Insight by Oppy

By Insight by Oppy President Bola Tinubu has signed the N54.99 trillion budget for the 2025 fiscal year into law, expressing confidence in Nigeria’s economic trajectory. The signing ceremony, held at the Presidential Villa in Abuja, was attended by top government officials, including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, National Security Adviser Nuhu Ribadu, Minister of Finance and Coordinating Minister of the Economy Wale Edun, and Minister of Budget and National Planning Atiku Bagudu. Tinubu reaffirmed his administration’s commitment to economic growth, stability, and national development, stating, "Today, we see a light at the end of the tunnel. We can see signs of progress." Budget Breakdown and Economic Projections The 2025 budget, initially proposed at N54.2 trillion, was increased to N54.99 trillion by the National Assembly before its passage on February 13, 2025. The budget allocations are as follows: S...

In a landmark decision on Friday, February 28, 2025, the Supreme Court of Nigeria affirmed the legitimacy of the Rivers State House of Assembly led by Speaker Martin Amaewhule. The apex court also issued an order restraining the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation from disbursing further budgetary allocations to Rivers State until a valid Appropriation Act is enacted by the duly constituted Assembly.  The five-member panel, presided over by Justice Uwani Abba-Aji, delivered a unanimous judgment read by Justice Emmanuel Agim. The court condemned Governor Siminalayi Fubara's actions, including the demolition of the House of Assembly complex, which were purportedly aimed at preventing the 27 legislators from performing their legislative duties. Justice Agim emphasized that Governor Fubara's conduct undermined the rule of law and the state's governance structure.  Additionally, the Supreme Court mandated that all members of the...

Olushola Oladoja, a postgraduate student at the University of Jos, has been elected as the National President of the National Association of Nigerian Students (NANS). Oladoja secured a decisive victory with 300 votes at the NANS national convention held at the Old Parade Ground, Abuja. His closest rival, Salauhudeen Suleiman from Yakubu Gowon University (University of Abuja), garnered 40 votes, while Gambo Abubakar of Ibrahim Badamasi Babangida University, Lapai, received 15 votes. The election, which saw the participation of over 358 Student Union Government (SUG) presidents from tertiary institutions across the country, was conducted under the supervision of Convention Chairman Suleiman Sariki. Attendees praised the process as free, fair, and credible. As the newly elected leader of NANS, Oladoja is expected to champion the interests of Nigerian students, advocating for improved education, better welfare, and stronger student rights.

As Nigeria advances its energy sector reforms and boosts domestic refining capacity, European petroleum exporters, including the Netherlands, are facing a significant decline in exports to Africa’s largest economy. The launch of the Dangote Refinery, Africa’s largest, is a game-changer in this shift, reducing Nigeria’s reliance on imported refined products, particularly from the Amsterdam-Rotterdam-Antwerp (ARA) region. Negative Impact on the Netherlands' Petroleum Trade For decades, Nigeria has been a key market for European refiners, with the Netherlands serving as a major supplier of gasoline and other refined petroleum products. However, recent data shows a sharp drop in gasoline exports from the ARA hub to West Africa. In September 2024, exports fell to approximately 150,000 barrels per day—the lowest since May 2020. This decline is attributed to multiple factors: Dangote Refinery Operations: The refinery, with a 650,000 barrels per day capacity, is set to meet Nig...

The Kano State Government has officially approved Friday, February 28, 2025, as the second-term vacation date for all public and private primary and post-primary schools, both day and boarding, across the state. This decision was announced by the Director of Public Enlightenment of the State Ministry of Education, Balarabe Kiru, in a statement released on Tuesday. According to the statement, boarding school pupils and students are expected to return to their respective schools on Sunday, April 6, 2025, while day students will resume on Monday, April 7, 2025. Reason for the Holiday The early vacation aligns with preparations for the upcoming Ramadan period, a significant month in the Islamic calendar observed by Muslims worldwide. During this period, families prioritize religious activities, fasting, and spiritual engagements. Recognizing the importance of this time, the Kano State Ministry of Education adjusted the academic calendar to ensure students can fully participate ...

By Insight by Oppy February 24, 2025 Nigeria is making significant strides toward conducting its first national population and housing census in nearly two decades. In a pivotal move, President Bola Ahmed Tinubu has announced plans to establish a committee that will oversee the budget and logistics for the upcoming census, ensuring it aligns with the nation’s current economic realities. This development marks a crucial step in modernizing Nigeria’s data collection processes, with a focus on integrating biometric and digital technologies. A Long-Overdue Census The last national census was held in November 2006, making the data outdated for effective governance and planning. With Nigeria’s population estimated to exceed 200 million, the absence of recent and accurate demographic data has hindered strategic development in critical sectors such as healthcare, education, agriculture, and social welfare. President Tinubu emphasized the importance of the census in nation-building,...

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) over its recent decision to increase Automated Teller Machine (ATM) transaction fees. Filed at the Federal High Court in Lagos, the lawsuit seeks to halt the implementation of the controversial policy, which SERAP claims is "unlawful, unfair, and unjust." This development has sparked nationwide discussions about the growing financial burdens on ordinary Nigerians amid economic hardship. In this article, we delve into the details of the lawsuit, the arguments from both sides, and the broader implications for Nigerians and the financial sector. The Controversial Fee Hike The CBN’s recent policy revision introduced higher fees on ATM transactions, including cash withdrawals and interbank transfers. While the apex bank has justified the move as part of a broader financial restructuring to improve banking services, critics argue that the timing ...

In a decisive move to combat the proliferation of counterfeit drugs, Governor Charles Soludo of Anambra State has pledged robust collaboration with the National Agency for Food and Drug Administration and Control (NAFDAC). This initiative aims to eradicate fake, substandard, and adulterated medications from markets across the state. Addressing traders at the Ogbo Ogwu market in Onitsha, which was recently shut down by NAFDAC due to the sale of counterfeit and expired drugs, Governor Soludo emphasized the critical need for stringent enforcement to safeguard public health. He recalled a previous four-month closure of the market in 2007, underscoring the necessity of such actions to protect citizens from the dangers of fake pharmaceuticals.  Governor Soludo expressed his commitment to resolving the issue, stating, "The enforcement is being carried out by NAFDAC. We are here to solve the problem." He highlighted the alarming presence of counterfeit drugs in unexpected...

Tony Elumelu, Chairman of Heirs Energies, has called for increased collaboration among industry stakeholders to boost Nigeria's oil production to 2.5 million barrels per day (BPD). Speaking at the 2025 Heirs Energies Leadership Forum in Abuja, Elumelu emphasized the need for enhanced output to achieve energy security and generate additional revenue for the nation.  Elumelu highlighted Heirs Energies' success in increasing production from the OML 17 asset, acquired from Shell, from over 20,000 BPD to 53,000 BPD, with plans for further growth. He expressed confidence that, with combined efforts from all industry players, Nigeria could reach a production level of 2.7 million BPD.  Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also urged operators to elevate Nigeria's oil output, aiming for 4 million BPD in the medium to long term. He noted that the country currently produces over 1.7 million BPD, with a target of 2.06 million BPD for ...

In a significant move to modernize Nigeria's tax administration, the Federal Inland Revenue Service (FIRS) has initiated the pilot phase of its electronic invoicing (e-invoicing) solution. This initiative aims to enhance tax compliance and provide real-time visibility into business transactions across the nation. Stakeholder Engagement in Lagos The rollout commenced with a comprehensive stakeholder engagement conference held at Four Points by Sheraton in Victoria Island, Lagos. The event brought together representatives from key sectors, including oil and gas, banking, manufacturing, and services. Discussions centered on the integration of the e-invoicing system into existing business operations and its anticipated impact on tax processes. Focus on Large Taxpayers FIRS has strategically chosen to begin the pilot phase with large taxpayers, such as MTN and Huawei, who conduct millions of transactions daily or weekly. This approach allows the agency to refine the system w...

Ukrainian President Volodymyr Zelenskyy has criticized U.S. President Donald Trump for residing in a "disinformation bubble" after Trump falsely accused Ukraine of initiating the war with Russia. Zelenskyy emphasized that such statements echo Russian propaganda and undermine the reality of Russia's aggression against Ukraine. He reaffirmed Ukraine's commitment to NATO, highlighting the alliance as the strongest security guarantee for the nation. Zelenskyy also stressed the necessity for security assurances that include tangible support, such as funding, weapons, and air defense systems. Additionally, he urged U.S. officials to accurately describe the situation as a war waged by Russia, rather than a mere "conflict," to ensure clarity in international discourse. 

The Central Bank of Nigeria (CBN) has issued a directive mandating banks and other financial institutions to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites. This directive, outlined in a circular titled "Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria," was signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department. Key Highlights of the Directive: 1. Publication of Dormant Accounts – Banks must publish the names of account holders, the type of account, and the branch where the account is domiciled. 2. Increased Transparency – This move aims to provide clarity on unclaimed funds and give rightful owners an opportunity to reclaim them. 3. Reduction of Unclaimed Balances – By making this information public, the CBN hopes to reunite owners with their funds, reducing the volume...

Troops Ambush Terrorists in Gwoza, Recover Weapons and Supplies By Insight by Oppy In a successful counterterrorism operation, troops of the 192 Battalion (Motorized), in collaboration with the Hybrid Force and Civilian Joint Task Force (CJTF), ambushed and neutralized two terrorists along the Gwoza-Bita road in Gwoza Local Government Area of Borno State. The operation, conducted under Operation Desert Sanity IV/Diligence Search as part of Operation Hadin Kai, took place at approximately 11:50 p.m. on February 18, 2025. Security forces engaged the terrorists, eliminating two, while others managed to escape. A subsequent search along the terrorists’ withdrawal route led to the recovery of critical items, including an AK-47 rifle (Registration No. 21976), an empty magazine, a Baofeng radio, four bicycles, a bottle of methylated spirit, 25 packets of drugs, 10 syringes, and eight sachets of Maggi seasoning, among other supplies. Remarkably, no casualties were recorded among the security f...