Tinubu’s Economic Moves Starting to Pay Off – Financial Analyst Nataro says early indicators suggest a gradual turnaround in Nigeria’s fiscal direction Observers say the coming months will be crucial in determining whether the early signs of progress translate into broader economic relief for citizens Economic reforms introduced by President Bola Tinubu are starting to … Read more
The House of Representatives will donate N704.91m to support vulnerable Nigerians. This amount was raised through a six-month 50% salary cut by lawmakers. The funds will be handed over on December 31 for the needy’s benefit. The House of Representatives has announced plans to present N704.91 million to President Bola Tinubu on December 31, 2024, … Read more
Femi Adesina, the former spokesman to ex-President Muhammadu Buhari, has revealed that his former principal refrained from removing the fuel subsidy during his tenure because of his deep concern for ordinary Nigerians. EkoHotBlog recalls Adesina describing Buhari as a leader who prioritized the welfare of the poor, earning him the affectionate title “Ore Mekunu,” meaning … Read more
Former Vice President Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, has shared insights on what he would have done differently had he won the presidency. In a statement released on Sunday, he addressed the numerous inquiries he has received regarding his potential plans for Nigeria. While acknowledging … Read more
The House of Representatives has responded to the recent increase in petroleum product prices by demanding an immediate reversal of the hikes in petrol and cooking gas prices. This initiative was led by Deputy Minority Leader Aliyu Madaki and supported by 111 other lawmakers. EDITOR’S PICKS ICYMI: Nigerian TikToker, Oloba Salo Reportedly Shot in Lekki, … Read more
Petroleum marketers have confirmed that the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) is a direct result of the complete removal of subsidies on Premium Motor Spirit (petrol). The NNPCL has now raised pump prices to ₦1,030 per litre in Abuja and ₦998 per litre in Lagos. EDITOR’S PICKS Health, … Read more
The All Progressives Congress (APC) has said Nigerians should hold themselves accountable for the removal of the fuel subsidy by President Bola Tinubu. According to APC National Publicity Secretary Felix Morka, the president was simply implementing the provisions of the Petroleum Industry Act (PIA), which was passed by the National Assembly and abolished the subsidy. … Read more
The Trade Union Congress (TUC) has attributed the recent rise in fuel prices in Nigeria to the devaluation of the naira rather than the removal of fuel subsidies by President Bola Tinubu in May 2023. TUC President Festus Osifo, speaking on Channels Television’s Politics Today program, criticized the current administration for the naira’s devaluation, which … Read more
A man named Shuaibu Yusuf from Borno State on Monday scaled a transmission tower in Abuja, threatening to leap unless his demands were fulfilled. Eko Hot Blog reports that the man had a hand-written note addressed to President Bola Tinubu, which contained his demands. Yusuf demanded the reversal of the fuel subsidy removal policy, the … Read more
Eko Hot Blog reports that the presidency has on Thursday has declared that some leaked documents on fiscal policy proposals by the federal government, which have gone viral on social media do not reflect the official position of the government on such matters. The presidency, in a statement issued by the Special Adviser to President … Read more
Eko Hot Blog reports that the International Monetary Fund (IMF) has shed light on its recommendation for Nigeria to abolish fuel subsidies. Emphasizing the detrimental effects of the subsidy regime, the IMF contends that the regime was robbing the poor for the rich. The Director of the African Department of the Fund, Mr. Abebe Selassie, … Read more
Eko Hot Blog reports that the Federal Government, through the Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited, have refuted claims of subsidy reinstatement on Premium Motor Spirit (petrol) made by various individuals and groups.” The government also challenged those who make this argument to provide evidence to justify their allegations, stressing … Read more
Eko Hot Blog reports that the economic achievements of President Bola Tinubu have received praise from the Mayor of Blanco, Texas, United States of America, Mike Arnold, along with NBA team officials. During a reception held in honour of former Nigerian presidential aide and author, Reno Omokri, Arnold expressed his admiration for the Naira’s floating and the … Read more
Eko Hot Blog reports that Nigeria’s President, Bola Ahmed Tinubu, who turns 72 on March 29, 2024, has ordered that no celebration be put together for his birthday due to the mood in the country. The President, in a statement on Sunday by his special adviser on information and strategy, Bayo Onanuga, urged his associates … Read more
Eko Hot Blog reports that the removal of fuel subsidy on Premium Motor Spirit (petrol) by President Bola Tinubu in May 2023 has significantly boosted the statutory revenue allocations from the Federation Account to N10.14 trillion in 2023, according to the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI). The report, released on … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has announced that the 294th meeting of the Monetary Policy Committee (MPC) will be held on Monday, March 25, 2024. The apex bank announced this information on its official X handle on Tuesday. The event will take place at the CBN headquarters in Abuja, … Read more
Eko Hot Blog reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) foresee a slight decrease in the pump price of Petrol once production resumes at the Port Harcourt Refining Company next month. According to PUNCH, IPMAN and MEMAN have also declared their readiness to … Read more
Eko Hot Blog reports that the founder and General Overseer of Living Faith Church Worldwide (LFC), Bishop David Oyedepo, has announced a schedule for the distribution of food and other relief materials to Nigerians amid the ongoing economic hardship in the country. Bishop Oyedepo made the announcement at the church’s headquarters in Canaan Land, Ogun … Read more
Eko Hot Blog reports that Niger State Governor, Mohammed Umar Bago, has sanctioned the payment of a N20,000 wage award for every civil servant in the state. This decisive action is a direct response to President Bola Tinubu’s nationwide appeal, urging state governments to alleviate the financial strain on their populace amid escalating economic hardships. … Read more
EKO HOT BLOG reports that Former Bauchi State Governor Isa Yuguda has contradicted President Bola Tinubu’s previous statement regarding the elimination of fuel subsidy, asserting that the federal government continues to subsidize petroleum products. This revelation adds to the ongoing discussions surrounding the economic implications of subsidy removal in Nigeria. President Tinubu had announced the cessation … Read more