• World Bank reveals over 75% of rural Nigerians live in poverty
• CBN records over 300% rise from 2023 as it spent ₦315bn on currency in 2024
• EFCC arrests influencer VeryDarkMan over cyberstalking allegations
• Tinubu to meet Gencos over ₦4tn power sector debt
• OPay launches ₦1.2bn scholarship scheme for FUTMINNA students

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

World Bank reveals over 75% of rural Nigerians live in poverty

The World Bank has raised concern, revealing that 75.5% of rural Nigerians now live below the poverty line.

In its April 2025 Poverty and Equity Brief, the World Bank attributed the worsening condition to rising economic hardship, inflation, and insecurity, especially in rural communities. It noted that while 41.3% of urban residents are affected, rural areas are far worse off.

The report echoes earlier warnings made during the IMF and World Bank Spring Meetings, where Nigeria’s economic structure, reliance on oil revenues, and national fragility were highlighted as major obstacles to poverty reduction.

CBN records over 300% rise from 2023 as it spent ₦315bn on currency in 2024

The Central Bank of Nigeria (CBN) spent ₦315.18 billion on currency issue expenses in 2024, a 306% jump from the ₦77.67 billion it spent in 2023, according to its latest audited financial statement.

These expenses include the printing, processing, distribution, and disposal of banknotes, and the significant increase highlights the growing cost of managing Nigeria’s physical cash system.

The spike in spending follows ongoing effects of the naira redesign policy introduced in late 2022, which led to cash shortages and disruptions in the money supply chain.

EFCC arrests influencer VeryDarkMan over cyberstalking allegations

Social media personality Martins Vincent Otse, widely known as VeryDarkMan (VDM), has been arrested by the Economic and Financial Crimes Commission (EFCC) over alleged cyberstalking.

The EFCC confirmed that the arrest followed multiple complaints accusing him of using his platforms to harass, insult, and intimidate individuals, actions potentially violating the Cybercrimes Act of 2015.

VeryDarkMan is known for his bold online commentary on national and personal issues, which has led to several legal encounters. Nigerian music star Davido has publicly reacted to the arrest, drawing attention from fans across social media.

Tinubu to meet Gencos over ₦4tn power sector debt

President Bola Tinubu is set to hold talks with the leadership of Nigeria’s power-generating companies in a bid to resolve the ₦4 trillion debt threatening the country’s electricity supply chain.

The planned meeting follows a recent discussion between the Minister of Power, Adebayo Adelabu, and Genco chairmen in Abuja. The talks raised concerns about a potential national grid collapse caused by severe financial strain in the sector.

In response, the federal government has promised urgent steps to ease the debt burden and stabilise power generation across the country.

OPay launches ₦1.2bn scholarship scheme for FUTMINNA students

Financial services provider OPay has unveiled a ₦1.2 billion, 10-year scholarship programme for students at the Federal University of Technology, Minna (FUT Minna), Niger State.

The company said the initiative reflects its commitment to supporting education and youth development in Nigeria. The scholarship aims to ease financial pressures on bright students, allowing them to focus fully on their studies.

At the MoU signing event, one of the beneficiaries expressed gratitude, saying the support from OPay had helped them remain focused on their academic journey.