NEWS
IMF Calls For Electricity Subsidy Removal
The International Monetary Fund (IMF) has issued a stark warning to Nigeria, urging the government to address its costly and inefficient subsidy regime or risk severe economic consequences.
In a statement released yesterday, the IMF cautioned that maintaining pump prices and tariffs below cost-recovery could lead to implicit subsidy costs ballooning to 3% of GDP in 2024, up from 1% in 2023.
Notably, President Bola Tinubu’s administration took a significant step by removing fuel subsidies during his inauguration on may 29, 2023.
According to the organization, this would put a significant strain on the country’s finances and undermine efforts to address poverty and inequality.
The IMF also noted that the current subsidy regime disproportionately benefits higher-income groups, rather than the vulnerable populations it is intended to support.
The organization urged the government to remove costly and untargeted fuel and electricity subsidies as inflation subsides and support for the vulnerable is scaled up.
Instead, the IMF recommended retaining a lifeline tariff to protect the poor and vulnerable from the impact of subsidy removal to help ensure that support reaches those who need it most, while also promoting economic efficiency and fiscal sustainability.
The IMF’s warning comes as Nigeria grapples with rising inflation and a struggling economy. The government has faced intense pressure to address the subsidy regime, with many arguing that it is unsustainable and ineffective.
The IMF’s projections suggest that implicit fuel subsidies could reach a staggering N8.4 trillion in 2024, up from N1.85 trillion in 2023, N4.4 trillion in 2022, N1.86 trillion in 2021, and N89 billion in 2020.
The electricity subsidy being paid to customers under Band B, C, D, and E was projected to stand at N540bn by the end of 2024.
According to reports, the Nigerian National Petroleum Company and the Minister of State for Petroleum (Gas), Heineken Lokpobiri, have repeatedly debunked claims that the Federal Government was paying fuel subsidies through the back door.
Meanwhile, the IMF’s call for the removal of electricity subsidy is coming amid protests from Nigerians who are calling on the Minister of Power, Adebayo Adelabu, to return the Band A tariff to the status quo.
Additionally, The organised labour has threatened to stage a protest on Monday if Adelabu fails to heed their calls.
NEWS
Pastor Adeboye Backs Tinubu on Insecurity, Gives Reason
The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has come to the defence of President Bola Ahmed Tinubu over growing criticism of the country’s security situation, saying the President has discharged his responsibility by directing the nation’s security agencies to tackle insecurity.
Adeboye made the remarks during the US-Nigeria Faith Heroes Award Gala organised by the Save Nigeria Group in Washington, United States, on June 23.
According to the respected cleric, many Nigerians are wrong to blame Tinubu for the persistent wave of terrorism, kidnapping and other violent crimes, arguing that the Commander-in-Chief is expected to issue orders while military commanders carry them out.
SEE MORE: Tell God To Kill Me If I’m Using Demonic Power – Pastor Adeboye (Video)
“I don’t support those who are accusing the president of not doing enough. When the commander-in-chief has given instructions to his subordinates, he has done his bit. You don’t expect him to go and put on khaki and fight,” Adeboye said.
To further explain his position, he compared Tinubu’s role with that of United States President Donald Trump, noting that American presidents also issue military directives without personally participating in combat operations.
“When my friend Trump gives instructions to go and bomb anywhere, he doesn’t leave the White House. He has done his bit. The rest is left to those carrying out the assignment,” he said.
While defending the President, Adeboye admitted that Nigeria’s security challenges have worsened significantly, lamenting that terrorism and kidnapping, once largely concentrated in the North, have now spread to parts of the South.
He described the situation as alarming, saying it had become so severe that some people now question where God is because of the growing violence.
The cleric also referred to the United States’ bombing of Islamist terrorists last December, stating that despite such actions, the security situation has deteriorated even further.
According to him, he discussed the country’s security concerns with President Tinubu and First Lady, Senator Oluremi Tinubu, during which he advised the President to issue a strict 90-day deadline to the military to eliminate terrorism or step aside.
“I told him to tell the army, navy and air force that they have 90 days to wipe out this rubbish or resign.”
Adeboye maintained that defeating terrorism requires more than confronting armed groups on the battlefield, stressing that authorities must identify and prosecute those financing and equipping the criminals.
He alleged that many of the sponsors are influential politicians and wealthy businessmen who continue to move freely despite being known.
“You know them. Some of them are businessmen. Some of them are politicians. Go after them. If you don’t deal with those supplying them with arms and ammunition, the problem will continue.”
He also observed that many of the attackers travel on motorcycles, making it easier for them to carry out operations and evade security forces.
Adeboye concluded by urging the United States and other members of the international community to strengthen cooperation with Nigeria in the fight against terrorism, expressing hope that greater collaboration would help restore lasting peace and security across the country.
NEWS
‘Fuel Prices Must Drop Now’ – FG Orders Marketers to Slash Petrol Costs
The Federal Government has directed petroleum marketers across Nigeria to immediately reduce the pump prices of Premium Motor Spirit (PMS), popularly known as petrol, following the recent decline in global crude oil prices.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive on Monday during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
Lokpobiri said the easing of geopolitical tensions between Iran and the United States has contributed to a drop in global oil prices, adding that the reduction should be reflected in the retail prices of petrol and other petroleum products across the country.
SEE MORE: FCCPC Decries Domestic Fuel Prices Remaining at Variance with Global Crude Rates
He, however, expressed concern that many marketers have yet to adjust their pump prices despite the favourable global market conditions.
While acknowledging that Nigeria’s downstream petroleum sector is now fully deregulated, the minister warned marketers against exploiting consumers through excessive profit-making.
“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved the way for the operationalisation of the Dangote Refinery and other refinery projects currently underway,” Lokpobiri said.
According to him, deregulation has also helped eliminate the era of persistent fuel scarcity, ensuring that petroleum products remain available nationwide despite recent global supply disruptions.
The minister stressed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to ensure deregulation does not become an avenue for profiteering.
He also urged regulators to protect consumers by ensuring fuel stations dispense the correct quantity of products.
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.
Lokpobiri further called on regulators and legal advisers to promote transparency, consistency and certainty in Nigeria’s petroleum regulatory framework, noting that such measures are essential to attracting long-term investments into the country’s oil and gas sector.
He expressed confidence that recommendations from the forum would strengthen governance, improve regulatory certainty and boost investor confidence as Nigeria expands its domestic refining capacity and private sector participation in the petroleum industry.
NEWS
Fresh Evacuation: 271 Nigerians Set to Return from South Africa Tuesday
The Federal Government has confirmed that another batch of 271 Nigerians will arrive in the country on Tuesday as part of its ongoing voluntary evacuation programme from South Africa ahead of planned anti-immigration protests.
The Ministry of Foreign Affairs disclosed that an Air Peace aircraft departed Nigeria on Monday to evacuate Nigerians who voluntarily registered to return home amid growing concerns over demonstrations expected to begin on June 30.
Spokesperson for the ministry, Kimiebi Ebienfa, said the aircraft left Nigeria at about 3:00 p.m. on Monday and was scheduled to arrive in South Africa around 9:00 p.m. local time.
SEE MORE: June 30 Protest: Ramaphosa Urges South Africans to Reject Violence, Demonstrate Lawfully
According to him, the return flight will depart South Africa at midnight and is expected to land at the Murtala Muhammed International Airport in Lagos on Tuesday morning.
“Air Peace aircraft will depart Nigeria today, Monday, June 29, 2026, at 3:00 p.m. and is expected to arrive in South Africa at approximately 9:00 p.m. local time.
The return flight is scheduled to depart South Africa at 12:00 midnight and is expected to arrive at Murtala Muhammed International Airport, Lagos, on Tuesday morning,” Ebienfa stated.
He confirmed that 271 Nigerians are expected on the latest evacuation flight.
The evacuation follows President Bola Tinubu’s approval of a voluntary repatriation programme earlier this month to ensure the safe return of Nigerians willing to leave South Africa before the planned anti-immigration protests.
Earlier, the Federal Government approved five Air Peace evacuation flights after more than 500 Nigerians were screened for repatriation.
Before this latest operation, 328 Nigerians had already been evacuated in two batches. The first flight returned 262 Nigerians on June 11, while a second batch of 66 returnees arrived in Lagos on June 25.
Authorities said the evacuation exercise is being coordinated by the Federal Government in collaboration with Air Peace and other relevant agencies to ensure the safe return of all registered Nigerians.





