This news roundup covers major headlines from Nigerian news sources, focusing on the CBN's fine on banks for cash scarcity, Nigeria's rising crude oil revenue, political developments including the impeachment of a Lagos assembly speaker, and other key events.
On January 15, 2025, Nigerian news headlines focused on several key developments. The Central Bank of Nigeria (CBN)'s imposition of fines totaling N1.35 billion on nine banks for inadequate cash availability at ATM s during the holiday season dominated the front pages. The CBN's action sparked discussions about the effectiveness of monetary policy and financial regulations.Meanwhile, reports on Nigeria's economic performance emerged.
Punch newspaper, citing data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), highlighted a surge in crude oil revenue to approximately N50.88 trillion in 2024, driven by a production volume of 408,680,457 barrels. This positive economic indicator underscored the country's reliance on oil exports and raised hopes for government revenue generation.Political developments also captured attention. The Peoples Democratic Party (PDP) and the Labour Party (LP) in Lagos state called for an investigation into Mudashiru Obasa, the recently impeached speaker of the state assembly, by anti-corruption agencies. The PDP's and LP's request fueled speculation about potential financial irregularities and added to the political unrest in the state. Additionally, Attahiru Bafarawa, the former governor of Sokoto state, resigned from the PDP, further highlighting the internal dynamics and shifting alliances within Nigeria's political landscape. Other news stories included the national assembly's demand for a detailed report on the ministry of livestock development's projects and programs, the Nigerian Electricity Regulatory Commission (NERC)'s completion of regulatory oversight transfer to four states (Enugu, Ekiti, Ondo, and Imo), and Babajide Sanwo-Olu, the governor of Lagos, denying any involvement in Obasa's impeachment. The national assembly joint committee on finance also issued a 48-hour ultimatum to revenue-generating agencies to appear before them, threatening to withhold government funding if they failed to comply.
NIGERIA CENTRAL BANK OF NIGERIA ECONOMY CRUDE OIL POLITICS BANK FINES ATM IMPEACHMENT ANTI-CORRUPTION LEGISLATURE
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