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Nigeria saves $20 billion after fuel subsidy removal, implementation of market-driven FX rate – FG

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the country has successfully saved $20 billion through the removal of the petrol subsidy and the implementation of a market-driven foreign exchange rate.

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He made this statement during a recent event in Abuja, celebrating the first 100 days in office of Esther Walso-Jack, the Head of the Civil Service of the Federation.

He said: “An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP.

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“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.

“The real change that has happened with the measures of Mr. President is that nobody can wake up and their target for the day or for the week or the month or the year is to get access to cheap funding, cheap funding exchange from central bank, which they can now flip,” Edun said.

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“And overnight, they become wealthy from no value added for doing virtually nothing, except you know the right people. Similarly, they can no longer try and be part of a new peak market and very inefficient petrol subsidy regime as a way of making money overnight.”

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JUST IN; Imam that famously shielded 262 Christians from death during Plateau attack is dead

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JUST IN; Imam that famously shielded 262 Christians from death during Plateau attack is dead

The Imam of Nghar village, Abubakar Abdullahi in Barkin Ladi Local Government Area of Plateau State, who famously sheltered 262 Christians during communal violence, has passed away.

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The Imam’s Son Saleh Abubakar, confirmed the development to Daily Trust on Friday, saying that the cleric died on Thursday night at the Plateau Specialist Hospital in Jos.

The Son said, his father “died ten days after he was admitted” in the hospital.

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“He was initially diagnosed with a heart problem. He’d go for check-ups and return. His health hadn’t been stable since the heart disease diagnosis.”

Imam Abubakar died at the age of 90. He is survived by 19 children – 12 sons and seven daughters.

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Tecall that in June 2018, during violent, faith-based communal clashes that affected 10 villages in Barkin Ladi, Imam Abubakar sheltered 262 Christians in his mosque and residence until the violence subsided, saving them from certain death.

His courage earned him widespread recognition, including the International Religious Freedom Award presented by the United States Department of State in 2019.

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The late cleric will be laid to rest on Friday (today) in Nghar village after the Juma’at prayers.

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Ex–Chief of Army Staff files N1.5 billion defamation suit against rtd Major General, others

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Ex–Chief of Army Staff files N1.5 billion defamation suit against rtd Major General, others

A former Chief of Army Staff, retired Lt.-Gen. Faruk Yahaya, has filed a defamation suit against retired Maj.-Gen. Danjuma Ali-Keffi, Arise Broadcasting Limited and Sahara Reporters Media Group.

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The Court documents indicate that Yahaya instituted the action on Wednesday, at the Federal Capital Territory (FCT) High Court, Abuja, following the expiration of a demand notice served on the defendants.

The spokesperson for Yahaya, retired Brig.-Gen. Sani Usman, a former Army spokesperson, made this known in a statement on Friday in Abuja.

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In the suit, the retired army chief was seeking, among other reliefs, formal retractions and public apologies over publications he described as false and malicious, as well as monetary damages of N1.5 billion and N600 million respectively.

“The claimant contended that the publications and broadcasts unjustly linked him to allegations of terrorism financing, illegal mining and banditry, which he said injured his reputation, character and integrity.

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“The matter had been duly filed before the FCT High Court, Abuja, and the defendants had been served to enter appearance in line with the rules of court,” Usman disclosed. (NAN)

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BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection

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BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection

The Son of Abubakar Atiku Abubakar, former Vice President and 2023 Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, dumped the PDP and pledged to work for President Bola Ahmed Tinubu’s re-election in 2027.

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Abubakar, popularly known as Abba, formally announced his defection to the APC at the National Assembly, where he was received by the Deputy President of the Senate, Senator Barau Jibrin, with APC leaders from the North-East.

Party leaders described the move as a significant boost to the APC’s consolidation efforts ahead of the next general election, given Abba’s political network and grassroots organisation.

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Announcing his resignation from the PDP, Abba said the decision was informed by his conviction in the leadership style of Senator Barau and the policies of the Tinubu administration.

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