Hello and welcome! In today’s trending news stories;
1. Kenyan President William Ruto has reversed his position on the Finance Bill 2024 following widespread protests, particularly by youth, against its unpopular tax proposals. In a national address on June 26, 2024, Ruto acknowledged public concerns and announced he would not sign the bill, opting instead to withdraw it due to public outcry. The protests sparked initially on social media platforms like TikTok, grew into significant demonstrations in Nairobi and other cities. Ruto expressed regret over protest-related deaths and pledged to engage with youth to address grievances and prioritize their needs. He also announced austerity measures, including budget cuts across government branches, to reduce expenditure. Additionally, provisions such as VAT on essential items and levies on mobile money transfers were removed from the bill following public outcry.
2. Rivers State Governor Siminalayi Fubara has accused supporters of the Minister of the Federal Capital Territory, Nyesom Wike, of attempting to bomb the Presidential Hotel in Port Harcourt to justify calls for a state of emergency. Fubara made these claims during a visit from the Senate Committee on Privatisation and Commercialisation, led by Senator Orji Uzor Kalu. Fubara stated that he is not fighting anyone but defending the state from those who believe they control others’ lives. He shamed his detractors while Senator Kalu urged Wike to call his supporters to order for the state’s collective interest. Darlington Nwauju, former publicity secretary of the APC in Rivers State, condemned the introduction of guerrilla warfare tactics in state politics. He criticized the attempt to detonate an explosive at the hotel, where National Assembly members were staying, as a ploy to support the state of emergency call. A youth group, the National Youths Council of Nigeria (NYCN) in Rivers State, has commended the police for securing local government secretariats and preventing vandalism.
3. Nick Imudia, the former CEO of Konga and current CEO of D.light, died by suicide on June 25, 2024, in Lekki, Lagos. Before taking his life, he called his US-based brother to give instructions on distributing his wealth and reached out to his young daughter. Imudia had a successful career, holding key positions at TCL/Alcatel and Microsoft Device and Services, and played a transformative role at Konga. His death has left his friends, family, and colleagues in shock, as the reasons behind his decision remain unclear.
4. A fire broke out at the Dangote Petroleum Refinery on Wednesday, June 26, specifically at the effluent treatment plant (ETP). Anthony Chiejina, a spokesperson for Dangote Industries Limited, reported that the fire was a minor incident and had been swiftly contained. He assured that there was no injury to staff and that the refinery continued to operate normally. The refinery, which began producing diesel and aviation fuel on January 12 and has a capacity of 650,000 barrels per day, was inaugurated by former President Muhammadu Buhari in May 2023.
5. Nigeria’s Treasury Bills (T-Bills) debt has risen to N10.4 trillion, marking a 60% increase in three months, according to the Debt Management Office (DMO). This is the highest T-Bills debt recorded, based on data from Nairalytics dating back to 2010. The DMO has issued multiple T-Bills auctions in the first half of 2024 to combat inflation and fund government short-term expenditures. The T-Bills debt grew from N2.8 trillion under President Goodluck Jonathan to N10.4 trillion currently. As of March 2024, T-Bills comprised 16% of Nigeria’s domestic debt portfolio and 4.37% of GDP. The central bank offered N2.1 trillion in T-Bills in Q1 2024, attracting N21.7 trillion in subscriptions, with yields reaching 21.1%. The Bola Tinubu administration has relied heavily on T-Bills for short-term funding, diverging from the previous administration’s reliance on the Central Bank’s Ways and Means Advances. Critics highlight the rising cost of servicing the growing domestic debt, with true yields nearing 30% per annum
6. Music executive Paul Okoye, known as Paulo, expressed anger after social media activist VeryDarkMan falsely claimed that actress Iyabo Ojo and other content creators were not invited to Davido and Chioma’s wedding but only to the after-party. Iyabo Ojo debunked the claims with a screenshot of her invitation card on Instagram. In response, Paulo called out Davido, Cubana Chief Priest, DJ Obi, Femi Kuti, Tunde Ednut, and Poco Lee, who associate with VeryDarkMan, demanding they choose between him and the activist on his Instagram story, stating, “Either me (friend) or him (VDM). You need to make a decision.”
7. On June 26, 2024, Olamide announced a new 7-track project titled ‘Ikigai’ on his social media account, shortly after a surprise performance at Davido and Chioma’s wedding. ‘Ikigai’, meaning “reason for being” or “life’s purpose” in Japanese, features YBNL stars Fireboy and Asake on the track ‘Uptown Disco’, and former YBNL associates Pheelz, Young Jonn, and Lil Kesh on ‘Synchro System’. Olamide had teased ‘Hello Habibi’, the fifth track, on his Instagram story before the announcement. This project is a surprise, as Olamide previously hinted in 2023 that ‘Unruly’ might be his last album. Set for release on June 26, ‘Ikigai’ will be Olamide’s 10th solo project and 15th overall. Known for delivering hits, fans are eagerly anticipating this new addition to his discography, especially with the YBNL reunion
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