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”.
It is clear that the United States’ frustration with the Nigerian government goes beyond reports of genocide.
The American President, Donald Trump, and Nigerian President Bola Tinubu have been engaged in a silent conflict for some time.
Trump has often been described as a “bully,” even by prominent politicians in the U.S. and around the world, due to his lawless and reckless leadership style, as noted by Barack Obama.
Trump has expressed discomfort with President Tinubu’s body language and has been critical of certain policies.
In turn, President Tinubu retaliated against some of Trump’s decisions regarding Nigeria.
The beginning of Trump’s anger – BRICS Partnership
President Donald Trump’s anger began when Nigeria was formally admitted as a BRICS partner country in January 2025 under Brazil’s presidency.
At the 17th BRICS Summit in Rio de Janeiro, President Bola Tinubu reaffirmed Nigeria’s commitment to the grouping, which also includes powerhouses like Brazil, Russia, India, China, South Africa and newer members such as Saudi Arabia, Egypt, and Indonesia.
This comes after Brazilian president and the current chairman of BRICS, Luiz Inacio Lula da Silva, condemned the Trump administration’s worldwide tariff increase imposed on almost all countries around the world.
Trump was quick to respond to his Brazilian counterpart’s comments, imposing additional 10 per cent tariffs on BRICS and its partners, which he has repeatedly warned against engaging in anti-American policies.
Trump had imposed a 14 per cent reciprocity tariff on Nigeria in April 2025, which became the ninth BRICS partner country in January 2025 and additional 10 per cent over its alliance with the developing nations’ bloc. Nigeria’s affiliation with the BRICS nations further anger the American leader.
President Tinubu responded with calm, saying that his administration will remain resilient and has no fear of the trade policy direction of U.S. President Donald Trump, particularly tariffs targeting Nigerian exports.
Tinubu said, “If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side.”
This response clearly provoked more anger from Trump.
The anger lingered more as President Donald Trump ignored Nigeria, only to invite five other African nations to discuss ” Commercial Opportunities”.
Trump hosted five African leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal at the White House to discuss “commercial opportunities” on July 9, 2025.
Nigeria was not among the nations invited, even though, the criteria for the invitation were not clear.
After hitting Nigeria with a 14% tariff, the U.S. faced similar backlash as President Tinubu retaliated with a ban on 25 American goods, leaving Trump to complain about the response.
Following the ban on 25 imported items from the United States of America to Nigeria, there were strong indications that Donald Trump’s government may retaliate by blacklisting more Nigerian products.
The development comes as the country imported about $643.1 million worth of goods from Nigeria between January and February 2025 before the implementation of the new tariffs by the Trump government.
Trump’s administration quickly criticised Nigeria’s longstanding import ban on 25 product categories, warning that the policy undermines American exporters and blocks access to one of Africa’s largest consumer markets.
Nigeria refuses to accept Venezuelan deportees from the US
Tinubu’s government again rejected Trump’s proposal of accepting deportees from the United States, distancing itself from decisions by countries like Rwanda, Eswatini and South Sudan that have agreed to receive foreign nationals expelled from the United States of America.
Trump reacted again with another policy to target Nigerian citizens
After Nigeria had rejected being the country of deportees from the United States, the US tightens visa rules for Nigerians, scrutinises applicants’ social media accounts.
The latest rule by the US as the Trump administration intensifies immigration crackdown, mainly targeting African countries like Nigeria.
The US has announced a new visa rule for Nigerians, requiring all applicants to disclose their social media usernames and handles from the past five years for vetting.
‘‘Omitting social media information could lead to visa denial and ineligibility for future visas,’’ the US Embassy in Nigeria said in a statement on X on Monday, adding that visa applicants are ‘‘required to list all social media usernames or handles of every platform they have used from the last 5 years on the DS-160 visa application form.’’
Meanwhile, Human rights activist Omoyele Sowore has warned Nigerians that the threat by the administration of United States President Donald Trump to invade Nigeria militarily should not be regarded as a welcome development.
Trump had warned that if the Nigerian government fails to tackle the alleged massacre of Christians, the US military would intervene to target those allegedly persecuting Christians.
The development has generated mixed reactions, with some stakeholders, particularly Christians, celebrating Trump’s move.
However, Sowore, in a statement on Sunday, cautioned that the threat should not be celebrated, explaining that a military intervention could cause more harm to the nation.
According to him, the US President “does not care about Nigerians, not Christians, Muslims, or anyone else.”
Sowore stressed that the nation’s deliverance will “never come from abroad; it must come from within, through real leadership, not the Tinubus of this world, and national renewal.”
The statement reads: “The latest threat by US President Donald Trump @POTUS to launch military action in Nigeria, allegedly to protect Christians, may sound appealing to some. Still, history has shown this to be perilous.
Whether you are Christian, Muslim, animist, or non-religious, no one should celebrate such rhetoric. The United States and its allies have a long record of military interventions that leave nations more unstable than before.
They failed to secure peace in Afghanistan, Iraq, Libya, or Syria, and they will not bring salvation to Nigeria through bombs or boots on the ground.
What Nigeria truly needs is not a foreign savior, but legitimate accountable leadership, one that protects all citizens, upholds justice, and ends the cycles of corruption and violence that have left the nation broken.”
Tanzanian President Samia Suluhu Hassan was to be inaugurated on Monday, with the internet still blocked after election protests in which the opposition says hundreds were killed by security forces.
The electoral commission says Hassan won 98 per cent of the vote.
But the main opposition party, Chadema, which was barred from competing, has rejected the results and called for fresh elections, calling last Wednesday’s vote a “sham”.
State television said the public would not attend the inauguration, which would be held in the State House in the capital, Dodoma, rather than at a stadium as usual.
A total internet blackout has been in place since protests broke out on election day, so only a trickle of verifiable information has been getting out of the East African country.
A diplomatic source said there were credible reports of hundreds — perhaps even thousands — of deaths registered at hospitals and health clinics around Tanzania.
Chadema told AFP it had recorded “no less than 800” deaths by Saturday, but none of the figures could be independently verified.
The government has not commented on any deaths, except to reject accusations that “excessive force” was used.
Schools and colleges remained closed on Monday, with public transport halted.
The diplomatic source said there were “concerning reports” that police were using the internet blackout to buy time as they “hunt down opposition members and protesters who might have videos” of atrocities committed last week.
Dar es Salaam and other cities were much calmer over the weekend as a near-total lockdown was in place.
An AFP reporter said police were stopping almost everyone who moved around the city, checking IDs and bags, and allowing shops to open only in the afternoon.
AFP journalists on the island of Zanzibar — which has greater political freedom and saw few protests — saw masked armed men patrolling without visible insignia or identification in the days after the election.
A rights group in neighbouring Kenya presented gruesome footage on Sunday that it said was gathered from inside Tanzania, including images of dead bodies piled up in the street.
The images could not be independently verified.
Pope Leo XIV on Sunday called for prayers for Tanzania, where he said post-election violence had erupted “with numerous victims”.
“I urge everyone to avoid all forms of violence and to pursue the path of dialogue,” the pope said.
– ‘Wave of terror’ –
Hassan was elevated from vice-president on the sudden death of her predecessor, John Magufuli, in 2021.
She wanted an emphatic election victory to cement her place and silence critics within the ruling party, analysts say.
Rights groups say she oversaw a “wave of terror” ahead of the vote, including a string of high-profile abductions that escalated in the final days.
Despite a heavy security presence, election day descended into chaos as crowds took to the streets across the country, tearing down her posters and attacking police and polling stations, leading to an internet shutdown and curfew.
Polling stations had been largely empty before the violence broke out, AFP journalists and observers saw, though the electoral commission later said turnout was 87 per cent.
UN chief Antonio Guterres was “deeply concerned” about the situation in Tanzania, “including reports of deaths and injuries during the demonstrations”, his spokesman said last week.
Punch
The Nigerian Education Loan Fund has announced that applications for the student loan scheme have surpassed one million, marking one of the largest uptakes for a government-backed social intervention since the beginning of the Tinubu administration.
In a statement on Sunday, the Director of Strategic Communications, Nigerian Education Loan Fund, Oseyemi Oluwatuyi, said the milestone was achieved less than a year after the programme was launched on May 24, 2024.
He described it as evidence that the scheme is gaining strong national traction and public trust.
According to the agency, over N116bn has so far been disbursed to students across universities, polytechnics, and colleges of education in Nigeria, covering both institutional charges and upkeep allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, said the milestone reflects the success of President Bola Tinubu’s Renewed Hope agenda in expanding access to higher education.
“Crossing the one-million mark represents more than data; it symbolises renewed hope for a generation of Nigerians determined to rise above financial barriers to education,” Sawyerr said. “It is a testament to visionary leadership, sound policy design, and the collective effort of all stakeholders driving this transformative agenda.”
NELFUND reiterated its commitment to continuous improvement in service delivery, ensuring that “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”
The agency emphasised that the student loan programme is non-discriminatory, benefiting Nigerians across religious and ethnic backgrounds, and helping to promote unity through equal learning opportunities.
“NELFUND remains focused on ensuring that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations,” the statement added.
Spotlights
BREAKING: Tension As US Releases Video Of How American Military Will Storm Nigeria To Kill “Islamic Terrorists”
The United States (US) Department of War has released an artificial intelligence (AI) video simulating how it will storm Nigeria to kill “Islamic terrorists”.
The defence department of the US, which President Donald Trump renamed the Department of War, insinuated that it is “preparing for action” in Nigeria.
Dominik Tarczyński, a member of the European Parliament, shared the video on his verified X (formerly Twitter) handle late on Saturday night, November 1.
Tarczyński tweeted: “Nigerian Christians will be rescued very soon!”
Trump said on Saturday, November 1, had asked the Defence Department to prepare for possible “fast” military action in Nigeria if Africa’s most populous country fails to crack down on the killing of Christians.
Spotlights
From Petrol To Gold Resources: List Of Countries US Has Invaded, What Will Happen If Trump Strikes Nigeria
The recent statement by President Donald Trump regarding a potential intervention by the United States in Nigeria has elicited a range of reactions among Nigerian citizens, provoking a contentious debate.
THE PAPERS reports that President Trump cautioned that if the Nigerian government fails to address the alleged persecution of Christians, the United States military may take action against those responsible for these alleged atrocities.
While various activists, both domestically and internationally, have condemned this assertion, they have urged the Nigerian populace to remain vigilant against any such measures from the United States, citing concerns based on the historical context of U.S. military interventions in other nations.
US Invasion By Records
The United States has invaded numerous countries, with some notable examples including Afghanistan, Iraq, Panama, the Philippines, and Mexico. Invasions have occurred throughout history, from early conflicts like the Mexican-American War to more recent ones in the Middle East. Others are: Nicaragua, Japan, Iraq, Korea, Panama, Cuba, Puerto Rico, Afghanistan, Bosnia, Grenada, Bolivia, Liberia, Vietnam
Meanwhile, Human rights activist Omoyele Sowore has explained why the threat by the administration of United States President Donald Trump to invade Nigeria militarily should not be regarded as a welcome development.
However, Sowore, in a statement on Sunday, cautioned that the threat should not be celebrated, explaining that a military intervention could cause more harm to the nation.
According to him, the US President “does not care about Nigerians, not Christians, Muslims, or anyone else.”
Sowore stressed that the nation’s deliverance will “never come from abroad; it must come from within, through real leadership, not the Tinubus of this world, and national renewal.”
The statement reads: “The latest threat by US President Donald Trump @POTUS to launch military action in Nigeria, allegedly to protect Christians, may sound appealing to some. Still, history has shown this to be perilous.
Whether you are Christian, Muslim, animist, or non-religious, no one should celebrate such rhetoric. The United States and its allies have a long record of military interventions that leave nations more unstable than before.
They failed to secure peace in Afghanistan, Iraq, Libya, or Syria, and they will not bring salvation to Nigeria through bombs or boots on the ground.
What Nigeria truly needs is not a foreign savior, but legitimate accountable leadership, one that protects all citizens, upholds justice, and ends the cycles of corruption and violence that have left the nation broken.”
US President Donald Trump has threatened to carry out attacks in Nigeria in response to purported anti-Christian violence, saying he instructed the recently renamed Department of War to “prepare for possible action”.
In a social media post on Saturday, Trump said the United States would immediately cut off all assistance to the African country “if the Nigerian Government continues to allow the killing of Christians”.
The US “may very well go into that now disgraced country, ‘guns-a-blazing,’ to completely wipe out the Islamic Terrorists who are committing these horrible atrocities”, Trump added, without specifying which groups or alleged “atrocities” he was referring to.
“I am hereby instructing our Department of War to prepare for possible action. If we attack, it will be fast, vicious, and sweet, just like the terrorist thugs attack our CHERISHED Christians! WARNING: THE NIGERIAN GOVERNMENT BETTER MOVE FAST!” he wrote.
The Nigerian government did not immediately respond to Trump’s threat.
The social media post comes a day after the US president announced that Nigeria would be added to the Department of State’s list of “Countries of Particular Concern”, which is set up to monitor religious persecution around the world.
In recent months, right-wing lawmakers and other prominent figures in the US have claimed that violent disputes in Nigeria are part of a campaign of “Christian genocide”.
While human rights groups have urged the Nigerian government to do more to address unrest in the country, which has experienced deadly attacks by Boko Haram and other armed groups, experts say that claims of a “Christian genocide” are false and simplistic.
Ebenezer Obadare, a senior fellow for Africa Studies at the Washinton, DC-based Council on Foreign Relations, said that Trump was right in identifying a lacking response from the Nigerian government towards Boko Haram.
Obadare said that those facing persecution in Nigeria included “not just of Christians…but Muslims, non-Christians, agnostics, everybody in between”. He added that the Trump administration should work with Nigerian authorities to address the “common enemy”.
“This is precisely the moment when Nigeria needs assistance, especially military assistance,” Obadare said. “The wrong thing to do is to invade Nigeria and override the authorities or the authority of the Nigerian government. Doing that will be counterproductive.”
A few hours before Trump’s threat, Nigerian President Bola Ahmed Tinubu released a statement stressing that his government “continues to address security challenges which affect citizens across faiths and regions”.
“The characterisation of Nigeria as religiously intolerant does not reflect our national reality, nor does it take into consideration the consistent and sincere efforts of the government to safeguard freedom of religion and beliefs for all Nigerians,” Tinubu said on Saturday.
“Nigeria opposes religious persecution and does not encourage it. Nigeria is a country with constitutional guarantees to protect citizens of all faiths,” the statement continued.
“Our administration is committed to working with the United States government and the international community to deepen understanding and cooperation on protection of communities of all faiths.”
Kimiebi Ebienfa, a spokesperson for Nigeria’s Ministry of Foreign Affairs, stressed his country’s commitment to protecting all of its citizens.
“The Federal Government of Nigeria will continue to defend all citizens, irrespective of race, creed, or religion,” Ebienfa wrote in a statement on Saturday.
“Like America, Nigeria has no option but to celebrate the diversity that is our greatest strength.”
Bayelsa Governor Diri Officially Joins APC
Prof. Tonukari Hosts Ward 11 APC EXCO, Lauds Gov. Oborevwori For Road Projects
INSIGHT: Five Major Reasons Donald Trump Angry With President Tinubu; What To Know
Oborevwori Shines Again, Wins AFRIFF Herbert Wigwe Award for Excellence
BREAKING: Senator Natasha In Fresh Dilemma
BUA Overtakes Dangote Cement In Fresh Market Ratings
NDLEA Arrests Nigeria Musician, Uncovers Lagos Illicit Drug Laboratory
9 Persons Suffer Life-Threatening Injuries In UK Train Stabbing
Tanzanian Female President Wins Election As Hundreds Feared Dead
Student Loan Applicants Hit One Million, Says NELFUND
Showbiz & Lifestyle4 days agoTrending Video: Omoge Saida’s Leaked Nudes Tops Social Media Buzz
- Politics4 days ago
Anger From The Altar: Why Deeper Life Church Elders Are Not Happy With Founder, Pastor William Kumuyi
- Spotlights4 days ago
BREAKING: Fresh Tension As Another Minister Allegedly Faces Document Forgery Scandal
- Spotlights5 days ago
Fresh Tension As Military Uncovered Trail Of N45 billion From Banks Of Govt’s Agency
- News4 days ago
Coup Scandal: Bank Accounts Of Soldiers Under Probe Over Alleged Plot To Overthrow Tinubu
- Showbiz & Lifestyle3 days ago
Regina Daniels Hints At Divorce Amid Marital Crisis
- Spotlights4 days ago
Two Suspected Coup Plotters From Northern States On The Run As Military Makes Fresh Arrests
