World Bank urges Nigeria to ensure cash transfer reaches homes
The Federal Government’s monthly cash transfer of N25,000 to low-income households has only reached 0.1 percent of its targeted beneficiaries, with 1.5 million households out of 15 million recipients receiving payments.
Alex Sienaert of the World Bank revealed this during the Nigeria Development Update in Abuja. Despite increased hardship due to policy changes, the vast majority, 99.9 percent, are yet to benefit from this aid.
Dangote, airlines, manufacturers discuss diesel, Jet A1 supply
Local airlines and manufacturers aim to secure priority diesel and JetA1 supplies from the Dangote Petrochemical Refinery.
Plans follow news of the refinery’s upcoming diesel and aviation fuel availability in January 2024, post-receiving crude oil supply.
Airlines, represented by AON, have begun talks with the refinery, expecting fruitful outcomes. The Manufacturers Association of Nigeria is also strategizing for possible diesel deals. Rising costs have led to industry closures, sparking concerns of more shutdowns.
Electricity subsidy: Government spends N376bn, consumers pay N783bn
The Federal Government spent N375.8 billion on electricity subsidy from January to September 2023, while consumers paid N782.6 billion for power.
Despite N1.06tn billed by distribution companies, only N782.6bn was collected amid widespread blackouts.
The subsidy surged from N36bn in Q1 to N204.6bn in Q3 due to non-cost reflective tariffs.
Transparency in subsidy calculation and tariff policies was urged by the Nigerian Electricity Regulatory Commission for fair inclusion of stakeholders.
Fubara didn’t pressure pro-Wike commissioners to resign, says Rivers govt
Rivers State’s government denied pressuring commissioners to resign amid the Wike-Fubara feud. The Information Commissioner clarified that departures were voluntary.
The state house’s demolition was due to it being deemed uninhabitable. Despite intervention attempts, political chaos continues, with lawmakers switching parties, impeachment attempts, and ongoing resignations.
The rift between Wike and Fubara prolongs, gripping the state in an unending political storm.
North Korea fires ICBM-class missile after condemning ‘war’ moves
North Korea launched an ICBM-class missile, Japan confirmed. It can reach the US. South Korea warned earlier of an ICBM launch. The missile flew 1,000 km, lasting 73 minutes. Japan reported the flight details.
This test marks North Korea’s push for longer-range weapons. The US and South Korea condemned the launch, calling for diplomacy.
Pyongyang criticised the US presence in South Korea, escalating tensions. US military assets, including a submarine, raised concern.
