Top 5 Stories of the Day | Oil traders say Dangote’s ₦950/litre fuel could justify more imports

• Oil traders say Dangote’s ₦950/litre fuel price could justify more imports
• Tinubu announces emergency fund for Borno flood victims
• Inflation falls for second month in a row
• jAMB strives to eliminate physical interaction with underage candidates
• Zenith, UBA, Access and more borrow over ₦3 trillion from CBN in a week

In the 36 states of Nigeria and the Federal Capital Territory, these are the top five Nigerian News Stories You Can’t Miss.

Oil traders say Dangote’s ₦950/litre fuel price could justify more imports

Oil traders have weighed in on the recently announced price of fuel per litre from the Dangote refinery, saying the price could justify importing fuel into the country as they are doing now.

The marketers are calling for transparency in pricing as NNPCL has announced that fuel will be sold at ₦950/litre to residents of Lagos State while residents of Borno and the Far North will pay ₦1,019/litre.

The organised private sector has accused NNPCL of being the sole off-taker of the Dangote Refinery’s PMS and is calling for more competition in the area.

Tinubu announces emergency fund for Borno flood victims

President Bola Tinubu travelled to Borno State to visit victims of the flood in Maiduguri, promising to take action following the disaster in the state.

The president announced that he would set up a contingency fund for natural disasters such as the flooding in Maiduguri.

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

“There must be an emergency fund. I will invite the private sector to work with us and help rebuild the affected areas,” he said.

Inflation falls for second month in a row

Nigerians may see light at the end of the tunnel as the country’s inflation rate falls to 32.15%, a decline for the second consecutive month.

According to the National Bureau of Statistics (NBS), inflation fell by 1.25% from the previous 33.40% in July 2024.

In the August report, the NBS reported that food inflation fell by 0.10% to 2.37% from 2.47%.

jAMB strives to eliminate physical interaction with underage candidates

The Joint Admissions Matriculation Board (JAMB) has unveiled its plans to reduce and eliminate physical interaction between its officials and underage candidates, thus eliminating cases of extortion or worse, sexual harassment.

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

“Prof. Oloyede stated that since many of the candidates sitting for the UTME are underage, the board is considering limiting physical contact with challenged people to prevent alleged issues of extortion and other forms of exploitation. He stated that in due course, interactions would be limited to online interactions with conversations recorded for effective monitoring and quality control,” the JAMB statement read.

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

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

In the same vein, discount houses and lenders deposited about ₦493 billion through the Standing Deposit Facility, leading to a 4.7% increase in borrowings in the system’s liquidity.

According to Afrinvest, the increase in loans was driven by banks and discounters’ need for short-term liquidity.

Read » Top 5 Stories of the Day | Oil Traders Say Dangote’s ₦950/litre Fuel Could Justify More Imports on YNaija