Top 5 Stories Of The Day | FG Announces End of FX and Fuel Subsidies

• FG announces end of FX and fuel subsidies
• World Bank warns that reversing policies in Nigeria could be harmful
• Meta deleted 1,600 Facebook groups in its fight against internet fraudsters
• FG collaborates with Google and Del York to train 10,000 Nigerian youths
• NIPCO Gas opens up on CNG explosion in Edo

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

FG announces end of FX and fuel subsidies

The federal government has announced that it will officially stop fuel and foreign exchange subsidies in Nigeria.

The news was shared by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who stated that the subsidies had cost the country about ₦10 trillion, similar to 5% of the country’s Gross Domestic Product (GDP).

On May 29, 2023, the President declared that there would be no fuel subsidy, and three months later, he suggested a temporary subsidy on fuel and foreign exchange rates.

World Bank warns that reversing policies in Nigeria could be harmful

The World Bank has warned that Nigerians should shoot down the idea of the government reversing its policies as it could spell doom for the country.

The World Bank country director for Nigeria, Ndiame Diop, stated that though the reforms may be harsh and challenging for Nigerians, they are needed for the long-term goals to be achieved.

“We know that many Nigerians are struggling with high inflation and rising cost of living. So, progress is real. But so are the struggles of many citizens, which the team actually will elaborate on later,” he said.

“Staying the course is essential for securing a better future for all Nigerians. However, the effort must be accompanied by reforms that enable the private sector to create better jobs. With targeted support to youth and women.”

Meta deleted 1,600 Facebook groups in its fight against internet fraudsters

Meta, the parent company of Facebook, Instagram, WhatsApp and Threads has deleted about 1,600 Facebook groups thought to be connected to Nigerian internet fraudsters infamously known as “Yahoo Boys”.

This action follows an earlier purge in July 2024, where 63,000 accounts were tied to internet fraudsters.

“While we’ve been removing violating Yahoo Boys accounts for years, we’re putting new processes in place which will allow us to identify and remove these accounts more quickly,” Meta noted.

FG collaborates with Google and Del York to train 10,000 Nigerian youths

The Ministry of Arts, Culture and Creative Economy has partnered with Del York and Google to train 10,000 young Nigerians through a creative program by the Del York Creative Academy.

According to a statement released by Google, this partnership is an excellent way of moving forward with the federal government’s Creative Leap Acceleration Programme (CLAP), whose goal is to promote skills development and innovation and encourage public-private partnerships in Nigeria’s creative industry.

The Del York Creative Academy program will span over the course of six weeks, whereby the students will be trained in visual storytelling and creative video production, while another group will participate in a three-week intensive training and mentorship program.

NIPCO Gas opens up on CNG explosion in Edo

There was an explosion in Benin City, Edo State, which was identified to be from a Compressed Natural Gas (CNG) station. The CNG is the product that the Nigerian government has suggested that Nigerians adopt in the face of rising fuel prices and scarcity.

Three people were affected by the CNG explosion and hospitalised immediately. NIPCO put forth a statement clarifying what caused the explosion in its filling station at Aduwawa, Benin-Auchi Expressway.

According to NIPCO Gas, the explosion was caused by a fake and cheap CNG cylinder installed in a vehicle. The cylinder, which was not built for CNG, exploded upon filling it with 4 SCM of gas.