The Federal Government has initiated talks with the United States regarding the investigation of a chopper crash in California, which claimed the lives of Herbert Wigwe, CEO of Access Holdings, and other prominent Nigerians.
American investigators will relocate the wreckage for further examination. The crash, killing all six occupants, including crew members, has sparked mourning nationwide.
President Tinubu, President Macron, Nigerian governors, business leaders, and others have expressed condolences.
Nigeria seeks collaboration with US authorities for the investigation.
The Federal Government announced at the 1st NESI Stakeholders Meeting in Lagos that underperforming power distribution companies in Nigeria will face a 50 percent cut in operating expenditures.
The Nigerian Electricity Regulatory Commission will assess each Disco’s performance individually.
Nigeria has 11 distribution companies serving over 12 million users. Privatized in 2013, these Discos, along with power generation firms, face challenges such as poor liquidity and inadequate financial remittances hindering power production.
The International Monetary Fund forecasts Nigeria’s foreign reserves to drop to $24 billion in 2024, according to its latest country report. The decline poses significant forex challenges for Africa’s largest economy, especially with no new Eurobond issuances, substantial repayments, and ongoing portfolio outflows.
Despite anticipating a current account surplus, reserves are expected to recover to $38 billion by 2028, as portfolio inflows are projected to resume after a challenging period.
The Maritime Workers Union of Nigeria and Senior Staff Association of Statutory Corporations threaten to shut down seaports if the government cuts 50 percent of internally generated revenues from federal enterprises, notably the Nigerian Ports Authority.
Addressing journalists in Apapa, the unions denounced the Ministry of Finance’s directive, labeling it unfair.
The government’s move, aimed at bolstering revenue and reducing leaks, faces opposition from the unions, who have already voiced their grievances to President Bola Tinubu.
Oil prices stayed a bit steady on Tuesday for a second straight day as uncertainty about the pace of potential U.S. interest rate cuts and the impact on fuel demand offset worries about Middle East tensions that could disrupt supply.
Brent futures edged 1 cent lower $81.99 a barrel. U.S. West Texas Intermediate (WTI) crude rose 1 cent to $76.93 a barrel.
Oil prices were near flat in Monday’s trade as well, after gaining 6 percent last week.
The conflict in the Middle East has kept prices elevated.
On Monday, Israel freed two Israeli-Argentine hostages held by Hamas in Rafah in a ferocious rescue operation that killed 74 Palestinians in the southern Gaza city where about one million civilians have sought refuge from months of bombardments.
