News on the Go: 5 things that should matter to you today

• Tinubu approves key licences for Kolmani oil project
• Nigeria approves China’s plan to build electric vehicle factories
• Former US President Biden diagnosed with advanced prostate cancer

We have highlighted the five most important developments in the news today, Monday, May 19, and present them below.

5 issues in the news that should matter to you today

1. Tinubu approves key licences for Kolmani oil project: President Bola Tinubu has approved all essential regulatory licences required for the Kolmani Integrated Development Project, a multibillion-dollar oil exploration initiative spanning Bauchi and Gombe states.

According to a statement from the Special Adviser on Media and Communication for the Minister of State for Petroleum Resources, Nneamaka Okafor, the move is part of broader efforts to boost oil production nationwide by leveraging all available hydrocarbon resources.

2. Labour Party rep, over 1,000 supporters defect to APC in Enugu: The ruling All Progressives Congress (APC) has recorded another wave of defections, as Labour Party’s House of Representatives member for Udi/Ezeagu Federal Constituency, Sunday Umeha, officially joined the APC.

Also defecting is Daniel Asuquo, popularly known as “Dansuki,” a former lawmaker representing Akamkpa/Biase Federal Constituency in Cross River State, who left the Peoples Democratic Party (PDP) for the APC.

At a mini-rally held in Ibagwa-Aka, Igboeze South Local Government Area of Enugu State, Umeha declared his defection. Notably, a key LP financier, Chief Joshua Ogbonna, also known as “Father Father,” led over 1,000 LP members, including the entire local party structure, into the APC, marking a significant political shift in the region.

3. CBN reduces federal government loans by over N4 trillion: The Central Bank of Nigeria (CBN) has significantly reduced its loan exposure to the Federal Government, cutting net loans and receivables by over N4.1 trillion in 2024.

According to the bank’s audited financial statements, net loans and receivables dropped from N16.122 trillion in 2023 to N11.977 trillion in 2024 at the bank level. Similarly, group-level figures declined from N15.091 trillion to N10.959 trillion, a N4.132 trillion decrease.

4. Nigeria approves China’s plan to build electric vehicle factories: Nigeria has granted approval for China to establish electric vehicle factories in the country, a move aimed at deepening bilateral industrial cooperation and harnessing the potential of Nigeria’s solid minerals sector.

In a statement released by the Minister of Solid Minerals Development, Dr. Dele Alake’s  Special Assistant on Media, Segun Tomori, confirmed that both countries are advancing discussions on setting up EV manufacturing plants, with a focus on accelerating Nigeria’s industrialisation and technological growth.

5. Former US President Biden diagnosed with advanced prostate cancer: The former US President, Joe Biden, has been diagnosed with an aggressive form of prostate cancer that has metastasised to his bones, according to a statement released by his office on Sunday, May 18.

The 82-year-old Democrat was diagnosed after experiencing worsening urinary symptoms and the discovery of a prostate nodule during a medical examination.