News
IMF Warns Tinubu, says if you don’t increase fuel, electricity price, You’ll spend N7trn in 2024
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/02/Bola-Tinubu2.jpg&description=IMF Warns Tinubu, says if you don’t increase fuel, electricity price, You’ll spend N7trn in 2024', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/02/Bola-Tinubu2.jpg&description=IMF Warns Tinubu, says if you don’t increase fuel, electricity price, You’ll spend N7trn in 2024', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The International Monetary Fund (IMF) forecasts that if the current fuel pump price cap and energy subsidies are maintained in 2024, Nigeria will spend almost N7 trillion.
The organization detailed that low growth, decreased revenue collection, rising inflation, and long-standing external imbalances were among the difficult economic conditions the current administration inherited. It emphasized that if fuel pump prices and electricity tariffs are kept below their recovery costs, Nigeria may have to pay up to 3% of its GDP in taxes by 2024.
“The capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of up to 3 per cent of GDP in 2024,” IMF said in a statement following a recent visit by an IMF team led by the IMF Mission Chief for Nigeria Axel Schimmelpfennig.
The National Bureau of Statistics’ most recent GDP report has data indicating that the GDP current market price for 2023 is N234.4trn, with N7.032trn representing 3% of that amount.
The latest information was revealed a few weeks after the international lender alleged that the federal government capped fuel prices at retail stations in its Executive Board’s Post Financing Assessment.
The IMF said the Tinubu administration has “capped retail fuel and electricity prices” ostensibly to “ease the impact of rapidly rising inflation on living conditions, thus partially reversing the fuel subsidy removal.”
Recall that President Bola Tinubu declared the elimination of fuel subsidies during his inauguration speech on May 29, 2023, which led to an increase in the cost of products and services throughout the nation.
Following the elimination of the fuel subsidy in May 2023, the price at the pump at NNPC fueling stations went from N185 to N400 to N568 per liter, with some currently selling for more than N600. Currently, depending on the location countrywide, it sells for between N650 and N700.
News
Just in: WAEC releases 2026 WASSCE results as girls top boys in Maths, English
…English and Mathematics:
641,631 candidates (32.89%) were female
558,883 candidates (28.65%) were male
The West African Examinations Council (WAEC) has officially released the results of the 2026 West African Senior School Certificate Examination (WASSCE) for School Candidates as girls top boys in English and Mathematics.
The release brings to an end weeks of anxious waiting for nearly two million candidates across Nigeria and parts of West Africa, who sat for the examination.
The examination body announced the development on Wednesday through its official X (formerly Twitter) account, directing candidates to generate their result-checking PIN and access their results online.
“UPDATE: 2026 WASSCE (SC) results have been released. Generate your PIN at http://waec.org and check your results now on http://waecdirect.org,” WAEC stated.
Speaking during a press conference in Lagos, the Head of the WAEC Nigeria National Office, Dr. Amos Dangut, disclosed that the council withheld the results of 167,486 candidates, representing 8.59 per cent of those who sat for the computer-based 2026 WASSCE for school candidates.
According to him, the affected results were withheld over alleged cases of examination malpractice and will remain under investigation until the council concludes its review.
WAEC revealed that 1,959,668 candidates from 24,207 secondary schools registered for the examination conducted across Nigeria, Benin Republic, Côte d’Ivoire and Equatorial Guinea.
Out of those registered, 1,950,726 candidates eventually sat for the examination.
The council disclosed that 1,834,695 candidates, representing 94.05 per cent, have had their results completely processed and released.
However, the results of 116,031 candidates (5.95 per cent) are still being processed and will be released once the exercise is completed.
Over 1.2 Million Candidates Scored Five Credits Including English And Mathematics
WAEC’s statistics show that 1,200,514 candidates, representing 61.54 per cent of those who sat the examination, obtained credits and above in at least five subjects, including English Language and Mathematics.
Meanwhile, 1,687,378 candidates (86.50 per cent) secured credits in at least five subjects, irrespective of whether English Language and Mathematics were included.
Despite the strong overall performance, the council noted a slight decline in the number of candidates who achieved the benchmark five credits including English and Mathematics.
Also Read: Police foil kidnap plot, arrest two suspects, recover firearms in Delta
Compared to the 2025 examination, the pass rate dropped by 1.42 percentage points.
Female Candidates Outperformed Male Candidates
WAEC also released a gender breakdown of the successful candidates.
Of the 1,200,514 candidates who obtained five credits, including English and Mathematics:
641,631 candidates (32.89%) were female
558,883 candidates (28.65%) were male
Overall participation also showed that female candidates slightly outnumbered their male counterparts.
According to the council:
997,267 females (51.12%) participated in the examination.
953,459 males (48.88%) sat for the examination.
With the release of the results, thousands of candidates are expected to begin admission processing into tertiary institutions, while those whose results were withheld will await the outcome of WAEC’s ongoing investigation into alleged examination malpractice.
News
Just in: Ten days to guber election, EFCC freezes Osun govt First Bank account
Ten days to the gubernatorial election in Osun State, the Economic and Financial Crimes Commission (EFCC) has frozen Osun State Government account domiciled with First Bank of Nigeria.Lagos News Updates
The account used for the payment of workers’ salaries, was placed on “Post No Debit” status by the anti-graft agency.
Though, this is coming after Governor Ademola Adeleke alleged that the EFCC was plotting to freeze the state’s accounts and those of top government officials.
In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, Adeleke described the reported move as an attempt to cripple government activities ahead of the August 15 governorship election.
He reiterated that there was no legal basis for freezing the accounts of the state government, arguing that the EFCC lacked the statutory powers to take such action.
Meanwhile, the EFCC is yet to issue an official statement in respect to the development.
Vanguard
News
FG Reopens Portal For Nigerians To Obtain N50,000 Grant(See how to apply)
Small business owners in Nigeria have a fresh opportunity to access government funding as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) reopens its Conditional Grant Scheme.
The programme provides qualified nano and micro enterprises with a one-off N50,000 grant that beneficiaries are not expected to repay.
The funding is intended to give small businesses additional resources to strengthen their day-to-day operations, invest in growth and increase their workforce.
However, the grant comes with a job creation condition. Businesses that benefit from the scheme are required to employ at least one additional worker.
Why SMEDAN is offering the grant
SMEDAN designed the Conditional Grant Scheme to make financial support more accessible to small businesses, particularly enterprises that may find it difficult to obtain conventional business loans.
Unlike a loan, the N50,000 support does not attract interest or require repayment, provided beneficiaries meet the conditions attached to the programme.
The agency said the initiative is also aimed at encouraging entrepreneurship, improving productivity and supporting economic activity at the local level.
The CGS should not be confused with the Presidential Conditional Grant Scheme. While the two programmes are separate, both provide N50,000 grants to qualifying nano businesses.
Which businesses does the scheme target?
The funding is primarily aimed at nano and micro enterprises operating within local government areas across Nigeria.
Information applicants need
Business owners seeking the grant will have to provide personal and business details during the application process.
The information requested includes:
Applicant’s full name
Email address
Phone number
Business name
CAC registration number, if applicable
Type of industry or business
Years in business
Applicants should ensure that the details supplied are correct and correspond with their business information.
The grant is intended for legitimate business-related expenses that can help improve the performance of an enterprise.
Depending on their needs, beneficiaries can channel the funds towards:
Equipment purchases
Technology improvements
The support is therefore designed to go beyond immediate cash assistance by helping businesses improve their ability to operate and compete.
Participants in the Conditional Grant Scheme (CGS) for micro enterprises receive financial assistance tailored to their business needs.
These nano businesses get a sum of ₦50,000 grant on the condition of employing one person in order to encourage job creation.
Business owners interested in the N50,000 Conditional Grant Scheme should use the application portal designated by SMEDAN.
Applicants should carefully complete the registration process, provide accurate information and confirm that their businesses satisfy the conditions for participation before submitting their applications.
(VANGUARD)
-
News23 hours agoPrepare Young People for Leadership Now – Speaker Abbas
-
News11 hours agoGood news as Tinubu jerks up soldiers salaries by 80%
-
News11 hours agoPolice summon VDM, question AIG Moshood Jimoh over allegations, insist on due process
-
News11 hours agoPay Rise: Defence Minister Assures Tinubu Of Renewed Military Commitment
-
News10 hours agoJust in: Sultan of Sokoto denies approving TInubu for 2nd term
-
News23 hours agoNigeria-Israel Renew Push for Stronger Security, Trade and Technology Partnership
-
Politics23 hours agoAmaechi, a political liability with zero electoral value in Rivers — Wike
-
News18 hours agoAlleged N400m Contract Scam: Reps Summon FRSC Chief as Businessman Recounts Ordeal Before Committee
