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Nigerians React As Grassroots Farmers And Traders Cries-Out Frustrated Over Prolonged Cash Shortage Impacting Businesses (Details)

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Several grassroots farmers and small traders are expressing frustration due to the prolonged cash shortage in the country, noting that it has significantly impacted their businesses….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

Individuals engaged in farming and trading, who shared their experiences with Nivo News, revealed that they have opted to avoid keeping their money in banks to prevent it from becoming inaccessible.

Associations representing small and medium-scale enterprises emphasized that the persistent cash shortage would undermine the government’s initiatives to promote financial inclusion, particularly at the grassroots level.

A farmer from the Igboho area of Oyo State, Mr. Dele Bamigboye, lamented, “Many buyers of my farm produce have not paid because they claim they cannot access money from banks. This is affecting my business, as I operate on a cash basis and currently cannot access my funds.”

Another trader in the Ogidi area of Ilorin, known as Mama Kudi, stated, “I am only selling to those who have cash to pay because I cannot access cash from Point of Sale (PoS) machines, and banks are limiting their cash distribution. I need cash for purchasing goods and conducting transactions, so I am not depositing money in the bank.”

Despite assurances from the Central Bank of Nigeria about sufficient cash in the economy, Nigerians continue to bemoan the scarcity of cash, with many ATMs lacking funds and banks restricting over-the-counter cash services.

Commenting on the adverse effects of the cash shortage on the drive for financial inclusion, Dr. Femi Egbesola, President of the Association of Small Business Owners in Nigeria, expressed concern. He remarked, “The confidence of individuals trying to structure their businesses and deposit money in banks is eroded, especially during this festive period. Micro-businesses heavily rely on cash for daily transactions.”

Solomon Aderoju, Vice President of the Nigerian Association of Small and Medium Enterprises in the South-West Region, highlighted that the cash crunch would impact the confidence of grassroots individuals in the banking sector. He explained, “Financial inclusion aims to encourage opening bank accounts to avoid keeping money at home. With the current situation, confidence is lost, and people will be reluctant to entrust their money to banks.”

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Hard Times Return As Petrol Price Jumps To N1,440 Per Litre Across Nigeria

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Petrol prices have surged across Nigeria, with filling stations now selling fuel between N1,364 and N1,444 per litre, as rising global crude oil prices continue to pressure the domestic market.....KINDLY READ THE FULL STORY HERE▶

Findings on Thursday evening showed that major marketers such as the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, Ardova (AP), and Mobil have adjusted their pump prices to between N1,364 and N1,370 per litre.

Other outlets, including AA Rano, Emedab, Empire Energy, and Ranoil, are selling at even higher rates, ranging from N1,370 to N1,440 per litre.

This represents a sharp increase from about N900 per litre recorded in February 2026.

The latest hike comes just 24 hours after Dangote Refinery and depot operators raised their gantry and ex-depot prices to N1,275 and N1,320 per litre respectively, citing rising global crude oil costs.

Market data on Friday morning showed that Brent and West Texas Intermediate (WTI) crude rose to $111 and $105 per barrel, driven by ongoing geopolitical tensions involving Iran, the United States, and Israel in the Middle East.

The situation has also been worsened by the recent withdrawal of the United Arab Emirates from the Organization of Petroleum Exporting Countries (OPEC), further increasing volatility in the global oil market.

Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the global oil price increase is directly affecting fuel costs in Nigeria.

He noted that while Dangote Refinery has helped cushion the impact, fluctuations in the international crude market are still influencing domestic pricing.

The continuous rise in petrol prices has sparked fresh calls for government intervention, as Nigerians struggle with worsening economic hardship.

The development comes at a sensitive time as workers mark May Day, with the national minimum wage at N70,000 and the cost of living rising alongside fuel prices edging close to N1,500 per litre.

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AGF Fagbemi Moves To Deregister ADC, Accord, AA And Other Political Parties

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The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has called for the deregistration of several political parties, including the Action Alliance (AA), African Democratic Congress (ADC), Accord Party, Zenith Labour Party, and Action Peoples Party (APP).....KINDLY READ THE FULL STORY HERE▶

Fagbemi made the request before the Federal High Court, arguing that it is unconstitutional to allow political parties that have consistently failed to win electoral seats to remain registered.

His position was presented in an affidavit filed in response to a suit by the National Forum of Former Legislators (NFFL), which is also seeking the deregistration of the affected parties.

The AGF urged strict enforcement of Section 225A of the Nigerian Constitution, stating that the Independent National Electoral Commission (INEC) has no discretionary power to retain parties that do not meet the required electoral performance threshold.

He further argued that the continued existence of non-performing political parties contributes to ballot paper overcrowding, increases the cost of elections, complicates electoral administration, and weakens the intent of the Constitution.

According to him, the constitutional amendment was introduced to address challenges such as ballot clutter and inefficiencies in the voting process.

Fagbemi also noted that, as the chief law officer of the federation, he is empowered to initiate or support actions aimed at ensuring compliance with constitutional provisions.

Earlier in the proceedings, counsel to the NFFL, Yakubu Ruba (SAN), told the court that the case seeks judicial clarification on constitutional and legal provisions governing the registration and continued recognition of political parties in Nigeria.

He explained that the suit is strictly for constitutional interpretation, insisting that some political parties may have violated the law, and therefore require judicial guidance on their status.

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2027: Edo People Will Back Tinubu Because He’s “Releasing Money” — Gov. Okpebholo.

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Edo State Governor, Monday Okpebholo, has expressed confidence that residents of the state will support President Bola Tinubu in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

News reports that Okpebholo made this known during an interview on Channels Television’s Politics Today.

The governor said he is confident that Edo voters will turn out massively to deliver votes for Tinubu, insisting that the state could contribute up to 2.5 million votes in the next election.

He stated, “I will get the 2.5 million votes from Edo State, it’s already on the streets, everybody is coming to vote for Asiwaju on that day.”

When asked whether Tinubu’s support in Edo would be driven by his influence, Okpebholo said the President has been providing financial support to the state and other governors to carry out development projects.

He said, “Because of the work we are doing, because of the money Tinubu is releasing to us to work for him and that is what you are seeing on the street.

“It has never happened in Edo State like this before.”

The governor also recalled that Labour Party presidential candidate Peter Obi defeated Tinubu in Edo State during the 2023 election, attributing it to what he described as poor performance by the then-governor, Godwin Obaseki.

He added that voter sentiment in the state has now shifted, saying residents are more inclined to support candidates based on governance performance.

Okpebholo further argued that dissatisfaction with the previous administration influenced the last election outcome, but insisted that the current political climate would produce a different result in 2027.

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