SENATE APPROVES ₦403.1BN POLICE TRUST FUND BUDGETS FOR 2025, 2026.(PHOTO).

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 SENATE APPROVES ₦403.1BN POLICE TRUST FUND BUDGETS FOR 2025, 2026 The Senate has approved a total of ₦403.1 billion for the Nigeria Police Trust Fund for the 2025 and 2026 fiscal years, to strengthen policing and tackle terrorism, kidnapping, and other security threats. The approved funding includes ₦170.1 billion for 2025 and ₦233 billion for 2026, covering personnel costs, capital projects, and overhead expenses aimed at improving the operational capacity of the Nigeria Police Force. Lawmakers say the funds will support the provision of critical equipment, infrastructure, training, and other resources needed to enhance security across the country. Meanwhile, President Bola Tinubu has sent a bill to the Senate seeking to repeal and reenact the Administration of Criminal Justice Act.  The proposed legislation aims to speed up the delivery of justice, promote the use of technology in criminal proceedings, and establish a Criminal Justice Monitoring Council to oversee implement...
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VOLKSWAGEN TO CUT 50,000 JOBS AS PROFITS DECLINE. (PHOTO).

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 Volkswagen to cut 50,000 jobs as profits decline

Germany’s automotive giant Volkswagen said Tuesday it will cut 50,000 jobs in Germany by 2030 as profits fell to their lowest level in nearly a decade. The reduction comes as the 10-brand group faces Chinese competition, U.S. tariffs, and high costs.

CEO Oliver Blume said the cuts will affect Volkswagen’s main brand, as well as Audi, Porsche, and its software subsidiary Cariad. The company had already agreed to cut 35,000 jobs at Volkswagen by 2030 as part of plans to save 15 billion euros ($17.4 billion) annually.

Volkswagen has struggled with stagnant demand in Europe, the high cost of electric vehicle investment, and falling sales in China, where local rivals BYD and Geely have overtaken the company. Blume said that Chinese automakers entering the European market will increase price pressure and that the company must intensify cost management.

Earnings after tax fell about 44% last year to 6.9 billion euros ($8 billion), the lowest since 2016, affected by U.S. tariffs, Chinese competition, and costly investments in Porsche. Blume described the situation as a decisive break for the German automotive industry, saying the traditional business model is no longer viable and Volkswagen must compete with emerging rivals.

For 2026, the company expects a core profit margin of 4% to 5.5%, potentially lower than the 4.6% achieved this year after restructuring and Porsche-related costs. Volkswagen has extended the production of gas-powered Porsche vehicles amid slow EV demand, despite European CO2 regulations.

Blume said geopolitical events, including the Middle East conflict, have limited impact, though sales in Ukraine, Russia, the U.S., and China have recently declined.


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