News
“We Must Be Patient and Work Hard to Rebuild Nigeria’s Economy” – Tinubu
President Bola Ahmed Tinubu has urged Nigerians to embrace hard work and patience, stating that there are no more free rides when it comes to the country’s economic realities.
He emphasized the need for the population to focus on sectors like agriculture while the government works on rebuilding and restructuring the economy.
Tinubu expressed this during a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani, in Abuja.
Addressing the concerns of many citizens facing economic challenges, Tinubu acknowledged the difficulties people are experiencing, especially with rising prices and economic instability.
“I understand that people are hungry and struggling,” he said, “but we cannot continue like this.
There is no free beer parlour anymore. We must be patient and work hard as we retool and rebuild Nigeria’s economy.”
His remarks come as his administration continues to implement significant economic reforms aimed at stabilizing the country.
Nigerians have been grappling with the effects of two major economic policies introduced shortly after Tinubu took office.
One of these was the removal of the fuel subsidy, a move that led to a sharp increase in the cost of petrol.
On his first day in office, the price of fuel tripled, and as of Friday, some filling stations in Abuja were selling petrol for between N950 and N1,100 per litre.
Another policy, aimed at unifying the exchange rate system, resulted in a dramatic depreciation of the naira.
Before Tinubu’s presidency began on May 29, 2023, the naira was trading at around N600 to the dollar.
Now, just a few months later, the exchange rate has soared, with the naira trading at over N1,500 to the dollar at the official market.
Despite these economic challenges, Tinubu has remained firm in his approach, urging Nigerians to trust in the government’s long-term strategy to rebuild the economy.
He stressed that while the current hardship is undeniable, the necessary reforms are critical for the country’s future prosperity.
Tinubu’s call for patience and hard work reflects his administration’s belief that these changes, though painful, are essential for Nigeria’s economic recovery.
The president’s words highlight the significant shift in expectations for the country, as the days of relying on government subsidies and support appear to be coming to an end.
His administration is focused on fostering self-reliance and resilience among Nigerians, particularly through sectors like agriculture, which he views as key to the country’s economic revival.
As Tinubu’s policies take shape, the nation watches to see how his economic vision will unfold in the coming months.
News
Ekiti Moves Closer to Energy Independence with New Electricity Licenses
The Governor of Ekiti State, Bioduna Oyebanji, has shared an exciting update on the state’s energy sector.
The governor announced that Ekiti has granted operational licenses to 14 electricity investors as part of a broader strategy to improve the state’s energy infrastructure.
This includes 3 distribution companies, 4 generation companies, 2 mini-grid generation companies, and 5 meter asset providers.
These licenses aim to strengthen power generation, streamline distribution, and ensure more reliable metering for residents, marking a major step forward in Ekiti’s energy development.
Currently, Ekiti receives around 20-25 MW of electricity from the national grid, which is far below the state’s estimated requirement of 120 MW.
This gap has often resulted in power shortages that affect both residents and businesses.
To address this, the state government has set an ambitious target of achieving 130 MW through a robust, locally managed state grid.
This will not only reduce dependency on the national grid but also empower Ekiti with more control over its energy future, fostering sustainability and stability.
The decision to decentralize electricity markets in Ekiti aligns with the 2023 Electricity Law Enactments, which were designed to give states the authority to manage their own electricity markets.
The law enables states to license providers who can meet the specific needs of their local communities, ensuring a more tailored and efficient power supply.
Governor Oyebanji emphasized the importance of this initiative for the future of Ekiti.
He expressed his confidence that this move will stimulate economic growth, create job opportunities, and improve the quality of life for all Ekiti residents.
With a more stable and reliable power supply, businesses in Ekiti will be able to thrive, contributing to the overall economic development of the state.
Additionally, residents will benefit from more consistent electricity, reducing the challenges posed by power outages and improving their daily lives.
Governor Oyebanji thanked everyone who believes in the state’s vision and progress, acknowledging the collective effort required to achieve such ambitious goals.
News
Nigeria’s National Power Grid Collapses Again, Marking the 12th Time This Year
On Thursday, Nigeria was thrown into darkness as the country experienced another collapse of its national power grid.
This disruption, which occurred at approximately 11:20 a.m., caused a nationwide power outage, affecting millions across the country.
The incident was confirmed by the Nigeria National Grid on X, where they posted, “BREAKING: Another Grid Setback Experienced,” signaling the severity of the situation.
This is the second time the national grid has failed in the past week, bringing the total number of collapses this year to twelve.
The Transmission Company of Nigeria (TCN), which is responsible for the operation and maintenance of the national grid, has yet to provide a detailed statement on the cause of Thursday’s collapse.
However, earlier in the week, TCN attributed a similar incident on Tuesday to a combination of line failures and generator trips, which are often caused by technical faults or mismanagement within the system.
These explanations, though, have done little to quell the growing concerns over the state of the power sector in the country.
In a related development, Nigeria’s Minister of Power, Adebayo Adelabu, had received an investigative report on the persistent grid collapses just the day before.
While the findings of this report have not been made public yet, it is expected to provide critical insights into the underlying causes of the grid’s instability.
This report comes at a time when the Nigerian government is under increasing pressure to find long-term solutions to the nation’s power crisis.
With the power grid collapsing so frequently, the impact on businesses, healthcare, education, and daily life is becoming increasingly severe.
News
22 Miners Feared Dead in Taraba-Adamawa Mining Pit Collapse
At least 22 miners are feared dead after a mining pit collapsed at an illegal site in the Gashaka-Gumti National Park, which spans Gashaka LGA in Taraba State and Toungo LGA in Adamawa State. The miners were searching for gold in a restricted area known as Buffa.
Local sources report that all 22 miners are presumed dead. Toungo LGA Chairman Suleiman Toungo confirmed five bodies have been recovered, though he couldn’t specify the total number still buried. The area, despite frequent ranger patrols, is known for continued unregulated mining activities, often carried out at night.
Adamawa Police spokesperson SP Suleiman Nguroje noted recent fatalities from pit collapses, adding that police are working with park authorities to address the illegal mining.
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