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Nigeria Moves from Decline to Stability – Finance Minister Oyedele (Photos)

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Nigeria has successfully navigated the toughest phase of its economic reforms and is now prioritising accelerated, broad-based growth that benefits citizens and businesses, according to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.

Speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, Oyedele said the bold reforms introduced by President Bola Ahmed Tinubu’s administration averted an imminent economic collapse and established a foundation for macroeconomic stability.

Addressing business leaders, policymakers, and development partners during a high-level panel titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the Minister acknowledged the short-term hardships caused by the reforms but described them as essential for restoring fiscal sustainability.

“Before the reforms, Nigeria faced an unsustainable fiscal situation where oil revenues were largely consumed by fuel subsidies and non-oil revenue by debt obligations, leaving little room for investment in infrastructure and other critical sectors,” Oyedele explained.

He emphasised that the reforms were necessary to prevent economic collapse. “The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” the Minister stated.

Oyedele noted that the economy has transitioned from severe volatility to increasing stability, creating conditions to attract investment, boost productivity, and build long-term resilience. The next phase of reforms, he said, will focus on faster economic growth, expanding opportunities across sectors, reducing inflation, and protecting vulnerable groups including low-income earners and small businesses.

The Minister also addressed public perceptions of government policies, particularly borrowing. He observed that criticism often stems from viewing debt through the lens of personal finance rather than strategic fiscal management. He cited the recent tax reforms as an example, which were designed to protect small businesses and low-income households while ensuring higher contributions from those with greater capacity.

Oyedele called on Nigerians to adopt a more balanced narrative about the country’s progress, recognising improvements in fiscal management, debt sustainability, investor confidence, and overall economic stability despite remaining challenges.

Other panelists, including Dr. Kelechi Ohiri, Director-General of the National Health Insurance Authority (NHIA); Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE); and Dr. Wilson Erumebor, Principal Economist at the Nigerian Economic Summit Group (NESG), acknowledged the necessity of the reforms while urging stronger actions to deliver tangible benefits to businesses and citizens.

Discussions at the summit centred on healthcare financing, infrastructure development, support for small and medium-sized enterprises, power sector reforms, tax administration, and translating macroeconomic stability into better living standards and enterprise competitiveness.

The Nigeria Employers’ Summit 2026 convened senior government officials, private sector leaders, development partners, and economic experts to explore how ongoing reforms and Environmental, Social and Governance (ESG) principles can enhance competitiveness and drive inclusive national growth.

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UNN Mourns 4 Students Dead After Party

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The management of the University of Nigeria, Nsukka (UNN), has declared a three-day period of mourning following the tragic deaths of four students at an off-campus house party in Nsukka.

Vice-Chancellor Prof. Simon Ortuanya addressed the media on the incident, which occurred on 11 November 2026. He clarified that ten UNN students attended the party, organised to celebrate a friend who had completed his final-year examinations. Four of them died after consuming substances suspected to be alcohol and drugs. The remaining six are currently receiving treatment and recovering in hospital at various stages.

Prof. Ortuanya announced the three-day mourning period, during which all social and academic activities on campus will be suspended. He also cancelled a previously scheduled town-hall meeting between the university community and the Governor of Enugu State.

Describing the loss as “a death too many,” the Vice-Chancellor extended heartfelt condolences to the families, friends and colleagues of the deceased. “The Management, staff and the students of the University of Nigeria share in their grief at this difficult moment and pray for the repose of the souls of the departed,” he said.

He further clarified that the students involved came from different departments, contrary to widespread speculation that they were from the Faculty of Pharmaceutical Sciences.

Prof. Ortuanya reiterated the university’s ban on all forms of sign-out celebrations and urged students to refrain from activities that endanger their lives. He added that the university is cooperating fully with security agencies to determine the exact cause of the deaths.

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Seven UNN Pharmacy Graduates Die After Private Sign-Out Ceremony (Photos)

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Seven recent graduates of the Department of Pharmacy at the University of Nigeria, Nsukka (UNN) have been reported dead under controversial circumstances after a private signing-out ceremony held following their graduation on Wednesday.

The incident is said to have occurred at the Hilltop off-campus area of the university in Nsukka.

The Vice Chancellor of the University, Professor Simon Ortuanya, the university spokesperson, and the Enugu State Police Public Relations Officer, Daniel Ndukwe, had yet to respond to messages as of the time of this report.

Two lecturers at the university, who declined to appear on camera or be named, confirmed the deaths, but stated that the cause of death had not yet been ascertained.

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Panic as Fully Loaded CNG Passenger Bus Explodes in Lagos

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A fully loaded Compressed Natural Gas (CNG)-powered commercial bus exploded and burst into flames along the Lagos-Ibadan Expressway on Wednesday, triggering panic among passengers and motorists.

The incident occurred at Berger Bus Stop on the Lagos-bound section of the expressway. The Toyota Hiace bus, registration number EKY 798 YK, was carrying 18 occupants, including the driver, from the Mowe-Ibafo axis toward Lagos when it suddenly erupted into flames following a reported gas explosion.

Seventeen people, including the driver, were safely evacuated by personnel of the Lagos State Traffic Management Authority (LASTMA). One male passenger seated at the rear of the vehicle sustained severe burn injuries and was rushed to the Lagos State Trauma and Emergency Centre at Toll Gate for treatment.

Officers of the Lagos State Fire and Rescue Service quickly extinguished the blaze, while police from the Ojodu Division secured the scene and maintained order.

LASTMA General Manager Olalekan Bakare-Oki praised the swift response by emergency teams that prevented further casualties. He urged operators of CNG-powered commercial vehicles to prioritise regular professional inspections and proper maintenance of gas storage and delivery systems to avoid similar incidents.

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