Hello and welcome! In today’s trending news stories;
1. Dangote Refinery has begun supplying petroleum products to the local market. The refinery, located near Lagos, has a capacity of 650,000 barrels per day and aims to become Africa and Europe’s largest refinery upon reaching full operational capacity later this year. Devakumar Edwin, a Dangote executive, confirmed the commencement of diesel and jet fuel shipments, with vessels loading substantial quantities for distribution by sea and road. Local oil marketers, represented by associations like the Independent Petroleum Marketers Association of Nigeria, have agreed on a price of 1,225 naira ($0.96) per litre of diesel through bulk purchase agreements with Dangote. Additionally, the Depots and Petroleum Products Marketers Association of Nigeria is in the process of securing letters of credit to procure petroleum products from the refinery, signaling further progress in Nigeria’s energy sector.
2. US President Joe Biden and Chinese President Xi Jinping engaged in a call aimed at managing tensions between their nations. While they discussed cooperation on climate change and narcotics control, significant disagreements arose over Taiwan and economic matters. President Biden reaffirmed US support for Taiwan, drawing a sharp response from President Xi, who warned against US interference in the South China Sea and criticized US sanctions on Chinese entities. Despite differences, both sides described the conversation as constructive, covering topics such as AI and military communication. Experts view the call as primarily performative, aiming to demonstrate commitment to managing the relationship despite ongoing challenges. The upcoming inauguration of Taiwan’s president-elect adds further complexity to US-China relations, with future diplomatic meetings between the two nations anticipated.
3. The Christian Association of Nigeria (CAN) has demanded a public apology from the Federal Inland Revenue Service (FIRS) following an Easter post on social media deemed offensive to Christians. The post, which suggested “Jesus paid your debts, not your taxes,” sparked a backlash from Christians, prompting its removal. CAN’s National Director called for intervention from government officials and security agencies to ensure FIRS adheres to messages promoting unity and peace. CAN emphasized the importance of respecting religious convictions and urged both public and private institutions to be mindful of religious diversity. CAN stresses the need for sensitivity in communications, especially from public institutions, considering the religious tapestry of the nation.
4. Former Kaduna Central Senator, Shehu Sani, has called on the state government to hold former Governor Nasir El-Rufai accountable for the state’s substantial debt burden. Sani urged Governor Uba Sani to establish an independent probe panel to investigate the previous administration’s handling of finances. Governor Uba recently disclosed inheriting a debt of $587 million, N85 billion, and 115 contractual liabilities from El-Rufai’s tenure, making it challenging to meet salary obligations. Sani emphasized that addressing the situation requires more than just revelations and urged for a thorough investigation into alleged mismanagement or embezzlement of funds, including a $350 million loan. He stressed the need for transparency and accountability in managing Kaduna State’s finances, asserting that it’s a crucial moment for confronting the truth he had previously spoken about.
5. The Nigerian naira surged against the US dollar on April’s first trading day, hitting its highest level in over two months. The Central Bank of Nigeria’s policies, including clearing verified FX backlogs, contributed to this improvement. In both official and parallel markets, the naira strengthened, with analysts predicting this trend to continue in April. Additionally, measures like increased Open Market Operations (OMO) sales aim to stabilize the currency. The recall of Bureau De Change operators and monetary policy tightening has also bolstered dollar liquidity. Overall, the outlook suggests the naira will trade within a similar band as efforts continue to attract capital inflow and maintain stability.
6. Arsenal manager Mikel Arteta has expressed optimism about Jurrien Timber’s potential involvement in the current season. Timber, who suffered a knee injury early in the campaign, has been sidelined since then. However, Arteta noted that Timber’s recovery progress has been positive, with the player back in training. While Timber has yet to play any minutes, Arteta highlighted the importance of the final steps in his rehabilitation process. Arteta indicated that Timber’s return to action might require some appearances for the Under-23s, but he remains hopeful that Timber will be back in contention for first-team involvement soon.
