NewStats: 3,265,314 , 8,186,355 topics. Date: Saturday, 14 June 2025 at 11:55 AM 5o4b1w

Nigeria has degenerated to electoral autocracy, and the Liberal Progressive & Patriotic Congress, or LPPMC, has noted with dismay that constitutional disobedience is necessary to restore the system.

The Congress emphasized the need for a biometric audit of INEC’s voter immediately, blockchain-based voting systems to prevent tampering, and live streaming of all results collation in a statement released by LPPMC’s National Coordinator, Dr. Kingsley Okundaye, on behalf of 21 other leaders.

The group decided to seek a constitutional change to penalize judges who undermine electoral fairness and set a 90-day deadline for election petitions, stating that democracy devolves into tyranny when courts legalize electoral heists.

The communique demanded constitutional recognition of power rotation between regions and religions, claiming that northern marginalization has not been addressed in 25 years of democracy.

According to gender policy discussions, LPPMC promises to reserve 40% of leadership positions for women and young people by launching “Democracy Literacy Campaigns” in each of the 774 LGAs as part of its grassroots mobilization efforts.

The 2023 elections shown that rigging is now ingrained,” the LPPMC stated. We have to take action right away or Nigeria will be lost.

It demanded the creation of a 37-state Coalition for Electoral Integrity by July 1 and claimed that the Labour Party’s takeover demonstrated the necessity for additional protections against political predators.

It gave INEC a deadline of August 30 to purify the voter registration and start widespread voter instruction by September 12.

Bello El-Ruafi, a member of the House of Representatives and the son of former Kaduna State Governor Nasir El-Rufai, has acknowledged his naivety in criticizing the istration of former President Goodluck Jonathan.

The representative for Kaduna North Federal Constituency stated that his lack of understanding prevented him from recognizing that governance was indeed taking place during Jonathan’s tenure.

He revealed that he came to this realization after witnessing his father visiting the former president for political discussions.
“I visited my father after becoming a member and noticed him wearing a polo shirt. I inquired, ‘Where are you going?’ He replied that he was going to see President Jonathan, which made me pause. In my naivety, when I prioritized ego or personal gratification, I was very vocal in my criticisms of President Jonathan.
“I even overlooked, as many young individuals do, the fact that governance was occurring at that time, and I heard my father mention that he was going to consult with President Jonathan. I said, ‘Please, when you meet him, convey my sincerest apologies; I have gained wisdom now.’

“The system poses challenges. Now, why do I reference President Jonathan? It requires significant courage, especially in Africa, to lose an election and step down; he accomplished that,” Bello El-Rufai remarked.

He pointed out that there have been advancements in electoral reforms, and as a member of the All Progressives Congress (APC), he indicated that if there is any validity to the rumor regarding an electoral amendment permitting voting without a voter’s card, he would oppose such a measure.

He voiced his endorsement for the enhancement of electoral reforms, including the electronic transmission of election results.

Eleven new Permanent Secretaries have been appointed with the approval of Retired Vice iral Ibok-Ete Ibas, the of Rivers State

Mrs. Inyingi Brown, the Acting Head of Service, made the announcement in a statement.

The official swearing-in ceremony date will be announced soon, according to the statement.

The following appointees were listed in the statement:

1. Imaonyani Roselin Ephraim-George
2. Dr. Mina T. Ikuru
3. Dabite Sokari George
4. Soibitein Duke Harry
5. Lauretta Davies Dimkpa
6. Uche R. Ideozu
7. Chimenum Mpi
8. Jeremiah Egwu
9. Nicholas Iminabo Wokoma
10. Vera Sam Dike
11. Aleruchi Akani

The current strike has been halted by the Judiciary Staff Union of Nigeria (JUSUN), which has directed its to return to work today Wednesday, June 4, 2025.

The decision to end the strike was made following lengthy discussions on the issues that sparked it and a series of meetings with the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, and other pertinent stakeholders, according to a statement released and signed by the association’s national vice president and ten other association leadership on Tuesday.

The stakeholders decided that JUSUN should ask the Nigeria Labour Congress (NLC), the CJN, Muhammad Dingyadi, the Minister of Labor and Employment, and other stakeholders to step in.

The agreement said that the union would be able to work with the federal government to guarantee the transfer of cash to the judiciary within a month if the strike was suspended.

Additionally, the communique revealed that “the JUSUN’s demands, which include a N70,000 new minimum pay and its arrears, a 25–35% salary raise, and a five-month wage award and its arrears, will be executed immediately upon the transfer of the monies to the Judiciary.”

The National Assistant Financial Secretary and the Chairman of the JUSUN chapters of the Federal Judicial Service Commission, FJSC, Court of Appeal, Federal High Court, National Industrial Court, National Judicial Institute, FCT High Court, FCT Sharia and Customary Court, and the FCT Judicial Service Commission sign the communique in addition to the JUSUN National Vice President.

Outstanding debts of the Federal Government to electricity distribution companies in subsidy payments increased by N5.3 billion, or 2.7 percent, in the first five months of 2025, to N982.4 billion.

It rose from N196.44bn to N201.75bn, raising the total subsidy debt to N982.4bn between January and May 2025. This underscores mounting financial pressures in the power sector and raises concern over the sustainability of ongoing subsidy interventions.

Figures from the monthly Multi-Year Tariff Orders obtained from the Nigerian Electricity Regulatory Commission showed that the subsidy on power was approximately N196.44bn in January.

It dropped to N193.09bn in February, and N192.7bn in March, before moving up by 2.97 per cent to N198.42bn in April and N201.75bn in May, reflecting a 1.68 per cent increase from April and a total 2.70 per cent rise from January’s level.Our correspondent observed that the increase in subsidy was mainly influenced by a rise in power generation costs and fluctuating foreign exchange rates.The May Multi-Year Tariff Order showed that the Federal Government is still paying about half of the weighted average cost-reflective tariff for customers on Bands B to E. While Band A customers pay over N210 per kilowatt-hour, customers on other bands pay an average of N118/kWh for electricity.

According to the MYTO order, the government will pay a total sum of N24.59bn as a subsidy for customers under the Ibadan Electricity Distribution Company in May, from N24.29bn charged as the subsidy in April. From N28.64bn in April, Abuja Disco customers will get N28.99bn as their subsidy in May. For Eko, Ikeja, and Port Harcourt Discos, the shortfalls are N23.45bn, N27.85bn, and N14.94bn, respectively.Other Discos are Jos, N12.81bn; Yola, N8.05bn; Benin, N16.11bn; Enugu, N15.69bn; Kano, N14.43bn; and Kaduna, N14.789bn.This came as it was gathered that there seems to be no headway yet on the proposed meeting between power producers and President Bola Tinubu.

The idea proposed by the Minister of Power, Adebayo Adelabu, is part of an emergency effort to address the N4tn debt threatening to cripple the country’s electricity supply chain. The anticipated meeting is now highly unlikely to take place until after the Eid holidays, as Tinubu should be in Lagos on Tuesday. His impending trip effectively rules out any possibility of convening before the festivities, pushing the timeline further.Four weeks ago, after a high-level meeting between the power minister and the chairmen of power-generating companies in Abuja, the government pledged immediate action to reduce the N4tn debt owed to power-generating companies.The companies said they were currently owed N2tn for power supplied in 2024 and N1.9tn in legacy debts.

A statement by the minister’s Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, stated that the government had resolved to settle a substantial portion of the debt immediately, while the remainder would be cleared through financial instruments such as promissory notes within the next six months. He said this would be proposed in a meeting being planned between Tinubu and the Gencos’ leadership. “There is a need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for debt instruments in promissory notes to pay the rest,” the power minister, Adelabu, said.

The Edo State Chapter of the All Progressives Congress (APC) has declared the appointment of Sylvester Aigboboh as the Acting Deputy State Chairman and Pedro Esangbedo as the Acting Vice Chairman for the Edo Central Senatorial District.

According to a press release from the party’s State Secretariat, these appointments are effective immediately.

This development follows the promotion of the former Deputy State Chairman, Chief Jaret Tenebe, to the role of State Chairman, alongside the defection of Chief Francis Inegbeniki, the previous Vice Chairman for Edo Central, to the Peoples Democratic Party (PDP).

The statement clarified that these appointments align with the party’s constitution and are intended to facilitate smooth and effective istration within the party’s framework.

“In accordance with the provisions of the APC constitution and to maintain the efficiency of the party’s operations, it was essential to appoint individuals of proven character and integrity to these roles,” the statement indicated.

Aigboboh and Esangbedo will serve in an acting capacity until the next State Congress of the party is held.

They are anticipated to collaborate closely with the State Chairman, Emperor Jaret Tenebe, and other of the party’s executive to provide robust leadership as preparations for the 2027 general elections commence.

The President of the Senate, Godswill Akpabio, along with the Speaker of the House of Representatives, Tajudeen Abbas, have expressed their for President Bola Tinubu’s re-election for a second term.

Akpabio led a delegation from the National Assembly to endorse Tinubu for the 2027 general elections during the All Progressives Congress (APC) National Summit held at the banquet hall of the State House in Abuja.

He contended that had the President not performed satisfactorily in his role over the past two years, the legislators would have initiated impeachment proceedings against him.

“If this President has performed well, would it be us to declare it? If he has not performed well, would we not issue a notice of impeachment? We are not issuing a notice of impeachment. The year 2023 was challenging for you, but I foresee a turnaround in 2027,” he remarked.
“Nigerians are expressing that due to your successful handling of a challenging task, it is time to reward you by re-electing you to the presidency for a second term in office.

“Therefore, I propose as the Senate President that Mr. President be returned as the APC’s unopposed flag bearer and as the next president for a second term in 2027.”

Abbas, for his part, ed Akpabio’s initiative for Tinubu’s return as President in 2027.

“I represent all 109 senators, 360 , and all 36 speakers and their to endorse this significant motion proposed by the Senate President; I hereby second it,” stated Abbas.
Additionally, during the event, the Progressive Governors’ Forum endorsed Tinubu as their exclusive candidate for the 2027 presidential election.

The motion was introduced by PGF Chairman and Imo State Governor, Hope Uzodimma, and was seconded by Kaduna State Governor Uba Sani, demonstrating a strong sense of unity among the party’s governors in their for Tinubu’s quest for a second term.

Uzodimma, representing the forum, highlighted their dedication to mobilizing resources and ensuring victory for Tinubu in their respective states.
They conveyed their assurance in Tinubu’s leadership and reforms, vowing to secure their states in the forthcoming elections.

This comes in the wake of comparable actions by other APC regional leaders, such as the North Central governors who recently expressed a vote of confidence in Tinubu’s istration, commending his developmental achievements and inclusive governance strategy.

The endorsement from the Progressive Governors Forum further strengthens Tinubu’s standing as the APC’s candidate for the 2027 elections.

Nigeria spent about $2.01bn on external debt servicing between January and April 2025, making it about 50 per cent increase when compared to the $1.33bn recorded during the same period in 2024.PUNCH Reports.

The data showed that debt servicing alone ed for 77.1 per cent of Nigeria’s total international payments within the four months, a sharp rise from the 64.5 per cent share recorded in the same period of 2024.

In total, the country’s international payments, comprising debt service, remittances, and letters of credit, stood at $2.60bn as of April 2025, up from $2.07bn recorded in the corresponding period of 2024.

The figures highlight the increasing burden of external debt on Nigeria’s foreign exchange reserves, which reportedly fell by about $3bn during the review period.

An analysis of the monthly trend shows that Nigeria paid $540.67m in January 2025, slightly below the $560.52m recorded in January 2024. In February, the figure stood at $276.73m, almost unchanged from the $283.22m paid in February 2024.

However, in March, debt service spiked to $632.36m, more than double the $276.17m paid in the same month last year. The trend continued in April with another $557.79m disbursed, representing a 159 per cent increase from the $215.20m paid in April 2024.

Within just two months (March and April), Nigeria spent nearly $1.2bn on debt repayments alone, pointing to a heavy schedule of maturing loans during the period. The sharp rise in obligations suggests the settlement of large commercial or bilateral debts within those two months.

The PUNCH observed that the two-month period coincided with the clearance of an external debt obtained from the International Monetary Fund. The IMF earlier confirmed that Nigeria has fully repaid the $3.4bn financial it received under the Rapid Financing Instrument to cushion the economic impacts of the COVID-19 pandemic.

In a statement sent to journalists on behalf of Mr Christian Ebeke, the IMF Resident Representative for Nigeria, the Fund said the repayment was completed on April 30, 2025. The loan, disbursed in April 2020, was aimed at helping Nigeria address a sharp fall in oil prices, economic contraction, and fiscal pressures caused by the pandemic.

“As of April 30, 2025, Nigeria has fully repaid the financial of about $3.4bn it requested and received in April 2020 from the International Monetary Fund under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices,” the IMF stated.

However, despite the full settlement of the principal, Nigeria will continue to honour additional annual payments related to Special Drawing Rights charges. The Fund noted that the country is expected to make annual payments of about $30m in SDR-related charges over the next few years.

According to the IMF, the charges are tied to the difference between Nigeria’s SDR holdings, which currently stand at SDR 3,164m ($4.3bn), and its cumulative SDR allocation of SDR 4,027m ($5.5bn). The charges are levied at the SDR interest rate, which is updated weekly, and will continue until Nigeria’s SDR holdings match the cumulative allocation amount.

Nigeria’s $3.4bn loan from the IMF was one of the largest global disbursements under the Rapid Financing Instrument and came with relatively favourable compared to traditional IMF programmes.

Earlier reports showed that debt servicing to the IMF surged to $1.63bn in 2024, made up entirely of principal repayments, with no interest or charges recorded for that year.

Nigeria’s total external debt servicing for 2024 amounted to $4.66bn, up from $3.5bn in 2023. Multilateral creditors ed for the bulk of the amount at $2.62bn, with the IMF responsible for about 35 per cent of the total external debt payments during the period.

Fitch Ratings recently noted that Nigeria’s external debt service will increase from $4.7bn in 2024 to $5.2bn in 2025. This includes $4.5bn in amortisation payments and a $1.1bn Eurobond repayment due in November.

Fitch noted, “Government external debt service is moderate but expected to rise to $5.2bn in 2025 (with $4.5bn of amortisations, including a $1.1bn Eurobond repayment due in November 2025), from $4.7bn in 2024, and fall to $3.5bn in 2026.”

The agency also cited a minor delay in the payment of a Eurobond coupon due on March 28, 2025, as a reflection of persistent challenges in public finance management.

Although Nigeria’s external debt service remains within manageable levels, Fitch warned that high-interest costs, weak revenue performance, and limited fiscal space remain significant concerns.

Fitch said general government debt was expected to remain at about 51 per cent of GDP in 2025 and 2026. However, it expressed concern over the government’s revenue position, noting that interest payments will consume a substantial portion of income.

Dr. Rabiu Musa Kwankwaso, the leader of the Kwankwasiyya Movement, has formally welcomed 24 retired military officers from Kano State into the movement. This development comes as the New Nigeria People’s Party (NNPP) and its ideological faction, the Kwankwasiyya Movement, navigate a political crisis following a series of defections that have recently affected the party.

The 24 officers, who concluded their notable military careers in January 2025 after 35 years of dedicated service to the nation, have pledged their full commitment to the principles of Kwankwasiyya. During their meeting with the movement’s leader, they expressed their steadfast for the movement and their intention to contribute significantly to its success in the elections.

The delegation was headed by Kabiru Haruna, the Executive Secretary of the Kano State Scholarship Board, who characterized this move as a “bold and strategic alignment that underscores the credibility and increasing momentum of the Kwankwasiyya ideology.” In receiving the delegation, Kwankwaso expressed gratitude for their service to Nigeria and welcomed them “with open arms and a heart full of hope.” He commended their patriotism and dedication, assuring them that their experience, discipline, and networks would serve as invaluable assets in fostering a more progressive and inclusive Nigeria. “This is a moment of honour,” Kwankwaso remarked. “These individuals have served our country with integrity and distinction.

They are now bringing that same spirit to democracy and the populace through Kwankwasiyya. Together, we will forge a brighter future.” The endorsement from such a prominent group of military retirees is perceived by analysts as a morale booster for the Kwankwasiyya movement and a strong indication of its expanding influence ahead of the 2027 elections. However, the recent defection of notable leaders and chieftains from the NNPP, particularly those elected on the party’s platform during the 2023 general elections, has raised concerns regarding the party’s future and the potential implications for its efforts to retain Kano in 2027.

With more than one million votes at stake, the contest for dominance over the commercial hub of Northern Nigeria is undoubtedly the primary struggle in this context. The All Progressives Congress (APC) remains dissatisfied with its loss to the NNPP in the 2023 elections and is determined to reclaim the state in 2027. Observers of the political landscape suggest that the APC’s aggressive efforts to attract NNPP leaders and undermine the party may be a calculated tactic to realize this objective.

Recently, APC’s National Chairman, Abdullahi Ganduje, expressed confidence that the party would secure victory in the state in 2027, particularly following the defection of prominent NNPP figures in Kano to the APC. However, NNPP’s National Publicity Secretary, Ladipo Johnson, asserted that Kwankwaso has no intentions of ing the APC in the lead-up to the 2027 general elections, emphasizing that the former presidential candidate has never considered aligning with the ruling party or the istration led by Bola Tinubu.

The Chinese Ambassador to Nigeria, Yu Dunhai, has applauded a renewed business relationship between China and Nigeria towards exploring the potential of Nigeria’s Solid Minerals sector through the set-up of electric vehicle factories in Nigeria.

Dunhai made this public while paying a courtesy visit to the Minister of Solid Minerals Development, Dr Dele Alake, in his office, where he emphasised the importance of closer ties between both nations in advancing Nigeria’s industrial growth.

A statement by the minister’s Special Assistant on Media, Segun Tomori, on Sunday, unveiled plans by China to establish electric vehicle factories in Nigeria.

The ambassador said Nigeria is a great country blessed with tremendous natural resources, noting that China has always placed Nigeria in a very pivotal position in its foreign policy.

Recalling the recent high-level engagement between Presidents Bola Tinubu and Xi Jinping during Tinubu’s state visit to China, Ambassador Dunhai noted that both leaders agreed to elevate bilateral relations to a comprehensive strategic partnership, creating new opportunities for cooperation.

In his speech, the solid minerals development minister reiterated that Nigeria is open for business to serious investors, stressing that investments in the nation’s mining industry are now focused on local value addition.

He urged the ambassador to encourage Chinese investors to commit to full-cycle investments, from extraction to processing, within Nigeria.

He pointed out Nigeria’s large market and the potential to reduce reliance on fossil fuels through electric vehicle production.

“For years, our minerals have been exported raw to fuel foreign industrialisation. That must change.”

We now prioritise local processing to drive Nigeria’s development. For instance, with the abundance of lithium, we want to see local manufacturing of electric vehicles and batteries,” he said.

Responding, Ambassador Dunhai expressed for Nigeria’s local value-addition policy, pointing out that one of President Xi Jinping’s key priorities is promoting African industrialisation.

“Plans are underway to establish electric vehicle factories and other manufacturing ventures in Nigeria.

“Chinese companies are already deeply involved in Nigeria’s mining sector, from exploration to processing.

“We aim to deepen this collaboration, especially in line with President Tinubu’s eight priority areas, notably economic diversification through solid minerals,” he added.

FirstBank of Nigeria has disclosed that it has made an upward review of its transaction alert fee from N4 to N6 per SMS.

Details from a memo on Wednesday show that the bank attributed the increase to the recent hike in telecom service costs by network providers.

“We understand that staying connected and informed about financial activity on your FirstBank is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”

The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.

“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.

The bank encouraged customers with concerns or questions about the adjustment to reach out through its official channels.

The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.

The new SMS fee will apply per transaction alert received by customers. However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.

In an effort to combat insecurity, the Senate on Thursday requested President Bola Tinubu’s assent to the Nigerian Forest Security Service (Establishment) Bill, 2025, which was just approved by the National Assembly.

This resolution was ed following the submission of two bills, sponsored by Senators Sunday Karimi and Abba Moro, the Senate minority leader, that strongly condemned the murderous attacks on communities in Benue State by suspected herdsmen and the kidnapping of His Royal Highness, Oba James Dada Ogunyanda, the Obalohun of Okoloke, in Kogi State’s Yagba West Local Government Area.

The Senate voiced its displeasure in the first motion about the kidnapping of a Kogi monarch by suspected kidnappers who entered his palace at midnight on Thursday, May 15, fired gunshots, and then took him to an unidentified place.

Legislators urged quick security action in all impacted areas, but they also pointed out that the bill might be changed to include the President’s suggested Forest Guard program, which would reduce growing insecurity, especially in rural and wooded areas.

Additionally, the Senate requested the federal government to order all security agencies to immediately mobilize their resources in order to rescue the monarch.

More than a dozen civilians were killed in coordinated attacks by suspected Fulani herdsmen on the Akpete and Ojantele towns in Benue State’s Apa Local Government Area on May 1 and May 7, respectively, which Moro had reported to the chamber.


Through second reading, the Senate also approved a bill that would require Ministries, Departments, and Agencies to give preference to domestic automakers and indigenous businesses in their procurement procedures.

Sen. Patrick Ndubueze’s submission at plenary preceded the age.

Speaking in favor of the bill, Deputy Senate President Barau Jibrin emphasized the policy’s economic advantages and pointed out that the public has consistently called for greater for Made-in-Nigeria goods.

“There has been a clamour for the government to patronize locally made goods. This is not just patriotic, it is a sound economic decision. ing indigenous companies will help grow our economy, create jobs, and reduce our dependence on imports,” he remarked.

The strongly ed measure encourages government for Nigerian-made products, especially in the automotive sector, with the goal of boosting job creation, strengthening the local manufacturing sector, and reducing capital flight.

https://www.vanguardngr.com/2025/05/senate-urges-tinubu-to-sign-forest-security-bill-to-address-insecurity-kidnapping/

Tension has hit parts of Ogun and Lagos states over rumors of deadly rice in circulation.

The public had shared voice notes warning them against buying or consuming rice at this time because a foreign trader had invoked the spirit of Ogun deity after her two trucks of rice were stolen and smuggled into Nigeria.

Reactions from the public had revealed that two trucks of rice were allegedly stolen from a neighboring country and were later smuggled into Nigeria through the Idiroko border and the Seme border.

It was stated that the owner of the bags of rice, a woman, ed some Ogun worshipers in Ghana to lay curses on whoever buys or consumes the alleged stolen rice.

Unconfirmed reports said that some Customs officers and a soldier had died in Badagry, Lagos State.

It was also alleged by another sender on WhatsApp that over 70 persons had died in the past few days after buying or consuming the said rice.

Imported rice from the Benin Republic remains one of the most consumed staples in Nigeria, especially by children and the youth.

As the warnings keep getting to people in Ogun and Lagos, they the same to their loved ones, emphasising to them that rice must not be consumed or bought at this time.

A resident in the Ipokia Local Government of Ogun State, Morayo, told our correspondent on Wednesday that some parents went to schools, telling the food vendors not to sell rice to their children.

As some individuals tried to debunk the rumor, more voice notes came from different people, claiming their alleged confirmation of the deaths.

This has left many confused as to whether to buy rice or not.

However, the Nigerian Customs Service in Lagos and Ogun debunked the claims, saying there was no deadly rice in circulation.

In a statement by the NCS, Seme Area Command, Public Relations Officer, Isah Sulaiman, said the narrative was entirely false, misleading, and did not reflect the reality of the matter.

“The attention of the Nigeria Customs Service, Seme Area command, has been drawn to a widely circulated unfounded and baseless allegation claiming that the Command seized and distributed bags of rice without the knowledge of the purported owner, who then allegedly invoked traditional powers leading to the death of individuals, including a soldier at Badagry.

The Senate has ratified the appointment of five Resident Electoral Commissioners proposed by President Bola Tinubu in March for the Independent National Electoral Commission (INEC). This confirmation came after the Senate received and reviewed a report from the Chairman of the Senate Committee on Electoral Matters during a plenary session on Wednesday. Senator Simon Lalong, representing the Committee, advocated for the Senate to endorse the nominations of five candidates as Resident Electoral Commissioners for INEC, all of whom successfully completed the screening process. The confirmed RECs include Umar Yusuf Garba from Kano State, Sa’ad Umar Idris from Bauchi State, Chukwuemeka C. Ibeziako from Anambra State, Umar Mukhtar from Borno State, and Dr. Johnson Alalibo Sinikiem from Bayelsa State.

On Monday, President Tinubu also istered the oath of office to two newly appointed INEC commissioners. Additionally, the President submitted a proposed ₦1.783 trillion statutory appropriation bill for the Federal Capital Territory (FCT) to the Senate for review and approval for the 2025 fiscal year. In his message to the Senate on Wednesday, President Tinubu requested that the bill be considered promptly, emphasizing that its approval is essential for fostering an efficient and service-oriented istration for FCT residents. In response to this request, the Senate invoked Order 78 to permit the bill to undergo its second reading on the same day it was presented.

However, this expedited process faced criticism from opposition lawmaker Senator Abdul Ningi, who expressed concerns regarding the procedure outlined in Order 77 (3 and 4), highlighting that lawmakers had not received copies of the bill before the debate. Consequently, the Senate commenced discussions on the general principles of the FCT Statutory Appropriation Bill for the 2025 fiscal year.

During the discussion regarding the bill, Senate Leader Opeyemi Bamidele articulated that the proposed legislation aims to authorize the allocation of ₦1,783,823,708,392.00 trillion from the FCT istration’s Statutory Revenue Fund to personnel, overhead, and capital expenditures for the period spanning from January 1 to December 31, 2025. The budget is detailed as follows: ₦150.35 billion designated for personnel expenses, ₦343.78 billion for overhead costs, and ₦1.29 trillion earmarked for capital initiatives.

Bamidele emphasized that the fundamental goal of this budget is to foster an effective and sustainable service-oriented istration, with a particular emphasis on the completion of ongoing projects that significantly enhance infrastructure and essential services in Abuja.

The Central Bank of Nigeria, in partnership with the Nigeria Inter-Bank Settlement System, has unveiled the Non-Resident Bank Verification Number platform a new initiative designed to boost financial inclusion for Nigerians living abroad

This new system allows Nigerians in the diaspora to for their Bank Verification Number remotely, eliminating the need to be physically present in Nigeria.

At the launch event in Abuja, the CBN Governor, Mr. Olayemi Cardoso, highlighted the platform as a significant milestone in advancing Nigeria’s financial inclusion agenda. He emphasized that the Non-Resident BVN will help resolve the persistent difficulties experienced by Nigerians in the diaspora who previously were required to be physically present in Nigeria to complete their BVN registration.

The Governor said that, “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”

Cardoso further added that the platform is not only designed to improve access to financial services but also to contribute to building a more inclusive and forward-looking financial ecosystem.

He stated that, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”

Cardoso also pointed to a notable increase in remittance flows, which rose from $3.3bn in 2023 to $4.73bn in 2024. He attributed this growth to a series of recent reforms, particularly introducing the willing buyer, willing seller FX regime. He added that with the introduction of the NRBVN, the CBN is aiming even higher, setting a target of $1bn in monthly remittances.

The event also featured a presentation by the Managing Director and CEO of NIBSS, Mr. Premier Oiwoh, who outlined the technical and operational framework of the NRBVN platform. He assured that the system aligns with global standards, incorporating strict Anti-Money Laundering and Know Your Customer measures to ensure both transparency and security.

Also speaking at the event, CBN Deputy Governor for Economic Policy, Mr. Muhammad Abdullahi, described the NRBVN as a game-changer for enhancing banking access for Nigerians abroad. He called on stakeholders to work together in continuously refining the platform to better serve the diaspora’s evolving needs.

The NRBVN platform is part of a wider initiative that includes the Non-Resident Ordinary and Non-Resident Nigerian Investment , which provide Nigerians in the diaspora with access to a range of financial services, including savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

With the current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments. The launch of the NRBVN platform signals a significant move by the CBN to deepen financial inclusion and harness the economic potential of Nigerians living abroad.

The Nigerian Senate has ed the remaining two tax reform bills, bringing the total to four, in line with recommendations from the Presidential Fiscal Policy and Tax Reforms Committee. The legislation ed includes the Nigeria Tax Bill 2024 and the t Revenue Board Establishment Bill.

With the age of all four bills, the country’s fiscal policy and tax reforms are now firmly on course. A National Assembly committee has been constituted to harmonize any differences between the Senate and House of Representatives versions.

This marks a key milestone in reshaping Nigeria’s fiscal landscape and boosting investor confidence through more transparent and effective taxation. The bill is expected to transform Nigeria’s tax landscape from the Value Added Tax (VAT), Company Income Tax, and Personal Income Tax systems. It is also designed to a more productive and inclusive economy by modernizing tax istration and promoting greater equity.

These tax reform bills form a central pillar of the federal government’s economic strategy under the Renewed Hope initiative, which is focused on improving fiscal sustainability and establishing a more structured and efficient tax system. Once signed into law, these reforms are expected to enhance governance, improve tax compliance, and significantly boost national revenue, reinforcing the istration’s drive toward economic modernization.

President Bola Tinubu had initially forwarded the bills to the Senate as part of his broader agenda to overhaul Nigeria’s tax system and strengthen revenue collection processes. Senate President Godswill Akpabio commended the legislative milestone, stressing the importance of the bills in reinforcing governance and streamlining tax istration.

Dame Patience Jonathan, the former First Lady, has expressed her commitment to President Bola Tinubu in his re-election bid for 2027, dispelling rumors regarding her husband, Goodluck, potentially running again under the Peoples Democratic Party (PDP) in the elections.

She has ruled out any possibility of returning to Aso Rock Villa, stating her intention to campaign alongside Senator Oluremi Tinubu, the current President’s wife, in preparation for the 2027 elections. Mrs. Jonathan emphasized the importance of rotational leadership, advocating for the ‘turn-by-turn’ approach as vital for fostering national unity. This announcement was made during an event in Abuja on Saturday night, where she received the Women Icon Leader of the Year Award from Accolade Dynamics Limited, while acknowledging the President’s daughter, Folashade Tinubu-Ojo, the Iyaloja-General of Nigeria.

Dame Jonathan remarked, ‘I intended to call her first, but I saved her for last: the daughter of our esteemed President, the one and only we believe in – President Bola Tinubu. Iyaloja, I appreciate your for women; these women are your responsibility. We stand with you unwaveringly. We will follow your lead.’ She reiterated her decision to the First Lady and her husband instead of seeking a return to Aso Rock.

Anambra State youths on Thursday sang the praises of President Bola Tinubu during his visit to the state on a working visit to commission projects executed by the istration of Governor Chukwuma Soludo.

While Tinubu was about rounding off his speech, some young persons began chanting in Pidgin English that he was their father, an allusion to the president as father of the nation.

“Na our papa be ds o, we no get another papa,” they sang.

Picking up from where he left off, President Tinubu acknowledged them, saying: “Thank you, God bless you.”

The projects commissioned by the president include the Emeka Anyaoku Centre at Nnamdi Azikiwe University, the new Government House, the Solution Fun City, and the 8-lane Aroma-Government House Boulevard in Awka.

Tinubu described Soludo as a “friend” and “visionary leader”.

“Soludo is here providing solution and that solution is in infrastructure and in carrying people along in the area of development. Serving people and building institutions. This is all about democracy, it is about prosperity. It is environmentally responsive governance,” he said.

“Well done, Mr Governor, for reflecting the quality of governance for the people of Anambra.

“Anambra is achieving great heights. Building our tomorrow, today. A leader like Governor Chukwuma Soludo placing Anambra on the path of 21st-century development.

“You are a good thinker, you are a solution provider. We can go places together. Building Nigeria. Building the future. Using technology to build and reflect good governance on the people. Promote investment. We must encourage good governance.”

Source: Vanguard

Accroding to a Reuters report,the Organisation of the Petroleum Exporting Countries’ oil output dropped lower in April amidst a scheduled output hike taking effect.

The drop was led by a cut in Venezuelan supply on renewed United States attempts to curb the flows and smaller drops in Iraq and Libya.

The Organisation of the Petroleum Exporting Countries pumped 26.60 million barrels per day last month, down 30,000 bpd from March’s total, with cuts by some producers offsetting higher Iranian supply, the Reuters survey showed on Thursday.

The reduction comes despite OPEC+, which comprises OPEC and its allies, including Russia, beginning in April to unwind its most recent layer of output cuts.

The group plans to accelerate the hikes in May and June, citing ive market fundamentals such as low inventories.

The full extent of the rises will depend partly on the impact of attempts by US President Donald Trump to clamp down on supply from Iran and Venezuela.

The biggest drop among OPEC in April was from Venezuela, where exports declined as cargo cancellations to US oil company Chevron forced ships to return.

Iraq, which is under pressure to boost compliance with OPEC+ output quotas, also curbed output, the survey found.

It was disclosed that there was little change in output from top producer Saudi Arabia, and in Gulf the United Arab Emirates and Kuwait, despite higher OPEC+ quotas for April.

“While the survey and March data provided by OPEC’s secondary sources show the UAE and Iraq are pumping close to the quotas, other estimates, such as those of the International Energy Agency, suggest they are pumping significantly more.

“Among countries pumping more, Iran boosted exports in April, and provided OPEC’s largest output hike, with the latest US measures having little impact on output,“ the report read partly.

The International Monetary Fund (IMF) has removed Nigeria from its list of debtor countries. According to its latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025, to May 06, 2025,”

Nigeria no longer appears among the 91 developing and least-developed nations currently owing the Fund. These countries collectively owe the IMF a total of $117.8 billion as of May 6, 2025. Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the fund from its member countries. This includes both outstanding loans under current arrangements and those that have expired.

When ed on the development on Wednesday, a top IMF official in Washington, DC, who pleaded to remain anonymous, told THISDAY, “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid

In response to inquiries on the matter, a senior IMF official based in Washington, D.C., who requested anonymity, stated, “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid”.

Data firm StatiSense also confirmed via its X handle that Nigeria is no longer listed among countries indebted to the IMF. The company tracked the repayment progression, revealing that Nigeria’s debt stood at $1.61 billion as of July 28, 2023. This figure dropped to $1.37 billion by January 5, 2024, $933.03 million by July 10, 2024, and further to $472.06 million by January 8, 2025, before being fully cleared in May 2025.

The values were converted from Special Drawing Rights (SDRs), an international reserve asset created by the IMF to supplement the official reserves of its member countries, to US dollars.

Reacting to the development, the Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, described Nigeria’s exit from the IMF debtor list as a testament to the Tinubu istration’s fiscal discipline and reform-driven governance. He noted that the repayment marks a turning point in Nigeria’s economic management strategy.

According to Ogra, “Does this mean no more business with the IMF or other foreign lenders? No! Nigeria remains a member of the IMF and can approach it anytime if the situation demands. This is not a door slammed shut.
“Why? Because global partnerships like the IMF remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, based on partnership, not dependence. Debt clearance today, reform momentum tomorrow.
President Bola Tinubu will continue to prioritize long-term reforms with sound financial management for the benefit of our country and generations yet unborn. Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”

The IMF recently commended Nigeria’s ongoing economic reforms, describing them as bold and strategic steps that had helped stabilize the economy and lay a foundation for future growth.

In its recent 2025 Article IV Consultation Mission to Nigeria last month by a team led by Axel Schimmelpfennig, the IMF had stated, “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and growth. These reforms have put Nigeria in a better position to navigate the external environment.

Schimmelpfennig highlighted key policy reforms by the Nigerian government, including ending central bank deficit financing, removing fuel subsidies, and improving the foreign exchange market, as strong signals of a commitment to economic stability and growth.

Senator Kawu Sumaila, representing Kano South, has formally transitioned from the New Nigeria Peoples Party (NNPP) to the All Progressives Congress (APC). This transition was disclosed during a plenary session by Senate President Godswill Akpabio, who read a letter from Sumaila stating that his departure from the NNPP was based on significant and undeniable issues within the party. Sumaila characterized the NNPP as being ‘deeply fragmented and ineffective.’ His defection increases the number of APC senators in the 10th National Assembly to 65, thereby enhancing the party’s majority in the Senate. As he was welcomed into the majority section of the Upper Chamber, there were enthusiastic cheers. Senator Sumaila explained that his decision to leave the NNPP was motivated by a desire to better serve the interests of his constituents, whom he regards as his foremost priority. Following this change, the Senate’s composition now includes 65 from the APC, 33 from the Peoples Democratic Party, five from the Labour Party, two each from the NNPP and the Social Democratic Party, and one from the All Progressives Grand Alliance. In May 2022, Sumaila, a former House of Representatives member, had switched from the APC to the NNPP. On April 23, he confirmed his return to the ruling party through a Facebook post, stating, ‘Yes, it is true — the rumors regarding my defection are accurate. All politics is local, and my primary concern has always been, and remains, the welfare of my immediate constituency.’

A gathering of former state chairpersons from the now-defunct Congress for Progressives Change (C) has reaffirmed its allegiance to President Bola Tinubu, rejecting recent rumors of a possible coalition involving C and opposition leaders in anticipation of the 2027 elections. In a statement released on Sunday, the forum’s National Secretary, Sulaiman Oyaremi, emphasized the group’s commitment to ing President Tinubu and fostering a more inclusive All Progressives Congress (APC).

‘We believe it is our duty to back the current party leader, President Bola Ahmed Tinubu, and aid in transforming the APC into an inclusive entity where all stakeholders feel a sense of belonging and ownership,’ Oyaremi remarked. Recent speculations have indicated that prominent figures from the C faction might forces with opposition leaders such as former Vice President Atiku Abubakar, Labour Party’s 2023 presidential candidate Peter Obi, and former Kaduna State Governor Nasir El-Rufai in a potential coalition against President Tinubu.

However, on April 16, several ex-C , led by former Nasarawa State Governor Tanko Al-Makura, publicly distanced themselves from these claims and reaffirmed their for Tinubu and the APC. This led to a response from former Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN), who on April 17 asserted that Al-Makura and his group did not possess the authority to represent the entire C faction.

In addressing the internal conflicts, Oyaremi highlighted the absence of a singular, recognized leadership within the former C group, noting that the existence of multiple factions claiming to represent the defunct party indicates a lack of cohesive leadership. He further expressed concern that this scenario points to a potential deficiency in inclusivity within the APC leadership and the resultant government.

The forum expressed its concerns regarding the treatment of its , particularly the former state chairmen, who they believe have not received adequate recognition in of appointments or roles within the party. “It is an undeniable fact that of the defunct C, especially the former state chairmen of the legacy party, have not been treated justly in of government appointments or party structures at both national and state levels, despite their contributions to the party’s electoral achievements,” the statement indicated.

The forum recognized that individuals have the right to either remain in or leave the APC. However, clarifying their stance, the forum emphasized that as representatives of the former C state chairmen, they harbor no ill feelings towards those who have opted to exit the APC.

They further asserted, with clarity, that with a few exceptions, they are united in their commitment to stay within the party alongside their leader, former President Muhammadu Buhari. Additionally, the forum called upon President Tinubu and the APC-led governments to redirect their attention from electoral matters to the urgent issues confronting Nigerians.

“We also wish to draw the President’s attention to the various challenges faced by Nigerians. The escalating levels of insecurity and economic hardship are becoming existential threats for many citizens. Therefore, it is crucial for the President, APC governments at all levels, and the party leadership to prioritize these governance issues over the 2027 elections as we approach the second anniversary of the current istration,” the statement concluded.

The Ogun State Government and ARISE Integrated Industrial Platforms have invested the sum of $400m to establish the Industrial Platform Remo Free Zone, a public-private partnership initiative to boost local and foreign direct investments in the state’s economy.

Reports said the IPRFZ is located in Sagamu, Ogun State, within the ~5,000 hectares of the Remo Economic Development Cluster.

While speaking at a press briefing in Abeokuta on Tuesday, the Director-General of Ogun State Public-Private Partnerships, Dapo Oduwole, affirmed the state’s governor’s strong for the free trade zone project.

According to Oduwole, the Ogun state government is “very excited at the public-private partnership relationship” and views it as “a key driver of the istration’s goal to close infrastructure gaps and improve the welfare of citizens.”

Oduwole noted that the IPRFZ is a 45-year investment structured in multiple phases, including the Special Agro-Processing Zone, already underway. “This is just one example of the open hand and welcoming stance of the Ogun State government toward the private sector,” he said.

He added that Ogun has taken deliberate steps to encourage investment, starting with the enactment of a Public-Private Partnership Law in 2019.

“Setting up the PPP office was very important because it was meant to give investors comfort, confidence, and knowledge that the investment is safe in Ogun State,” the PPP DG stated.

The government official noted that as part of its enabling environment, the state has established a one-stop investment centre to assist investors with information on opportunities across all 20 local government areas.

He explained that fiscal incentives such as tax reliefs and duty waivers were key reasons why investors like ARISE IIP chose to do business in Ogun State.

Oduwole told The PUNCH that while specific revenue projections are not yet available, the state government expects returns would rise steadily over time as the project matures. “We’re in year three or four of a 45-year project. The initial investment of $400 million alone is a signal of the long-term benefits,” he said.

He further noted that the zone is located near critical infrastructure, including the nearly completed international cargo airport, road networks, and a planned deep seaport. “Our goal is to make Ogun the breadbasket not just of the Southwest, but of Nigeria,” he added.

Meanwhile, the Chief Business Officer of the IPRFZ, Prasad Sane, noted that the free zone offers an integrated industrial ecosystem with streamlined services under a single-window framework.

“Whether it is customs, immigration, or other approvals, investors will not deal with government agencies directly. We handle everything,” he explained.

Sane listed the facilities being developed in the IPRFZ to include gas and power supply, wide roads, green spaces, a water treatment plant, banks, hospitals, and fire and police stations.

He revealed that 115 hectares out of the 370-hectare zone have already been leased to six companies, with over 100 more in the pipeline.

“Most importantly, why investors come in is because they want profits. And this can be done with the physical benefits they get,” he added.

The African Development Bank Group has okayed a new five-year Country Strategy Paper for Nigeria, which would make it commit about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity.

The Bank made this known in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners.

The statement read, “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country.

“Under the new strategy, the bank will provide $2.95bn over the first four years, complemented by an estimated $3.21bn in co-financing from development partners. The strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.”

The new strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.

According to the Bank, the strategy aims to close Nigeria’s infrastructure gap — estimated at $2.3tn between 2020 and 2043 — by investing in climate-friendly roads, electricity expansion, clean water systems, and ing agribusinesses that create jobs, especially for women and youth.

The investments are expected to Nigeria’s ambition to double the size of its economy to $1tn and create about 1,561,000 jobs.

The Country Strategy Paper aligns with Nigeria’s development plans, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.

It also seeks to Nigeria’s efforts to capitalise on the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.

Commenting on the new plan, the Director General of the African Development Bank’s Nigeria Office, Abdul Kamara, said, “This strategy takes a transformative partnership between the Bank and Nigeria to a new level. By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians.”

Millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, State governments, and rural communities, are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities under the new strategy.

The bank added that women entrepreneurs would receive targeted under programmes such as its Affirmative Finance Action for Women in Africa initiative, while youths would be equipped with critical skills to tackle unemployment.

It further noted that by investing in greener, more resilient infrastructure and agricultural systems, the strategy would strengthen Nigeria’s adaptation efforts, mitigate the effects of floods and droughts, ease farmer-herder conflicts, and contribute to a more resilient and united economy.

Nigeria’s repayment of its International Monetary Fund Rapid Financing Instrument loan will be due by 2029, according to PUNCH reports.

The latest repayment schedule published by the Fund on its website showed that the country had secured approval for an emergency financial of 2,454.50 million Special Drawing Rights, which translates to about $3.32bn at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025.

The RFI loan, disbursed in full on April 30, 2020, was granted to assist Nigeria in addressing urgent balance of payments needs following the devastating economic impacts of the COVID-19 pandemic, which had triggered a sharp fall in oil prices, a recession, and widespread fiscal pressures.

Under the of the facility, Nigeria’s remaining repayment obligations are staggered over a five-year period beginning in 2025 and concluding in 2029.

For 2025, Nigeria is scheduled to repay a final principal amount of SDR 306.81 million along with charges and interest of SDR 22.81 million, bringing the total repayment due this year to SDR 329.62 million, equivalent to approximately $446.21m.

From 2026 to 2029, the obligations primarily relate to charges and interest payments estimated at around SDR 26.7 million each year, translating to about $36.14m annually at the current exchange rate.

Cumulatively, Nigeria is expected to repay about SDR 436.42 million over the next five years, amounting to a total of $590.78m in U.S. dollar based on the latest valuation.

Reports earlier stated that debt servicing to the IMF surged to $1.63bn in 2024, made up entirely of principal repayments, with no interest or other charges recorded.

The country’s total external debt servicing for 2024 amounted to $4.66bn, up from $3.5bn in 2023.

Of this, multilateral creditors ed for the largest portion at $2.62bn or 56 per cent of the total.

The IMF’s share alone ed for 35 per cent of Nigeria’s total external debt servicing in 2024 and about 62 per cent of the total paid to multilateral lenders.

Also, Nigeria’s debt to the IMF dropped significantly from $2.47bn in 2023 to $800.23m in 2024 — a reduction of 67.6 per cent, or $1.67bn, likely tied to repayments on the emergency and budget- facility disbursed in 2020.

The disbursement Nigeria received under the RFI was notable for its rapid approval and minimal conditionalities, differing from traditional IMF arrangements that typically require extensive reform programs.

Nonetheless, repayment commitments remain binding, and Nigeria’s progress towards clearing the debt without needing refinancing or restructuring would be seen as a significant positive by global investors and development partners.

Nigeria’s economic landscape has undergone notable changes since the loan was first obtained. President Bola Tinubu’s istration has embarked on wide-ranging reforms, including the unification of exchange rates, the removal of petrol subsidies, and renewed efforts at revenue mobilisation through improved tax istration.

These measures have been aimed at strengthening fiscal buffers, enhancing macroeconomic stability, and restoring investor confidence.

Economic indicators suggest cautious optimism. The World Bank projects that Nigeria’s economy will grow by 3.6 per cent in 2025, which is marginally more optimistic than the IMF’s projection of 3.0 per cent.

Inflation, while still a major concern, has eased to 24.23 per cent in March 2025 from higher levels recorded earlier in the year.

External reserves have also shown resilience, buoyed by stronger oil exports and remittance inflows, with Nigeria’s current balance expected to post a surplus by 2026, according to the World Bank.

At present, Nigeria has no overdue financial obligations with the IMF. The Fund recently commended the country’s efforts at maintaining macroeconomic stability, although it urged further reforms to consolidate the gains.

Successfully completing the scheduled repayments would bolster Nigeria’s external credit profile, enhance access to international capital markets, and improve sovereign risk perceptions.

The Presidency has announced that President Bola Tinubu will leave Abuja for Katsina State today for a two-day official visit.

The president will meet with important stakeholders to evaluate the state’s security situation during the visit, according to a statement released by presidential spokesperson Bayo Onanuga on Thursday.

He will commission the Katsina Agricultural Mechanized Centre and a 24KM dual carriageway completed by Governor Dikko Umar Radda.


Before leaving for Abuja, President Tinubu would also accept an invitation to attend the governor’s daughter’s wedding, Onanuga continued.

Nigeria’s telecom operators have ordered over $1 billion of equipment from Chinese original equipment manufacturers to upgrade network infrastructure and improve service quality.

This was revealed by the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, in Lagos, at a colloquium themed, ‘The Nigeria Communications Act 2003, 22 years After: Challenges, Opportunities and Future Directions for a Digital Nigeria’ organized by the House of Representatives Committee on Communications.

Maida stated that, “Our operators have committed to investing over a billion dollars in telecom infrastructure this year. This is more than double the investment from last year. But this equipment needs to be manufactured. We went to China, and the original manufacturers have confirmed the orders.”

While the telecom equipment is still in transit, pending clearance and deployment, the development marks a renewed capital investment in the sector following a prolonged financial strain.

The regulator stated that as the sector, valued at over $75bn, prepares for its next phase of growth, strong infrastructure will be essential to handle surging data demand and power emerging digital services across the economy.

This comes just months after the NCC approved a 50 per cent tariff increase, the first in 11 years, designed to ease pressure on operators grappling with operating costs that have soared by over 300 per cent in the last decade.

The telecom regulator has also kicked off plans to review the Nigerian Communications Act (NCA) of 2003, citing the need to align it with evolving technological realities and Nigeria’s digital aspirations.

NCC EVC described the over 20-year-old telecommunications law as ‘increasingly misaligned with 2025 and future realities.’ He pointed to the Act’s transformational legacy, including the rise of mobile subscriptions from less than 300,000 in 2001 to over 150 million today, and the telecom sector’s contribution of approximately 14 per cent to Nigeria’s GDP as of Q3 2024.

However, he warned that emerging technologies and widening connectivity gaps have rendered key aspects of the Act outdated. Maida stated, “Progress is not a destination, but a journey. The industry is experiencing a seismic shift driven by AI, 5G, quantum computing, IoT, and blockchain. Our regulatory framework must evolve just as quickly if we are to maintain momentum and close the digital divide.”

Maida also lamented ongoing structural barriers, including unreliable power supply, the high cost of right-of-way approvals, and rising operational expenses, which continue to hinder the expansion of digital infrastructure, particularly in underserved rural communities. He further flagged cybersecurity threats and escalating capital requirements as urgent challenges, noting that the current law falls short in addressing the complexities of Nigeria’s fast-evolving digital economy.”

The EVC commended the National Assembly for initiating the dialogue and affirmed the Commission’s continued collaboration with lawmakers, industry stakeholders, and international partners to develop a future-proof legal framework. His remarks hinted at a possible legislative review on the horizon, as Nigeria positions itself to play a more prominent role in the global digital economy

The Arewa Youths for Peaceful Coexistence has praised former Delta State Governor Ifeanyi Okowa and the current governor, Sheriff Oborevwori, for their significant decision to leave the Peoples Democratic Party (PDP) and the ruling All Progressives Congress (APC), along with of the House of Assembly, local government chairmen, party leaders, and ers. Speaking in Abuja on Tuesday, the group encouraged Arewa governors who remain undecided to prioritize national interests over partisanship by aligning with President Bola Ahmed Tinubu’s vision.

Mark Okpanachi Ogah, the Federal Capital Territory (FCT) Coordinator for Arewa Youths for Peaceful Coexistence, addressed the media alongside National President Bature Haruna, and urged the suspended Governor of Rivers State, Siminalayi Fubara, to reconnect with his political mentor and FCT Minister, Barrister Nyesom Wike, emphasizing the importance of political wisdom and foresight. Okpanachi remarked that political legacies are best maintained through loyalty, dialogue, and a unified purpose.

He stated, ‘Wike’s crucial role in Governor Fubara’s rise cannot be overlooked in any honest recounting of recent political events. Thus, it is both strategic and commendable for Governor Fubara to seek reconciliation and establish a united front for the peace and advancement of Rivers State and the nation as a whole.’

Regarding the significant defection of Delta State PDP to the APC, Okpanachi characterized this shift as a homecoming that transcends mere political realignment. ‘This is a strategic and symbolic endorsement of President Bola Ahmed Tinubu’s Renewed Hope Agenda. Your choice signifies a profound commitment to national advancement, unity, and a collective aspiration to guide Nigeria towards sustainable development. We warmly welcome you into the progressive family. Delta is home, and together, we will construct a brighter future for our great nation.

The organization also called upon other states in the South-South region, especially the Governors of Akwa Ibom and Bayelsa, to embrace this commendable initiative. Your recognition of the President’s achievements is valued; it is now essential to fully his transformative vision by ing the progressive coalition. Furthermore, we extend this request to the Governors of Oyo and Osun States.

As fellow compatriots of President Tinubu, it is appropriate to directly endorse his developmental efforts by aligning with his political agenda. Similarly, we encourage the Governors of Enugu and Abia to prioritize the collective welfare and the Renewed Hope movement. We would like to take this opportunity to commend the APC Chairman, Abdullahi Ganduje, for his exemplary leadership since taking office. One of the notable and decisive traits of the National Chairman is his ability to secure electoral victories. For instance, during his tenure, the APC has successfully won four out of five off-season elections in the nation. This accomplishment highlights his strategic insight and organizational effectiveness.

Additionally, his unwavering commitment to President Tinubu’s Renewed Hope Agenda is praiseworthy. This dedication has attracted many opposition parties to the APC, as evidenced by the current trend of defections to the party nationwide, marking a historic occurrence. The group also asserted that the elimination of the fuel subsidy has resulted in savings of trillions of naira for the country, allowing for a reallocation of funds towards infrastructure development.

Among the other accomplishments of President Tinubu’s istration, Okpanachi noted the unification of the foreign exchange market, enhancement of investor confidence, extensive road, rail, and coastal highway initiatives, including the Lagos-Calabar Coastal Highway. Additional achievements include security enhancements through improved intelligence and military resources, youth empowerment initiatives, digital skills training, the implementation of student loans for higher education, and social investment programs aimed at ing the populace.

In the new tax reform bills currently in the National Assembly, stamp duties will be exempted from property rent below N10m.The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced.

Oyedele made this public in Abuja at the Building and Construction Industry Forum, with the theme “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities”, organised by the Council of ed Builders of Nigeria and the Housing Development Advocacy Network.

According to Oyedele, “What we have done in the reform bills is to make them very clear so there is no debate. Also, we have added that there will be a stamp duty exemption for rents that are below N10m.

“So if you’re paying rent, which is what many people will do because they don’t own a house, you won’t have to pay stamp duties unless you’re a rich person who is paying a lot. It’s not like we are punishing rich people; it’s just that they have a better ability to pay.

Then capital gains tax is exempted on the sale of your dwelling house.”

He added that “withholding tax on construction will now be a maximum of two per cent, which means the rate is significantly reduced.”

In his remarks,the Executive Director of the Housing Development Advocacy Network, Festus Adebayo, advised that the tax committee should consider incentives or tax rebates.

He said this will encourage developers to invest in low-cost housing, as many currently face high rents and fees.

He said, “Since the tax reform is still in the National Assembly, the tax committee should consider the idea of putting an incentive, tax rebate, or anything that can encourage some of those developers or investors to go into the delivery of low-cost housing. Because today, the majority of those estate developers are facing a lot of hurdles in the area of rents and fees they pay in many places.”

Corroborating the above, the Managing Director, Urban Shelter, Sa’adiya Aliyu-Aminu, described taxation as a critical tool for economic transparency and national development.

She said, “Proper taxation will reduce reliance on oil, enhance ability, and make the sector more attractive to local and foreign investors.”

A report by S&P GlobalIn has revealed that the price of a 50kg bag of rice has dropped to N58,000 in some parts of Nigeria, particularly around remote areas, amid imports from the Republic of Benin.

According to the report the West African parboiled rice market has dropped to a near two-year low as supplies flood into regional markets following India’s removal of export duties on parboiled rice.

A 50kg bag of rice has dropped from N80,000 to N58,000 as a result of the influx of the commodity to neighbouring Benin Republic, from where it enters Nigeria.

Platts, part of S&P Global Commodity, reports that the influx of lower-priced rice from India has filled warehouses to capacity in Benin, according to market participants.

Between September and December, India was said to have exported approximately 2.11 million metric tonnes of parboiled rice to West Africa, up sharply from 720,000 metric tonnes in the same period of 2023.

According to the Agricultural and Processed Food Products Export Development Authority, in 2024 as a whole, India exported 5.35 million metric tonnes of parboiled rice to West Africa, up from 3.9 million metric tonnes in 2023.

Commenting, a trader based in Togo said the current situation in almost every region of West Africa is the same, quiet and bearish.

As Nigeria, the largest rice market for Benin, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

It was said that the price for a 50kg local rice had dropped from N80,000 or N90,000 to N60,000, while Indian imported rice prices have dropped to N80,000.

In border communities in Ogun, the staple sells at prices below N50,000 due to the proximity of their communities to the Benin Republic.

Despite the ban on the importation of rice, the commodity remains the most smuggled product, even as the Nigerian Customs Service has sleepless nights battling rice smugglers.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria has officially moved past its most challenging economic phase.

While reaffirming the federal government’s commitment to bringing inflation rate down to single digits and safeguarding citizens’ purchasing power, Edun and Cardoso praised Nigerians for their resilience. They acknowledged that although the journey has been challenging, the government’s economic reforms are beginning to deliver positive results.

Speaking during a t media briefing at the close of the 2025 International Monetary Fund and World Bank Spring Meetings in Washington D.C., Edun and Cardoso projected a strong and optimistic outlook for Nigeria’s economy.

The CBN governor highlighted that the country’s monetary and financial systems have matured significantly, with the foreign exchange market now operating effectively based on market fundamentals.

Cardoso stated that the reforms implemented over the past 18 months, have significantly strengthened Nigeria’s monetary buffers and stabilized the foreign exchange market.

Emphasizing the importance of maintaining momentum, Cardoso said, “We are custodians of stability. Our role is to ensure that people can plan without suffering the shocks of internal or external disruptions. This is not the time to be cynical. If we do not recognize and take advantage of our opportunities, others will.”

He continued, “Capital moves to where the environment is enabling, it’s not the time to be cynical. It’s time for us to look to the future. With every confidence that we will get out of any problem that we are faced with.”

Cardoso also noted that Nigeria’s ability to withstand recent external shocks has earned the country international recognition.

“It has taken a lot of coordination between the fiscal and the monetary, learning from mistakes, being bold enough to look at other means of doing certain things to get better results, and now we are here at a time where the international community is asking others to learn from what Nigeria has been able to accomplish.”

The CBN Governor further disclosed that the gap between the official and parallel market exchange rates has closed, and speculative arbitrage, previously a major source of currency pressure, has been eliminated. He noted that this renewed stability has boosted confidence and increased autonomous foreign exchange inflows through formal channels, helping to diversify Nigeria’s foreign exchange sources beyond oil.

On his part, Edun, stated that key economic indicators are moving in a positive direction, marking a significant improvement compared to the country’s position years ago.

Edun stated “Nigeria is economically, financially, in a much better place than it was just a couple of years ago. Inflation is coming down; the exchange rate is stabilizing; food prices are easing, and the fundamentals are much stronger.”

However, he emphasized the need to accelerate economic growth in order to reduce poverty meaningfully. “Unless we get to about seven per cent growth, we are not going to reduce poverty and improve the life of Nigerians substantially. That is the target and commitment of this istration,” he said.

He noted that Nigeria’s economy is currently growing at an average of 3.4 percent in 2024, with the latest quarterly growth recorded at 3.84 percent. To bridge the growth gap, Edun outlined several key strategies including boosting agricultural productivity, expanding digital infrastructure, ing entrepreneurship, and enhancing access to finance across all sectors.

Edun noted that with macroeconomic stability returning and investor confidence rebounding, Nigeria is well-positioned to achieve its long-sought goal of inclusive and broad-based prosperity, provided that ongoing reforms are sustained. He added that the country has turned the corner and it is time for every Nigerian to contribute towards building a stronger, more prosperous economy.

Alhaji Sule Lamido, the former Governor of Jigawa State and a prominent member of the Peoples Democratic Party (PDP), has issued a warning regarding the current attempts to undermine Nigeria’s primary opposition party. He stated that the dismantling of the PDP could lead to a collapse of democracy within the nation. Lamido, who previously served as the Minister of Foreign Affairs, foresees significant developments in the next five months, emphasizing that the exodus of from the PDP is a troubling sign for Nigeria.

After being elected as a National Delegate during the PDP Local Government Congress in Birnin Kudu, Jigawa State, Lamido voiced serious concerns about what he termed a systematic attack on opposition forces, facilitated by the manipulation of state institutions such as the Independent National Electoral Commission (INEC), the police, and security agencies. He remarked, ‘My constituents elected me as a delegate not out of necessity, but because experience is crucial at this juncture.’

He further asserted that Nigeria’s democracy relies on a robust opposition, warning that dismantling the PDP equates to paving the way for national self-destruction. Lamido accused President Bola Tinubu and the ruling All Progressives Congress (APC) of utilizing state instruments to undermine opposition parties. He cautioned that if this trend persists, it will not only harm the democratic framework but also ultimately engulf those responsible for it. ‘While it is normal for the APC to oppose the PDP as a political entity, it becomes perilous when the Federal Government, under APC’s influence, employs national institutions against the opposition. This is not merely a conflict between APC and us; it involves the government and the President himself. The use of the Economic and Financial Crimes Commission (EFCC) and other agencies to intimidate and weaken opposition parties is tantamount to self-destruction. Those who the APC out of fear will come to regret their decision.’

He observed that Tinubu is under the impression that by undermining the PDP, he is safeguarding his political future. However, he emphasized that the President fails to recognize that this approach ultimately undermines Nigeria as a whole. Lamido articulated that democracy relies on liberty, freedom, and a credible opposition, asserting, ‘If you eliminate the opposition, you jeopardize the nation.’ He also pointed out that the fear of persecution from agencies such as the EFCC is compelling numerous political figures to enter what he termed a ‘suicidal alliance’ with the

ruling party, forecasting that disillusionment will eventually lead many back to the PDP. He called upon all discontented politicians to re the PDP, characterizing it as Nigeria’s most organized and people-centric political platform.