Echotitbits – Nigeria News

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  • NELFUND says ₦154.3bn disbursed to nearly 789,000 students since loan scheme launch

    NELFUND says ₦154.3bn disbursed to nearly 789,000 students since loan scheme launch

    Photo credit: NELFUND
    2025-12-17

    At a virtual briefing, NELFUND says it has disbursed ₦154.3 billion in student loans since the scheme began, with almost 789,000 students counted as beneficiaries across 262 public tertiary institutions.

    The figures suggest the programme has scaled quickly, with the fund splitting disbursements between institutional fees and upkeep allowances to students, while still managing verification and duplicate‑application challenges.

    Beyond the headline number, the policy stakes are high: the scheme is meant to expand access to education without immediate repayment pressure, but its credibility depends on transparent reporting, timely payments to schools, and fair beneficiary selection.

    As the programme grows, questions around repayment administration after graduation, fraud controls, and institutional compliance will become more prominent.

    BusinessDay: “NELFUND has disbursed a total of ₦154.37 billion to 788,947 students…”

    TheCable: “The Nigerian Education Loan Fund (NELFund) says 788,947 students have so far benefited… out of 1,193,228 applications received…”

    Analysis/Echotitbits take: If the data holds up under scrutiny, the scheme could be one of the most consequential social programmes of this cycle. Watch for independent audits, repayment‑tracking systems, and how the fund handles application surges without delays.

    Source: Punch — December 17, 2025 — https://punchng.com/n154-3bn-student-loans-disbursed-in-19-months-nelfund/

  • MRS stations begin ₦739 petrol sales in Lagos as marketers push back

    MRS stations begin ₦739 petrol sales in Lagos as marketers push back

    Photo Credit: Punch
    2025-12-17

    As pump prices remain a major political and household issue, MRS filling stations in Lagos have begun selling petrol at ₦739 per litre, triggering long queues and renewed debate about how quickly price cuts reach consumers.

    The development follows Dangote Refinery’s gantry price reduction and an effort to push retail prices lower through selected partners. However, marketers’ groups — including PETROAN — have criticised aspects of the rollout and the market disruption it could cause.

    For consumers, the immediate story is relief at the pump (where available) and confusion elsewhere as competing stations adjust prices or pause sales to manage supply and crowd control.

    For the industry, the key question is whether the ₦739 benchmark becomes nationwide — or remains a limited, Lagos‑first price in the face of logistics, inventory and competitive pressures.

    Vanguard: “Starting from Tuesday, MRS will start selling petrol at ₦739 per litre. We will enforce that low price…” Dangote said.

    P.M. News: “From Tuesday, MRS will begin selling petrol at ₦739 per litre. We will ensure that price is enforced and implemented,” Dangote said.

    Analysis/Echotitbits take: If the price cut holds and spreads, it will reset expectations across the downstream market. Watch for wider station participation, any regulatory guidance on pricing/competition, and whether supply disruptions emerge from sudden demand spikes.

    Source: Punch — December 17, 2025 — https://punchng.com/mrs-begins-n739-litre-petrol-sales-petroan-kicks/

     

  • ICPC confirms receipt of Dangote petition against NMDPRA chief, says it will investigate

    ICPC confirms receipt of Dangote petition against NMDPRA chief, says it will investigate

    NMDPRA (as credited by Punch)
    2025-12-17

    The anti‑corruption agency ICPC says it has received a formal petition from billionaire industrialist Aliko Dangote against the chief executive of Nigeria’s downstream regulator, the NMDPRA, amid an intensifying dispute over fuel imports and regulation.

    The petition escalates a broader public battle between Dangote’s refinery interests and the regulator over licensing and market rules, with significant implications for Nigeria’s fuel pricing, import dependence and local refining strategy.

    Regulatory credibility is on the line: allegations of misconduct, if substantiated, could trigger leadership changes and policy shifts; if unproven, the episode could still deepen mistrust in the governance of the downstream sector.

    The coming days will likely feature competing narratives, lobbying from marketers, and calls for transparent disclosure around licences, volumes and pricing benchmarks.

    ICPC: “it received a formal petition… The ICPC wishes to state that the petition will be duly investigated.”

    Reuters: “You don’t use imports to checkmate domestic potential,” Dangote told reporters.

    Analysis/Echotitbits take: This is now bigger than personalities — it’s a test of Nigeria’s downstream reform story. Watch for ICPC’s investigative steps, any interim actions, and whether government moves to calm market nerves around supply and pricing.

    Source: Punch — December 17, 2025 — https://punchng.com/petrol-battlefield-icpc-plans-nmdpra-boss-probe-after-dangote-petition/

     

  • Nigeria moves to buy 24 M‑346 fighter jets in €1.2bn deal to bolster counter‑insurgency

    Nigeria moves to buy 24 M‑346 fighter jets in €1.2bn deal to bolster counter‑insurgency

    Photo Credit: Punch
    2025-12-17

    According to multiple reports, the federal government is advancing a €1.2 billion procurement for 24 M‑346 fighter jets as part of a wider push to strengthen air power against insurgency, banditry and kidnapping threats.

    The acquisition is expected to include training, logistics and longer‑term maintenance support, a key factor for keeping aircraft operational in difficult theatres.

    If delivered on schedule, the jets could expand Nigeria’s precision‑strike and surveillance capacity, particularly in the North‑East, while easing pressure on older platforms and improving pilot training pipelines.

    The real impact, however, will depend on basing, sustainment budgets, intelligence integration and rules of engagement — the ‘tail’ often matters as much as the ‘tooth’ in air campaigns.

    Business Insider Africa: “deliveries of 24 M-346FA fighter jets… almost finalised, signalling a major upgrade of its air power.”

    TheCable: “The deal was reportedly worth around €1.2 billion… [and] included… 25 years of logistical support.”

    Analysis/Echotitbits take: Big-ticket defence buys can shift capability — but sustainment is everything. Watch for financing terms, delivery milestones, and whether procurement transparency improves amid broader security spending scrutiny.

    Source: Punch — December 17, 2025 — https://punchng.com/insurgency-fg-to-acquire-24-fighter-jets-for-e1-2bn/

  • Gas constraints squeeze power plants again, raising blackout fears nationwide

    Gas constraints squeeze power plants again, raising blackout fears nationwide

    Photo Credit: Punch
    2025-12-17

    Premium Times reports that the Nigerian Independent System Operator says electricity generation dipped after gas supply constraints linked to pipeline vandalisation reduced fuel availability to several plants.

    In parallel, Vanguard quotes Enugu Electricity Distribution Company attributing reduced supply across the South‑East to “low system frequency resulting from gas constraints” affecting generation companies.

    Together, the updates point to a familiar bottleneck: Nigeria’s grid remains highly sensitive to gas disruptions, so even a localized upstream incident can cascade into national load‑shedding and lower customer allocations.

    As the festive season drives higher demand, distribution companies are likely to continue issuing notices on reduced load allocation, while grid managers lean on hydro dispatch and contingency measures to keep frequency stable.

    Premium Times (NISO statement): “electricity generation on the national grid has dropped due to gas supply constraints arising from… gas pipeline vandalisation…”

    Vanguard (EEDC): EEDC blamed the drop on “low system frequency resulting from gas constraints affecting electricity generation companies.”

    Analysis/Echotitbits take: The short-term fix is operational (gas restoration + grid re-dispatch), but the longer game is investment and security for gas infrastructure. Watch for repair timelines, any further sabotage reports, and whether TCN publishes updated allocation figures.

    Source: Punch — December 17, 2025 — https://punchng.com/blackout-looms-as-gas-shortfall-hits-power-stations/

     

  • Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Photo Credit: Punch
    2025-12-16

    Nigeria’s House of Representatives committee investigating public revenue flows has fixed January deadlines for the Central Bank of Nigeria to submit reconciliation reports over an alleged ₦5.2 trillion unremitted operating surplus.

    According to the committee’s position, the reconciliation is to be completed with the Ministry of Finance and the Fiscal Responsibility Commission, after which the CBN governor is expected to appear before lawmakers for further clarification.

    The dispute goes to the heart of fiscal transparency: how government revenues are recorded, what qualifies as ‘operating surplus’, and whether remittances are made on time into the federation’s accounts.

    While investigations can improve accountability, they also raise questions about institutional friction between fiscal authorities and the apex bank at a time Nigeria needs coherent policy messaging to investors.

    The Guardian: Wale Edun said “Federal Government revenue is a critical aspect of government operations… We need clarity and accuracy in both fiscal and monetary management.”

    Channels TV: “The resolution was reached following a motion alleging non-remittance of over ₦5 trillion operating surplus and ₦11 trillion government revenue by the CBN.”

    Analysis/Echotitbits take: Expect more hearings and document requests — and possibly legislative pressure for quick remittances. Watch the reconciliation timeline, any updated figures, and whether this spills into broader debates about CBN governance and oversight.

    Source: Punch — December 16, 2025 — https://punchng.com/reps-give-cbn-deadline-to-reconcile-n5-2tn-unremitted-operating-surplus/

     

  • Senate backs ₦54.46trn 2026 spending framework, cuts oil price benchmark to $60

    Senate backs ₦54.46trn 2026 spending framework, cuts oil price benchmark to $60

    Photo Credit: Punch
    2025-12-16

    Lawmakers in the Senate have approved the 2026–2028 medium‑term expenditure and fiscal strategy framework, endorsing a ₦54.46 trillion 2026 spending plan and lowering the crude oil benchmark for 2026 to $60 per barrel.

    According to reports on the debate, the lower benchmark reflects caution about global oil volatility, even as output assumptions remain aggressive. The framework also keeps key macro assumptions such as the exchange‑rate projection and multi‑year inflation and growth targets.

    The decisions matter because they set the ‘envelope’ for the 2026 budget — shaping how much government can borrow, what it can spend on capital projects, and how it prioritises debt servicing and social spending.

    Markets will be watching whether the conservative oil price assumption reduces revenue disappointment — and whether reforms, including tax administration changes, can realistically close the gap between projections and collections.

    BusinessDay: Musa said the adjustment was necessary “in recognition of the global geopolitical tensions in Europe and the Middle East and the sensitivity of global crude oil prices.”

    THISDAY: “A key decision was the downward review of the crude oil benchmark price for 2026 from $64.85 per barrel to $60.”

    Analysis/Echotitbits take: A lower oil benchmark can improve budget credibility — but only if production and revenue assumptions aren’t over‑optimistic. Watch the final budget draft, borrowing plans, and how the government hedges against oil‑price and FX shocks.

    Source: Punch — December 17, 2025 — https://punchng.com/senate-lowers-oil-benchmark-approves-n54-46tn-budget/

     

  • Tinubu says 2026 tax changes will ease burdens for low‑income Nigerians and SMEs

    Tinubu says 2026 tax changes will ease burdens for low‑income Nigerians and SMEs

    Photo Credit: Nigeria News
    2025-12-16

    Speaking through the Federal Inland Revenue Service chairman at an Ibadan roundtable, President Bola Tinubu says new tax laws slated for 2026 will bring relief for households and small businesses.

    According to the president’s remarks, the reforms are designed to reduce multiple taxation and exempt essential items and sectors such as food, medication, education, agriculture and shared transportation from what he called burdensome taxes.

    The messaging suggests government is trying to build public confidence ahead of implementation, amid concerns about compliance costs and how quickly relief will show up in prices and pay‑packets.

    Beyond the rhetoric, the key test will be the details: which goods and services qualify for exemptions, how VAT and PAYE changes are applied, and whether sub‑national taxes are harmonised to prevent ‘stacked’ levies on SMEs.

    The Nation: “The laws come with good news to the poor, the low-income earners as well as small businesses.”

    THISDAY: “The laws come with good news to the poor, the low-income earners as well as small businesses,” he said, explaining that food and medication would be exempt from burdensome taxes.

    Analysis/Echotitbits take: If the exemptions are cleanly implemented, they could ease cost‑of‑living pressure and improve SME cashflow. Watch for the final implementing rules, VAT treatment of essentials, and how states align their own revenue drives with the federal posture.

    Source: Punch — December 17, 2025 — https://punchng.com/new-tax-law-coming-with-good-news-tinubu-assures-nigerians/

  • US Expands Entry Restrictions: What Nigeria’s New Partial Limits Mean for Your Visa Plans

    US Expands Entry Restrictions: What Nigeria’s New Partial Limits Mean for Your Visa Plans

    Photo Credit : Andrew Caballero-Reynolds / AFP via Getty Images through NBC News
    2025-12-17 09:00:00

    In a new U.S. presidential proclamation aimed at strengthening national security, Washington says it is expanding entry restrictions for nationals of countries it believes have persistent gaps in screening, vetting, and information-sharing. The policy is presented as a data-driven move to reduce public-safety risks and to push foreign governments to improve cooperation with U.S. immigration and law-enforcement requirements.

    The proclamation keeps full entry restrictions on nationals from 12 previously listed countries and adds five more to that “full restriction” category, while also tightening limits for some travel documents and updating partial restrictions for other nations. The U.S. says key concerns include unreliable civil or criminal records, poor birth registration, limited information-sharing, high overstay rates, and in some cases instability and extremist activity that complicate background checks.

    For Nigerians, the most important update is that Nigeria is included among countries facing partial restrictions—particularly affecting immigrants and nonimmigrants in common visitor and education-related categories (such as B-1/B-2 and F/M/J). In the text outlining the decision, Nigeria is linked to security challenges in parts of the country and to overstay-rate figures cited for certain visa classes.

    On the ground, partial restrictions can translate into tougher scrutiny, slower processing, and more unpredictable outcomes for students, exchange visitors, tourists, business travelers, and families planning trips. Nigerians with legitimate travel plans may need stronger documentation, clearer ties to home, and more careful compliance—while employers, schools, and diaspora networks could see knock-on effects through delayed mobility for study, work, medical trips, and business engagements.

    Echotitbits analysis: Nigeria’s inclusion reads as both a security narrative and a systems test: identity management, document integrity, and cross-border data cooperation. For citizens, the safest short-term move is to keep applications “clean”—consistent records, credible documentation, and strict visa compliance. For policymakers, the fastest way to reduce the stigma is measurable improvements in civil registration, anti-fraud enforcement, and cooperation that produces verifiable results.

    Source: U.S. Presidential Proclamation -https://www.whitehouse.gov/presidential-actions/2025/06/restricting-the-entry-of-foreign-nationals-to-protect-the-united-states-from-foreign-terrorists-and-other-national-security-and-public-safety-threats/

  • GQ launches a fan‑vote bracket to crown 2025’s best‑dressed famous man

    GQ launches a fan‑vote bracket to crown 2025’s best‑dressed famous man

    Photo credit: GQ

    GQ launches a fan‑vote bracket to crown 2025’s best‑dressed famous man

    According to GQ, the magazine has opened its 2025 Style Championships, inviting fans to vote via Instagram bracket matchups to crown the year’s best-dressed famous man.

    The format leans into what social media loves: daily matchups, debate-friendly picks, and the idea that style is a spectator sport—especially when musicians and athletes are in the mix.

    Vogue (Fashion): “55 Best Dressed People of 2025.”
    Teen Vogue (Fashion): “50 Best Dressed of 2025.”

    Analysis/Echotitbits take: This is fashion’s version of sports fandom—high engagement, low barrier, huge sharing. Watch which celebrities repost their matchups, how stylists and brands mobilize votes, and whether other outlets copy the bracket model for 2026.

    Source: GQ — December 16, 2025 — https://www.gq.com/story/gq-style-championships-vote-2025

    Image: https://www.gq.com/story/gq-style-championships-vote-2025 — Photo credit: GQ