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Again, popular tap-2-earn app, Tapswap postpones token allocation

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*Moves share-to-token exchange event to third quarter

By Francesca Hangeior.

A popular tap-2-earn app, Tapswap, powered by TON Blockchain, has said the token allocation to users has been postponed to quarter three of the year.

The app, which required users to repeatedly tap the icon in the centre of the Telegram Tapswap bot screen to mine coins, recently gained momentum among Nigerians tapping on their phone screens in pursuit of financial earnings and has amassed over 50 million users since it launched on February 15, 2024.

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The management said it decided to move the share-to-token exchange event scheduled for July 1st to the third quarter to better serve its players.

In a series of threads created on X, on Monday, to share what it described as ‘bad and good news’ for its players, the management said it is in active talks with tier 1 exchanges around the world to price the highly ranked game from the prey of scammers and leaders in web3 industry who are moved by the successes the game had attracted.

“We’ve got some bad and really good news for you at the same time: our team has decided to move the date for the Shares-to-Token exchange event. You might wonder, what’s good about that? Just FUD?

“Not exactly. The whole point is that you’ll benefit from this. Let us explain how:

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Recently, there’s been a lot of buzz around Tapswap, especially about listing on tier 1 exchanges, a massive drop, and more. And it’s no surprise: the project has become one of the major players globally, ranking at the top. This kind of attention attracts not just scammers but also leaders in the web3 industry.

“So, not all rumours are just rumours. The Tapswap team is actually in active talks with tier-1 exchanges!

And they are thrilled with you – our community! Isn’t this what we’ve been tirelessly working towards together?”

The management further reiterated its effort to devote a high level of attention to the task, which requires much more detailed work on tokenomics and the right launch strategy.

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“However, this success comes with some ‘inconveniences’. This level of attention requires much more detailed work on tokenomics and the right launch strategy. And that means extra time.

“But know that this is all to ensure that our launch in Q3 is fair and, more importantly, profitable for all of you who stand by us no matter what,” it added.

Tapswap, however, charged its players to be happy about the bigger news in the future while appreciating the support and feedback gotten from them.

So, as you can see, there are plenty of reasons to be happy about this change. And very soon, we’ll give you some even bigger news about our future, tier 1 partnerships, and the drop itself!

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We really value your support. And we truly listen to your feedback, so don’t forget to share it in the comments. Together, we’ll keep reaching higher and higher levels!

Recall that Tapswap postponed its token launch date, which was scheduled for July 1st, indefinitely.

This was disclosed by the Head of Communications of the gaming firm, John Robbin, on June 20, 2024.

Before the aforesaid disclosure, it announced that its coin allocation date would be July 1st after it couldn’t establish a date in May because of too many bot accounts that they are working on separating from the authentic gamers.

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According to Robbin, the method of token allocation has not yet been ascertained, stressing that the processes cannot be communicated before the allocation.

“The token launch was postponed from July 1. The new date will be communicated.

“We will allocate a significant part of the tokens to the community to retain the tappers. We want you all to be part of the tapswap community.

“We need a token airdrop to be a win-win for all of us. We have started communicating with many exchanges and platforms,” he said.

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Nigerians, including young and old, have been obsessively tapping on their phones, with some asserting that they are waiting for the tokens to be allocated to buy cars and houses of their choice from the many taps they have accumulated.

In a viral clip, a Keke driver was seen tapping away on his phone with one hand while simultaneously steering his moving vehicle and transporting passengers.

Another viral video showed several traders in Northern Nigeria tapping vigorously on their screens.

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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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Nigeria to get 6,000 power generation by December-Power Minister vows

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By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

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Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

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“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

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“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

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Just in: Wike sends FCDA Executive Director on indefinite suspension

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By Kayode Sanni-Arewa

Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.

According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.

The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.

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Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.

The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.

Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.

Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.

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He added that judges currently live in rented homes, which could make them vulnerable.

He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.

Wike insisted the project is lawful and should be welcomed as a step in the right direction.

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