Top 5 Stories of The Day | EFCC Authorized to Freeze 24 Bank Accounts Over Alleged Terrorism Financing

• EFCC Authorized to Freeze 24 Bank Accounts Over Alleged Terrorism Financing
• Warri Refinery Resumes Operations, Confirms NNPC
• Tax Reforms to Reduce Tax Burden for 90% of Workers, Says Oyedele
• Nigeria’s Money Supply Increases by 51% to N108.96 Trillion Due to Government Borrowing
• Nigeria Attracts $3.73 Billion in Foreign Direct Investment Over Five Years Despite Extensive Roadshows

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

EFCC Authorized to Freeze 24 Bank Accounts Over Alleged Terrorism Financing

The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to freeze 24 bank accounts linked to alleged terrorism financing. This order was approved by Justice Emeka Nwite following an ex parte application presented by EFCC counsel Ekele Iheanacho.

The accounts, reportedly linked to Lawrence Lucky Eromosele, are under investigation for offenses ranging from kidnapping to money laundering and terrorism financing. This development highlights the EFCC’s ongoing efforts to tackle financial crimes and curb illicit activities that threaten national security.

While the freezing of accounts is a procedural step, the EFCC is expected to follow due process to substantiate its claims. This move expresses the commitment of Nigerian authorities to dismantle funding channels for criminal operations by all means possible and permitted by law.

Warri Refinery Resumes Operations, Confirms NNPC

The Nigerian National Petroleum Company Limited (NNPCL) has confirmed the resumption of operations at the Warri Refining and Petrochemical Company (WRPC). The refinery is currently functioning at 60% of its installed capacity of 125,000 barrels per day. It has started producing diesel and kerosene, with plans to commence petrol production soon. This marks a major milestone in Nigeria’s quest for energy self-sufficiency.

President Bola Ahmed Tinubu described the development as a significant breakthrough, reaffirming his administration’s dedication to reviving the nation’s refining capacity. Experts see this as a potential game-changer for Nigeria’s economy, reducing dependency on fuel imports and boosting local production.

However, they stress the importance of sustaining operations and maintaining the refinery’s efficiency to achieve long-term goals.

Tax Reforms to Reduce Tax Burden for 90% of Workers, Says Oyedele

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced that the recent tax reforms are set to lower the tax burden for 90% of Nigerian workers.

The reforms aim to simplify the tax framework, reduce administrative bottlenecks, and enhance compliance, especially among low and middle-income earners. Oyedele highlighted that the changes are designed to stimulate economic growth and improve the quality of life for Nigerians by redirecting funds previously tied up in taxes toward disposable income.

Experts have lauded the initiative but caution that its success depends on the government’s ability to ensure transparency and accountability in the tax system.

Nigeria’s Money Supply Increases by 51% to N108.96 Trillion Due to Government Borrowing

Data from recent financial reports reveal that the Federal Government’s borrowing has caused a significant 51% increase in the nation’s money supply, which now stands at N108.96 trillion.

This increase is linked to escalated government expenditures aimed at addressing infrastructure deficits and other economic challenges.

While increased money supply can drive economic growth, experts warn it could exacerbate inflationary pressures if not managed prudently.

Economists suggest the need for a balanced approach to borrowing, ensuring that loans are channeled into productive ventures capable of generating returns and reducing fiscal deficits.

Nigeria Attracts $3.73 Billion in Foreign Direct Investment Over Five Years Despite Extensive Roadshows

Despite spending heavily on investment roadshows and campaigns, Nigeria has attracted only $3.73 billion in Foreign Direct Investment (FDI) over the past five years. Analysts attribute the modest inflow to various factors, including persistent security concerns, inconsistent regulatory frameworks, and infrastructure challenges.

This is particularly concerning for a country seeking to diversify its economy and reduce dependence on oil revenues. Stakeholders have called on the government to address these barriers, emphasizing that a stable and conducive business environment is key to attracting sustainable investments.

While the roadshows are commendable for creating awareness, they must be complemented by structural reforms to make Nigeria a more attractive investment destination.

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