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Newspaper Headlines: Nigeria not generating enough revenue to support development, says IMF

Ayodeji.oluwafemi@thecable.ng'byAyodele Oluwafemi
December 11, 2023 7:30 am

Reports on the plan by Nigerian senators to donate their December salaries to victims of accidental bombings in Tundun Biri community of Kaduna, permeate the cover pages of Nigerian newspapers.

The Punch says Dangote Oil Refining Company is set to start producing diesel, and aviation fuel in January 2024, while the production of petrol is being delayed by the supply of crude oil in installments. The newspaper reports that the International Monetary Fund (IMF) said Nigeria’s revenue is not enough to support development.
The Guardian reports that President Bola Tinubu has reneged on one of the legal and moral demands on public office holders to declare their assets upon the assumption of office. The newspaper says 109 senators have donated their December salaries to victims of accidental bombing in Tundun Biri community, Igabi LGA, Kaduna.
Daily Trust reports that customers are unable to make huge withdrawals from commercial banks despite the judgment of the supreme court on the validity of old naira notes. The newspaper says the Economic Community of West African States (ECOWAS) has reopened talks with the Niger junta with a view to demanding a short transition timeline.
THISDAY reports that the Oando Clean Energy (OCEL) announced that the company will be matching the efforts of the federal government through the purchase and deployment of an additional 50 new electric buses. The newspaper says there is growing frustration over the continued depreciation of the naira against the dollar.
Daily Independent reports that the Central Bank of Nigeria (CBN) is considering raising banks’ capitalisation to between N500 billion and N1 trillion. Tinubu said good governance is the key to ending coups in West Africa, the newspaper reports.

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