FUEL TANKER EXPLOSION IN NIGERIA CLAIMS 94 LIVES

AFRICA NEWS

16th October, 2024

By Oyenike

FUEL TANKER EXPLOSION IN NIGERIA CLAIMS 94 LIVES

A fuel tanker exploded in northern Nigeria while a crowd gathered to collect leaking petrol from the accident site. At least 94 people died in the blaze that engulfed the overturned tanker, according to police reports.

Fifty others were critically injured and taken to a hospital in Ringim, Jigawa State. Despite police warnings to stay away, the crowd grew, leading to the fire when people began scooping fuel.

The accident occurred in Majia around 11:30 PM local time. The driver, who was unharmed, is in custody as an investigation begins. A mass burial is planned for the victims, many of whom were severely burned.

Fuel tanker incidents are frequent in Nigeria due to poor road conditions and vehicle maintenance.

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TUNISIA IN CRISIS, SET TO HIKE TAXES AND ALMOST DOUBLE ITS INTERNAL DEBT

Tunisia intends to elevate taxes on businesses and high- to middle-income workers next year and will nearly double its domestic debt in 2025 due to ongoing challenges in securing external funding. This decision comes in light of the country’s persistent struggles to obtain adequate external financing.

According to the 2025 budget bill reviewed, the overall budget will decrease to $20.45 billion from $25.20 billion this year, with a projected fiscal deficit rising to $3.18 billion.

While the government plans to reduce taxes for low-income earners, it will gradually raise rates for those earning more than 30,000 dinars ($9,000) annually, with the tax for those making over 50,000 dinars increasing to 40%. Additionally, businesses with revenues of 20 million dinars or more will see their tax rate rise to 25% from 15%. The tax on banks and insurance companies will also increase to 40%.

President Kais Saied has criticized private banks for their substantial profits, asserting that they should support the economy during these challenging times. Political opposition figures have voiced concerns that the government’s approach seems focused on “sharing poverty” rather than fostering wealth to alleviate it.

The Tunisian President Kais Saied

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NIGERIAN REGULATOR REJECTS SHELL’S $1.3 BILLION OILFIELD SALE TO RENAISSANCE GROUP OVER QUALIFICATION CONCERNS

Nigeria’s oil oversight body has declined Shell’s $1.3 billion offer to sell its onshore oilfields to the Renaissance Group, claiming the buyer is unqualified to handle the assets.

Shell, which holds these assets through Shell Petroleum Development Company (SPDC), stated that it is in the process of providing all necessary information to the regulator but has not confirmed the news report directly.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) rejected the sale on the grounds that the Renaissance consortium could not demonstrate its capability to manage the assets, as the companies in the group have reportedly struggled to operate more than 50% of the assets they currently control. This decision reflects a broader trend of oil majors like Shell retreating from Nigeria’s onshore operations as they shift their focus to potentially more profitable deep offshore fields.

The SHELL logo

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KENYA EYES $1.5 BILLION LOAN FROM UAE

Kenya is currently in negotiations with the United Arab Emirates for a substantial $1.5 billion commercial loan, which would carry an interest rate of 8.25% and a repayment period of seven years, as revealed by Finance Minister John Mbadi.

This strategic move comes as the East African nation seeks to diversify its financing sources after experiencing deadly protests that forced the government to retract planned tax increases and delay crucial disbursements from the International Monetary Fund (IMF).

The proposed loan is viewed as more cost-effective compared to a previously issued Eurobond, which had a higher interest rate of 10.7%. However, the government is also in discussions with the IMF, which has raised concerns about the risks associated with this external loan.

The government aims to address these issues while pursuing the loan, as it has set a foreign borrowing target of 168 billion shillings ($1.31 billion) for this financial year. If finalized, the UAE loan would significantly bolster the government’s financial position, providing an equivalent of 195 billion shillings and helping to reduce local borrowing needs.

The president of Kenya William Ruto

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NIGERIA POLICE FORCE ADDRESSES MISINFORMATION AND ANNOUNCES CLEARING UP THE REBUILDING OF FALOMO POLICE BARRACKS

The Nigeria Police Force (NPF) aims to clarify recent misleading information regarding the renovation of the Falomo Police Barracks in Lagos State. The barracks, which were previously neglected, will be entirely redesigned to offer modern living conditions that honor the dignity of officers.

This initiative began under former Inspector-General of Police Usman Baba Alkali, in partnership with the Lagos State Government and private entities through a Public-Private Partnership (PPP). Current IGP Dr. Kayode Adeolu Egbetokun emphasized the commitment to enhancing officer housing at the first Nigeria Police Force Housing Summit held on April 23-24, 2024. A national review showed that less than 25% of police personnel have adequate housing, with 90% of barracks in poor condition, posing safety risks.

The urgent renovation of these facilities, including Falomo Barracks, aligns with global standards for officer safety and well-being. The IGP has utilised PPP arrangements to rebuild barracks and provide affordable housing for officers. Contrary to reports, no officers were forcibly evicted; they received notice, relocation help, and compensation of N2,000,000 each for alternative housing.

The NPF emphasises that dignified living conditions are essential for effective service delivery. The rebuilding of Falomo Barracks reflects the NPF’s commitment to providing safe, decent housing for officers, aligning with global standards and safeguarding the future of those who serve.

The Inspector General of The Nigeria Police force Kayode Egbetokun

Oyenike

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