Spotlights
FG economic reforms yielding good results —Edun
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday said that the economic reforms embarked upon by the present administration are yielding positive results as the country recorded a net inflow of $16.45 billion into its foreign reserve in the first seven months of the year.
The Minister disclosed this at the 2024 edition of the Access Bank Annual Corporate Forum themed: “Nigeria’s Economic Rebirth: Hopes and Implications”, in Lagos, saying that the federal government plans to fund 360,000 farmers as part of efforts to curtail the ravaging food inflation while giving the economy a rebirth.
Edun, among other things, stated: “Seventeen months or so, we rethink the reforms from the evidence, from the data, from the details that we have in our hands , the reforms are yielding fruits.
“The economy is beginning to turn a corner and I think we all are witnesses to the improved macroeconomic stability, stable exchange rates, increasing government revenue, positive and increasing trade balances, current account balances and the total reconfiguration and the revamping of government revenues as well as the greater emphasis on expenditure.
“We have relative currency stability, and of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates.
“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.
“On the fiscal side as well, government revenues are growing. And the key to government revenue is not so much that the government has revenue to compete with the private sector. It is the fundamentals, the social and the key infrastructure spending, the social safety net spending.
“And, historically, our figures are low. Our tax to GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent.”
Highlighting the various steps the government is taking to rebirth the country’s economy, he said that the government is working to ramp up crude oil production as a buffer for the fiscal revenues, adding that the country is on track to produce the targeted 2 million crude oil barrels per day (bpd) before the end of 2024.
On food security, Edun noted that the FG plans to fund 360,000 farmers with resources to cultivate on 360,000 hectares of land by January 2025.
“Apart from quickly ramping up oil production, one of the key areas is that in the agricultural sector, not just for raw output, but for putting us on the path to industrialisation, just as the way as put in as a step taken to have local refining of petroleum products what’s come back after so many decades is an important step in the road to industrialization in agriculture.
“The plan and the key target is for this dry season after a very successful dry season harvest earlier this year, there was disappointment in the wet season harvest and that’s the reason we have not completed and the result is a continued elevated level of food prices.
“So the plan this time around, and we must be determined in its succeeding, 360,000 farmers will be funded, assisted, mobilized and resourced to farm 360,000 hectares and from that we are estimating 1.4 million metric tons by next January, February when the harvest comes of maize, wheat, cassava and tubers.
“And that is a key success factor, a key indicator that we must hit as a target. And everybody has a role to play in producing food.”
On his part, Chief Executive Officer, Financial Derivative Company, Bismack Rewane, projected among other things, the country to move from the third position to the second largest economy in Sub-saharan Africa by 2026 at $400 billion from its present $368 billion.
He added: “Electricity tariff in our government will remain above $200 billion in bands A and B. Telecom tariffs will increase significantly to maintain that investment.
“There will be an efficient forex option system by 2026 and air-combact reserves will be at $20 billion.
“Inflation will continue to decline to anywhere between 19 percent and 22 percent and MPR, I think, will decline to 20 percent rather. I’m talking about June 2026.
“The Naira will appreciate from its current levels to anywhere between $1,450 and $1,500 at that time.
“‘Exchange rate will be aligned on the proper Forex system that is functioning in place due to one, integration funds, direct foreign investments and exchange rate adjustments. The trade balance will go up from $8 billion to $9 billion.
“The price of petrol will be stippled and this is at N900 per liter, the quality will be higher”.
Also speaking, Uche uwaleke, Professor of Finance and Capital Market at Nasarawa State University, said that deepening the capital requires raising the right mix of instruments.
He averred that the federal government has not been deploying the right instrument in its borrowings from the domestic capital market, saying more infrastructure bonds should be issued .
He also made a case for crypto assets adoption, arguing that youths who comprise over 70 percent of the population would find crypto assets more attractive and acceptable and hence would propel their participation in the capital market.
In his welcome remarks, Mr Roosevelt Ogbonna, Managing Director/CEO, Access Bank, said: “This is the kind of forum that we have been having since this current administration came into service in May 2023. I think in many respects it signifies the challenges that we are having as a nation and the need for us to combat the rising economic headwinds that we are facing. At least Nigeria is not isolated in this term. Many emerging markets and local markets are facing significant challenges”.
The Nigerian Meteorological Agency (NiMet) has issued an updated weather forecast, highlighting the likelihood of thunderstorms and varying intensities of rainfall across various regions of the country from Friday to Sunday.
Released in Abuja on Thursday, this three-day outlook serves as a precautionary alert, indicating potential flooding risks and urging citizens to take necessary safety measures.
Beginning Friday morning, the northern states are expected to experience isolated thunderstorms accompanied by moderate rainfall. Specifically, areas including Bauchi, Gombe, Adamawa, Taraba, Kaduna, Kano, Zamfara, Katsina, Sokoto, and Kebbi are likely to feel the impact of these weather conditions.
As the weekend progresses, Saturday will bring a shift in weather patterns. NiMet anticipates a predominantly cloudy sky, interspersed with moments of sunshine throughout the northern region.
However, residents should be prepared for more isolated thunderstorms and moderate rains to develop later in the day, particularly affecting the states of Taraba, Adamawa, southern Borno, Bauchi, Sokoto, Kebbi, Kaduna, Zamfara, Kano, and Katsina.
By Sunday, the forecast indicates a continuation of cloudy skies coupled with intervals of sunshine over the northern region. There remains a possibility of isolated thunderstorms, during which light rainfall may occur in the morning across parts of Yobe, Jigawa, Kano, and Katsina States. Residents are encouraged to stay informed and take appropriate preparations as these weather developments unfold.
The central states are also expected to experience rainfall, with varying intensity throughout the forecast period.
“For the central region, cloudy atmosphere with sunshine intervals is expected over this region during the morning hours with chances of light rains over Niger, Kogi, and Benue States,” NiMet explained.
“Later in the day, isolated thunderstorms with moderate rains are expected over Nasarawa, Plateau, Kwara, Kogi, Benue, and the Federal Capital Territory,” the forecast added
For Saturday, thunderstorm with moderate rain is anticipated over most parts of the region in the afternoon/evening hours, while on Sunday, there will be cloudy skies with intervals of sunshine expected over this region, with prospects of thunderstorms with moderate rain over parts of the Federal Capital Territory, Plateau, Nasarawa, and Benue States during the afternoon or evening period.
The southern states will see more consistent rainfall throughout the forecast period.
“There are prospects of intermittent moderate rainfall over most parts of the southern region throughout the forecast period.”
“There are prospects of flooding over parts of Lagos, Ogun, Akwa Ibom, and Cross River States,” NiMet stated
On Saturday, cloudy skies are anticipated over the region with chances of moderate rains over parts of Lagos, Ogun, Edo, Ebonyi, Imo, Abia, Rivers, Bayelsa, Delta, Cross River, and Akwa Ibom States during the morning hours. Later in the day, light to moderate rain is expected over most parts of the region.
By Sunday, cloudy skies are anticipated over the southern region with prospects of moderate rains over parts of Oyo, Ogun, Lagos, Edo, Delta, Rivers, Bayelsa, Cross River, and Akwa Ibom States during the morning hours. In the afternoon/evening periods, moderate rains are anticipated over most parts of the region.
Safety warnings and advice
NiMet issued safety guidelines to reduce risks associated with the predicted heavy rains.
The agency warned that driving under heavy rain should be avoided, and to avoid leaching of nutrients, farmers should refrain from applying fertilizer and pesticides right before the rains.
“They should ensure that loose objects are fastened to avoid collisions. Disconnect electrical appliances from electrical sockets. There is a need to stay away from tall trees to avoid impact from falling branches and broken trees,” NiMet added.
Airline operators are advised to get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations.
NiMet urged Nigerians to remain updated on daily forecasts, stressing that “residents are advised to stay informed through weather updates from NiMet. Visit our website www.nimet.gov.ng.”
In a significant policy shift, the Federal Government has announced that starting in 2027, only secondary schools staffed by certified teachers will be permitted to serve as accredited centers for public examinations.
This directive was communicated through a memo issued by the Minister of Education, Dr. Tunji Alausa, to the Registrar and Chief Executive of the Teachers Registration Council of Nigeria (TRCN).
Dr. Alausa emphasized that this new requirement is part of a broader strategy to enhance professionalism and ensure quality assurance within the teaching profession.
By setting this standard, the government aims to elevate educational standards and guarantee that students are evaluated in an environment led by qualified educators.
The minister explained that, starting from 2027, schools whose teachers lack certification from TRCN will be disqualified from conducting national examinations, including WASSCE, NABTEB, NECO, and NBIAS.
“Accordingly, effective from March 2027 for WASSCE, May 2027 for NABTEB, June 2027 for NECO and June 2027 for SAISSCE, any school whose teachers are not duly registered and licensed with the TRCN shall be disqualified from serving as an examination centre,” Alausa said.
He also directed state governments to align with the policy and ensure necessary measures are put in place for compliance in both public and private schools.
The government set a two-year compliance window to allow schools and teachers to meet the new requirements.
“Compliance with this directive shall be monitored, with schools expected to achieve a minimum compliance rate of 75 per cent by 2026 and full compliance of 100 per cent by 2027,” the minister stated.
This means that by 2026, schools will need to demonstrate significant progress, or risk eventual disqualification from accreditation.
To ensure teachers have sufficient opportunity to regularize their qualifications, the government has made provisions for an abridged certification route.
Alausa advised that teachers who are non-education graduates but have at least 12 months of classroom teaching experience should enrol in the National Teachers Institute (NTI).
He explained that the affected teachers could qualify for the abridged professional certification programme offered through the National Teachers Institute (NTI).
The NTI programme consists of professional short courses lasting between three to six months, after which participants can register and obtain licensing from TRCN.
The Minister urged education stakeholders to take the directive seriously and ensure proper awareness campaigns are conducted nationwide.
He stressed that schools must prioritize compliance to avoid disruptions in the accreditation process for public examinations.
He added that teachers and school administrators should give the directive the highest priority and ensure wide sensitisation of stakeholders across the country so as to avoid disruption of accreditation for public examinations.
Excitement has erupted among many Nigerians as President Tinubu’s economic policies begin to deliver promising results.
The Central Bank of Nigeria (CBN) has implemented stricter controls while maintaining a lower exchange rate at official windows.
However, the limited access and stringent allocation restrictions have compelled numerous importers, businesses, and students seeking to study abroad to resort to the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the naira rose to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). The last time it was that strong was on the 5th of March, 2025, when it closed at N1,500.80/$.
The naira has continued to enjoy rare stability, driven by the various policies of the apex Bank, including maintaining a high interest rate, a move that has lured in foreign capital and made the currency firmer.
Nigeria’s naira has witnessed some turbulence years after the authorities relaxed currency controls, effectively floating the currency to be more determined by market forces. That saw the unit fall by over 70 percent and disrupted business plans of many firms in Africa’s most populous nation.
Read also: Naira records another six-month high of N1,506.84 as FX supply stabilises
DIRTY DEALS: Real Reason Tinubu Sacked VP Shettima’s Aide Fagbo Emerges
But those eras of sharp swings are phasing out as the local currency is expected to continue its rally until the end of the year, with global investment bank JP Morgan forecasting the naira to close 2025 at N1,450 per dollar.
A potential rate cut by the United States Federal Reserve also bodes well for the naira’s long-term stability as global capital finds its way into emerging markets like Nigeria, further bolstering the calmness of the currency.
“A lower US interest rate would diminish the relative attractiveness of US assets, prompting global investors to seek higher returns in emerging markets like Nigeria. Consequently, Nigeria will likely experience increased portfolio inflows, particularly into the fixed-income market,” analysts at FBNQuest Merchant Bank wrote in a note recently.
“Renewed interest by offshore investors could potentially bolster foreign exchange reserves and support the stability of the Naira.”
FX reserves seen rising further on likely US rate cut
The Nigeria’s national grid has again collapsed with the total of 50 Mega Watts drop, according to the report that emerged after the incident.
A breakdown of the affected states indicted that the collapse, which happened around 12:25 pm on Wednesday, September 10, affected 11 states, including the Federal Capital Territory (FCT). ...click link for full list here
EXPOSED: Jonathan/Bala Mohammed campaign posters flood internet ahead 2027
Below is the states and the affected areas according to The Cable:
1. Abuja DisCo: 20 MW
2. Benin DisCo: 10 MW
3. Eko DisCo: 0 MW
4. Enugu DisCo: 0 MW
5. Ibadan DisCo: 20 MW
6. Ikeja DisCo: 0 MW
7. Jos DisCo: 0 MW
8. Kaduna DisCo: 0 MW
9. Kano DisCo: 0 MW
10. PHarcourt DisCo: 0 MW
11. Yola DisCo: 0 MW
Total: 50 MW
EXPOSED: Jonathan/Bala Mohammed campaign posters flood internet ahead 2027
Delta State Governor, Rt. Hon. Sheriff Oborevwori, has commended the South-South states for their immense contributions to Nigeria’s growth and stability, describing the region as a critical pillar of the nation’s economic and social development.
Speaking on Sunday at the 2025 Passover Conference and dedication of the children of Apostle Charles Osazuwa, Founder of Rock of Ages Christian Assembly International, in Benin City, Edo State, the Governor stressed that the South-South remained central to Nigeria’s prosperity, given its oil and gas wealth, agricultural resources, and human capital.
Oborevwori maintained that a stronger collaboration with the Federal Government was essential to closing the development gaps and ensure that the region fully benefits from its natural endowments.
He also underscored the need for unity among South-South states in engaging the Federal Government on key issues of infrastructure, environmental protection, and economic diversification.
“A united South-South voice will not only fast-track development but also strengthen security and promote inclusive growth across our region,” the Governor said.
On the occasion, which he described as both spiritual and instructive, Oborevwori emphasized the value of thanksgiving and faith.
“Whenever God does something, it is only right that we appreciate Him. Today, we have not only witnessed the dedication, but we have also received a powerful message, one that has truly blessed us. I took notes myself because there was so much to take home,” he added.
The Governor highlighted the cultural, spiritual, and historical bond between Delta, Edo, and Bayelsa states, describing them as “one people with the same roots and destiny.”
He noted that the unity of the three states was reflected in their collective achievements, citing their strong outings at recent national sporting events as evidence of shared progress.
“At the National Youth Games, Delta came second and Edo came third. In Ogun State, Delta took first while Bayelsa came second. Whenever one of us shines, we all shine. That is the strength of our brotherhood,” he remarked.
Oborevwori also commended Apostle Osazuwa and his ministry for their integrity and commitment to the gospel, praying that the church would continue to grow in strength and impact.
Edo State Governor, Senator Monday Okpebholo, represented by his deputy, Rt. Hon. Dennis Idahosa, assured that his administration remained committed to promoting Christianity through good governance.
Similarly, Bayelsa State Governor, Senator Douye Diri, represented by his deputy, Senator Lawrence Ewhrudjakpo, congratulated Apostle Osazuwa on the dedication of his triplets, describing him as a genuine man of God who preaches with ease and conviction.
In his remarks, Apostle Osazuwa urged Governors Monday Okpebholo and Sheriff Oborevwori to leverage their offices to press the Federal Government for the urgent rehabilitation of the dilapidated Benin–Sapele Road, lamenting the severe hardships it continues to inflict on motorists.
Earlier, in a sermon titled “Understanding the Power of Effective Prayer,” Apostle Osazuwa stressed the potency of prayer as a vital tool for believers to effect change, overcome afflictions, and engage in spiritual warfare.
He described prayer as a two-way communication between man and God, noting its mystery and transformative power.
The event attracted dignitaries, including immediate past Governor of Delta State, Senator Ifeanyi Okowa; the Speaker of Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, Pastor Osagie Ize-Iyamu; Prof. Idia Ize-Iyamu; alongside worshippers and well-wishers who joined the Osazuwa family in thanksgiving.
The Economic and Financial Crimes Commission (EFCC) has declared Olasijibomi Suji Ogundele, founder of Sujimoto Luxury Construction Limited, wanted for allegedly diverting funds and engaging in money laundering.
The declaration was contained in a notice issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, and circulated to the public via its official X account.
According to the Commission, Ogundele is wanted in connection with an alleged case of diversion of funds and money laundering being investigated by its Lagos Command
“The public is hereby notified that OLASIJIBOMI SUJI OGUNDELE of Sujimoto Luxury Construction Limited, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Diversion of Funds and Money Laundering,” the commission stated.
Public appeal for information
The EFCC urged members of the public with useful information on his whereabouts to contact its offices across the country.
The notice described him as a 44-year-old indigene of Ori-Ade Local Government Area of Osun State. His last known address was listed as G29, Banana Island, Ikoyi, Lagos State.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice read.
The controversies surrounding Olasijibomi Suji Ogundele, the founder of Sujimoto Luxury Construction Limited, did not just begin.
In October 2024, he was under police investigation following allegations of a $325,000 real estate fraud. According to reports, a client had paid the sum for a three-bedroom apartment in the Leonardo project in Banana Island, Lagos, but neither received the property nor a refund.
The Police Force Criminal Investigations Department (FCID) invited Ogundele for questioning, but he initially failed to respond, opting instead to file a fundamental rights suit to restrain the investigation.
He later appeared at the FCID headquarters in Abuja after further pressure from investigators and was interrogated before being released on bail.
Following his release, Ogundele issued a response, denying any fraudulent activity. He explained that the delays in delivering the project were caused by external economic factors, specifically inflation, rising construction material costs, and the volatility of foreign exchange.
He stated that he had arrived at the FCID with a trove of evidence, including title documents of the Leonardo project, approvals from Lagos State, and other paperwork, which he claimed demonstrated transparency and a genuine commitment to fulfilling obligations to clients.
2027: Why It Would Be Difficult For Tinubu – Fresh Analysis Predicts Possible Election Results
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 12th September 2025
FirstBank Wins Appeal in Landmark Case Against General Hydrocarbons Ltd
Thunderstorms, Heavy Rains Predicted From Friday To Sunday
FG to disqualify schools with uncertified teachers by 2027
FULL LIST: What Will Happen If Jonathan Wins In 2027
Check Point Software Recognised on TIME and Statista’s World’s Best Companies 2025 List
BADLUCK: Father Mbaka’s Prophecy On Goodluck Jonathan Resurfaces Amid 2027 Presidential Ambition [VIDEO]
2027: Jonathan’s running mate picked as campaign posters hit internet
2025: Nigeria Missed Out As Ghana Other Meet Top 10 African Countries With Stable Power Supply Emerge
Politics4 days ago2027 Election: What Nigerians should know if Jonathan wins against Tinubu
- News4 days ago
Strike: No More N820/Litre; New Petrol Prices Emerge At Filling Stations; [DETAILS]
- Sports2 days ago
EXPOSED: Osimhen fakes injury for Nigeria – Asamoah Gyan
- Politics4 days ago
Fubara Return: New Twist As Suspended Rivers Governor May Lose Seat Over Pending Supreme Court Ruling
- News3 days ago
NO MERCY: Eric Chelle’s sack letter ready as Nigeria battles South Africa
- Business4 days ago
Jubilation as dollar crashed, new rate emerges
- News5 days ago
Smoke From The Altar: Reasons Deeper Life Church members are not happy with Pastor Kumuyi
