Island Command of the NCS clarified the situation in a statement by its Public Relations Officer, Ngozi Okwara.
According to Okwara, David-Albert is entitled to duty-free importation of personal belongings under the ECOWAS Common External Tariff (CET) regulations, but vehicles are excluded.
The statement explained, “While Mr. David-Albert qualifies for duty-free import of personal items, vehicles are not exempt. The 2024 Hyundai SUV attracts a 20% import duty, a 20% levy, and 7.5% VAT.
The total duty for both vehicles was determined to be ₦34,969,374. This is far lower than the alleged ₦53.5 million.”
The Customs Service reaffirmed its commitment to transparency and adherence to Nigeria’s customs regulations.
How doctors advised I remove my womb after 3 miscarriages, failed IVF, — Actress Dayo Amusa open up after birthing 1st child at 41
AFOLABI
Popular Nollywood actress Dayo Amusa has opened up about the emotional and physical challenges she faced before finally becoming a mother.
Recall Amusa welcomed her daughter, Oluwafirewamiri, in the United States on November 18, 2024.
In a series of Instagram posts on Tuesday, Amusa recounted her journey, marked by three miscarriages, personal setbacks, and a 2015 diagnosis of uterine myomatosis—a condition that nearly robbed her of the chance to conceive.
She disclosed that following her diagnosis, some medical professionals advised her to undergo a hysterectomy due to recurring complications and excruciating menstrual pain.
Refusing to relinquish her dream of motherhood, Amusa explored alternative treatments and eventually traveled to the United Kingdom, where she underwent surgery to remove the tumors.
In her post, she stated, “I never thought I would get to this moment but GOD knew. For as long as I can remember I knew I wanted to be a complete idea woman (a wife and mom). Having had 3 miscarriages, in 2015, I was diagnosed with uterine myomatosis, and some doctors recommended removing my womb due to the complications and discomfort I experienced every month during my menstrual cycle. I decided to fight and reject that option.”
She revealed undergoing a surgical procedure on February 14, 2015, to remove the tumors.
However, in 2016, she discovered that one of her fallopian tubes was damaged, making natural conception nearly impossible.
Despite her perseverance, Amusa faced further heartbreak in 2019 when a failed IVF attempt strained her marriage. The situation worsened when her husband suggested having a child with another woman, leading to the collapse of their union.
Reflecting on this painful period, she wrote, “In 2016 myself and my then partner decided to try again as we were so eager to welcome our 1st child together but later discovered one of my tubes was broken and it would be almost impossible to get pregnant naturally… Men as men, my then partner was involved with another woman unknown to me which produced a baby boy. After so many ups and downs, back and forth, na so the whole thing ended (Story for another day).”
Dayo Amusa also shared how the toll of her struggles led to depression and withdrawal from her career, family, and friends.
She credited her mother for recognising her declining mental health and encouraging her to relocate to the United States in 2021 for a fresh start.
Expressing gratitude for her eventual triumph, Amusa concluded her post by acknowledging God and those who supported her through her trials.
She described her story as a testament to resilience and faith in the face of adversity.
The First Lady, Sen. Oluremi Tinubu, on Wednesday, welcomed Abuja’s first baby of the year 2025 at the Asokoro District Hospital.
The News Agency of Nigeria (NAN) reports that Favour Stephen-Odion, a baby girl, was born to the family of Mr Odion Oyinbo and Mrs Chioma Odion at exactly 12.27 a.m. on Wednesday, Jan. 1, weighing 3.6kg.
Sen. Oluremi also received other babies born at the hospital, including the first babyboy of the year 2025, Zimchikachim Ejiofor, born to the family of Mr Ejiofor Nworie and Mrs Delight at about 7.14 a.m., weight 3kg.
The mother of the nation welcomed Favour and all the other babies born on New Year Day in the FCT with baby gifts, including post-natal care products and other nutritional supplies, as well as cash gifts.
Represented by the wife of the Vice-President, Mrs Nana Shettima, the first lady prayed God to protect the children, wishing them long life, good health and prosperity.
She said “I am here to represent the mother of the nation to welcome the first baby of the year and other children.
“So, I’m presenting this token and a beautiful package to our dear daughter. I want to wish her well, long life, prosperity, good health.
“Insha Allah, they (first baby and other babies) are the next generation to take over from us. I wish you all the best. Please take good care of her.”
The First Lady counselled mother’s of the newborn babies on exclusive breastfeeding, immunisation and timely post-natal care.
She added that “good enough, this (Asokoro General Hospital, Abuja) is closer to my house, and I know the hospital will take good care of you.”
She further presented birth certificates to the first baby of the year and the first baby boy.
NAN reports that the first lady was conducted round the maternity ward of the hospital, where she congratulated parents of other newborn babies.
Earlier, Dr Rosemary Nwokorie, the acting Chief Medical Director of Asokoro District Hospital, Abuja, while welcoming the First Lady, commended President Bola Tinubu’s administration for commitment to transforming the nation’s health sector.
Nwokorie also applauded the First Lady and the wife of the Vice-President for inituating various intervention programmes, especially the Renewed Hope Initiative toward assisting vulnerable Nigerians, especially women and children.
Buhari didn’t want Tinubu or Osinbajo as successor, but Tinubu outsmarted him – Ex-presidential aide Ojudu
AFOLABI
A former Special Adviser to the President on Political Matters, Babafemi Ojudu, has alleged that former President Muhammadu Buhari never supported the presidential ambition of his then Vice President, Yemi Osinbajo.
He further disclosed that Buhari did not back the current President, Bola Tinubu, despite their friendship and political alliance, but Tinubu reportedly “outmaneuvered him in several ways.”
Ojudu, who served in the office of former Vice President Yemi Osinbajo, stated that his former principal could have performed significantly better than the current president, Bola Ahmed Tinubu.
His words: “I knew Osinbajo was going to lose the primary, I saw it coming.
“Because of the system we operated and still operating, I kept saying at our meeting that all of the efforts we are making like traveling around, convincing people, and addressing delegates is only 40 percent.
“60 percent of it lies in Buhari’s hands unless and until Buhari mobilizes people around him, the governors, his aides, we are going nowhere.
“I used to refer to Buhari as a one-man majority and he never mobilized his team towards Osinbajo and I think Tinubu outsmarted him in so many different ways.”
Speaking further, he likened the failure to elect Professor Yemi Osinbajo during the last presidential election to missing a second chance at the leadership of Chief Obafemi Awolowo.
“I supported Osinbajo to be president. I was convinced because having seen him up close,” Ojudu said.
“The way he worked, his philosophy, his breadth of knowledge and the kind of patriotic verve in him I just think that he was the best person at that time to govern Nigeria that I have seen up close to be on the part of danger.
“Osinbajo would have been good for this country. For me, it is like losing Awolowo for a second time because he was at Awolowo’s level in terms of capacity, ability, dedication and commitment.”
During the APC primary in the buildup to the 2023 elections, Bola Tinubu secured 1,271 votes to clinch the party’s presidential ticket, while former Transport Minister Rotimi Amaechi garnered 316 votes. Former Vice President Yemi Osinbajo received 235 votes, finishing third, while Senate President Ahmed Lawan obtained 152 votes.
Executive Chairman of Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on Nigerians to strengthen their resolve against economic and financial crimes.
In a New Year message delivered in Abuja yesterday, Olukoyede emphasized the critical role of public support for anti-corruption initiatives in driving national progress and development.
He said the rejection of corruption by Nigerians was essential for the advancement of the economy and the improvement of citizens’ quality of life.
He urged the nation to seize the opportunities of the new year to recommit to transparency, accountability, and integrity.
Olukoyede assured that the EFCC is set to surpass its 2024 achievements, with officers dedicated to dismantling strongholds of corruption across the country.
He described their efforts as a patriotic calling, promising a focused and unwavering commitment to combating corrupt practices in 2025.
While reinforcing the agency’s dedication to moving the nation forward, the EFCC chairman stated: “We can make any progress and development we want for our nation to happen by our support for anti-corruption initiatives.
He said: “The new year is offering us fresh opportunities to recommit ourselves to the ideals of transparency, accountability, and probity.
“2025 will be another year of bringing towers of corruption down. Our focus is set and our commitment is total.
“Our work is more than a vocation but a patriotic calling. We know this and will always offer our best to move the nation forward.”
The EFCC boss wished Nigerians a happy and prosperous new year.
Ivory Coast President Alassane Ouattara has announced that French troops will soon begin withdrawing from the West Africa nation.
Naija News reports that the President made this known during his New Year address.
In a nationwide broadcast, Ouattara said: “We have decided on a coordinated and organized withdrawal of French troops.”
The process, set to start in January, aligns with the president’s focus on modernizing Ivory Coast’s military.
He also revealed that the French naval infantry battalion’s base in Port Bouet will be handed over to Ivorian forces.
Currently, about 600 French soldiers are stationed in the country.
This move follows similar decisions in other West African nations, including Mali, Burkina Faso, and Niger, which had previously called for French troop withdrawals.
France has historically maintained a military presence in the region post-colonial rule, primarily to combat Islamist extremism.
With the withdrawal from Ivory Coast, France’s remaining military bases in Africa will be located in Gabon and Djibouti.
Former presidential candidate of the Labour Party, Peter Obi, has condemned the exclusion of the North Central Development Commission (NCDC) in the 2025 budget.
Peter Obi said the exclusion was troubling. He called for the 2025 budget to be revised and provisions made for NCDC.
In a statement on Wednesday, Obi said North Central requires special attention as a result of the insecurity affecting the region.
“The exclusion of the North Central Regional Commission from the budgetary allocations provided to other Regional Commissions in the 2025 proposed budget is deeply troubling and must be urgently reversed. Such an anomaly does not make for even development and peace that is needed for progress in the country.
“A total of ₦2.493 trillion has been allocated to five regional development commissions, with the North Central Regional Commission glaringly omitted.
“The North Central region requires special attention due to the severe challenges it faces today. Relentless terror attacks and banditry in Plateau, Benue, Kogi, and Niger States have caused immense suffering, resulting in significant loss of lives and forcing countless families into internally displaced persons (IDP) camps. These persistent tragedies have made the North Central one of the most affected and vulnerable regions in Nigeria,” he said.
The former governor of Anambra State further emphasized that the agricultural potential of the region requires support. He called on the National Assembly to urgently review and rectify the exclusion.
“Known as the agricultural backbone of the nation, the North Central region deserves robust support to enhance security, stability, and development for the benefit of the entire country.
“I, therefore, call on the government and National Assembly to urgently review and rectify this decision that will impact negatively on the region and area most needed for the development of the country
“Together, we must work toward a more inclusive and equitable Nigeria,” Obi stated.
Popular Nigerian actress, Yvonne Jegede is reflecting on her single status in 2024 as we enter a New Year.
Taking to her Instagram page to share photos of herself on a flight, she revealed that she started 2024 single and ended it single.
Describing it as very demure, consistent, and mindful, she prayed that this New Year should be a blessing to everyone and their heart desires shall come easy.
Yvonne admonished her fans to stay out of trouble and stay blessed.
“See how I started 2024 single and ended it single??? Very demure, very consistent, very mindful, very much single.
2025 is here, and it will be a blessing to every one of us. May your heart desires not only come but come easy.
Stay out of trouble and stay blessed.
HAPPY NEW YEAR.
Cheers to a new beginning”.
Nigeria's First Lady, Remi Tinubu has assured Nigerians of President Bola Tinubu's commitment to make 2025 a better year despite the economic crisis.
In a New Year message to Nigerians posted on X on Wednesday, she called for unity and renewed efforts toward building a thriving nation.
Tinubu emphasised the need for collective investment in rebuilding societal bonds and fostering inclusivity across all regions and demographics.
She urged Nigerians to rise above divisions and work toward mutual respect and understanding.
“As we journey through 2025, let us rise above our differences and rebuild the bridges that connect us—bridges of love, respect, and understanding.
“It is a year to invest in one another; to nurture our youth and protect the dignity of our elders; to create a country where every Nigerian can thrive, regardless of where they are born, what they believe, or what language they speak,” she said.
The First Lady highlighted the administration’s commitment to ongoing economic reforms aimed at unlocking Nigeria’s vast potential under the leadership of President Bola Tinubu.
She stated, “I assure you all that the administration of President Bola Ahmed Tinubu, GCFR is truly committed to and is already undertaking deepening reforms that will unlock our nation’s economic potentials.”
Senator Tinubu encouraged Nigerians to stand together and support one another, pledging that the government remains steadfast in its vision for a prosperous nation.
“Together, we can build the Nigeria we all desire. Together, we will. Happy New Year, Nigeria,” she added,
The Nigeria Police Force, Oyo State Command has announced the rescue of a pastor and his wife who were abducted by suspected kidnappers during a prayer session on a remote mountain in the state.
The police disclosed on its X handle on Tuesday that the couple had travelled to the isolated location for prayers when the incident occurred.
However, details of the rescue operation remain undisclosed, while the police have assured residents that efforts are ongoing to apprehend the culprits. Meanwhile the police paraded some other suspects.
Furthermore, the police cautioned the public to avoid isolated locations due to security risks.
“The command just secured an abducted pastor and his wife at the hinterland while fellowshipping on an isolated mountain, causing fellow worshippers to flee like they were possessed,” the statement read.
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President Bola Ahmed Tinubu, in his New Year’s message to Nigerians this morning said 2025 brings many hopes, aspirations and prospects for better days.
“By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires,” he said.
The president assured, “To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building.
“The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.”
Acknowledging that 2024 posed numerous challenges to citizens and households, the president said he was confident that the New Year would bring brighter days.
According to him, economic indicators point to a positive and encouraging outlook for the nation.
“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.
“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024,” Tinubu stated.
He said in 2025, his government was committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” he said.
FG to establish National Credit Guarantee Company
The president disclosed that in the New Year, his administration would further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
He said to achieve this, the government would establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
He explained: “The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency and the Ministry of Finance Incorporated, the private sector and multilateral institutions.”
He said this initiative would strengthen the confidence of the financial system, expand credit access, support under-served groups such as women and youths, drive growth and re-industrialisation as well as better living standards for Nigerians.
“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.
“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation. I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.
“We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region and religion,” he urged.
The president said to achieve national goals and objectives, Nigerians must become better citizens and uncompromising in their devotion and allegiance to the country.
“Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project,” he said.
President to unveil National Values Charter
Tinubu also stated that he would unveil the National Values Charter approved by the Federal Executive Council, in the first quarter of 2025.
“I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together. The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.
“As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country,” he noted.
Youth Confab begins Q1
The president also said the Youth Confab will begin in the first quarter of this year as “A testament to our commitment to youth inclusiveness and investment as nation-builders.
He said the Ministry of Youths would soon announce the modalities for selecting the conference’s representatives from the country’s diverse and youthful population.
He implored Nigerians to continue believing in themselves and keeping faith in “Our blessed country.”
Tinubu also urged state governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock and tax reforms, and move the nation forward.
“I commend the governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The federal government will always offer necessary assistance to the states,” he said.
The president wished all Nigerians a Happy and prosperous New Year.
Abbas
The Speaker of the House of Representatives, Abbas Tajudeen, in a statement signed by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, on Tuesday, urged Nigerians to renew their hopes for the upcoming year 2025.
He expressed optimism that improvements would be seen in the New Year and emphasised the importance of Nigerians remaining steadfast and supporting their leaders at all levels.
He noted that despite the existing challenges confronting the nation and its people, the administration of President Bola Ahmed Tinubu is implementing necessary measures to enhance the quality of life in the forthcoming year.
The speaker therefore encouraged Nigerians to uphold the spirit of brotherhood amongst themselves.
Atiku
Former Vice President Atiku Abubakar yesterday implored all Nigerians to nurture the shared hopes of collective prosperity, saying, “We must ensure that the power entrusted to those in leadership is never abused and that the claws of an overreaching government are firmly restrained.”
In a New Year message, he personally signed and made available to journalists on Tuesday, he declared that this New Year ushered in an era of “Heightened public awareness, a time when every Nigerian must stand vigilant, closely observing the actions and decisions of their political leaders.”
He explained that 2025 presented an opportunity to “Reshape and redefine the national dialogue,” urging citizens to actively participate in safeguarding the principles of democracy.
He reminded Nigerians that the New Year is a new chapter brimming with possibilities and called for “All citizens to remain resolute in ensuring that political leaders, at every level of government, are held accountable and that no one wields unchecked power that could lead to the erosion of liberties and further exploitation of public office.”
Atiku observed that 2024 provided the need for government accountability and expressed gratitude to the Almighty for granting Nigerians the grace to witness another year despite the arduous trials faced in the past.
“The trials of the past year have only served to fortify our faith. Our unshakable belief in divine protection has been our guiding light, and it is this same spirit of unwavering faith that will continue to propel us forward in the coming year,” he said.
He particularly prayed for a revitalisation of the national economy so that Nigerians may breathe freely once more, liberated from the “Suffocating grip of economic hardship.”
Atiku said “Nigerians must unite in the pursuit of good governance, standing resolute against any efforts by the ruling elite to divide the nation along religious and ethnic lines.
“As we celebrate the divine favour that allows us to witness the beginning of this New Year, let us not forget our fellow countrymen who were not so fortunate, those whose lives were claimed by the relentless storms of daily hardships that have long plagued Nigeria.”
Kalu
The Deputy Speaker of the House of Representatives, Benjamin Kalu, also told Nigerians that the New Year will bring promise and possibility.
He made the remark in a statement by his Chief Press Secretary, Levinus Nwabughiogu on Tuesday to felicitate with Nigerians on the occasion of New Year’s Day, January 1, 2025.
He urged them to have hope for renewal and optimism for a brighter future and reflect on the significant progress made in the outgoing year.
PDP
The Peoples Democratic Party (PDP) also congratulated Nigerians on the year 2025, urging them to resolve in the New Year to defend democracy.
The opposition party also charged President Tinubu that his New Year address must “proffer immediate and concrete steps to reduce the price of fuel, address widespread hunger and provide clear-cut measures to guarantee security of lives and property in the country.”
The PDP, in its New Year message signed by Debo Ologunagba, National Publicity Secretary, said the call was predicated on the fact that previous addresses by Mr. President in the last 18 months were “Without concrete mechanisms to address insecurity, resuscitate the economy, create jobs, ensure credible elections and guarantee better living standard for Nigerians.
“Our Party however urges Nigerians not to lose hope in the nation but remain law-abiding and approach 2025 with optimism of a new dawn in their determination to defend our nation’s constitutional democracy, adherence to the rule of law, demand for transparency and accountability in government; in firm resistance to suppression and pervasive violations by the APC.”
Governor Abdulrahman Abdulrazaq on Tuesday said Kwara State and its people are entering a new dawn as the year 2024 comes to an end.
The governor said 2025 will be a brighter and more prosperous year ahead.
In a New Year message posted on his social handles, the governor thanked Kwarans for their support, which he credited for the strides recorded in the preceding years.
AbdulRazaq added that “2025 holds even greater promise” and urged Kwarans to “continue to work hand in hand to prosper the state. 2025 will be a remarkable year for all of us where opportunity abounds for everyone”, the governor submitted.
The governor of Enugu State, Dr. Peter Mbah, also assured the people of the state that there would not be any slowing down in the new year the speed of transformation witnessed by the state in the year 2024.
This was even as he urged Nigerians to kindle the fire of love, empathy, and charity to move the nation forward in the new year.
Mbah stated this in his New Year message on Tuesday, reiterating his commitment to an inclusive development and all-bracing economic opportunities.
[DailyTrust]
The commencement of domestic production of petroleum products by Dangote Refinery, the restart of Port Harcourt, and Warri Refineries is a glimmer of hope amid the despair Nigerians faced in 2024.
In the past 12 months plus, Nigerians have struggled to cope between economic hardship and hope inspired by President Bola Ahmed Tinubu’s economic reforms.
This is the case as the lagging impact of fuel subsidy removal, Naira floating on June 14, 2023, fiercely pounced on Nigerians.
Similarly, headline and food inflation continue to soar to 34.60 percent and 39.93 percent, respectively, in November 2024 compared to 28.2 percent and 32.84 percent in the same period in 2023.
Consequently, the cost of living became more unbearable for the majority of Nigerians as prices of foods quadrupled.
Hikes in the price of fuel, electricity, Naira fluctuations, and high interest rates were key economic indices that turned the hands of fortunes for Nigerians in 2024.
Meanwhile, with the commencement of petrol rollout at Dangote Refinery on September 15, Port Harcourt Refinery on November 26, and Warri Refinery on December 30, the country’s gross domestic product grew to 3.46 percent in the third quarter.
A minimum wage increase also brought a glimpse to Nigerians in 2024.
On Monday, DAILY POST reported Tinubu saying the restart of Warri Refinery has brought joy to him and Nigerians.
Rising headline, food inflation amid hardship
Nigeria saw worse inflation in the last 11 months of 2024. Available data from the National Bureau of Statistics showed that the country’s inflation grew by 6.4 percent in November 2024 compared to the same month in 2023.
The worst was food inflation at 39.93 percent, representing a 7.09 percent rise on a year-on-year basis compared to 32.84 percent in 2023.
Market realities showed that Nigeria’s food inflation surpassed 50 percent. Insecurity nationwide, which made farmlands unsecured, worsened food scarcity.
This was propelled by increases in prices of the following items: yam, water yam, coco yam, etc. (potatoes, yam & other tubers class); guinea corn, maize grains, rice, etc. (bread and cereals class); beer, pinto (tobacco class); and palm oil, vegetable oil, etc. (oil and fats class). This explains why over 65 persons died in Oyo, Anambra, and Abuja over food stampedes.
Meanwhile, in July and August, 2024, Nigeria recorded declining inflation rates, though it had little effect on commodity prices.
Fuel price hike
Nigeria experienced at least three fuel price hikes at different times in 2024.
On September 3, 2023, the country’s fuel price increased from N617 per litre at the Nigerian National Petroleum Company Limited retail outlets to N897. On September 16, NNPCL announced a new fuel price of N950 per litre in Lagos after lifting PMS from Dangote Refinery.
Available data showed that the price of fuel was later raised to N1,030 at NNPCL filling stations in October 2024.
At the moment, the price of petrol is between N935 per litre to N1,150 in NNPC Retail outlets and other filling stations nationwide.
The spree of fuel price hikes had deeply impacted the country’s inflation. In the last 18 months, fuel prices grew from N198 per litre to between N935 and N1,115 upon fuel subsidy removal.
Naira volatility against Dollar
The ups and downs recorded in the country’s foreign exchange market contributed to the country’s woes.
On December 12, 2023, the official exchange rate for Naira to Dollar stood at N853 but has increased to N1,538.55 as of December 30, 2024. This means the Naira lost, N685.55, in the period under review.
At one time in 2024, the Nigerian Naira became the best currency in April to worst in May.
Interest rate hike
Since Olayemi Cardoso assumed office as the Governor of the Central Bank of Nigeria in September, the apex bank has maintained a hoodwished monetary policy stance.
This comes as the Monetary Policy Committee, headed by Cardoso, consistently raised the interest rate to 27.50 percent from 18.75 per cent in September 2023. This impacted the cost of lending by commercial banks. Meanwhile, Cardoso gave a rising inflation rate as the basis for the interest rate hike.
Nigeria’s Power Sector Review
In April 2024, Nigerians woke up to over 200 per cent electricity price hike for customers described as Band A, expected to have at least 20 hours power supply. The increase resulted in customers paying N225 per kilowatt-hour up from N66. The hike was faced with opposition but the decision was not rescinded.
The development further impacted on households grappling with high inflation, while revenue rose for the 11 electricity distribution companies.
Despite this, Nigeria failed to meet its self imposed 6,000 megawatts electricity generation target.
Recall that the Minister of Power, Adebayo Adelabu had promised to achieve 6000mw of electricity by December end 2024, but that did not come to pass. He recently blamed widespread vandalization for the unmet promise.
Vandalizations of the Transmission Company of Nigeria facility and other factors resulted in at least 13 national grid collapses which plunged the nation into darkness at different times in 2024.
Worse was the prolonged darkness in 19 Northern states in Nigeria and parts of Rivers and Bayelsa states.
The darkness was caused by vandalism, according to TCN.
These are many challenges that marred the power sector in 2024.
However, the liberalisation of the sector, according to the 2023 Electricity Act, granting oversight functions to states, is the silver lining in 2024.
DAILY POST reports that the Nigerian National Electricity Regulatory Commission has transferred oversight to eight states as of December 31, 2024. States such as Ogun, Lagos, Enugu, Kogi, Ondo, Ekiti, Oyo, and Imo have already received regulatory oversight for electricity operations.
Tax bills controversies
The four tax reform bills awaiting national passage are another significant moment in the year under review.
President Tinubu transmitted the bills to the National Assembly in October; however, Northern governors, the National Economic Council, and other northern heavyweights rejected the bills.
The bills have remained subject of discussion. However, the decision the lawmakers take on the bills would significantly impact the country’s economic outlook in 2025, with Tinubu maintaining the bills were needed to retool the economy.
Recently, in Bauchi State, Bala Mohammed accused Tinubu of scheming to impoverish the North with the tax reform bills.
Rising debt profile, servicing
In 2024, Nigeria’s debt stock witnessed a significant rise to over N134 trillion at the end of the fourth quarter.
In the first quarter of 2024 alone, Nigeria’s debt rose by 22.99 percent to N121.67 trillion compared to N97.34 trillion recorded on December 31, 2023.
In the first nine months of 2024, Nigeria spent $3.57 billion to service its foreign debt, which is a 39.7 percent increase from the same period in 2023.
This comes as the Federal Government plans to spend N15 trillion on debt servicing in the 2025 appropriation bill before the National Assembly.
Financial experts, such as Director of the Centre for the Promotion of Private Enterprise, CPPE, Muda Yusuf, have condemned the country’s rising debt profile.
Also, ex-president Olusegun Obasanjo decried Nigeria’s debt profile without commensurate infrastructural development.
Economic feats in 2024
2024 is not all filled with despair; there are quick wins achieved by Nigeria.
The coming on board of three refineries in Nigeria is one of the milestone achievements.
First it was the Dangote Refinery, then the restart of operations at the Port Harcourt and Warri Refineries.
With competition interplay in the downstream oil and gas sector, fuel prices dropped in recent weeks to between N935 and N1,115 per litre from N1060 and N1,300.
Also, President Bola Ahmed Tinubu’s signing of N70,000 minimum wage could pass as economic landmarks in 2024.
Also significant is the gradual stabilisation of the Naira at the FX market with the introduction of the Electronic Foreign Exchange Matching System (EFEMS) as the FX rate stood between N1,540 and N1,660 at official and black markets, respectively, from over N1,700 per dollar.
This comes amid a marginal growth in Nigeria’s Gross Domestic Product, GDP, which grew by 3.46 percent from 2.9 percent in 2023.
The Nigerian government achieved another feat over the clearance of a $7 billion foreign exchange backlog.
Economic Outlook for 2025
2025 holds hopes for better Nigeria with the yet-to-be-passed budget of N49.7 trillion annual expenditure and improved economic realities.
The director of CPPE, Yusuf has projected that inflation may moderate slightly in the coming year.
President of Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, forecast further fuel price drop amid competition between Dangote Refinery and NNPCL.
2025 a Mix of Hope, despair – Oyedokun
Popular economists believe that the emergence of domestic refineries and improved fiscal policies present an optimistic outlook for the Nigerian economy in 2025.
Prof. Godwin Oyedokun, a don at Lead City University in Ibadan, spoke to DAILY POST in an exclusive interview on Monday.
According to him, 2024 has been a year of stark contrasts for the Nigerian economy- a year of both significant challenges and a glimmer of hope.
Speaking on low points in the year under review, Oyedokun identified fuel and electricity woes.
“The year was plagued by persistent fuel scarcity and soaring fuel prices, crippling businesses and exacerbating inflationary pressures.
“Frequent power outages further hampered economic activity and stifled productivity across sectors.
“Inflationary Spike: Double-digit inflation eroded purchasing power, squeezed household budgets, and increased the cost of doing business.
“High-Interest Rate Environment: The Central Bank of Nigeria’s aggressive monetary tightening policy, with interest rates reaching a multi-year high of 27.5 percent, significantly increased borrowing costs for businesses and individuals, hindering investment and consumption and exchange rate volatility.
“The Naira experienced significant depreciation against major currencies, further fuelling inflation and increasing the cost of imports,” he stated.
On the flip side, he said the high points of Nigeria’s economy in 2024 include resilient economic growth, stressing that “despite the headwinds, the Nigerian economy demonstrated resilience, recording a 3.46 percent GDP growth in the third quarter of 2024.
“This growth, while moderated by challenges, showcased the underlying strength of the Nigerian economy.
“The emergence of domestic refineries, the commissioning of the Dangote Refinery in Port Harcourt, and the recent inauguration of the Warri refinery marked significant milestones in Nigeria’s efforts to reduce fuel imports and enhance energy security.
“These developments hold the potential to alleviate fuel scarcity and stabilise fuel prices in the long term.”
Speaking on the Economic Outlook for 2025, Oyedokun described it as a mix of hope and despair.
“The economic outlook for 2025 remains uncertain, fraught with both potential opportunities and significant risks.
“The Nigerian economy faces a complex and uncertain path in 2025. While the emergence of domestic refineries and continued economic growth offer reasons for optimism, significant challenges remain, including high inflation, unemployment, and political uncertainty.
“The success of the Nigerian economy in 2025 will depend on the government’s ability to address these challenges effectively, implement sound economic policies, and create an enabling environment for businesses to thrive,” he told DAILY POST.
[DailyPost]
President Bola Tinubu in his New Year message on Wednesday emphasised a positive economic outlook for 2025, highlighting key achievements in 2024.
Here are ten major takeaways from Tinubu’s New Year speech:
1. Positive Economic Outlook for 2025:
President Tinubu emphasised a positive economic outlook for 2025, highlighting key achievements in 2024, such as the strengthening of the Naira, three consecutive quarters of foreign trade surpluses, and decreasing fuel prices.
2. Record Stock Market Growth and Foreign Investment Surge:
The stock market experienced record growth, creating trillions in wealth, and a surge in foreign investments demonstrated renewed confidence in the Nigerian economy.
3. Reducing Inflation and Boosting Local Production:
He said the government is committed to reducing inflation from 34.6% to 15% by increasing food production and promoting the local manufacturing of essential drugs and medical supplies.
4. Establishment of the National Credit Guarantee Company:
The National Credit Guarantee Company will be established by the second quarter of 2025 to expand credit access for individuals and underserved groups, such as women and youth, and to drive economic growth and re-industrialization.
5. Achieving a One-Trillion-Dollar Economy:
A key national objective is achieving a one-trillion-dollar economy through sustained reforms and collaboration among government levels while promoting unity and focus on development.
6. Launch of the National Values Charter:
The National Values Charter will be unveiled in the first quarter of 2025, promoting ethical principles, patriotism, and trust between citizens and the government under the National Identity Project.
7. Youth Empowerment through Youth Confab:
The Youth Confab, set to launch in early 2025, will empower young Nigerians as nation-builders, with the Ministry of Youth coordinating the selection of representatives.
8. Collaboration with States on Key National Initiatives:
State governments are urged to collaborate with the federal government on initiatives like agriculture, livestock, and tax reforms, while embracing energy transitions such as CNG and electric vehicles.
9. Encouragement for Unity and Shared National Goals:
Citizens are encouraged to remain united and committed to national goals, avoiding divisive tendencies based on politics, ethnicity, or religion, to ensure the success of the Renewed Hope Agenda.
10. Gratitude for Sacrifices and Assurance of a Bright Future:
President Tinubu expressed gratitude for citizens’ sacrifices over the past 19 months, reassuring Nigerians that their efforts will yield progress toward the nation’s bright future and shared dreams.
[TheNation]
The Nigeria Labour Congress has called for the withdrawal of the Tax Reform Bills submitted by President Bola Tinubu to the National Assembly, urging a more inclusive process involving key national stakeholders.
The union, in its New Year message to Nigerians on Tuesday, emphasised the need for the government to prioritise citizen welfare and address the rising cost of living in 2025.
The NLC President, Joe Ajaero, described the bills as controversial, particularly in northern regions, where they have been criticised as detrimental to economic growth.
He stated that creating a comprehensive national tax policy requires collaboration across all sectors to ensure transparency and acceptance.
In the statement titled ‘In 2025, hope is in our collective resolve’, the NLC urged the government to prioritise policies that improve access to food, healthcare, housing, education, transportation, and security.
It also called for enhanced worker welfare, stating that fulfilling these needs is fundamental to effective governance.
Ajaero emphasised the union’s commitment to negotiating an upward wage review to address the economic challenges faced by workers.
He stressed the need for compliance with the 2024 National Minimum Wage Act and pledged to engage the government in safeguarding workers’ welfare through fair wage adjustments.
The NLC also criticised the increasing use of force in interactions with unions, warning that such actions could disrupt industrial harmony.
“As we step into the year 2025, the Nigeria Labour Congress, NLC, extends warm New Year greetings to every worker and citizen across our great nation.
“The challenges of survival we have faced as a people must not hold us down. Instead, let us find inner strength to build a collective resolve to drive Nigeria out of the morass of underdevelopment that has held it captive for far too long.
“No external power will deliver us from the scourge of economic hardship and stagnation. It is only through our collective effort and determination that we can propel our nation forward,” the statement read.
It urged the government to engage in meaningful social dialogue and uphold agreements with trade unions to maintain peace in the labour sector.
Looking ahead, the NLC plans to host a national dialogue in Ibadan this January to foster collaboration on a new tax framework that supports national development.
The union expressed hope for constructive engagement with social partners to build a more inclusive and prosperous Nigeria.
The statement added, “It is on this premise that we once again call on the federal government to withdraw its present tax bills before the National Assembly so that all key national stakeholders will be part of the process.
“As we embark on a national dialogue in Ibadan in January 2025, we want to join hands in co-creating a new national tax law that would enjoy wider acceptance and fulfil its purpose of propelling national development which we believe is the main objective of government.
“As we move into 2025, we urge the federal government to prioritise industrial peace by taking social dialogue seriously, pursuing pro-human progress policies, and respecting agreements with trade unions.
“We insist that governments at all levels must comply with the provisions of the 2024 National Minimum Wage Act from the very beginning of the year. Furthermore, given the economic realities imposed by recent government policies, we shall engage the government for a wage review to safeguard workers’ welfare.”
The NLC reaffirmed its dedication to advocating for workers’ rights and ensuring that governance reflects the needs of citizens, urging unity and collective resolve to drive the country toward sustainable development.
[Punch]