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External factors to impact Naira next week Oil slips

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Lukman Otunuga, Research Analyst at FXTM, comments on External factors to impact Naira next week Oil slips

Emerging market currencies like the Nigerian Naira are likely to seek direction from external factors next week, with emphasis likely to be placed on the breaking development that the United States and North Korea summit has been cancelled by President Trump.

Although North Korea has offered an olive branch to the US, it is still going to be interesting to monitor how investors react to this development.

If they adopt a cautious stance over the upcoming trading session, there is likely going to be less buying demand for emerging market currencies like the Naira. Alternatively, signs of de-escalating tensions between both sides could rekindle risk appetite consequently supporting EM currencies.

Sentiment mixed as North Korea offers olive branch

It’s remarkable that just hours after President Donald Trump suddenly axed his highly anticipated June summit with Kim Jong-Un in Singapore, North Korea unexpectedly offered an olive branch.

North Korea has stated that they remain open-minded in giving “time and opportunity” to the United States and are willing to meet Trump “at any time in any way”. With the nation also calling the planned summit “desperately necessary” to mend the US-North Korea relationship, the doors could still be open for a summit to take place. Markets will be paying very close attention to how the Trump administration responds to North Korea’s conciliatory stance. Any further signs of de-escalating tensions between the US and North Korea could revive risk sentiment.

Asian stocks were on the defensive during early trade, as North Korea’s measured response to the abrupt summit cancellation slightly soothed investor jitters.

European markets rebounded after the olive branch from North Korea and this improving sentiment could support Wall Street in the afternoon.

Sterling quivers as GDP disappoints

This hasalready been a terrible trading week for the Pound, as cooling inflation figures dented expectations over the Bank of England raising UK interest rates in August.

Matters worsened on Friday following reports that UK economic growth dropped to its lowest rate since 2012. UK GDP growth slowed to 0.1% in the first quarter of 2018 according to the second estimate, which immediately damaged buying sentiment towards the Pound. Today’s disappointing growth figures may weigh heavily on sentiment while also forcing investors to scale back bets on a BoE rate hike anytime soon.

Taking a look at the technical picture, the GBPUSD remains bearish on the daily charts as there have been consistently lower lows and lower highs. Repeated weakness below the 1.3400 level could invite a decline towards 1.3320 and 1.3250, respectively.

Dollar steady ahead of Powell speech

King Dollar was steady against a basket of major currencies this morning ahead of the upcoming speech from Fed Chair Jerome Powell.

He will be addressing financial stability and central bank transparency before the Sveriges Riksbank Conference in Stockholm later today.

The Greenback could appreciate further is Powell sounds hawkish and offers fresh insight into the Fed’s monetary policy tightening path beyond June.

With the widening interest rate differential still favouring the Dollar and expectations elevated over an interest rate hike in June, Dollar strength is likely to remain a dominant market theme.

Taking a look at the technical picture, the Dollar Index remains heavily bullish on the daily charts. A decisive breakout above 94.00 could encourage an incline higher towards 94.20 and 94.50, respectively.

Is the Oil bull run over?

The prospect of OPEC and Russia easing supply curbs to counterbalance falling output from Venezuela and potential decline in Iranian exports has exposed oil to downside risks.

Price action suggests that bulls may be struggling to find support from geopolitical risk factors to sustain the current rally.

While initially speculation of tighter global supply was a theme that heavily supported oil, the fundamental drivers could change if OPEC and co. easesupply curbs. With the possibility of rising production from Russia, OPEC and US Shale renewing oversupply concerns, Oil remains exposed to downside risks.

In regard to the technical perspective, WTI Crude is at risk of sinking towards $68 if bulls are unable to maintain control above $70.

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Energy

Gov Mbah Revamps, Upgrades Nigergas after 30-year Dormancy

REPORT by ORJI ISRAEL

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Nigergas by Peter Mbah --
Governor Peter Mbah unveiling the newly revived Nigergas plant in Enugu

… Plant to create 5,000 jobs, produce 100 cubic metres of oxygen, 45 cubic metres of acetylene per hour

… Nitrogen, argon gas; carbon dioxide, CNG Stations in the pipeline

… Dr. Uduji: Mbah, Nehemiah of our time, rebuilding broken walls

…Kanayo O. Kanayo: Security is working in Enugu

Nigergas by Peter Mbah ----
The Nigergas Company

Governor of Enugu State, Dr. Peter Mbah, on Thursday, unveiled Nigergas Company Limited, revamped and upgraded by his administration after over three decades of dormancy.

Mbah said Nigergas had so far created direct employment for over one hundred skilled and semi-skilled workers, and would further create over 5,000 indirect jobs across distribution, fabrication, transport and supplies chain.

He stressed that the revival of Nigergas company, which was established in 1962 as part of Dr. Michael Okpara’s after decades of abandonment, was another proof of his administration’s commitment to reviving state-owned moribund assets and grow Enugu State’s economy from $4.4bn to $30bn.

“What we have revived and unveiled today is not simply metal and a network of pipes; it is the restoration of purpose, dignity and productivity to a site that once symbolised Eastern Nigeria’s industrial promise.

“When we speak of the goal to grow our GDP from $4.4bn to $30bn, it is not mere posturing. It is rooted in the conviction that Enugu can become a truly diversified, self-reliant economy, if we muster the will to do things differently to launch us to the future we dream of,” he stated.

On Nigergas’ rehabilitation model, capacity, and expansion plan, Mbah said, “we approved a full rehabilitation scheme and a management model that blends public ownership with private-sector performance discipline.

“The intention was clear: retain public ownership, but run the facility on modern, accountable, commercially viable lines.

“So, today, Nigergas returns to production with modernised equipment and clear technical specifications designed to meet immediate healthcare and industry needs.

The Nigergas

“The plant’s installed capacity has been upgraded to produce significant volumes of medical and industrial gases, ensuring steady local supply and reducing dependence on distant, expensive suppliers.

“Crucially, the plant will supply liquid oxygen, medical and industrial oxygen, and acetylene gas to our hospitals, welders, agro-processors and manufacturers, improving clinical outcomes and reducing production costs for businesses that are the backbone of local livelihoods.

“The new plant has a capacity to produce 100 cubic metres of oxygen per hour; and 45 cubic metres of acetylene per hour.

“We will soon bring on stream these additional products: nitrogen; argon gas; carbon dioxide; and CNG stations,” he said.

He maintained that Nigergas’ revival would guarantee access to reliable medical oxygen saves lives, on-demand industrial gases to lower operating costs, speeds turnaround and keeps workshops and factories turning.

“These improvements ripple outward: increased industrial activity strengthens our revenue base, and deepens opportunities for MSMEs,” he said.

He commended the Managing Director of the Enugu State Investment Authority, and the Commissioner for Trade, Investment and Industry, Dr. Sam Ogbu-Nwobod; the engineering firm, Ten Gas Development Ltd (a division of INDEV GROUP and the community leaders of Emene for their roles in resurrecting Nigergas.

speaking, Dr. Ogbu-Nwobodo expressed joy that although the firm established by Dr. Okpara Administration in partnership with Siad Machine Impianti was abandoned for over three decades due to mismanagement, misappropriation of revenue, abuse of company resources, nepotism, and weak corporate governance, Governor Mbah had restored the lost dreams.

The Managing Director, Ten Gas Development Ltd., Chief Chike Madueke, noted that the restored Nigergas would provide training and thousands of employments for the youths of the state.

The Chairman, Enugu State Traditional Rulers Council, Igwe Samuel Asadu; community leader and health consultant, Dr. Joy Uduji; Chairman of Enugu East LGA, Pastor Beloved Dan Anike and a businessman, Engr. George Ndubeze Ugwu, also commended Mbah for not only breathing life into dead state-owned assets, but for also building infrastructure that make lives better and enable businesses to thrive.

The Nigergas

“You are the Nehemiah of our time. Like Nehemiah, who came and supervised the rebuilding of the walls of Jerusalem, you have also come to rebuild Enugu State,” Dr. Uduji said.

Speaking, Nollywood veteran actor and movie produce, Kanayo O. Kanayo, said, “It is not praise-singing, security is working here because when I come to make movies here, we usually stay out late into the night at Nike, and we are safe.”

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Transport

August24news Publisher, Ajagbe, Set to Present Best Driver and Best Conductor of The Year Awards

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Publisher, August24news.com, Mr. Ajagbe Adeyemi Teslim
Publisher, August24news.com, Mr. Ajagbe Adeyemi Teslim

As part of efforts to sanitize and project the image of the transportation system in Lagos State and ability to reward good deeds and eliminate the bad eggs among the drivers and conductors in the state, Lagos-based frontline journalist and publisher of Nigerian Online Newspaper, August24news.com, Mr. Ajagbe Adeyemi Teslim is set to present the best driver and best conductor awards to deserving professionals in the state.

The competition is expected to start in January 2026 and end by December 2026 and it has been designed to be a yearly competition after the maiden edition.

The parameters and measures put in place to pick the Best Driver and Best Conductor in the state is through commuters’ commendations, score cards, online voting system by the general public, public opinions and other relevant methods.

Many drivers and conductors in Lagos State are known for their lackadastical attitudes, but there are still good ones among them, which is the reason we want to reward the good ones among them so that the wrong ones will emulate from the rewarded ones.

Speaking at a press conference in Lagos, the convener of the Award and Publisher of August24news.com, Mr. Ajagbe Adeyemi Teslim highlighted some of the marks expected in every drivers and conductors before winning the awards.

He said they must possess good characters, good dress sense, good driving skills, saying that drivers and conductors must charge their passengers reasonable transport fares, possess good communication skills and relate well with their passengers, they should avoid stoping at undesignated bus-stops, avoid handling our naira with care because the way they are mishandling our naira is one of the reason why our currency is fading and changing faces.

In addition, he said that they should avoid bribing officials of the Lagos State Traffic Management Authority (LASTMA) and other road transport officials because they want to have their ways, they must receive and welcome their passengers with smiles and greetings, avoid pushing and roughhandly their passengers into and outside the bus, they must not smoke and drink before or while on duity.

He said they should be able to help passengers with free ride if the person pleads with them and they should not fight passengers whose fare is not completed, they must not make calls while driving, they should sit properly and avoid hanging on the bus, avoid picking passengers at unapproved bus stops and his or her bus must be in good condition before plying Lagos roads.

On what would be the benefits of the winner, Ajagbe stated that the winner will go home with over dozen gifts which include, a brand new bus, a brand new private car, a duplex,  free 20 liters of fuel daily for a month, twenty four million naira cash, brand ambassador contract, driving contract, tour of 10 notable places in the state, courtesy visit to 10 dignitaries in Lagos State, automatic employment for two of his children in Lagos State, 24 different native and English attires from a popular designer, 24 new tyres, an award plaque, conductor and driver bet, a befitting gala night and Letter of commendation from the Lagos State Government, adding that the best conductor will also get whatever the driver gets.

When asked about what prompted the idea, the publisher said that he had witnessed many ugly incidents among Lagos drivers and conductors, which he said made him think of a way to change the narrative and to rebrand the profession.

According to him, “we want to put them on the watch, we want to set an agenda for them, we want to curb thier lakadastical act and non-challantant attitude such as drinking and smoking while on duty as well as reward the best among them, eradicate the bad ones and also encourage others so that they can be emulated.

He added that there is no agency that monitors thier activities in the state, claiming that what the National Union of Road Transport Workers (NURTW) and local governments does is just to collect fees and levies from them.

Speaking further, he said; “I have witnessed a situation where drivers and conductors beat passengers because of a mere 10 naira change during argument.

“I have witnessed, where drivers and conductors abused and insulted passengers which led to trauma. I have seen where a passenger was stranded, trekked home and even begged for transport fares simply because a wicked conductors took his change away. I have seen where people where properly dressed, clean and neat, unfortunately a public bus tore and dirty thier cloth. These are people who are set for their daily jobs, going for job interviews and attending social gathering.

He said that on numerous occasions, he had seen situations where conductors and drivers returned lost phones, gadgets, loads and even bags of money to their passengers, saying that “we must not shy away from the truth or be economical with the truth, the good ones are still living and must also be recognized and rewarded.”

“I have not seen when conductors give passengers free ride out of the 365 days in a year. Some of them are not friendly with their customers, they should be able to give back to the society or their passengers and they should be ready to partake in CSR. Anyone who does this will win the award of the year,” he said

When asked what his organisation stands to benefit from the awards, Ajagbe told newsmen that his target are numerous because “we want the best for Lagos State and Nigeria as a whole. We want them to be responsible and accountable to their passengers and the general public. We want commuters to get value for their money, We want them to be good ambassadors because foreigners and the international communities see their practice.

“We want to set an agenda for them, we want to change the narrative, we want to change the public orientation that public bus drivers and conductors are respected people and not bad people as people see them.

“Some of them are always the cause of accidents on our roads due to their lakadastical attitude. We want the government to put them on a good pedestal. We want them to put a stop to their hooliganism and fighting during the cause of their business.

“The NURTW and the local governments are levies collectors. We want the state government to mandate drivers and conductors to start wearing uniforms and have numbers to identify the erring ones among them,” he stated.  

Speaking on the measure and yardstick to pick the best driver and best conductor among the thousands in the business, Ajagbe stated that members of the public will engage in voting after evaluating all the requirements.  

The drivers and the conductors will also appeal to their passengers to vote for them via hard copy forms, sms text code and online voting.

Ajagbe said that all commercial buses drivers and conductors in Lagos State are eligible to participate in the competition because it is free, adding that no payment is required to participate in the competition once he or she is a registered member of the union in a specific garage attached to a route in Lagos State.

When asked if the project will fly and accepted by members of the public and even get sponsors, Ajagbe said that 90 percent of Lagosians ply public busses on a daily, weekly, monthly and yearly basis to their various destination and they must have had one or two experiences with some of these drivers and conductors and they will be willing to share their positive or negative thoughts.

He stressed that the job is taking a new look and dimensions, particularly when it’s coming with rewards and that sponsors are always keen to assist creative ideas and concepts like this.

“We would work in hand with the Lagos state government, the state Ministry of Transportation, Lagos State Branch of the NURTW State, local government branch and Unit Chairmen, drivers and conductors association and other relevant agencies attached to transport business in Lagos state”. Ajagbe added.

Ajagbe revealed that the whooping sum of one billion naira (1.000,000,000) is proposed for the project and then called on the Lagos state government, the ministry of Transportation, corporate bodies, well meaning Nigerians to key into the idea and response promptly to the proposal sent to them as he can be contacted through; [email protected] for sponsorship and partnership to produce the best Driver and Best Conductor in Lagos State.

Commenting on the project, is former LAGOS State commissioner for Transportation, Hon. Dr. Muiz Banire (SAN) stated that it is a laudable project that will add honour to the work of the commercial bus drivers and conductors in Lagos State as he kindly appealed to sponsors to fully support the project.

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Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.

The tool is expected to make compliance easier and improve transparency in the system.

In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.

“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.

Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.

The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.

Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.

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