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Price of 50kg Rice Drops to N58,000 in Nigeria Amid Import Surge

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The price of a 50kg bag of rice has fallen to N58,000 in parts of Nigeria, particularly in remote areas, following an influx of rice from the Republic of Benin. According to a report by S&P Global, the West African parboiled rice market has dropped to a near two-year low due to a surge in supplies, prompted by India lifting its export duties on parboiled rice.....KINDLY READ THE FULL STORY HERE▶

The price reduction marks a significant drop from the previous N80,000, with rice now entering Nigeria via Benin, which has become a major entry point for rice imports. Market reports from S&P Global’s Platts indicate that warehouses in Benin are now filled to capacity due to an increase in low-cost rice imports from India.

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India’s exports to West Africa skyrocketed between September and December, with 2.11 million metric tonnes of parboiled rice shipped to the region—up from 720,000 metric tonnes in the same period of 2023. Overall, in 2024, India exported 5.35 million metric tonnes to West Africa, up from 3.9 million metric tonnes in 2023.

In Nigeria, both local and imported rice prices have plummeted in the past two weeks as illegal rice imports from Benin continue to flood the market. Local rice now costs between N60,000 and N80,000 for a 50kg bag, while Indian rice is priced at approximately N80,000.

Despite the drop in prices, demand has not risen, with many buyers remaining cautious and waiting for the market to stabilize. A trader based in Togo noted that the West African rice market is currently experiencing a “quiet and bearish” phase, and predicted that demand will pick up closer to the Christmas season.

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In border communities near Benin, the price of rice has even dropped below N50,000, owing to their proximity to the Benin Republic. Despite Nigeria’s ban on rice importation, it remains the most smuggled product, with Customs facing ongoing challenges in controlling its entry.

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Tinubu Government Increases Allowances, Welfare And Exit Package Of Nigerian Workers.

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The administration of President Bola Tinubu has approved an upward review of peculiar allowances, welfare benefits, and exit packages for civil servants across Nigeria.....KINDLY READ THE FULL STORY HERE▶

This was disclosed on Friday in Abuja by the Head of the Civil Service of the Federation, Didi Walson-Jack, during a press briefing.

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She explained that the adjustment applies to workers under the Consolidated Public Service Salary Structure (CONPSS) as well as the Consolidated Research and Allied Institutions Salary Structure (CONRAISS).

According to her, the revised allowances have been designed to cut across all grade levels, ensuring improved earnings for both senior and junior officers.

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Further details are expected to be released later.

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Oyedele Steps In As Finance Minister, Takes Over National Economy Portfolio.

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Taiwo Oyedele has officially taken over as Nigeria’s Minister of Finance and Coordinating Minister of the Economy following a formal handover from his predecessor, Wale Edun.....KINDLY READ THE FULL STORY HERE▶

The transition, which reportedly took place on Thursday evening, was confirmed in a statement issued by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie.

According to the statement, the handover was concluded within the timeframe set by President Bola Ahmed Tinubu.

In his inaugural address, Oyedele pledged to consolidate ongoing reforms while delivering measurable economic outcomes.

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He said his administration would prioritise fiscal discipline, transparency, and improved performance across key sectors of the economy.

He also expressed his readiness to work closely with staff of the ministry to strengthen efficiency and service delivery.

Oyedele commended his predecessor, Wale Edun, for his role in advancing Nigeria’s economic reform agenda, and thanked President Tinubu for entrusting him with the responsibility.

The Permanent Secretary, Raymond Omachi, alongside the Permanent Secretary (Special Duties), Mohammed Danjuma, welcomed the new minister and assured him of the full support and cooperation of the ministry’s workforce.

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During Edun’s tenure, the ministry implemented several fiscal reforms aimed at improving revenue generation and economic coordination. However, the period also faced challenges, including budget implementation constraints that affected ministries, departments, and agencies.

There were also concerns over outstanding payments owed to pensioners and contractors during the same period.

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Court Orders Arrest Of Abuja Lawyer, Police Officer Over N300m Eviction Dispute.

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A High Court of the Federal Capital Territory (FCT), sitting in Maitama, has issued a bench warrant for the arrest of an Abuja-based lawyer, Victor Giwa, and a police officer, Edith Erhunmuuse, after they failed to appear in court.....KINDLY READ THE FULL STORY HERE▶

The two defendants were scheduled to be arraigned alongside another accused person, Cecil Osakwe, on a nine-count charge marked FCT/HC/CR/222/2023, filed by the Office of the Attorney General of the Federation (AGF).

They are accused of criminal conspiracy involving the alleged forceful eviction of occupants and damage to property valued at about N300 million.

When the matter was called on Friday, the prosecution counsel, Aderonke Imana, told the court that although the charge was filed in January 2023, arraignment had repeatedly stalled due to what she described as a consistent pattern of absence by the defendants.

She argued that neither the first nor second defendant had consistently appeared in court or informed the prosecution of their absence, insisting that a bench warrant was necessary to compel attendance.

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However, counsel to Victor Giwa, Ogbu Aboje, opposed the application, informing the court that his client was absent due to illness and had submitted medical documentation to support his condition. He also urged the court to hear a pending application before proceeding further.

He asked the court to excuse Giwa’s absence, citing health challenges as the reason for his non-attendance.

In response, the prosecution maintained that arraignment is the proper starting point of any criminal trial, adding that any proceedings before it would be invalid.

The prosecution therefore urged the court to issue a bench warrant to ensure the defendants appear for arraignment.

The third defendant, Cecil Osakwe, was present in court with his lawyer, Farouk Akanbi.

Delivering her ruling, Justice Samira Bature granted the prosecution’s request and ordered the arrest of Victor Giwa, stating that the explanations and medical documents presented amounted to deliberate delay tactics.

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The judge noted that the case had suffered repeated delays since it was first filed in 2023 and commenced before her court in July 2024, lamenting that arraignment had still not taken place nearly two years later.

Justice Bature stressed that courts are not venues for delay tactics, adding that the defendants had shown disregard for the judicial process by failing to appear for arraignment.

She further ruled that all pending applications could only be considered after proper arraignment, stating that the court’s jurisdiction in criminal matters becomes fully activated only after that stage.

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