• 10,000 fuel stations fear closure as Dangote delivers 79 million litres of petrol to Lagos
• Northern leaders refuse Tinubu’s VAT plan, accept livestock reform
• Tinubu ordered the restoration of electricity in the North
• Pick n Pay another multinational company set to leave Nigeria
• CBN and IFC partner to provide $1 billion funding options for Nigerian businesses

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

10,000 fuel stations fear closure as Dangote delivers 79 million litres of petrol to Lagos

Over 10,000 fuel stations are on the brink of closure due to low petrol consumption by Nigerians.

According to the report by the NMDPRA, the ratio of petrol consumption reduced by 92%, from 60 million litres in May 2023 to 4.5 million litres in August 2024.

The report further states that only 16 out of 36 states in the country were privileged to receive petrol from the Nigerian National Petroleum Company (NNPC), leaving 10,000 filling stations across the country dry and on the verge of shutting down.

Northern leaders refuse Tinubu’s VAT plan, accept livestock reform

Both political and traditional leaders in Northern Nigeria have all come together at the Northern States Governors’ Forum (NSGF) to unanimously reject the Value Added Tax (VAT) reform proposal announced by President Bola Tinubu.

The President has sent the Executive Tax Reform Bill to the National Assembly and it is scheduled to take effect from January 1, 2025. The bill seeks to increase the VAT to 15% from 7.5%.

Though the leaders all voiced out against the VAT reform, they also applauded the introduction of the Livestock Department Ministry, praising the federal government for its fair ruling.

Tinubu ordered the restoration of electricity in the North

President of Nigeria, Bola Tinubu, has instructed the Minister of Power, Adebayo Adelabu, to restore electricity and the National Security Adviser, Nuhu Ribadu, to provide security during its repair.

The order was publicised by the President’s spokesperson Bayo Onanuga, who revealed that the President was worried about the vandalism and intentional disruption of electricity by destroying the power infrastructure in the North.

The Transmission Company of Nigeria (TCN) has reported that it is working to repair the power sector in the region.

Pick n Pay another multinational company set to leave Nigeria

A multinational retailer company, “Pick n Pay”, has announced that it would be leaving Nigeria soon, after spending less than five years after it came into the country.

The South African company has reportedly sold its 51% stake in A.G. Leventis. The CEO of Pick n Pay, Sean Summers revealed that the decision was part of the company’s strategy to restructure operations beyond its home market (South Africa).

Pick n Pay joins PZ Cussons, GSK in the list of multinational companies that have exited Nigeria.

CBN and IFC partner to provide $1 billion funding options for Nigerian businesses

The Central Bank of Nigeria (CBN) signed an agreement with the International Finance Corporation (IFC) to increase the local financing of private businesses in Nigeria.

The IFC is a member of the World Bank Group and has decided to partner with CBN to manage currency risks and multiply its investment in the naira, across significant sectors.

“Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a key tool in expanding access,” Makhtar Diop, IFC managing director, said.