• Tinubu urges Nigerians to use CNG priced at ₦230 over ₦1,000 petrol
• Minister of Power meets with TCN and NERC over constant grid collapse
• FG bans exportation of cooking gas as prices surge
• IMF reveals Nigeria still borrows and is in high debt
• National Assembly moves to create a new state in the Southwest region

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Tinubu urges Nigerians to use CNG priced at ₦230 over ₦1,000 petrol

The President of Nigeria has urged the citizens to choose between using compressed natural gas (CNG) and petrol for their vehicles, considering they cost ₦230 per Standard Cubic Metre and over ₦1,000 per litre.

The President disclosed this at a meeting with the Nigerian Independent Petroleum Company (NIPCO) as he stressed that the safety and affordability of CNG was assured and motorists could switch to that rather than continue to use petrol which has surged beyond anyone’s wildest dreams.

Minister of Power meets with TCN and NERC over constant grid collapse

The Minister of Power, Adebayo Adelabu, requested an emergency meeting with the officials at the Nigeria Electricity Regulatory Commission (NERC) and Transmission Company of Nigeria (TCN) to discuss the cause of the constant power grid collapse in recent weeks.

At the meeting, the Minister expressed his displeasure and disappointment at the grid’s collapse. He said the recent incidents had jeopardized all work (the increased generation and distribution of 5,527 megawatts) that had gone into the power sector so far under his administration.

In a statement delivered by the Minister’s Special Adviser, Strategic Communication and Media Relations, Mr Bolaji Tunji, it was announced that the Minister of Power had established a committee tasked with carrying out a forensic investigation and advising the government on the necessary solutions to avoid any more grid collapse.

FG bans exportation of cooking gas as prices surge

In an attempt to control the surging price of cooking gas in the country, the federal government has banned the exportation of the product to other neighbouring countries.

The announcement was made by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, who declared that Nigeria would tackle the surging prices of cooking gas in the country.

The price of cooking gas surged from ₦700/kg in 2023 to ₦1,500/kg in October 2024, recording a 114% increase in less than two years.

IMF reveals Nigeria still borrows and is in high debt

The International Monetary Fund (IMF) has revealed that Nigeria is still actively borrowing billions of dollars and remains in debt due to the costs related to the amounts borrowed.

According to Tobias Adrian, the IMF’s Financial Counsellor and Director of Monetary and Capital Markets, Nigeria has maintained a stable borrowing streak throughout 2024.

“Frontier markets, including Nigeria, have been active in the debt market this year, and though access to financing is still more expensive than before, the overall issuance levels have been encouraging,” he said.

National Assembly moves to create a new state in the Southwest region

The House of Representatives has declared their desire to separate Oyo and Ibadan, making Ibadan stand alone as a state rather than a part of Oyo State.

A bill, which has now passed a second reading in the House of Representatives, was submitted by Akeem Adeyemi, the son of the deceased Alaafin of Oyo, and six other lawmakers.

According to the bill, a new Oyo State would be created from the current Oyo, and its capital would be called “Oyo Town.” With Oyo State being the largest state in the Southwest, the lawmakers have proposed that it be divided into two, and the bill is scheduled for a public hearing before it goes through the third reading.