Edo Government Delays School Resumption Due to Fuel Price Surge

The Edo State Government has indefinitely postponed the reopening of schools, originally scheduled for September 9, 2024, following the recent hike in fuel prices. According to a memorandum from Ojo Akin-Longe, the Permanent Secretary of the Ministry of Education, the decision affects both public and private schools in the state.

The government cited rising tensions and the economic strain on parents and guardians due to increased fuel costs as reasons for the delay. Akin-Longe urged parents to closely monitor their children during this period, while the state remains cautious of the situation.

Meanwhile, the Arewa Youth Consultative Forum (AYCF) criticized the federal government for worsening the plight of Nigerians with the fuel price hike. The group’s President-General, Yerima Shettima, called on the government to ease the pressure on citizens, warning that the continued strain could lead to unpredictable reactions from the public.

NNPC Refutes Claims of Monopolizing Dangote Refinery Products

The Nigerian National Petroleum Company Limited (NNPC) has denied accusations made by the Muslim Rights Concern (MURIC) that it is monopolizing products from Dangote Refinery Limited (DRL). In a statement issued on Saturday by Chief Corporate Communications Officer Olufemi Soneye, the NNPC clarified that it does not have exclusive rights to purchase products from DRL and emphasized that Nigeria’s petroleum market remains open for competition.

NNPC explained that pricing for products from DRL and other refineries is dictated by global market forces, and current high prices create an opportunity for local refineries to offer competitive rates. The company stressed that DRL and any other refinery are free to sell to marketers on a “willing buyer, willing seller” basis, dismissing claims of being the sole offtaker of DRL’s products.

NNPC further refuted any intentions of undermining DRL, highlighting its billion-dollar investment in the refinery and its commitment to transparency and competition in the market. The company also urged MURIC to verify facts before making potentially inflammatory statements.

Governor Radda Urges Katsina Residents to Defend Themselves Against Bandits

Governor Dikko Umar Radda of Katsina State has encouraged residents to stand up and fight against bandits rather than hide during attacks. Speaking at a town hall meeting on the ‘2025 Citizens’ Budget Participation Process’ in the Daura Zone, Radda advised people to adopt self-defense strategies, expressing frustration over the increasing bandit attacks in the state.

He highlighted the disproportionate fear that a small number of armed bandits have instilled in entire communities, urging people to resist and defend their lives and property. He also emphasized the importance of unity and collective action in combating the bandit threat, calling death more honorable than allowing humiliation and violence to go unchallenged.

Governor Radda further appealed to religious leaders to educate the public on the moral and spiritual duty of self-defense, advocating for communities to resist bandit incursions actively. He noted that bandits avoid attacking communities that show resistance, urging residents to organize and confront them when necessary.

Fuel Crisis: BAVCCA Demands Answers from President Tinubu’s Economic Team

The Bloggers and Vloggers, Content Creators Association of Nigeria (BAVCCA) has said it is shocking that Nigeria, a major crude oil-producing nation, finds itself in significant debt, particularly with the Nigerian National Petroleum Company Limited (NNPCL) reportedly owing over $6 billion to global suppliers.

BAVCCA in a press conference in Abuja, Mr. Adah Onoja, National Spokesperson said it is alarmed by the continuous rise in fuel prices a The group noted that there must be a clear and transparent explanation of how Nigeria’s oil revenues have been managed, adding that the current state of affairs suggests that funds have been misused or misallocated, and those responsible must be held accountable.

“While we commend President Bola Ahmed Tinubu for his genuine and consistent efforts to lead Nigeria to greatness, it is evident that his economic handlers are failing to support his vision. The inability to effectively manage the country’s resources and finances is crippling the economy and placing an unbearable burden on Nigerians,” the statement noted.

The group noted those responsible for the reckless mismanagement of Nigeria’s resources and economy should be held accountable over the worsening economic situation across the country, noting that this current crisis is a direct result of the failure of those entrusted with managing Nigeria’s economy.

“We demand that those who have mismanaged NNPCL’s finances and plunged the nation into debt be thoroughly investigated and penalized for their actions.

“In addition, the policy of floating the Naira, which was expected to stabilize the currency and bring economic relief, has instead caused further depreciation of the Naira, leading to inflation and skyrocketing costs for essential goods and services. The growing disparity between the official exchange rate and the black market is a testament to the poor management of the economy by the President’s economic team.

“The President must reconsider the composition of his economic management team. Nigeria needs capable, forward-thinking professionals who can implement sound policies to stabilize the Naira, reduce inflation, and restore public confidence in the economy.”

Dollar to Naira Black Market Exchange Rate for 7th September 2024

The dollar to naira exchange rate in the black market (parallel market) for today, 7th September 2024, stands as follows:

  • Buying Rate: N1660 per dollar
  • Selling Rate: N1675 per dollar

These rates are based on information from Bureau De Change (BDC) sources. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize these parallel market rates and advises individuals to use official channels, such as banks, for foreign exchange transactions.

CBN Exchange Rate Today

  • Buying Rate: N1620 per dollar
  • Selling Rate: N1621 per dollar

Exchange rates can fluctuate, and the rates at which you buy or sell forex may differ from these figures.

VAT Proposal Clarification by Taiwo Oyedele

Dr. Taiwo Oyedele, Chairman of the Presidential Committee on Tax Reforms, clarified that the committee proposed a complete removal of Value Added Tax (VAT) on items like house rents, food items, and public transport, rather than a 10% VAT increase as reported by some sources.

Oyedele emphasized that the proposal also includes tax cuts for employers offering transport services to their staff and those employing more workers than usual.

Fuel Price Hike: Nigerians In Diaspora Demand Restructuring Of NNPCL’s Debts, Reassessment Of FG’s Monetary Policies

Nigerians in the diaspora, under the umbrella of Nigerian Professionals in Diaspora (NPID), has called for an urgent reassessment of the country’s monetary policies, following the recent hike in fuel prices.In a statement released signed by Dr Obiora Okereke, President and Chief Mrs Bukola Shonekan, Secretary on Thursday, NPID expressed deep concern over the current state of Nigeria’s economy, particularly the recent spike in fuel prices, which has exacerbated the already challenging economic conditions for millions of Nigerians.The group blamed the economic managers of the President Bola Ahmed Tinubu administration for failing to support the President’s vision with competent and effective policies, citing the poorly implemented floating of the Naira as a glaring example.NPID noted that instead of stabilizing the currency and attracting foreign investment, the policy has resulted in further depreciation of the Naira, leading to an unstable exchange rate that has driven up the cost of goods and services across the board.The group also called for the restructuring of the Nigerian National Petroleum Company Limited (NNPCL) debts, reportedly exceeding $6 billion, which has put the nation in a precarious position regarding fuel supply.”We believe that President Tinubu’s vision for Nigeria is clear, but the implementation of his economic policies by his advisers and managers is lacking in strategic foresight and execution,” NPID said.The group urged the President to take immediate action to address the economic challenges facing the country, including reassessing monetary policies, restructuring NNPCL’s debts, and holding economic managers accountable for their actions.

Fuel Crisis: Review Your Economic Team, Probe NNPCL’s $6 Billion Debt – BAVCCA Urges Tinubu

The Bloggers and Vloggers, Content Creators Association of Nigeria (BAVCCA) has said it is shocking that Nigeria, a major crude oil-producing nation, finds itself in significant debt, particularly with the Nigerian National Petroleum Company Limited (NNPCL) reportedly owing over $6 billion to global suppliers.

BAVCCA in a press conference in Abuja … said it is alarmed by the continuous rise in fuel prices and the worsening economic situation across the country, noting that this current crisis is a direct result of the failure of those entrusted with managing Nigeria’s economy.

The group noted that there must be a clear and transparent explanation of how Nigeria’s oil revenues have been managed, adding that the current state of affairs suggests that funds have been misused or misallocated, and those responsible must be held accountable.

“While we commend President Bola Ahmed Tinubu for his genuine and consistent efforts to lead Nigeria to greatness, it is evident that his economic handlers are failing to support his vision. The inability to effectively manage the country’s resources and finances is crippling the economy and placing an unbearable burden on Nigerians,” the statement noted.

The group noted those responsible for the reckless mismanagement of Nigeria’s resources and economy should be held accountable.

“We demand that those who have mismanaged NNPCL’s finances and plunged the nation into debt be thoroughly investigated and penalized for their actions.

“In addition, the policy of floating the Naira, which was expected to stabilize the currency and bring economic relief, has instead caused further depreciation of the Naira, leading to inflation and skyrocketing costs for essential goods and services. The growing disparity between the official exchange rate and the black market is a testament to the poor management of the economy by the President’s economic team.

“The President must reconsider the composition of his economic management team. Nigeria needs capable, forward-thinking professionals who can implement sound policies to stabilize the Naira, reduce inflation, and restore public confidence in the economy.”

Ede Polytechnic Reduces Expulsion of 27 Students to Suspension Following Protest

The Governing Council of the Federal Polytechnic, Ede, Osun State, has reversed the expulsion of 27 students involved in a violent protest on campus, reducing their punishment to a one-year suspension. This decision follows recommendations from a committee that investigated the May 9 protest, during which property was damaged.

Additionally, four suspended students were granted clemency, receiving only a warning. The Council has also lifted the ban on student unionism, with faculty representatives now overseeing union affairs. As a deterrent, all students are required to pay N10,000 to repair the damaged property.

EFCC Arrests 44 Suspected Internet Fraudsters in Kwara

The Economic and Financial Crimes Commission (EFCC) has apprehended 44 individuals suspected of internet fraud in Ilorin, Kwara State. The arrests were made at multiple locations, including Sango, Kulende, Taxaco, and Harmony Estate, following credible intelligence.

According to a statement shared on the EFCC’s official X handle, the operation took place on Friday, September 6, 2024. Items seized from the suspects include exotic cars, laptops, smartphones, and charms. The suspects will face charges after investigations are concluded.

The Nigerian Army has reported significant progress in the fight against insecurity and terrorism

The Nigerian Army has reported significant progress in the fight against insecurity and terrorism over the past week. According to Major General Edward Buba, Director of Defence Media Operations, 152 terrorists were killed, 109 were arrested, and 91 kidnapped victims were rescued across various regions. The operations targeted key terrorist enclaves, particularly in Katsina and Kaduna States, and successfully disrupted multiple terrorist cells and oil theft rings in the Niger Delta.

Troops also dismantled 58 illegal refinery sites and confiscated large quantities of weapons, ammunition, and equipment. In separate operations, 34 terrorists and collaborators were neutralized, with some critical arrests involving individuals negotiating ransom payments for kidnappers.

These operations, which spanned from the North East to the Niger Delta, have significantly crippled the activities of terror groups and oil thieves. Major General Buba noted that these efforts are part of a broader strategy to strengthen the military’s capabilities and bring security to affected regions, emphasizing the importance of public support in achieving lasting peace.