Aeesha's Blog

Category: Breaking News

  • Reps Propose Six-years Single Tenure For CBN Governor, Ban Foreign Currency Use In Local Transactions

    The House of Representatives on Thursday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act, 2007, to provide for a single, non-renewable six-year tenure for the Governor and Deputy Governors of the apex bank.

    The proposed amendment contrasts with the existing Section 8(2) of the CBN Act, which provides for an initial five-year tenure for the CBN Governor and Deputy Governors, renewable for a second term of five years.

    The bill, sponsored by Rep. Jesse Okey-Joe Onuakalusi (PDP–Lagos) and the House Majority Leader, Rep. Julius Ihonvbere (APC–Edo), is aimed at strengthening the operational independence, accountability and corporate governance structure of the Central Bank in line with global best practices.

    Key Provisions

    Leading debate on the bill, Onuakalusi said the proposed legislation also seeks to unify Nigeria’s exchange rate regime and prohibit the use of foreign currencies for domestic transactions, except through authorised channels.

    He explained that the bill proposes a clear separation of the roles of the CBN Governor and the Chairman of the Bank’s Board to prevent excessive concentration of power and ensure effective professional oversight.

    According to him, the amendment further seeks to restrict the CBN’s Ways and Means advances to the Federal Government to a maximum of 10 per cent of the previous year’s actual revenue, as a safeguard against fiscal abuse and inflationary financing.

    The bill also mandates that the CBN Governor must give at least 90 days’ notice to the National Assembly, accompanied by an impact assessment, before embarking on any currency redesign or demonetisation exercise.

    Onuakalusi said additional provisions of the bill are designed to strengthen financial stability oversight through enhanced macro-prudential tools and regular stress testing of the financial system.

    He added that the bill proposes reforms to the Monetary Policy Committee (MPC) by allowing the inclusion of independent external experts, with the aim of improving the quality and credibility of monetary policy decisions.

    To enhance transparency, the proposed law would require the CBN to publish quarterly reports on monetary policy decisions, economic forecasts and key financial stability indicators.

    Rationale for Reform

    Onuakalusi described the bill as a set of “structural and forward-looking reforms” intended to protect the Nigerian economy, restore confidence in monetary policy and ensure that the CBN remains transparent and professionally managed.

    He noted that the push for a single, non-renewable tenure followed controversies that trailed the tenure of former CBN Governor, Godwin Emefiele, who was alleged to have harboured presidential ambitions while still in office.

    He recalled that the controversial naira redesign carried out by the CBN a few months before the 2023 general elections led to severe cash shortages, disrupting businesses and daily economic activities across the country.

    “The Central Bank of Nigeria is the heart of our financial system, yet certain provisions of the current Act no longer reflect today’s governance and monetary policy realities,” Onuakalusi said.

    He stressed that the bill expressly prohibits the CBN Governor and Deputy Governors from engaging in partisan politics.

    “This bill is not targeted at any individual or administration. It is a structural reform aimed at economic stability, transparency, accountability and sustainable governance,” he added.

    Legislative Outcome

    The bill received overwhelming support from lawmakers during the plenary session and was adopted through a voice vote conducted by the Deputy Speaker, Rep. Benjamin Kalu.

    The House’s action follows a similar development in February 2024, when the Senate passed for second reading a bill proposing a single, non-renewable six-year tenure for the CBN Governor and Deputy Governors.

    The bill has now been referred to the appropriate House committee for further legislative consideration.

  • Revenue Board Clarifies on Tax ID Registration

    The Joint Revenue Board (JRB) has clarified that there will be no restriction on bank accounts or financial transactions from Jan. 1, 2026, as a result of the non-availability of Tax Identification Numbers (Tax IDs).

    The board made the clarification in a statement issued on Friday by its Corporate Communications Department, following reports suggesting that bank accounts without Tax IDs might face restrictions.

    According to the JRB, no deductions will be made from any bank account on the basis of whether an individual or business entity possesses a Tax ID.

    “The Joint Revenue Board reiterates that there will be no restrictions on bank accounts or financial transactions effective Jan. 1, 2026, due to the non-availability of Tax Identification Numbers,” the statement said.

    The board further explained that the ongoing reform of the tax administration system is aimed at improving efficiency, inclusiveness, and ease of compliance for taxpayers across the country.

    It disclosed that the issuance of Tax IDs would be fully automated to ensure seamless access for both individuals and corporate bodies.

    Under the new system, the JRB said Tax IDs would be automatically generated for every taxable individual using the National Identification Number (NIN), while businesses would be issued Tax IDs based on their Corporate Affairs Commission (CAC) registration numbers.

    The board assured members of the public that adequate mechanisms were being put in place nationwide to guarantee smooth issuance, retrieval, and usage of Tax IDs without unnecessary bottlenecks.

    The JRB urged Nigerians to remain calm, stressing that there was no cause for panic, as implementation processes were ongoing to ensure that all eligible taxpayers are captured.

    “There is no cause for panic, as processes are ongoing to ensure smooth access to Tax IDs for all eligible taxpayers,” the statement added.

    The board reaffirmed its commitment to transparency and effective communication, assuring the public that further updates would be provided as the automation process progresses.

  • Canal+ Plans Major Overhaul Of DSTV Operations — Says Goodbye To DSTV As It Is Known

    Groupe Canal+, the new majority owner of MultiChoice, has unveiled plans for sweeping changes to DStv operations across Africa as it seeks to halt declining subscriptions, falling revenues and weakening profitability at the continent’s largest pay-TV operator.

    Canal+, which assumed control of MultiChoice in September 2025, disclosed the extent of DStv’s challenges in a recent investor presentation, showing consistent declines in subscriber numbers, revenue and trading profit.

    According to the presentation, the broadcaster’s deteriorating financial performance has necessitated a comprehensive turnaround strategy aimed at restoring sustainable growth.

    Turnaround strategy

    Canal+ told shareholders that it intends to pursue a multifaceted recovery plan centred on aggressive subscriber acquisition, cost restructuring and enhanced content offerings.

    The company said it would reinvest in attracting new subscribers to tap into growth opportunities in Africa’s largely underpenetrated pay-TV market.

    It noted that higher subscriber acquisition costs would be offset through operational synergies and a more granular focus on optimal distribution strategies.

    Canal+ further said it would implement ambitious growth targets across the continent, adopting a “no small market” philosophy, under which no African market would be considered too insignificant for investment.

    Revenue growth and customer value

    Beyond increasing subscriber numbers, Canal+ said it would develop and roll out initiatives to generate incremental revenues and unlock revenue synergies across the MultiChoice business.

    The French broadcaster also pledged to enhance DStv’s customer value proposition by strengthening the content line-up, sharing content across platforms and applying global marketing best practices.

    Cost-cutting measures

    On the cost side, Canal+ said it plans to reset MultiChoice’s cost base to support a sustainable and profitable pay-TV business, marking a departure from previous cost-saving measures focused largely on short-term profitability.

    The company said it would prioritise meaningful cost synergies, with particular attention on content and technology expenses, which account for some of the largest cost items at a global scale.

    Within weeks of taking control, Canal+ initiated aggressive cost-cutting measures, including suspending payments to suppliers and seeking discounts of up to 20 per cent on invoices.

    These actions reportedly led to operational disruptions at MultiChoice, including a temporary shortage of basic supplies such as toilet paper at its Randburg headquarters.

    The Chief Executive Officer of Canal+ Africa, Mr David Mignot, who relocated to Johannesburg, was also affected by the disruptions.

    Responding to queries on the approach, a MultiChoice spokesperson said the measures formed part of ongoing efforts over the past two years to reduce costs and improve efficiency.

    > “This has continued following the completion of the Canal+ merger, and MultiChoice is engaging with suppliers in this regard,” the spokesperson said.

    The company added that managing expenditure was critical to ensuring MultiChoice’s long-term role in South Africa’s and Africa’s broadcasting ecosystem.

    Supplier concerns and regulatory commitments

    MultiChoice said the adjustments would also help it meet its public interest commitments to South Africa’s Competition Tribunal following the Canal+ merger.

    Among these conditions are commitments to procure local content from historically disadvantaged individuals and small and medium-sized enterprises (SMMEs).

    Industry sources said the company later softened its stance and released payments to SMME suppliers who were severely affected by the initial invoice freeze.

    Financial pressures at MultiChoice

    Canal+’s cost-cutting drive follows a period of financial distress at MultiChoice.

    The company reported losses in two of its last three financial years, recording cumulative losses of about R7 billion in the 2023 and 2024 financial periods.

    In 2024, MultiChoice’s liabilities exceeded its assets, rendering it technically insolvent. While the company returned to profitability in the 2025 financial year with a reported profit of R2.02 billion, analysts note that much of this was due to a once-off transaction — the sale of a 60 per cent stake in its insurance business to Sanlam.

    Operating profit declined from R7.08 billion in 2024 to R4.66 billion in 2025, driven by a nine per cent drop in revenue, including an 11 per cent fall in subscription income resulting from the loss of 1.2 million customers.

    Trading profit also declined by 49 per cent, largely due to increased losses at Showmax and foreign exchange losses amounting to R5.2 billion.

    Over the past two years, MultiChoice has spent approximately R4 billion on development and content acquisition for Showmax.

    Content challenges and channel losses

    MultiChoice’s challenges have been compounded by cost-cutting at major content suppliers.

    Paramount Skydance, a key channel provider, has shut down Paramount Africa as part of its own restructuring, resulting in the removal of four channels — BET, MTV Base, CBS Reality and CBS Justice — from DStv from Jan. 1, 2026.

    CBS Reality and CBS Justice were previously offered through a joint venture between AMC Networks and CBS, owned by Paramount Skydance.

    Promise of more content

    Despite the channel losses, Canal+ has assured subscribers of improved content offerings.

    Mr Mignot said Canal+’s extensive European content library, combined with strong partnerships with U.S. studios, would soon be leveraged to enrich the DStv platform.

    He said Canal+ currently produces about 4,000 hours of African content annually in up to 15 languages, which will be combined with MultiChoice’s 6,000 hours of locally produced content each year.

    > “Combined, we will provide roughly 10,000 hours per year in 20 to 35 languages,” Mignot said.

    He added that over a 10- to 15-year period, the group would build a catalogue of between 100,000 and 150,000 hours of content, enabling wider distribution through dubbing and localisation.

    Exporting African content

    According to Mignot, Canal+ plans to monetise the expanded content library by exporting African films and series globally through StudioCanal, its production, financing and distribution arm.

    He said South African-produced content would play a key role in the strategy to sell African stories to international audiences.

    As Canal+ rolls out its turnaround plans, subscribers and industry stakeholders are watching closely to see how the changes will reshape DStv and the broader African pay-TV landscape.

  • Bad News for DStv Premium Subscribers as Netflix, Paramount Battle Over Warner Bros Discovery

    DStv Premium subscribers are set to lose access to several popular television channels following ongoing corporate battles involving Netflix, Paramount Global and Warner Bros Discovery, a development expected to take effect before the end of December.

    MultiChoice, the parent company of DStv and recently taken over by Canal+ Group, confirmed that 16 channels will cease transmission on its platform from Dec. 31, 2025, with most of them available only to Premium subscribers.

    The development comes amid intense competition for control of Warner Bros Discovery, as Netflix announced it has entered into a definitive agreement to acquire the media giant, while Paramount Global has countered with a hostile takeover bid.

    In a media statement made available to The Citizen, MultiChoice said no fresh agreement had been reached with Warner Bros Discovery to retain the affected channels.

    > “At this stage, no new agreement has been reached between the parties. Should this remain the case, these channels will no longer form part of the DStv lineup from 1 January 2026,” the company stated.

    Channels Affected

    Warner Bros Discovery currently owns 12 channels on the DStv platform. These include:

    •Discovery Channel (121)

    •TLC (135)

    •Discovery Family (136)

    •TNT Africa (137)

    •Real Time (155)

    •Discovery ID (171)

    •Food Network (175)

    •HGTV (177)

    •Travel Channel (179)

    •Cartoon Network (301)

    •Cartoonito (302)

    •CNN International (401)

    In addition, four Paramount Africa-operated channels – BET Africa, MTV Base, CBS Justice and CBS Reality – will also be removed from DStv.

    Despite the looming losses, MultiChoice assured subscribers that it remains committed to providing alternative content.

    > “MultiChoice has extensive content partnerships across the world, giving us flexibility and capacity to enhance our packages with fresh content, new channels and new services in the year ahead,” the company said.

    Warner Bros Discovery Restructuring

    In June 2025, Warner Bros Discovery announced plans to split its operations into two publicly traded companies – Streaming & Studios and Global Networks.

    The Streaming & Studios division comprises its film and television studios, HBO and HBO Max, while the Global Networks division includes international entertainment, sports and news brands such as CNN, Discovery channels, TNT Sports (U.S.), and digital platforms like Discovery+ and Bleacher Report.

    Netflix is reportedly interested only in the Streaming & Studios division, while Paramount seeks to acquire the entire Warner Bros Discovery group, including the Global Networks business. However, the corporate separation is expected to be completed before any acquisition is finalised.

    Implications for DStv Subscribers

    Industry analysts note that carriage agreements between broadcasters and content owners are often rigid, leaving pay-TV operators with limited negotiating power.

    Although the loss of Warner Bros Discovery channels may not immediately impact DStv’s most-watched content rankings, concerns remain over what replacement channels will be introduced, particularly amid speculation that more French-language channels may be added following Canal+’s takeover.

    Netflix Deal and Paramount’s Hostile Bid

    Following a bidding deadline shortly after the U.S. Thanksgiving holiday, Netflix announced it had reached an agreement to acquire Warner Bros Discovery in a deal valued at approximately $82.7 billion (about R1.4 trillion). The transaction values Warner Bros shares at $27.75 (R475) per share.

    Days later, Paramount launched a hostile takeover bid, offering $30.00 (R513.30) per share. Paramount said the offer would expire at 5:00 p.m. New York time on Jan. 8, 2026, unless extended.

    In a statement, Paramount criticised Warner Bros’ decision to accept Netflix’s proposal, describing it as “financially inferior and more uncertain”.

    > “We are making the Offer directly to the Warner Bros. stockholders and the board of directors of Warner Bros. to ensure that they have the full terms of our Prior Proposal,” Paramount said.

    As the battle for Warner Bros Discovery intensifies, DStv Premium subscribers appear to be the immediate casualties, facing reduced channel offerings as the global media landscape undergoes significant transformation.

  • FG Approves N6.43tn PPP Projects To Boost Ports, Power

    The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects valued at over N6.43 trillion, marking another significant step by the Federal Government to deepen private-sector participation in Nigeria’s infrastructure development.

    The approvals, which cover two deep seaports and a 460-megawatt hydropower plant, were announced on Friday by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr Jobson Ewalefoh.

    Ewalefoh said the projects represent the second batch of PPP initiatives approved by the Council within one month, underscoring the administration of President Bola Ahmed Tinubu’s commitment to leveraging private capital under the Renewed Hope Agenda.

    According to him, the approvals confirm an injection of over N6.43 trillion, estimated at about 4.29 billion dollars, in private capital into the Nigerian economy.

    “The Federal Executive Council has approved three transformative Public-Private Partnership projects, confirming an injection of over N6.43tn in private capital into the Nigerian economy.

    “These approvals underscore the practical impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure delivery as a catalyst for national growth, economic competitiveness and job creation,” Ewalefoh said.

    He explained that improved policy clarity, economic liberalisation and strengthened regulatory institutions had boosted investor confidence, enabling the Federal Government to unlock billions of dollars in long-term investments.

    The newly approved projects include the 2.27-billion-dollar Bakassi Deep Seaport, the 1.14-billion-dollar Port of Ondo Deep Seaport and the 878.1-million-dollar Katsina-Ala Hydropower Plant.

    Ewalefoh said all the projects would be fully financed, developed and operated by private investors under the regulatory supervision of the ICRC.

    He noted that the projects reaffirm the Tinubu administration’s resolve to deploy PPPs to accelerate economic competitiveness, enhance trade and expand Nigeria’s renewable energy footprint.

    On the Bakassi Deep Seaport, Ewalefoh described it as a greenfield development that would create a new maritime gateway for the North-Central and North-East zones, while serving as a major hub for West and Central Africa.

    “These are decisive, multi-sectoral investment portfolios that directly address national needs.

    “The approval of the two deep seaport projects alone, totalling over 3.4 billion dollars in private capital, will fundamentally optimise Nigeria’s maritime trade routes and decongest existing port facilities,” he said.

    He added that the Bakassi Deep Seaport is designed to accommodate larger vessels and integrate an industrial cluster and Free Trade Zone, which would create thousands of jobs and position Nigeria as a preferred maritime destination.

    Speaking further, Ewalefoh said the Port of Ondo Deep Seaport is expected to unlock the South-West’s solid minerals and agro-allied value chains, while positioning Ondo State as a new logistics and export corridor.

    On the power project, he said the Katsina-Ala Hydropower Plant would help address Nigeria’s persistent electricity deficit and unlock vast renewable energy potential.

    “The 460-megawatt Katsina-Ala Hydropower Plant is a monumental greenfield project that will supply essential base-load power to the national grid and stimulate significant economic activity across the region.

    “It is a strategic commitment to a cleaner, more reliable and more sustainable energy future for our country,” he said.

    Ewalefoh recalled that the latest approvals followed the clearance of three PPP projects earlier in November, including the Product Authentication and Tracking System, the V-PASS contactless biometric verification platform and the Port Harcourt International Airport concession, which attracted about 230.9 million dollars in private capital.

    He disclosed that with the latest approvals, the total number of PPP projects endorsed in 2025 has exceeded 13, cutting across maritime, health, aviation, power and industrial sectors.

    Other PPP projects approved this year include the MediPool initiative under the Federal Ministry of Health, the Maritime Electronic Management System of the Nigerian Maritime Administration and Safety Agency (NIMASA), the Ikere Gorge 6MW Hydropower Plant, the Borokiri Coastal Fisheries Terminal, the Farin Ruwa 20MW Hydropower Project and the concession of the Enugu International Airport.

    Ewalefoh commended President Tinubu for what he described as consistent support for the ICRC, noting that the strengthening of regulatory institutions had repositioned the Commission as a key driver of PPP development in Nigeria.

    “These consistent approvals reflect Mr President’s trust in the ICRC’s mandate and further empower us to deliver greater value to the nation,” he said.

    Nigeria has increasingly turned to PPPs to expand its ageing infrastructure amid limited public revenues and rising fiscal pressures.

    The PPP model allows private investors to finance, build and operate major infrastructure assets, particularly in ports, airports and power, with returns tied to user fees or long-term concessions.

    Experts estimate that Nigeria requires about 100 billion dollars annually in infrastructure spending to close its infrastructure gap, making private-sector participation critical to the country’s long-term growth trajectory.

  • DHQ Orders Immediate Removal of Unauthorised Checkpoints Nationwide

    The Defence Headquarters (DHQ) has ordered the immediate removal of all non-essential roadblocks and unauthorised checkpoints on major highways across the country, citing concerns over operational inefficiency, security risks and obstruction of movement.

    The directive is contained in a memo dated Dec. 5, 2025, and signed by Brig.-Gen. A. Rabiu on behalf of the Chief of Defence Staff, Gen. Christopher Musa.

    According to the memo, the increasing number of unapproved checkpoints along major routes has begun to negatively affect military operations and expose security personnel to avoidable dangers.

    The memo read in part:

    > “In view of the foregoing, I am directed to respectfully convey that the Services Headquarters hereby instructs all Theatre Commanders and Force Commanders to ensure the immediate dismantling of all non-essential static roadblocks and unauthorised checkpoints within their respective Joint Operations Areas (JOA).”

    It emphasised that while maintaining road security remains critical, the unchecked proliferation of static checkpoints along several highways has restricted free movement for civilians and reduced the effectiveness of security operations.

    The DHQ listed several routes where such checkpoints have been identified to include Abuja–Lokoja–Ajaokuta–Idah–Otukpa–Obollo Afor–Enugu; Abuja–Lokoja–Obajana–Kaba–Omuo–Ikole Ekiti; Abuja–Lokoja–Okene–Okpella–Auchi–Benin; Abuja–Kaduna–Kano; and Lagos–Ore–Benin–Asaba–Niger Bridge, among others.

    The headquarters further directed that security operations should now focus on mobility and intelligence rather than stationary deployments.

    It stated that commanders are to rely on aggressive mobile patrols and improved human intelligence gathering to dominate key routes and respond swiftly to security threats.

    The memo added:

    > “Commanders are further to ensure strict compliance with approved control point locations and maintain only those essential for operational and security purposes, while dominating the expanses of routes with aggressive mobile patrols and human intelligence gathering.”

    Checkpoints are common features on Nigerian highways, and while authorities often justify them as security measures, many citizens have expressed concerns over alleged harassment, extortion and, in some cases, fatal incidents involving motorists.

    The DHQ’s directive has therefore sparked public debate, with Nigerians expressing mixed reactions over whether the removal of checkpoints will improve safety or expose highways to criminal activities.

    The Defence Headquarters, however, maintained that the new strategy is aimed at enhancing efficiency, reducing risks to personnel and civilians, and ensuring better use of military resources nationwide.

  • (Lagos announces traffic diversions ahead of youth marathon)

    The Lagos State Government has announced traffic diversions ahead of the Ajegunle City Youth Marathon scheduled to hold on Saturday, Dec. 13.

    The marathon, organised by the Society for Information and Human Advancement, is expected to commence at 6 a.m.

    The Lagos State Ministry of Transportation, in a statement posted on its X handle on Friday, said the diversions were necessary to ensure the safety of participants and to maintain smooth traffic flow during the event.

    According to the ministry, partial closures will be effected along major routes, including Maracana Stadium, Ojoku Street, Baale Road, Kirikiri Road, Wilmer Link Bridge, Okito Street, Kopariwo Street, Mba/Cardoso Street, Cemetery Street, Ojora Street, Oduduwa Street, Layinka Street, Bakare Faro Street, Adejiyan Street, Ishaga Street, Onishapa Street, Itire Street, Ojo Road and Signal Barracks, which is the end point of the race.

    The ministry said all junctions and intersections within the marathon corridor would be temporarily closed and manned by operatives of the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), Federal Road Safety Corps (FRSC) and Lagos State Neighbourhood Corps (LSNC).

    It added that the junctions would be opened intermittently to allow controlled movement of motorists.

    Motorists from Berger/Apapa–Oshodi Expressway to Olodi Apapa via Kirikiri were advised to turn right into Industrial Road, link Idewu Street, continue through Oluwa Street, connect Tolu Road and link Baale Road.

    Similarly, motorists from Suru-Alaba on the Lagos–Badagry Expressway heading to Gaskiya Road and Iganmu Road were directed to use a contra-flow on Cemetery Road from Techn Oil to the roundabout.

    Those heading from Suru-Alaba to Ojo Road were asked to turn left before Signal Barracks into Charles Avenue, link Ligali Street, proceed to Evie Street, connect Abeje Street and continue to Ojo Road.

    The government assured residents that the partial closures had been designed to minimise disruption and urged motorists to exercise patience and cooperate with traffic personnel deployed to the affected areas.

    It noted that the measures were to ensure a safe and successful marathon.

  • Dangote Refinery Reduces Petrol Ex-depot Price To N699 Per Litre

    Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) to N699 per litre, down from N828, representing a 15.58 per cent reduction effective from Dec. 11.

    Checks on PetroleumPriceNG indicate that this is the refinery’s 20th price adjustment in 2025, coming ahead of the Christmas and New Year festivities.

    The development follows recent downward reviews by the Nigerian National Petroleum Company Ltd. (NNPCL) and several retail outlets, which currently sell petrol within the range of N915 to N937 per litre in Abuja.

    An official of the refinery, who spoke anonymously, confirmed the new price, saying: “The refinery has reduced petrol gantry price to N699 per litre.”

    The latest cut comes five days after the refinery’s chairman, Aliko Dangote, reaffirmed his commitment to ensuring fuel prices remain “reasonable and competitive” despite market volatility and rising incidents of cross-border smuggling.

    After meeting with President Bola Tinubu on Dec. 6, Dangote said domestic prices must reflect competition with imports, noting that smuggling persists because fuel prices in Nigeria remain about 55 per cent lower than in neighbouring countries.

    He stated that the refinery’s focus is long-term industry stability, adding: “We are not here to make our 20 billion dollars back quickly; it is a long-term investment.”

    Following the refinery’s price adjustment, several private depots also reviewed their rates.
    Sigmund Depot reduced its ex-depot price by N4 to N824, Bulk Strategic dropped by N3, while TechnoOil implemented one of the highest cuts with a N15 reduction.
    Other depots, including A.A. Rano, NIPCO and Aiteo, also made slight downward adjustments.

    According to the reports stakeholders expect the latest reduction to ease transport costs and provide some relief to consumers during the festive period.

  • Bank Accounts To Require Tax Id Under New Tax Law – FG

    The Federal Government says all taxable Nigerians must obtain a Tax Identification Number (TIN) or Taxpayer Identification Number to continue operating bank accounts in the country as part of new tax reforms commencing Jan. 1, 2026.

    The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, stated this in an interview posted on his X account on Thursday.

    Oyedele said Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect from Jan. 1, 2026, makes it mandatory for taxable persons to register for a tax ID.

    He explained that the requirement applies only to individuals who earn income from trade, business or any economic activity, adding that students and dependents who do not earn income are exempt.

    According to him, the policy has existed since the Finance Act 2020, but the new NTAA provides a clear legal framework for its enforcement.

    He clarified that income earners and businesses already assigned a TIN do not need to obtain a new one.

    “A taxable person is anyone who earns income through trade, business or any economic activity. Banks are therefore required to request a tax ID from such persons.

    “This means individuals without income, such as students and dependents, do not need a tax ID to operate bank accounts,” he said.

    Oyedele warned that taxable entities without a tax ID may experience difficulties operating their bank accounts when enforcement begins.

    The clarification follows concerns among Nigerians over possible restrictions on bank accounts not linked to a tax ID.

    President Bola Tinubu in June 2025 signed into law new tax measures to be implemented from January 2026.

  • Tinubu Says Citizens’ Skills, Not Oil, Will Drive Nigeria’s Growth

    President Bola Tinubu on Thursday said Nigeria’s long-term prosperity depends on the creativity, innovation and determination of its citizens rather than its crude oil deposits.

    Tinubu stated this at the 3MTT National Impact Summit held at the State House Conference Centre, Abuja, where he reaffirmed the Federal Government’s commitment to developing a globally competitive digital workforce.

    Represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume, the President said the Three Million Technical Talent (3MTT) Programme remained a central pillar of the Renewed Hope Agenda, targeting the transformation of Nigeria into a trillion-dollar economy driven by technology and productivity.

    Tinubu said countries that lead in global economic growth were those that invested deliberately in the skills of their young population, noting that Nigeria was positioning itself for similar advancement through technology-driven development.

    According to him, “Together, we are laying the foundation for a digital workforce that will power Nigeria’s next chapter of growth and shared prosperity. Nigeria’s most valuable resource is not oil or minerals, but the creativity, determination and potential of our people.”

    He said digital competencies had become essential across critical sectors, including agriculture, healthcare, finance, manufacturing, education and public administration, adding that Nigeria was gradually shifting from being a consumer of technology to a creator and exporter of talent and digital solutions.

    Tinubu said the 3MTT programme had recorded significant nationwide progress since its launch, attracting more than 1.8 million applications from all local government areas. He said the initiative had also supported job creation, start-up formation and the development of digital solutions across the 36 states and the Federal Capital Territory (FCT).

    He commended the Ministry of Communications, Innovation and Digital Economy for effectively coordinating the programme, and acknowledged the contributions of private sector and development partners such as IHS Towers, MTN Nigeria, Airtel Nigeria, Google, Microsoft, Huawei, Moniepoint, UNDP and the European Union.

    The President said the programme was designed to scale sustainably across multiple cohorts, adding that its continued success required collaboration among government institutions, industry stakeholders and development partners.

    He assured young Nigerians of the government’s commitment to providing credible and functional pathways to employment, saying: “Through initiatives like 3MTT, we are building genuine platforms for progress, not ceremonial commitments.”

    Tinubu said the Federal Government was working towards building a Nigeria powered by skilled hands, innovative thinking and a generation of citizens ready to contribute to national and global development.

    He added that the programme had renewed confidence among young people that they had a place in the global digital economy and could shape their future using the skills they acquire.

    The 3MTT initiative, launched in 2023, is the Federal Government’s flagship digital-skills pipeline aimed at training and placing three million Nigerians in market-ready technology roles through community-based learning hubs and online training platforms.

    The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijjani, said the programme was designed to expand Nigeria’s digital workforce, strengthen productivity, and establish the country as a net exporter of technology talent.

    He said the training covers several tracks, including software engineering, data analysis and data science, product management, UI/UX design, cloud computing, cybersecurity, artificial intelligence and machine learning, Devops, game development and Iot.

    Tijjani added that the programme operates a fellows-and-facilitators model with industry-aligned curricula and multiple pathways to work, including internships, apprenticeships and job-matching partnerships.

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