The Governor of Delta State, Sheriff Oborevwori, has authorized the immediate allocation of N10 billion to address outstanding pension arrears owed to retirees within the state.

This announcement was made on Tuesday during a meeting with Edwin Ogidi-Gbegbaje, the Chairman of the Bureau of State Pensions, as well as Anthony Osanekwu, the State Chairman of the Association of Contributory Retirees, in Asaba, as reported by the News Agency of Nigeria (NAN).

Governor Oborevwori indicated that the purpose of the meeting was to discuss various issues pertaining to the welfare of retirees, including the settlement of backlog payments and challenges related to the migration under the Contributory Pension Scheme (CPS). He noted that his administration has thus far disbursed over N36 billion for pension services in the state. Furthermore, he highlighted that N1.4 billion has been allocated monthly for pension payments since he assumed office.

The governor emphasized that the state has consistently fulfilled its monthly pension obligations during his administration. However, he acknowledged the necessity of urgently addressing the arrears that predated his tenure. “Our retirees are individuals who have devoted their best years to service in the state. It is both just and necessary that they receive the benefits to which they are entitled, and ensuring their welfare remains a top priority under my administration,” he stated.

In conjunction with this announcement, the governor established an oversight committee to monitor the implementation of the released N10 billion, underscoring the importance of maintaining transparency in the process. He reiterated his administration’s dedication to prioritizing the welfare of senior citizens who have contributed significantly to the state.

Ogidi-Gbegbaje characterized the governor’s announcement as a “pleasant surprise,” expressing confidence that the N10 billion allocation would provide substantial relief to retirees. He assured that the funds would be exclusively utilized for pension payments, emphasizing that the system is designed to ensure transparency and accountability.

Osanekwu also expressed gratitude to the governor for this unexpected and generous decision, remarking, “You took us by surprise; our expectations were significantly lower than the N10 billion you have just approved. I am elated, and I am confident that this news will bring significant joy to pensioners across the state.”

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In May, Governor Oborevwori reaffirmed his administration’s commitment to the welfare of workers, noting that Delta State was among the first to implement a new minimum wage of N77,500, exceeding the national benchmark of N70,000. This adjustment increased the monthly wage bill from N11.5 billion to N15.3 billion.

As part of its civil service reforms and engagements, the administration has facilitated three town hall meetings and a notable dinner with senior civil service staff. “We have upheld our commitments in this area. Over 8,000 public servants have received training, including 450 senior management staff who participated in a comprehensive seven-weekend training program in collaboration with the Administrative Staff College of Nigeria (ASCON), thus marking a significant advancement in leadership development,” he stated.

The governor conveyed that to enhance understanding of the MORE Agenda, the government organized a strategic retreat with Sewa Assets Management for commissioners and heads of inter-ministerial agencies.

Regarding workforce expansion, he reported that 13,497 new teaching and non-teaching staff members have been recruited across the state’s 25 local government areas to address manpower shortages. Furthermore, promotion interviews have been conducted for over 2,193 officers, reflecting the administration’s commitment to career advancement.

The African Development Bank (AfDB) has said that the continent is losing more than $580 billion every year through corruption and illicit capital outflows, a loss that continues to undermine the continent’s economic progress and deepen its debt woes, according to Nairametrics.

AfDB President, Akinwumi Adesina, who stated this in a Bloomberg interview, said the losses are so severe that they outweigh the continent’s ability to finance infrastructure and development, even as Africa’s total debt burden nears $2 trillion.

“It doesn’t matter how much water you pour into a bucket if the bucket is leaking. If you’re able to reduce the leakages to illicit capital, also corruption and all of these things, Africa will be able to keep a lot of these resources and meet the amount of infrastructure it needs,” Adesina said.

$1.6 billion lost daily
The AfDB estimates that Africa loses about $1.6 billion every single day to what it calls “financial leakages.”

This includes $90 billion annually in illicit financial flows, $275 billion lost through profit-shifting by multinational corporations, and $148 billion siphoned off due to corruption.

These losses come at a time when the continent is grappling with an annual infrastructure financing gap of up to $170 billion, a shortfall that must be addressed if Africa is to unlock economic growth and create jobs for its youthful population. Instead of channelling resources into such projects, many African governments are overwhelmed by soaring debt-service costs.

A joint study by the Boston University Global Development Policy Center and the Institute for Economic Justice recently found that debt servicing in Africa has climbed to its highest level since the early 2000s debt crisis.

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Shockingly, more than half of African governments now spend more on interest payments than on public healthcare.

Adesina stressed that while access to concessional financing and debt restructuring are important, curbing corruption and illicit outflows remains the single most crucial step to safeguarding Africa’s resources and reducing its reliance on debt.

What you should know
The AfDB, in its recently released 2025 African Economic Outlook, had expressed concern about Nigeria’s rising debt costs, stating that the country is projected to spend 75% of its revenues on interest payments in 2025.

According to the Bank, a country’s debt-to-GDP ratio may be low and still face high debt burdens if substantial shares of revenue are channeled towards debt service payments.

The AfDB further explained that while many African countries experienced declining debt levels in 2022–2023 due to favorable interest-growth differentials, this trend remains vulnerable.

A slowdown in economic growth or a rise in interest rates, the Bank noted, could reverse recent gains. Moreover, reckless fiscal behavior and excessive borrowing, especially on commercial terms, could undermine progress.

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President Bola Tinubu’s assumption of office on May 29, 2023, came at a critical juncture in Nigeria’s history, characterised by many challenges.

His declaration, “Subsidy is gone,” has sparked significant backlash against his administration, particularly as his tough policies have led to increased hardship for many Nigerians.

Former Nigerian military leader Ibrahim Gbadamosi Babangida has provided a comprehensive analysis of President Bola Tinubu‘s administration. …CONTINUE READING.

Fresh prophecy reveals who wins 2027 election as Tinubu warned

Babangida, a man of immense power and wealth, Babangida ruled the country as military Head of State from 1985 to 1993, leaving behind a legacy of economic reforms, political controversies, and an empire of investments that continues to fuel speculation decades later.

His administration was marked by sweeping economic policies, including introducing the Structural Adjustment Program (SAP), which aimed to stabilize the economy through privatization, foreign investment, and currency devaluation.

According to BusinessDay report, IBB has urged Nigerians to exercise patience and resilience during this challenging period, emphasizing that the difficult decisions being made by Tinubu are necessary for the long-term economic advancement of the nation. Babangida believes that these measures, while tough in the short term, are crucial for positioning Nigeria competitively on the global economic stage.

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His insights reflect a hope that with perseverance, the country will ultimately reap the benefits of these strategic reforms.
The Nigerian people will reward that kind of strength, Babangida announced.

He acknowledged the challenges that Nigerians are experiencing as a result of the financial reforms currently being implemented, but he insisted that Tinubu’s policies would be validated by the long-term benefits. Pain does not last forever.

He said, “I have witnessed governments in the past making difficult decisions, and I am confident that Nigerians will see the results if patience is managed effectively.”
He emphasized that Tinubu’s ability to navigate complex political challenges has positioned him favorably for continued leadership, highlighting the significance of his past achievements and adaptability in the ever-changing political arena.

It is said that Tinubu is an expert in political survival. Despite the fact that he has been subjected to pressure, criticism, and enormous challenges, he continues to move forward.

Fresh prophecy reveals who wins 2027 election as Tinubu warned

According to data obtained from the Central Bank of Nigeria (CBN), TheCable Index analysis showed that the foreign reserves declined by 6.23 percent from $40.88 billion reported on January 2 to $38.33 billion on March 27.

Analysis further showed that the decline is the highest in the first quarter of the last five years.

In Q1 2024, the foreign reserves declined by $810.66 million (2.45 percent); in Q1 2023, it dropped by $1.57 billion (4.24 percent); during the same quarter the next year, the external reserves depreciated by $971.35 million (2.39 percent); and in Q1 2022, the foreign reserves dwndled by $827.34 million (2.32 percent).

NIGERIA’S FOREIGN INVESTMENT DROPPED BY 30% WITHIN REVIEWED PERIOD

The decline in the foreign reserves coincides with a drop in foreign portfolio investment (FPI) during the first quarter.According to data obtained from the Nigerian Exchange Limited (NGX), TheCable Index analysis showed that the FPI declined by 30.3 percent between January to February.

The NGX has not released March data.

In January, NGX reported that Nigeria recorded $17.35 million in foreign direct investments through equities; however, in February, the foreign inflow dropped to $12.09 million.

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During the same period, foreign outflows outstripped foreign inflows each month, with $31.01 million recorded in January and $16.48 million reported the next month.

The data on foreign direct investments (FDI) for the period is yet to be released.

‘LOW PETRODOLLAR, CBN INTERVENTION CONTRIBUTED TO EXTERNAL RESERVES DECLINE’

The decline in foreign reserves in Q1 2025, according to Charles Abuede, the research lead at Cowry Asset Management Limited, indicates a lack of foreign exchange (FX) inflows into the economy.

Abuede said “minimal petrodollar earnings” and the CBN’s intervention in the FX market to support the naira through the sale of $25,000 weekly to bureau de change (BDC) operators are possible contributors to the decline.

“The depletion of Nigeria’s foreign reserves in the first quarter of 2025 clearly indicates a lack of foreign exchange (FX) inflows into the economy,” he said.

“This is largely due to minimal petrodollar earnings, as crude oil prices remain uncertain, fluctuating between $65 and $70 per barrel.

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“It may also reflect the Central Bank of Nigeria’s (CBN) ongoing efforts to defend the Naira, alongside the $25,000 weekly FX sales to Bureau de Change (BDC) operators to maintain liquidity in the market.”

Also, Muda Yusuf, the chief executive officer (CEO), the Centre for the Promotion of Private Enterprise (CPPE), echoed Abuede’s stance, saying that regular interventions by the CBN must have been depleting the reserves gradually.

“Because if we are having that, and we are not having sufficient inflows to balance out those outflows, that could be a possibility. You know, the CBN has been very consistent in defending the currency, which is not a bad idea. What is important is to ensure that we are doing so within a sustainable framework so that it doesn’t create an unnecessary crisis for us,” the economist said.

“Secondly, is the fact that the very depletion of reserves is also possibly triggering some speculative pressure, you know, on the market. In other words, if people begin to look at the trend and they notice that the reserves have been declining, it’s possible that that could also be increasing the pressure of demand, you know, on the foreign exchange market.

“And if demand is increasing, that means the amount that is made available to ensure stability will also be increasing. So, that speculative component is also a possibility. So, mind you, I’m talking about possibilities because I don’t have all the facts. So, that is also a possible factor.

“The third possible factor is the fact that NNPC seems to have stepped up or given a window for increased importation of petroleum products. Now, when we had only Dangote (refinery), substantially, you know, supplying the PMS, I think that there was a reduction in the pressure. Because when you look at our import bill, the importation of petroleum products historically has been about between 30 to 40 percent.

“In other words, the pressure of importation of petroleum products has been accounting for almost 30 to 40 percent of our import bill. So, when you have a situation where the dependence on domestic petroleum refinery is declining because NNPC and some of these agencies in the petroleum downstream or regulators seems to be supporting the continuous importation of petroleum products, that is also a factor. Because the importation of fuel is a significant factor in the pressure on our reserves.”

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Yusuf also linked the decline to the drop in FPI, which he said could be worsened by the increase in import tariff in the United States and the possibility of a hike in US interest rate in response to an impending increase in the inflation rate.

“Then, portfolio flows (is another reason). You know, right now, we are beginning to see some geopolitical factors. Now, we are beginning to see a trend of rising inflation in the United States. And the inflation is likely to continue to trend upwards, and it is likely that the Federal Reserve may very soon begin to also tighten monetary policy,” he said.

“Which means that interest rates in the United States may begin to go up any time from now. If Trump continues with his tariff imposition trajectory. That means if interest rates eventually begin to go up in the United States, that may affect portfolio flows.

“Because the returns on investment in those other countries and in other advanced countries may now begin to improve. So, it is also possible that it may have also decelerated the portfolio flows to the economy. So, for me, those are the variables that one can see that may be responsible.

“Then, of course, because I don’t have the data, you know, we have external debt obligations that we need to service. So, if you look at this quarter, some of them had fal due, which also needed to be serviced. So, that is also a possible factor.”

‘FOREIGN RESERVES DECLINE WILL PUT PRESSURE ON NAIRA’

During the reviewed period, the exchange rate in the official window of the FX market was N1,534 per dollar on January 3, compared to N1,539/$ on March 26.

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In the parallel market, the value of the local currency appreciated from N1,650/$ to N1,560 per dollar — indicating a 5.45% percent appreciation.

However, Abuede said the decline in the foreign reserves could put pressure on the naira, threatening the gains in Q1.

“This decline will exert further pressure on the local currency, as the apex bank continues its intervention. The key issue is that FX outflows are not being matched by sufficient inflows,” the research lead said.

“The recent, albeit minimal, appreciation of the Naira since January has largely been driven by CBN interventions rather than organic market forces.”

Yusuf also said the decline will fuel speculation in the FX market and create “anxiety about the current stability,” thereby triggering additional pressure on the exchange rates, which may lead to further depreciation in the currency.

“And then there is depreciation, and, of course, you know the implication of that for inflation in particular. And you know the implication of inflation for business performance and for the welfare of the people,” Yusuf said.

WHAT FG, CBN MUST DO TO RAISE FOREIGN RESERVES

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Abuede said achieving the 2025 budget target of 2.06 million barrels per day (mbpd) of crude oil production is crucial to increasing the foreign reserves.

He added that diversifying FX sources beyond crude oil will also contribute to the international reserves.

“To mitigate this challenge, Nigeria must ensure a steady influx of FX into the economy. Achieving the ambitious 2025 budget target of 2.06 million barrels per day (mbpd) of crude oil production is crucial,” he said.

“Additionally, diversifying FX sources beyond crude oil and implementing policies that attract foreign investment and boost remittance inflows will be essential in stabilising the currency and strengthening external reserves.”

On his part, Yusuf advised the CBN not to stop what it is currently doing in the FX market to ensure that Nigeria has a market that is liberal and has minimum encumbrances.

“You know, that allows for seamless flow of autonomous funds into the economy,” he said.

“So, the market-driven system has helped that. So, that should be sustained. Because if you look at inflows and outflows relationship over the last one year, we have seen a significant improvement in net flows, you know, into the economy, when you look at outflows of forex and inflows, you know, inflows have been much more than outflows over the last 10 months or so.

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“The second other thing has to happen on the fiscal side, and that is about oil production. You know, I am not sure we are still making up our oil output as of now. There are issues around the Niger Delta and this Rivers state crisis is also possibly contributing to it.”

The economist said ramping up production and continued support for all the initiatives around investment in gas could boost the foreign reserves

“Of course, there are also the non-oil exports, which have been increasing over time, but we haven’t gained such critical traction in that yet,” he said.

Yusuf added that the government should also continue to encourage Nigerians in the diaspora to continue to invest in Nigeria through financial instruments and more.

TheCable

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 23rd January, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1655 and sell at N1665 on Thursday 23rd January 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

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Buying Rate N1655

Selling Rate N1665

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today

Highest Rate N1558

Lowest Rate N1548

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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Meanwhile, Union Bank announced on Thursday the commencement of a daily withdrawal limit on point-of-sale (PoS) terminals.

Union Bank reached the decision following the directive by the Central Bank of Nigeria (CBN) on December 17, 2024, limiting the daily withdrawal limit on PoS to ₦100,000 per customer.

Nigeria’s commercial capital, Lagos, is proving to be a magnet for travelers every year during the festive period known as ‘Detty December’, with new data revealing how the city’s annual celebration contributed to the country’s economy, according to Forbes Africa.

Independent research by advisory firm MO Africa Company Limited shows that between November 19 and December 26 last year, Lagos’ Murtala Muhammed International Airport (MMIA) handled around 550,000 inbound passengers. Nearly 90% of these arrivals were Nigerians living abroad, flying in primarily for leisure and tourism.

Kayode Omosebi, CEO of MO Africa Company Limited, says his team surveyed hotels, airports, short-let agents, and nightclubs to compile the data.

The top five countries of origin were the United States, Canada, Italy, South Africa, and the United Kingdom, with most visitors heading to Lagos, Edo, Delta, Ondo, and Ogun states in Nigeria. Lagos alone attracted an estimated 1.2 million tourists. Of those, 60% were domestic travelers, driven by insecurity in southeastern Nigeria.

The influx of visitors brought a surge in hotel bookings and short-let apartment rentals. December hotel revenue in Lagos hit N54 billion ($36 million) from 15,000 bookings.

Short-term apartment rentals contributed another N21 billion ($13 million), with nearly 6,000 bookings made at an average nightly rate of N120,000 ($74.7).

Lagos’ nightlife was a major winner, with the top 15 lounges and nightclubs generating N4.32 billion ($2.7 million). On average, clubs raked in N360 million ($224,000) per day, with some tables fetching as much as N1.2 million per night ($746.7).

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Beaches and resorts accounted for 70% of the N4.5 billion ($2.8 million) generated from recreational activities.

Lagos’ event centers hosted 1,175 bookings, earning a combined N1.2 billion ($804,000).

Luxury car rentals also saw a boom, with N1.5 billion ($937,500) spent on 750 bookings. Daily rates ranged from N200,000 ($124.4) to N2 million ($1,244) for high-end vehicles.

Omosebi notes that Lagos’ hospitality sector is increasingly reliant on cryptocurrency platforms.

“Eighty five percent of conversion to Naira and payments were done through this exchange platform. A number of bookings were done through agents rather than through booking platforms, which speaks to trust concerns and the power-play of agents in the industry,” Omosebi says to FORBES AFRICA.

He adds that ‘Detty December’ could bring in up to $2 billion in foreign exchange by 2026, provided the government addresses infrastructure, security, and supply chain challenges.

“The industry is evolving and we would start seeing niche focused hospitality and tourism experiences… There’s massive opportunity in bespoke event centers for concerts and shows,” Omosebi says.

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Forbes Africa