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What happened, and what it means for you.

  1. The IMF warned Nigeria against restoring the petrol subsidy at a Fiscal Monitor press briefing in Bangkok on Wednesday, 14 October 2026.
  2. Rodrigo Valdés, Director of the IMF's Fiscal Affairs Department, said subsidies are fiscally very costly and that protecting people is not the same as protecting the price of fuels.
  3. IMF division chief Davide Furceri suggested subsidising bus fares instead, a week after the government announced a 30-day petrol discount at NNPC stations.
Gist Reel

Economy · 5 min read

IMF warns Nigeria against restoring petrol subsidy, suggests help with bus fares

The IMF says a blanket petrol subsidy would be costly and help the better-off most, and that targeted support, such as help with bus fares, would work better.

Updated 10:31 WAT, 17 Oct 2026: The director of the IMF's African Department, Zeine Zeidane, repeated the fund's advice at a briefing on Thursday, saying energy subsidies should be phased out gradually and the savings targeted at people who need support. The International Monetary Fund has warned Nigeria against bringing back the petrol subsidy, saying help for households should go…

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VideoVideo: Channels Television on YouTube

Politics · Video

Tinubu inaugurates campaign council, says he won’t go everywhere: ‘We have bills to pay’

Inaugurating the APC campaign council in Abuja on Wednesday, Tinubu asked to be excused from going everywhere with it, saying government comes first, three months before the 16 January vote.

Updated 10:33 WAT, 16 Oct 2026: The APC has released a campaign schedule listing 12 states where Tinubu is expected to attend rallies, from Kaduna on 24 October to a closing rally in Lagos on 9 January 2027. President Bola Tinubu has told the All Progressives Congress (APC) presidential campaign council not to expect him at every campaign event before…

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VideoVideo: NairametricsTV on YouTube

Economy · Video

Dangote refinery posts $4.73bn nine-month profit as revenue jumps 144%

Unaudited figures show the Lekki refinery swung from a $117.2m loss to a $4.73bn profit in nine months, as its ₦2.15trn IPO runs to 27 October.

Dangote Petroleum Refinery made a net profit of $4.73 billion in the nine months to 30 September 2026, reversing a loss of $117.2 million in the same period of 2025, according to unaudited results released in Lagos on Tuesday, 13 October 2026, and reported by Arise News, ThisDay and Nairametrics. Revenue rose by 144 per cent to $22.48 billion, from…

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  1. Dangote Petroleum Refinery and Petrochemicals extended its IPO closing date from Tuesday, 13 October to Tuesday, 27 October 2026, after SEC approval.
  2. The offer is 4.1 billion shares at N525 each, with a minimum of 10 shares (N5,250), and is expected to raise about $1.6 billion.
  3. Returns are due to be collated on 3 November 2026, and the SEC's no-objection to the allotment is expected on 17 November 2026.
Gist Reel

Economy · 5 min read

Dangote refinery extends N2.15trn IPO to 27 October for more African investors

Dangote's refinery has moved the close of its N525-a-share offer from 13 to 27 October after SEC approval, giving investors two more weeks to apply.

Updated 21:23 WAT, 14 Oct 2026: The refinery has released unaudited results showing a net profit of $4.73 billion for the first nine months of 2026, which are now included below. Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks, moving the closing date from Tuesday, 13 October 2026 to Tuesday, 27 October 2026,…

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  1. The US Department of Homeland Security proposed a $70,000 fee for each international student starting Optional Practical Training, in a rule published on Thursday, 8 October 2026.
  2. A further $30,000 would be charged for any later OPT period, and schools would pay the fee but could pass it on to students or employers.
  3. About 4,394 of the 21,847 Nigerian students in the US were on OPT in 2024/25, and public comments on the plan close on 9 November 2026.
Gist Reel

World · 4 min read

US proposes $70,000 OPT fee for foreign graduates, including Nigerians

The US wants schools to pay $70,000 for each foreign student starting OPT, the post-study work scheme used by about 4,400 Nigerians in 2024/25.

The United States has proposed a $70,000 fee for each international student who starts Optional Practical Training (OPT), the scheme that lets foreign students work in their field of study during or after their course, according to a proposed rule published in the Federal Register on Thursday, 8 October 2026. The Department of Homeland Security (DHS), which issued the rule…

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  1. Ogaga Ifowodo won the $100,000 Nigeria Prize for Literature for his poetry collection Why Does God Need a Gun? in Lagos on Friday, 9 October 2026.
  2. He beat finalists James Ngwu Eze and Tares Oburumu, after the judges considered 223 entries for this year's poetry edition.
  3. Peter Oghenetega Oke and Feranmi Abiola shared the first $20,000 Nigeria Prize for Creative Arts for their documentaries.
Gist Reel

Nigeria · 3 min read

Ogaga Ifowodo wins $100,000 Nigeria Prize for Literature with poetry collection

The poet and lawyer beat James Ngwu Eze and Tares Oburumu to the 2026 prize, sponsored by NLNG and devoted to poetry this year, with Why Does God Need a Gun?

Ogaga Ifowodo has won the 2026 Nigeria Prize for Literature, worth $100,000, for his poetry collection Why Does God Need a Gun? He was named the winner at Nigeria LNG Limited's Grand Award Night in Lagos on Friday, 9 October 2026, Premium Times and Business Post reported. The collection, published by Masobe Books, was chosen from 223 entries, according to…

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  1. Lagos State plans to raise electricity supply from below 1,000MW to more than 3,000MW by March 2027, Governor Babajide Sanwo-Olu said on Saturday, 10 October 2026.
  2. The state aims to mobilise 2,000MW of extra supply from the national grid, independent power projects, power barges, energy traders and embedded generation.
  3. Its seven-point plan includes a fully functional Lagos Electricity Market and wider metering to reduce estimated billing.
Gist Reel

Nigeria · 4 min read

Lagos targets 3,000MW of power by March 2027 under seven-point plan

Lagos says it wants to more than triple its electricity supply, from below 1,000MW to above 3,000MW by March 2027. Here is the plan and what it means for homes and businesses.

The Lagos State Government says it plans to raise electricity supply in Lagos from below 1,000 megawatts (MW) to more than 3,000MW by March 2027. Governor Babajide Sanwo-Olu set out the target on Saturday, 10 October 2026, at the fourth Lagos Business School Africa Energy Conference in Lekki, in a speech delivered on his behalf by his deputy, Obafemi Hamzat,…

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  1. The share of Nigerian study visa applications to the UK that were withdrawn rose to 22.7% in the first half of 2026, from 4.5% a year earlier, according to Financial Times figures reported on 10 and 11 October 2026.
  2. Since 1 June 2026, UK universities must keep their visa refusal rate below 5% or risk losing their licence to sponsor international students.
  3. University leaders say many refusals rest on inconsistent reasoning, while the Home Office says international students are welcome but recruitment must be responsible.
Gist Reel

World · 4 min read

UK universities pull offers to Nigerian applicants as visa refusals double

The share of Nigerian study visa applications withdrawn rose to 22.7% in the first half of 2026 as UK universities facing a stricter Home Office refusal limit pulled offers.

UK universities are withdrawing admission offers to Nigerian applicants as Home Office study visa refusals rise, according to a Financial Times analysis of Home Office data reported by Vanguard and Daily Trust on 10 and 11 October 2026. The share of Nigerian study visa applications that were withdrawn jumped to 22.7% in the first half of 2026, from 4.5% in…

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  1. FAAN said on Thursday, 8 October 2026, that Sam Mbakwe International Cargo Airport in Owerri will close for about 25 days, tentatively from 20 October 2026.
  2. The works cover pavement repairs, crack treatment, resurfacing and a runway extension that FAAN says will let the airport take wide-body aircraft.
  3. Passengers due to fly through Owerri during the closure are advised to contact their airlines, and confirmed closure and reopening dates are still to be announced.
Gist Reel

Nigeria · 4 min read

Owerri airport to shut for 25 days from 20 October for runway repairs

Sam Mbakwe International Cargo Airport in Owerri will close for about 25 days from 20 October for runway repairs and an extension, FAAN and Festus Keyamo said.

Sam Mbakwe International Cargo Airport in Owerri, Imo State, will close for about 25 days from 20 October 2026 so that its runway can be repaired, resurfaced and extended. The Federal Airports Authority of Nigeria (FAAN) announced the plan in a statement on Thursday, 8 October, and the Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed it on Friday,…

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  1. NADDC and BPP said in Abuja on Friday, 9 October 2026, that MDAs must buy vehicles only from licensed local assemblers or their authorised retailers.
  2. An agency may buy a foreign-assembled vehicle only if no local alternative exists and it obtains direct presidential clearance.
  3. Every vehicle supplied to the government must carry a traceable VIN checked by NADDC, and suppliers outside licensed local assembly lines risk blacklisting.
Gist Reel

Nigeria · 4 min read

Nigeria First: FG orders MDAs to buy only locally assembled vehicles

Federal ministries and agencies must now buy vehicles only from licensed local assemblers, with foreign-built ones allowed only with presidential clearance, NADDC and BPP said on Friday.

Federal ministries, departments and agencies (MDAs) must now buy their vehicles only from licensed local assemblers or their authorised retailers, under the Nigeria First Policy. The National Automotive Design and Development Council (NADDC) and the Bureau of Public Procurement (BPP) set out the rules at a joint press conference in Abuja on Friday, 9 October 2026, Channels Television and Vanguard…

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  1. Apple cut October component orders for the iPhone 18 Pro and iPhone 18 Pro Max by at least 15% because of weaker-than-expected demand, Nikkei Asia reported on Friday, 9 October 2026.
  2. Suppliers link the weak iPhone 18 Pro demand to a $100 price rise driven by memory chip costs and to the standard iPhone 18 being held back until spring 2027.
  3. In Nigeria, retailer TCStore listed the 256GB iPhone 18 Pro at ₦2.5 million and the Pro Max at ₦2.9 million, according to Pulse Nigeria.
Gist Reel

Economy · 4 min read

iPhone 18 Pro: Apple cuts orders by at least 15% as demand cools

Less than a month after launch, Apple has trimmed October component orders for the Pro and Pro Max, Nikkei Asia reports, with a $100 price rise and a split launch blamed. In Nigeria the Pro already sells for about ₦2.5 million.

Apple has cut October component orders for the iPhone 18 Pro and iPhone 18 Pro Max by at least 15% because demand is weaker than it expected, Nikkei Asia reported on Friday, 9 October, citing people in its supply chain. One executive-level source put the cut at 15% to 20%. It comes less than a month after the phones went…

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  1. APC Presidential Campaign Council Director-General Abdulaziz Yari said on Friday, 9 October 2026, that President Bola Tinubu will flag off his re-election campaign in Kaduna on Saturday, 24 October.
  2. The campaign council holds its inaugural meeting at the State House Banquet Hall, Abuja, on Wednesday, 14 October, and Port Harcourt and Maiduguri are among the next stops.
  3. Nigerians vote in the presidential and National Assembly elections on Saturday, 16 January 2027, and campaigns must end on Friday, 15 January.
Gist Reel

Politics · 4 min read

Tinubu to launch 2027 re-election campaign in Kaduna on 24 October

APC campaign chief Abdulaziz Yari says President Tinubu will flag off his re-election campaign in Kaduna on 24 October, after the campaign council meets on 14 October.

President Bola Tinubu will formally launch his 2027 re-election campaign in Kaduna on Saturday, 24 October 2026, the Director-General of the All Progressives Congress (APC) Presidential Campaign Council, Abdulaziz Yari, said on Friday, 9 October 2026. Yari was speaking to State House correspondents after meeting the President at the Presidential Villa in Abuja, Channels Television and Premium Times reported. He…

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