Hello and welcome! In today’s trending news stories;
1. The Senate on Tuesday, decided to further probe the Central Bank of Nigeria’s (CBN) N10 trillion Anchor Borrowers’ Programme and the accountability of Ways and Means loans. This action aims to identify and close gaps in the CBN’s future financial support activities. An ad hoc committee will investigate these areas, including various intervention programs and funds allocated to different sectors, which have contributed to the nation’s increased debt. The decision follows discussions on a report regarding the country’s economic status, highlighting the need for CBN to adhere to legal provisions for transparency and regular reporting to the President and National Assembly. The debate revealed that significant funds, including grants and interventions across various sectors, were distributed without parliamentary approval, raising concerns about transparency and accountability.
2. The federal government declared war on currency speculation to stabilize the FX market, deploying various agencies. President Tinubu announced plans to raise $10 billion to increase FX liquidity. He emphasized job creation through optimizing public assets. Measures include cracking down on speculators and illicit activities, alongside initiatives to improve governance and transparency. The government aims to stabilize the naira and boost economic growth. Additionally, the Nigerian Association of Chambers of Commerce outlined strategies, including pegging the naira and enforcing stricter regulations, to address currency depreciation and inflation.
3. Black market racketeers in Lagos State are exploiting a strike by tanker drivers to hike the price of Premium Motor Spirit (petrol) to as much as N1000 per liter. During the strike, most filling stations, especially those of the Independent Petroleum Marketers Association of Nigeria (IPMAN), were closed, leading to long queues at Nigerian National Petroleum Company Limited (NNPCL) and Major Energy Marketers Association of Nigeria (MEMAN) stations, where prices ranged from N599 to N615 per liter. IPMAN stations, facing product shortages and relying on private depots for supply at higher costs, were selling petrol for at least N650 per liter. The strike, prompted by operational challenges, was called off following a meeting with government and industry representatives, leading to a directive for the immediate resumption of petroleum loading activities.
4. Former President Olusegun Obasanjo has urged the legislative bodies to create new legislation to support individuals with kidney disease and address the growing issue of organ trafficking in Nigeria. Speaking at the 36th Annual General Meeting and Scientific Conference of the National Association of Nephrology in Abeokuta, Obasanjo praised the association’s efforts in disease prevention and education, highlighting the high rate of kidney failure among Nigerians and Africans. He called for legal support for kidney patients and measures to regulate organ donations, considering cultural sensitivities. Obasanjo also emphasized the need for the National Health Insurance Scheme to expand its support for kidney patients and encouraged contributions from philanthropists, foundations, and corporations to assist with the costs of treatment and capacity building in the fight against kidney disease.
5. Excessive rainfall in Lagos led to flooding, affecting around 151 houses in areas like Oke Ishagun, Isale Aboru, and Ikola Community, among others. The Ajasa Command bridge was also submerged. Emergency services rescued trapped individuals, but many residents were displaced. Although no casualties were reported, normal life was disrupted. Floodwaters are receding, but caution is advised, and residents were urged to use alternative routes. NEMA reported evacuations and emphasized disaster preparedness, urging the public to clear drainages and follow safety measures. NEMA’s Director General supported Lagos State’s drainage clearance efforts and called for similar actions nationwide to ensure safety during the upcoming rainy season.
6. Afrobeats star Davido announced his intention to donate N300 million to orphanages across Nigeria through The David Adeleke Foundation, marking his annual contribution to the nation. He shared this news on his X handle, promising to release details of the disbursement the following Wednesday.
7. Arsenal and Porto are facing each other tonight in a Champions League reunion. Arsenal has a history of painful defeats in the first knockout round, including against Porto years ago. However, they once triumphed against Porto with a remarkable comeback. The match kicks off at 8 pm GMT (9 pm WAT) at Estadio do Dragao. Porto might miss Stephen Eustaquio, while Arsenal hopes to have Gabriel Jesus and Takehiro Tomiyasu back. Overall, Arsenal is favored to win due to their recent form, despite Porto’s respectable performance in the group stages.
