Every day, new innovations shape the world around us.
February 6, 2025, has seen a number of noteworthy news, ranging from changes in governmental and economic policy to developments in technology and entertainment. To keep you informed about the most recent happenings, this blog post offers a thorough analysis of the most popular news items in Nigeria and beyond.
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Nigeria's Top Stories
Government and politics
₦758 Billion Pension Bond Approved to Settle Arrears The Nigerian Federal Executive Council (FEC) has approved a ₦758 billion bond to settle outstanding pension arrears, which is meant to alleviate the financial burden on retirees who have experienced delays in receiving their payments. For years, Nigerian pensioners have suffered from late payments and mismanagement of funds, which has resulted in economic hardships. The newly approved bond is anticipated to provide relief to thousands of retirees and enhance the nation's pension system, and experts believe it could be a step towards better financial management and senior citizens' welfare.
Nigeria’s Budget Increased to ₦54.2 Trillion
President Bola Ahmed Tinubu has revised the country’s 2025 budget, raising it from ₦49.7 trillion to ₦54.2 trillion. This adjustment reflects new financial priorities, including investments in infrastructure, education, and national security.
The budget expansion follows intense discussions in the National Assembly over Nigeria’s economic strategy. With inflation and rising costs affecting daily life, the government has assured citizens that this revised budget will focus on long-term development while addressing immediate financial concerns.
Business & Economic Updates
Discussions Proceed with the Proposed Increase in Telecom Tariffs
To negotiate the proposed 50% rise in telecommunications charges, the Nigerian government and the Nigeria Labour Congress (NLC) have signed a Memorandum of Understanding (MoU). Customers and stakeholders are worried about the escalating costs of internet and mobile services. Fuel price increases and currency volatility have resulted in higher operating costs for the telecom industry. Many Nigerians are calling for a more gradual approach to the price hike, despite the government's claim that the tariff adjustment is required to maintain service quality.
The stock market is off to a good start in 2025. With the NGX All-Share Index rising from 102,926.40 points at the end of 2024 to 104,496.12 points by January 31, 2025, representing a 1.53% increase, the Nigerian equity market got off to a strong start this year. Experts credit this expansion to a resurgence of investor confidence, especially in the telecom, energy, and banking industries.
Analysts anticipate a robust stock market performance in 2025 if this pattern holds true.
Entertainment & Technology Internet Data Usage Reaches All-Time Highs In December 2024, Nigeria consumed 973,455 terabytes of internet data, a record amount and a 36.5% increase over the previous year. The main cause of this growth is the rise in the use of streaming services like YouTube and Netflix. Nigeria's growing digital economy is highlighted by the growing demand for digital content. The affordability of internet services has been questioned, nevertheless, particularly in light of the continuing debates over increases in telephone tariffs.
A stock market graph showing growth trends.
Top Streaming Content in Nigeria
On Netflix Nigeria, Bogotá: City of the Lost has climbed to the number one spot among movies, while The Night Agent remains the leading TV series.
On Amazon Prime Video, The Killer’s Game holds the top position in movies, while Beast Games leads in the TV category.
Streaming services continue to attract a growing audience in Nigeria, as more people opt for on-demand entertainment. With improved internet access, digital content consumption is expected to increase further in the coming years.
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