The World Bank has provided a $1.5 billion foreign loan to Nigeria to support the federal government's efforts in implementing fuel subsidy removal and tax reforms. This initiative is part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing program.

According to a recent World Bank document, the loan was approved on June 13, 2024, and disbursed in two tranches. The first tranche of $750 million, provided by the International Development Association (IDA), was disbursed on July 2, 2024, with a 12-year repayment period and a six-year grace period. The second tranche, also $750 million, was issued in November 2024 by the International Bank for Reconstruction and Development (IBRD), featuring a 24-year repayment period and an 11-year grace period.

The World Bank noted that Nigeria met the stringent conditions required for loan approval, including key reforms such as:

• Subsidy removal: the deregulation of the fuel market, allowing retail prices to be determined by market conditions.
• Exchange rate harmonization: Addressing currency distortions to foster economic stability.
• Tax policy reforms: The government submitted a comprehensive tax reform bill to the National Assembly on October 3, 2024. This reform package aims to revamp the VAT regime, simplify tax policies, and enhance tax administration.

However, these reforms have been met with mixed reactions. While they have garnered praise for addressing structural economic challenges, they have also sparked criticism due to their impact on the cost of living.

Fuel prices have risen fivefold, and the unification of the exchange rate has led to significant inflation. In November 2024, headline inflation reached 34.60 percent, with food inflation climbing to 39.93 percent. These increases have strained household budgets, despite the government's introduction of palliative measures, such as disbursing N25,000 to fewer than two million households.

Additionally, the Compressed Natural Gas (CNG) Initiative, designed to provide a cheaper alternative to fuel, is yet to be fully implemented, leaving many Nigerians without immediate relief.

The World Bank emphasized the government's commitment to avoiding deficit monetization, relying instead on standard debt instruments to finance the budget deficit. While the reforms are expected to stabilize the economy in the long run, their immediate impact continues to fuel debates across Nigeria.

Embattled human rights activist and lawyer, Dele Farotimi, has declared his readiness to face his ongoing legal challenges with renewed vigor.

On Sunday, Farotimi shared a defiant message via his X account, emphasizing his determination to confront his adversaries. He described himself as prepared and strengthened for the battles ahead, both legally and spiritually.

“I am strong enough to rumble unruffled against principalities and powers, but I am human enough to retain the capacity to shed tears of joy in appreciation of the grace of God, expressed in the concerted efforts of fellow victims,” he wrote.

Farotimi further stated, “My battle axes are newly sharpened, my guns primed. I am ready for war. My resolve was NEVER tested, but I was waiting for the next round of the fight to commence. I knew that the first round had been lost by those responsible for my imprisonment.”

This declaration comes weeks after a Chief Magistrate Court in Ado Ekiti granted him bail set at N30 million. The activist had been arrested and detained over allegations of defamation against Senior Advocate of Nigeria and founder of Afe Babalola University, Ado Ekiti (ABUAD), Afe Babalola.

Farotimi was eventually released after fulfilling his bail conditions, but his comments suggest he is ready to pursue the next phase of his legal defense.

The case has drawn significant attention, with many expressing support for Farotimi and his advocacy for justice and human rights.

President Bola Tinubu has called on Nigerians to adopt better management practices to reduce their electricity expenses.

“It’s not a bad thing to learn how to manage. Switch off the light, control your electricity usage—let’s learn to manage,” Tinubu remarked during a chat with reporters at his residence in Ikoyi, Lagos, on Monday.

The President also emphasized his opposition to price control measures, stating, “I don’t believe in price control. We will work hard to supply the market.”

Since Tinubu’s inauguration in May 2023, energy costs have surged, driven by the removal of petrol subsidies and hikes in electricity tariffs. Petrol prices have skyrocketed from under ₦200 per litre to over ₦1,100 in many areas, while the naira has significantly depreciated, falling from about ₦700/$ to ₦1,600.

In April 2024, the electricity regulatory body increased tariffs for customers classified under Band A, raising rates from ₦66 per kilowatt-hour to ₦225—a move that sparked widespread criticism amid the nation’s economic hardships.

With soaring food and commodity prices, Nigerians are grappling with what many consider the most severe cost-of-living crisis since independence. However, Tinubu remains resolute, defending his reforms as necessary steps to steer the country toward long-term prosperity.

President Bola Tinubu firmly addressed criticism over his 48-member cabinet, rejecting calls to downsize it. Speaking during a media chat at his Bourdillon residence in Lagos on Monday, Tinubu stated, “I am not ready to shrink the size of my cabinet,” emphasizing that efficiency guided his choice of ministers.

Tinubu, a seasoned leader of the All Progressives Congress (APC), defended his administration's controversial policies, including the removal of the petrol subsidy in May 2023. "I have no regrets whatsoever about removing the petrol subsidy. It was necessary reform—Nigeria cannot continue being Father Christmas to neighboring countries," he said.

Since taking office, Tinubu has made notable appointments and adjustments to his cabinet. In August 2023, three months after his inauguration, he appointed 48 ministers, who were promptly screened and confirmed by the Senate. Over time, changes have been made, including the suspension of Betta Edu, the reassignment of 10 ministers in October 2024, the appointment of seven new ministers, and the dismissal of five.

Despite these moves, critics argue the cabinet remains oversized, especially with the establishment of new portfolios like the Livestock Ministry. Calls for a reshuffle persist, as many Nigerians express dissatisfaction with some ministers' performance amid surging inflation, economic hardship, and escalating insecurity.

Tinubu, however, remains steadfast in his decisions, asserting that his approach ensures the government can address the nation's challenges effectively.