• Foreign Minister reveals Nigeria and UAE plan to settle visa dispute
• EFCC claims government uses recovered looted funds to fund student loans
• NBC reveals Nigeria’s petrol imports rose to ₦15 trillion
• NAFDAC opens up about destroying ₦100 billion fake medicines retrieved in Lagos market
• Current trade volume between Nigeria and UK stands at £7.8 billion

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

Foreign Minister reveals Nigeria and UAE plan to settle visa dispute

Nigeria and the United Arab Emirates (UAE) are set to hold a meeting soon to resolve all pending visa matters, as indicated in a statement from the Minister of State for Foreign Affairs.

Magnus Eze, media aide to Ambassador Bianca Odumegwu-Ojukwu, suggested this development as the country has become a home of choice for many Nigerians.

The statement notes that this agreement came about during discussions between UAE Ambassador to Nigeria, Salem Saeed Alshamsi, and Mrs. Odumegwu-Ojukwu. Nigerians have been experiencing challenges in securing UAE visas, particularly for tourism purposes.

EFCC claims government uses recovered looted funds to fund student loans

The Economic and Financial Crimes Commission (EFCC) announced that more than ₦50 billion, retrieved from fraudsters in 2024, was part of the funding directed to the Nigerian Education Loan Fund (NELFUND).

According to a report, this detail emerged from the EFCC’s 2024 performance statistics, which were shared with journalists in Abuja on the previous day.

Reports further stated that NELFUND was created under the Students Loans (Access to Higher Education) Act of 2024, enacted by President Bola Ahmed Tinubu on April 3 of the previous year.

NBC reveals Nigeria’s petrol imports rose to ₦15 trillion

In 2024, Nigeria’s petrol imports doubled, even though local refining improved, showing the country still leans heavily on foreign fuel, according to reports.

Data from the National Bureau of Statistics (NBS) foreign trade report reveals that petrol import costs soared by 105.3%, reaching ₦15.42 trillion in 2024, up from ₦7.51 trillion the previous year.

This jump in import spending occurred despite widespread anticipation that increased local refining efforts would reduce the need for overseas fuel supplies. 

NAFDAC opens up about destroying ₦100 billion fake medicines retrieved in Lagos market

The National Agency for Food and Drug Administration and Control (NAFDAC) announced that it has eliminated several truckloads of expired, fake, unregistered, and prohibited drugs.

In a statement released on Sunday, NAFDAC revealed that these drugs, worth around ₦100 billion, were confiscated from the Idumota Open Drug Market in Lagos.

The agency carried out the seizures over three weeks as part of an intensified operation.

According to the statement, “the destruction occurred at the Lapite Dumpsite in Moniya, Ibadan, Oyo State, where the seized items, valued at approximately ₦100 billion were disposed of.”

Current trade volume between Nigeria and UK stands at £7.8 billion

The UK Deputy High Commissioner, Mrs. Gill Lever, stated that the current trade between Nigeria and the United Kingdom is worth £7.8 billion.

She shared this information during the launch of a British Body Shop franchise in Nigeria, marking the beauty brand’s first store in West Africa, located in Abuja. Mrs. Lever highlighted Nigeria as a market with strong growth potential.

“Right now, our two-way trade with Nigeria stands at around £7.8 billion and is increasing. Nigeria ranks as the UK’s second biggest trading partner in Africa, following South Africa.”