The Nigerian Senate on Wednesday approved the ministerial nomination of Professor Taiwo Oyedele by President Bola Ahmed Tinubu, urging him to prioritize economic reforms, strengthen local manufacturing, and enhance the ease of doing business nationwide.

During plenary discussions, senators evaluated Oyedele’s proposed policies and readiness to address critical fiscal challenges, including rising public debt and underperformance in capital budget implementation.

Jibrin Barau, Deputy Senate President, encouraged the nominee to leverage Nigeria’s mineral wealth while improving the efficiency of capital spending.

Lawmakers also emphasized the need for initiatives that bolster domestic industries, reduce reliance on imports, improve the business climate, and secure adequate funding for security agencies through first-line charges to ensure national stability.

Responding, Oyedele highlighted that Nigeria’s budget size remains small relative to its economic scale, stressing prudent and strategic utilization of public funds. He also addressed concerns over the recent Capital Gains Tax increase from 5% to 30%, noting stakeholder reservations compared to the global average of roughly 15%.

Senate President Godswill Akpabio conducted a voice vote that overwhelmingly confirmed Oyedele’s appointment.

The confirmation is expected to bolster the government’s fiscal and tax reform agenda, enhancing revenue mobilization, infrastructure development, and overall economic stability.

Some Nigerian citizens stranded in Iran have been safely escorted across the Armenian border by officials of the Nigerian Embassy as tensions continue to escalate in the Middle East.

The update was confirmed by the Director of Media at the Nigerians in Diaspora Commission (NIDCOM), Abdur-Rahman Balogun, who spoke on a statement issued by the Commission’s Chairman and Chief Executive Officer, Abike Dabiri-Erewa.

According to Dabiri-Erewa, none of the Nigerian citizens living in Iran have been harmed despite the ongoing crisis in the region. She added that Nigerian officials remain stationed at the border to assist any citizen who wishes to leave the country.

She assured that the Federal Government is closely monitoring the situation and has taken necessary steps to ensure the safety and evacuation of Nigerians who may be at risk.

“The Nigerian government is actively monitoring developments and ensuring that all citizens seeking safety are assisted promptly and securely,” the statement noted.

The evacuation effort reflects the continued commitment of the Nigerian government to safeguarding the welfare of its citizens abroad, especially those in conflict-prone regions.

Authorities are also working in coordination with diplomatic missions and relevant partners to ensure safe passage, proper documentation, and smooth transit for Nigerians leaving the country.

The development comes amid rising tensions across the Middle East, which has forced several countries to begin evacuation arrangements for their nationals in the region.

Iran has warned that global oil prices could surge to as high as $200 per barrel as tensions escalate in the Middle East and attacks on commercial vessels increase in the Gulf region.

Iran’s military command issued the warning on Wednesday, saying instability in the region could severely disrupt global energy supplies. A spokesperson for the command, Ebrahim Zolfaqari, said the world should prepare for a major spike in oil prices, blaming the situation on escalating military confrontations involving the United States and Israel.

The warning comes as several merchant ships were struck by projectiles in the Strait of Hormuz, a vital maritime corridor for global oil shipments. Reports indicate that at least three additional vessels were recently hit, bringing the number of affected ships in the region to more than a dozen since the conflict intensified.

The Strait of Hormuz is one of the world’s most critical oil transit routes, handling roughly 20% of global oil supply, and disruptions there have already led to sharp volatility in energy markets. Shipping traffic through the waterway has dropped dramatically as companies avoid the area due to safety concerns.

Iran has also warned that oil shipments destined for the United States, Israel, and their allies could be targeted, further heightening fears of a prolonged disruption to global energy supplies.

In response to the growing crisis, the International Energy Agency (IEA) has ordered the release of about 400 million barrels of emergency oil reserves from member countries in an attempt to stabilize global markets and prevent further price spikes.

The ongoing conflict between Iran, the United States, and Israel has intensified in recent weeks, with missile strikes, attacks on military bases, and disruptions to shipping routes raising concerns about wider economic consequences worldwide.