NEWS
FG Abolishes Fuel, FX Subsidies, Unveils New Housing Finance Plan
The federal government has officially announced the end of fuel and foreign exchange (FX) subsidies, a significant policy shift aimed at stabilizing the country’s economy.
The announcement was made by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the World Bank’s presentation of the Nigeria Development Update in Abuja on Thursday.
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According to Edun, the subsidies had drained Nigeria’s economy by a staggering N10 trillion, which represents approximately five percent of the nation’s Gross Domestic Product (GDP).
“Fuel and FX subsidy are extinguished,” Edun stated, emphasizing that these measures had become unsustainable for Nigeria’s economic health.
As the government pivots away from subsidies, attention is turning towards creating jobs and tackling unemployment.
Edun announced a new initiative focused on housing finance, which will be anchored by a mortgage scheme offering near single-digit interest rates.
The initiative is expected to boost construction activities, which in turn will generate significant employment opportunities.
“The plan will be anchored around mortgage and housing financing,” Edun explained, underscoring the government’s commitment to addressing job creation through the housing sector.
At the same event, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, addressed the recent interest rate hike of half a percent.
He noted that the Monetary Policy Committee (MPC) had anticipated recent inflationary trends, which prompted the decision to increase rates.
“Policies and decisions will be based on evidence and data going forward,” Cardoso assured, signaling a more data-driven approach to the nation’s monetary policy.
The Nigerian Content Development and Monitoring Board (NCDMB) has launched a 5-day Hands-on Oracle Primavera P6 Training in Rivers State, targeting 50 participants.
The training, being executed by Mathnebi Nig. Ltd, commenced today, March 16th and will run until Friday, March 20th.
The intensive hands-on program aims to equip participants with practical skills in project management using Oracle Primavera P6, enhancing their capabilities in the energy and construction sectors.
The NCDMB’s sponsorship of the training underscores its commitment to boosting local capacity and driving Nigeria’s economic growth through skills development.
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The training is expected to benefit participants and contribute to the development of Nigeria’s project management landscape.
President Bola Ahmed Tinubu has sworn in Mr. Taiwo Oyedele as Nigeria’s new Minister of State for Finance at the Aso Rock Presidential Villa.
The swearing-in ceremony took place shortly after the Senate confirmed Oyedele’s nomination last Wednesday.
Oyedele, 50, from Ikaram, Akoko in Ondo State, brings over two decades of experience in fiscal policy and tax administration.
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He previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system, introducing zero income tax for Nigerians earning N800,000 or less and exemptions for small businesses with turnovers below N50 million.
During his Senate screening, Oyedele described his appointment as “a call to serve at a critical time when Nigeria faces significant fiscal challenges and remarkable opportunities.”
He replaces Dr. Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning.
Oyedele also spent 22 years at PricewaterhouseCoopers, held executive programs at top global institutions including the London School of Economics and Harvard Kennedy School, and currently serves as a professor at Babcock University.
The minister’s appointment signals a continued focus on implementing the Tax Reform Acts, which took effect on January 1, 2026, and aim to simplify Nigeria’s tax system while boosting economic growth.
Passengers were thrown into panic on Monday after a train operating along the Abuja–Kaduna rail corridor derailed, leaving several passengers injured and disrupting services on the busy route.
The train, which was travelling from Kaduna to Abuja, reportedly failed to reach its destination as scheduled after the incident occurred along the rail line linking both cities.
According to passengers on board, the incident happened suddenly, sending shock through the coaches as the train came to an abrupt halt.
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Some passengers said they heard a loud bang before the train jolted violently, throwing several occupants off their seats.
Eyewitnesses said the sudden impact caused confusion inside the train compartments, with some passengers sustaining cuts and bruises after hitting seats and metal fittings.
Initial reports suggested that the Abuja-bound train might have collided with another train along the corridor, forcing rail operations to pause temporarily while authorities assessed the situation.
A source within the Nigerian Railway Corporation confirmed the incident but declined to give full details, noting that he was not authorised to speak publicly on the matter.
One of the passengers, Sada Malumfashi, shared his experience on social media shortly after leaving the train.
He described the moment as frightening, stating that the loud sound and sudden stop caused many passengers to be flung from their seats.
He said the train remained stationary for about 30 minutes before the journey resumed slowly toward Kubwa, located on the outskirts of Abuja.
When contacted, the spokesperson for the Nigerian Railway Corporation, Callistus Unyimadu, confirmed the development and said an official statement would be issued.
Authorities are yet to disclose the exact cause of the derailment or the full extent of injuries as investigations continue.
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