Nigerian Newspapers Summary
Good morning! Here’s today’s summary from Daily News 24. Stay informed with the top headlines shaping Nigeria, including the disbursement of N1.298 trillion by FAAC, the federal government’s official termination of fuel and forex subsidies, and urgent flood warnings issued to residents along the River Benue. Plus, major political developments ahead of the Anambra governorship election and critical updates on national security and economic reforms.
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1. FAAC disburses N1.298 trillion to government tiers for September 2024
The Federation Accounts Allocation Committee (FAAC) has allocated N1.298 trillion in revenue for September 2024 to federal, state, and local governments. The disbursement was made during the committee’s October 2024 meeting in Abuja. This revenue sharing helps maintain critical services across all tiers of government.
2. Federal government officially ends fuel and forex subsidies
The federal government has ended fuel and foreign exchange subsidies, a policy long debated for its economic implications. Finance Minister Wale Edun made the announcement during a presentation of the Nigeria Development Update by the World Bank. This move is expected to impact the economy, though concerns over rising costs persist.
3. Anambra governorship election set for November 8, 2025 – INEC
The Independent National Electoral Commission (INEC) has scheduled November 8, 2025, for the off-cycle governorship election in Anambra State. INEC Chairman Prof. Mahmood Yakubu announced this at a meeting with political party leaders. The formal notice for the election will be published on November 13, 2024.
4. World Bank cautions against reversing Nigeria’s economic policies
The World Bank has warned that undoing the federal government’s current economic policies could lead to severe consequences for Nigeria. Dr. Ndiame Diop, the World Bank’s Country Director for Nigeria, raised these concerns at the launch of the Nigeria Development Update report in Abuja, emphasizing the need for policy continuity.
5. NSA reveals terrorists are using government’s own weapons
National Security Adviser (NSA) Mallam Nuhu Ribadu has revealed that many weapons used by terrorists and bandits were once owned by the federal government. Ribadu made this disclosure at the Arms Destruction Exercise in Abuja, organized by the National Centre for the Control of Small Arms and Light Weapons, highlighting the challenges in securing government arsenals.
6. INEC recognizes Julius Abure as Labour Party chairman
The Independent National Electoral Commission (INEC) has officially recognized Julius Abure as the chairman of the Labour Party (LP). A formal letter was sent to Abure inviting him to a consultative meeting with political parties in Abuja. The recognition cements his leadership role amid internal party disputes.
7. Three injured in CNG-powered vehicle explosion in Edo State
A CNG-powered vehicle exploded at a NIPCO filling station in Benin City, Edo State, leaving three people injured. The incident occurred on Thursday morning at the station along the Benin-Auchi road, sparking concerns about safety protocols at gas stations.
8. Federal government pledges support to rebuild Jigawa after tanker explosion
The federal government has committed to assisting Jigawa State in rebuilding Majia town, following a fuel tanker explosion that claimed 153 lives. Secretary to the Government of the Federation, George Akume, made this promise during a condolence visit to the state, ensuring federal support for rehabilitation efforts.
9. Governor Bala Mohammed challenges World Bank’s economic stance
Bauchi State Governor Bala Mohammed has criticized the World Bank’s assertion that reversing Nigeria’s economic reforms would be catastrophic. During the Nigeria Development Update event, Mohammed insisted that current reforms are worsening hunger and hardships, pushing him to voice strong opposition to the policies.
10. Nigerians along River Benue warned of impending floods
The Nigeria Hydrological Services Agency (NIHSA) has warned residents living near riverbanks along the River Benue Basin to relocate to safer areas. With water levels rising due to heavy rainfall, NIHSA’s Director-General, Umar Mohammed, urged communities to take precautions to avoid flooding.
