Latest news with #Nigerians
TimesLIVE
a day ago
- Business
- TimesLIVE
Nigeria offers oil tax relief for cost-cutting measures
Nigerian President Bola Tinubu has signed an executive order introducing a performance-driven framework for oil sector operators, designed to link tax incentives directly to verifiable cost savings. Under the new Upstream Petroleum Operations Cost Efficiency Incentives Order 2025, operators who successfully implement industry-standard cost reductions in onshore, shallow-water and deep offshore fields will qualify for defined tax relief. These tax credits will be capped at 20% of an operator's annual tax liability. "This order is a signal to the world: we are building an oil and gas sector that is efficient, competitive, and works for all Nigerians," Tinubu said in a statement. "It is about securing our future, creating jobs, and making every barrel count."
Time of India
a day ago
- Politics
- Time of India
After India, now Africa: Pakistani terrorists training Boko Haram and ISIS in Nigeria, 4 arrested
Four Pakistani nationals who are suspected of helping terrorist groups in Nigeria are arrested by The Nigerian Army . Reports say these Pakistanis were hired fighters who were training Boko Haram and ISIS-linked ISWAP in Nigeria. They were also involved in smuggling weapons to the terrorists. Their help has made Boko Haram and ISWAP more dangerous and advanced in their attacks. Terrorists are now using drones for spying and attacking, and are also making more advanced bombs, IEDs and booby traps to target soldiers. These Pakistani mercenaries are teaching terrorists tactical and strategic skills. Due to this foreign support, terrorists are now working better together, causing more deaths among soldiers and damaging more army equipment, as stated in the reports. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Anvisa aprova solução para ajudar a reduzir gordura visceral da barriga em 7 dias! Você Mais Saudável Hoje Saiba Mais Undo Abubakar said this is not just a fight between the terrorists and the army, it is a fight against the whole country of Nigeria. He warned that this situation is very serious and dangerous, and that Nigeria needs to work with nearby countries to stop this cross-border terrorist support, as per the report by The Cable. Abubakar also called for better intelligence and surveillance, including the use of more spy tools and cooperation to stop these terrorists. He praised the Nigerian soldiers who are working hard in tough conditions, especially those staying in harsh weather where it gets very hot in the day and cold at night. Live Events He asked Nigerians to appreciate and support their soldiers, saying the best way to do that is by spreading the message through the media. Lastly, he said that if all Nigerians stand united against terrorism, the country can make real progress in defeating these groups, according to the reports. FAQs Q1. Why were Pakistani nationals arrested in Nigeria? They were caught for training terrorists and helping them with weapons. Q2. What groups were the terrorists linked to? They were linked to Boko Haram and ISIS-affiliated ISWAP.
Time of India
a day ago
- Business
- Time of India
Nigeria's Tinubu touts economy amid cost-of-living anger
Nigerian President Bola Tinubu defended a series of economic reforms enacted by his government in an address on Thursday. "Our economic reforms are working. We are on course to building a greater, more economically stable nation," Tinubu said in the remarks marking his second anniversary in office. Tired of too many ads? go ad free now After coming into power, Tinubu's administration has twice devalued the country currency, the naira, and slashed electricity and petrol price subsidies. Nigeria is Africa's largest crude oil producer. 'We have made undeniable progress' "Despite the bump in the cost of living, we have made undeniable progress," Tinubu said. "We have stabilized our economy and are now better positioned for growth and prepared to withstand global shocks." Although the World Bank has warned that Nigeria continues to face high inflation, the Washington-based financial institution recently said Nigeria witnessed its highest economic growth in 10 years amid Tinubu's reforms. Since Tinubu introduced the economic reforms, inflation in Nigeria has soared to rates of over 23%. High fuel prices, food inflation and rising electricity costs have frustrated working Nigerians and sparked a cost-of-living crisis. The fury over high consumer prices has led Nigerians to take to the streets across the country this and last year. Some protests have even turned violent as demonstrators clash with security forces, leaving people dead. The Nigerian government has arrested protesters and charged some of them with treason, a crime that can come with the death penalty. In his second anniversary address, Tinubu also claimed that security has improved in Nigeria, saying military forces are deterring threats from armed groups. Tired of too many ads? go ad free now Nigeria has witnessed attacks and kidnappings not only from jihadi groups such as Boko Haram but also bandits who sack villages. Tinubu's statement comes after human rights watchdog Amnesty International said at least 10,217 people have been killed in Nigeria by jihadis and armed groups in the two years since he has taken office. Tinubu critics denounce government 'failure' Nigerian politician and journalist Omoyele Sowore criticized Tinubu's second anniversary address, accusing Tinubu on X of ending the "petrol subsidy for people with low incomes" while subsidizing "corrupt government officials and lawmakers." Sowore also said Tinubu's government let the Boko Haram jihadi group move from Nigeria's northeastern states of Borno and Yobe down south into the north-central state of Kogi. "A man who met Boko Haram in Borno and Yobe but let them move down south to Kogi is a failure," Sowore, who ran as a presidential candidate in the 2023 Nigerian election, said.
Yahoo
2 days ago
- Business
- Yahoo
Life is improving in Nigeria, Tinubu says
President Bola Tinubu has told Nigerians that the worst is behind them and that the country is getting better, in a speech to mark the end of his second year in office. Halfway through his term, Tinubu acknowledged the pain his reforms had unleashed, adding that he did not take the patience of Nigerians for granted. "Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation," he said. On the day he took office in May 2023, he announced the end of a long-standing fuel subsidy - a move that caused a huge surge in prices, leaving many Nigerians unable to buy enough food to eat. Tinubu said: 'Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining." Inflation was 24% last month, according to the official figures, compared to 22% when he took over. This is an improvement from this time last year when it stood at 34%. Weeks later Nigerians took to the streets in a nationwide protest that left several people dead. A fall in the rate of inflation does not mean that prices are falling - just that they are rising at a slower rate than before. Could Nigeria's careful ethnic balancing act be under threat? The World Bank predicts that Nigeria's total output, or GDP, will grow by 4% this year - a faster rate than the 3% when Tinubu took over. However, unemployment remains a major concern, with many graduates still complaining about not being able to find jobs. The president said he had little choice about removing the subsidy, saying the huge cost was a "chokehold on our nation's neck, strangling our nation's future", while allowing corruption to thrive. After his inauguration and under what he called a "Renewed Hope Agenda", Tinubu pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty. Public affairs analyst professor Adeosun Olufemi told the BBC he feels the president has made positive gains in some areas, adding that the governors of Nigeria's 36 states should take the blame for some of the problems over the past two years. "After the president announced fuel subsidy removal, money allocated to state governors increased heavily but what have they done with it?" he asked. The president, 73, won the bruising 2023 election with 37% of the vote – defeating former Vice-President Atiku Abubakar and former governor Peter Obi in a three-way race. There is massive speculation that some of the major political parties could form a coalition ahead of the next election in 2027 to challenge Tinubu, who is expected to seek a second term. Nigeria's fierce political rivals share joke at pope's inaugural mass 'I scarred my six children by using skin-lightening creams' Blank questions, power cuts and a suicide: Nigeria's exams fiasco Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Focus on Africa This Is Africa
BBC News
2 days ago
- Business
- BBC News
Bola Tinubu says life in Nigeria is getting better
President Bola Tinubu has told Nigerians that the worst is behind them and that the country is getting better, in a speech to mark the end of his second year in through his term, Tinubu acknowledged the pain his reforms had unleashed, adding that he did not take the patience of Nigerians for granted."Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation," he the day he took office in May 2023, he announced the end of a long-standing fuel subsidy - a move that caused a huge surge in prices, leaving many Nigerians unable to buy enough food to eat. Tinubu said: 'Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining," he was 24% last month, according to the official figures, compared to 22% when he took is an improvement from this time last year when it stood at 34%. Weeks later Nigerians took to the streets in a nationwide protest that left several people dead.A fall in the rate of inflation does not mean that prices are falling - just that they are rising at a slower rate than Nigeria's careful ethnic balancing act be under threat?The World Bank predicts that Nigeria's total output, or GDP, will grow by 4% this year - a faster rate than the 3% when Tinubu took unemployment remains a major concern, with many graduates still complaining about not being able to find president said he had little choice about removing the subsidy, saying the huge cost was a "chokehold on our nation's neck, strangling our nation's future", while allowing corruption to his inauguration and under what he called a "Renewed Hope Agenda", Tinubu pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of affairs analyst professor Adeosun Olufemi told the BBC he feels the president has made positive gains in some areas, adding that the governors of Nigeria's 36 states should take the blame for some of the problems over the past two years."After the president announced fuel subsidy removal, money allocated to state governors increased heavily but what have they done with it?" he president, 73, won the bruising 2023 election with 37% of the vote – defeating former Vice-President Atiku Abubakar and former governor Peter Obi in a three-way is massive speculation that some of the major political parties could form a coalition ahead of the next election in 2027 to challenge Tinubu, who is expected to seek a second term. More BBC stories about Nigeria: Nigeria's fierce political rivals share joke at pope's inaugural mass'I scarred my six children by using skin-lightening creams'Blank questions, power cuts and a suicide: Nigeria's exams fiasco Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
