N5bn Presidential Yacht, Cake Laced With Canadian Loud And Other Newspaper Headlines Today

Stories and reactions on the N5 billion presidential yacht, and the intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market, top the front pages of Nigerian newspapers, today, November 3rd.

Osun Defender leads with a report from the National Drug Law Enforcement Agency (NDLEA) that Canadian loud is now used in the production of cakes and other confectioneries in Osun State. The paper says the APC in Osun has taken Governor Ademola Adeleke to court over the appointment of Local Government Caretaker Management Committees for the 69 council areas in the state.

The Punch reports that the house of representatives has reallocated the N5 billion budget for presidential yacht and added it to the student loan allocation. The newspaper says the Nigerian Navy has discovered and halted the siphoning of petrol from an oil pipeline at Atlas Cove, Lagos, belonging to the Nigerian National Petroleum Company (NNPC) Limited.

Daily Trust reports that manufacturers are groaning over the rising price of diesel as the product is now selling for N1,300/litre. The newspaper says Nigeria’s foreign exchange market may soon experience some liquidity as the CBN has begun clearing the backlog of foreign exchange obligations.

The Nation says governors of the Peoples Democratic Party (PDP) have justified their backing of President Bola Ahmed Tinubu’s intervention in the Rivers state political crisis. The newspaper says Nyesom Wike, minister of the federal capital territory (FCT), has promised to provide infrastructure before allocating land in the territory.

Nigerian Tribune says Babajide Sanwo-Olu, governor of Lagos, said the test-running of the red line will commence in December. The newspaper reports that an Abuja high court has ordered the unconditional release of Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN).

Vanguard reports that inconsistent government policies, high annual turnover and cash flow requirements are currently threatening execution of the $155 million phase 2 of the National Mass Metering Programme (NMMP). Wike said the administration of the FCT is enough for him and that he is not interested in running Rivers, the newspaper reports.