Economists advocate cash transfers for vulnerable Nigerians amid rising fuel prices
via Punch Nigeria4 min read
Energy economists are calling for targeted cash transfers to help vulnerable Nigerians cope with increasing fuel prices, a situation exacerbated by global oil market instability. This recommendation comes ahead of the 19th annual international conference of the Nigerian Association for Energy Economics, scheduled for April 26-29, 2026, in Lagos. Professor Adeola Adenikinju, a former president of the association, highlighted that while higher oil prices could boost Nigeria's revenue, they also lead to increased transportation costs and inflation, disproportionately affecting low-income households. He stressed the need for direct intervention but noted the challenge of lacking a reliable database of vulnerable Nigerians. Adenikinju also pointed out that recent allowance increases for civil servants would not benefit many Nigerians in the private and informal sectors, urging federal and state governments to collaborate on broader support mechanisms. Beyond immediate relief, he emphasized structural reforms to strengthen social protection systems. The conference, themed 'Evolution of Energy Mix in Africa: The Role of Technology, Economics and Public Policy', will gather policymakers, regulators, industry leaders, investors, academics, and development partners. Hassan Mahmud, the association's president, stated that the event will address balancing energy security, affordability, and sustainability in Africa, focusing on how emerging technologies, economic frameworks, and public p
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Must ReadChina's top economic planning body, the National Development and Reform Commission, has blocked Meta's acquisition of AI startup Manus. The decision follows a regulatory review, during which two Manus co-founders, CEO Xiao Hong and chief scientist Ji Yichao, were reportedly restricted from leaving China. Meta had announced its agreement to acquire Manus, an AI agent developed by a company founded in China and now based in Singapore, in December. Analysts had previously cautioned that the deal might face regulatory hurdles due to technological competition between Washington and Beijing. The National Development and Reform Commission stated it would "prohibit the foreign investment in the acquisition of the Manus project" and "requires the parties involved to withdraw the acquisition transaction," citing adherence to "laws and regulations." Manus, created by startup Butterfly Effect, specializes in tasks such as summarizing resumes and creating stock analysis websites. Financial details of the acquisition were not disclosed, though Bloomberg Intelligence analysts estimated its value could exceed $2 billion.
Must ReadGunmen attacked an orphanage and school facility in the Zariagi area of Lokoja, Kogi State, abducting 23 pupils and the wife of a school proprietor. The incident, which occurred late Sunday, targeted the Dahallukitab Group of Schools. The Kogi State Commissioner for Information and Communications, Kingsley Fanwo, confirmed the attack, stating that security operatives swiftly responded, leading to the rescue of 15 abducted pupils. The commissioner noted that the facility was operating illegally in a remote, bushy environment without registration or knowledge of relevant authorities and security agencies. Efforts are underway to secure the release of the remaining eight victims and apprehend those responsible. Fanwo commended the swift response of the police and other security agencies, while also warning against operating schools and orphanages in isolated areas without proper authorization, citing serious security risks. He urged all operators of such facilities to comply with regulatory and safety protocols and engage with appropriate government agencies for oversight, security assessment, and protection. Security agencies are working to bring the situation under control, and updates will be provided.
The Nigerian Exchange Limited NGX has expanded its daily trading hours, effective Monday, April 27, 2026. The new schedule runs from 9:00 a.m. to 4:00 p.m., extending the previous 9:30 a.m. to 2:30 p.m. window. This change, which adds over three hours to the trading day, was confirmed by NGX on its X handle, stating it offers more flexibility and responsiveness. The Securities and Exchange Commission SEC approved the extension, which NGX announced earlier in April. The initiative aims to increase market liquidity, improve price discovery, and offer investors and participants more flexibility to react to market developments and opportunities throughout the day.
Three fire outbreaks within one week have destroyed onion stocks valued at nearly ₦500 million across several communities in Sokoto State. Security agencies are investigating the incidents amid suspicions that they may be deliberate. The latest blaze in Duhuwa village destroyed 324 onion storage huts and 5,832 bags of onions. Similar fires previously occurred in Kojiyo village, destroying 2,275 bags, and in Dundaye, where over 2,000 bags were lost. In total, more than 10,000 bags of onions have been consumed. The National President of the Nigerian Onion Producers, Processors and Marketers Association of Nigeria, Aliyu Isah, noted the recurring nature of the incidents, stating that the pattern is becoming suspicious. Local accounts suggest the Duhuwa fire started in a single hut before quickly spreading. The financial toll is severe, with losses in Duhuwa alone estimated at over ₦204 million. Community leaders highlighted the lack of nearby water sources and limited firefighting capacity as factors that exacerbated the crisis. NOPPMAN has formally reported the incidents to security agencies, including the Department of State Services and the Nigeria Police Force, requesting a thorough investigation. Appeals have also been made to the National Emergency Management Agency and state authorities for urgent relief for affected farmers. Market watchers warn that sustained disruption in supply could lead to increased onion prices.