• Oil Marketers claim Dangote’s ₦950/litre fuel might justify more importation
• Tinubu announces Disaster Relief Fund for Borno flood victims
• Inflation reduces for the second month in a row
• jAMB works toward eliminating physical interaction with underage candidates
• Zenith, UBA, Access and more borrow over ₦3 trillion from CBN within a week

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

Oil Marketers claim Dangote’s ₦950/litre fuel might justify more importation

Oil marketers have expressed their thoughts regarding the recently announced price of fuel per litre from Dangote Refinery, saying its price could justify fuel importation into the country as they have been doing.

The marketers are requesting transparency in the pricing as NNPCL announced that fuel would be sold for ₦950/litre to those in Lagos State while those in Borno and the far north would pay ₦1,019/litre.

The Organised Private Sector has called out NNPCL for being the sole off-taker of the PMS from Dangote Refinery, asking for more competition in that space.

Tinubu announces Disaster Relief Fund for Borno flood victims

President Bola Tinubu took a trip to Borno State to visit the victims of the Maiduguri flood, where he promised to take action after the disaster in the state.

The President announced that he would establish a disaster relief fund for natural disasters such as the Maiduguri flood.

With over two million people affected by the flood, the President stressed that a few percent of the money from the Federation Account and private sectors could make a huge difference in the lives of the affected victims of natural disasters.

“There must be a disaster relief fund. I will invite the private sector to team up with us and help rebuild the affected areas,” he said.

Inflation reduces for the second month in a row

Nigerians might see the light at the end of the tunnel as soon as the inflation in the country drops to 32.15%, a decline for the second month in a row.

The National Bureau of Statistics (NBS) reported that inflation had dropped by 1.25% from the previous 33.40% recorded in July 2024.

In its August report, NBS revealed that food inflation reduced by 0.10% from 2.47% to 2.37%. 

jAMB works toward eliminating physical interaction with underage candidates

The Joint Admissions Matriculation Board (JAMB) has revealed its plans to reduce and eliminate the physical interaction between its officials and underage candidates. Hence, there are no instances of extortion or, worse, sexual harassment.

Following the incident that occurred last year, where a mother sued JAMB for sharing her daughter’s details with its officials, the examination board has decided to take preventive measures to prevent such instances from occurring again.

“Prof. Oloyede stated that given that many of the candidates who take the UTME are underage, the board is considering limiting physical contact with those with challenges to avoid any alleged issues of extortion and other forms of exploitation. He stated that in due course, interactions would be limited to online ones with calls recorded for effective monitoring and quality control,” JAMB’s statement reads in part.

Zenith, UBA, Access and more borrow over ₦3 trillion from CBN within a week

A recent report by Afrinvest Research has revealed that most Nigerian commercial banks and discount houses borrowed over ₦3 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility within a week.

In the same vein, the discount houses and lenders deposited about ₦493 billion through the Standing Deposit Facility, which led to the increase in borrowing to a 4.7% rise in system liquidity.

Afrinvest stated that the increase in borrowing was due to banks and discount houses’ desire for short-term liquidity.