Vice President Kashim Shettima says the Nigerian naira would have strengthened to about ₦1,000 per US dollar within weeks if the Central Bank of Nigeria (CBN) had not intervened in the foreign exchange (FX) market to ensure stability. He made this comment on Tuesday during the Progressive Governors’ Forum (PGF) Renewed Hope Ambassadors Strategic Summit in Abuja. Shettima emphasised that the CBN’s actions on Monday were meant to dampen excessive volatility in currency trading, which, if left unchecked, could have destabilised prices and harmed market confidence. “In fact, if not for the interventions by the Central Bank of Nigeria yesterday,…
Author: Abdallah el-Kurebe
A Professor of Applied Entomology and Pest Management at the Federal University of Technology Akure (FUTA), Olufunmilayo Oladipo, has urged Nigeria to treat insects such as bees and silkworms as strategic economic resources capable of boosting food security, industrial growth and national diversification. She made the call while delivering the institution’s 193rd Inaugural Lecture on February 24, 2026. Speaking on the topic, “Six-Legged Arthropods: Food Security, Health and National Economic Development,” Oladipo said insects should not be viewed merely as pests but as biological assets that, if properly managed, could generate income, support pharmaceutical innovation and reduce dependence on crude…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the ongoing banking sector recapitalisation programme remains firmly on track, with momentum building ahead of the March 31, 2026, deadline. Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing on Tuesday, February 24, 2026, Cardoso disclosed that 20 banks have fully met the revised minimum capital requirements. An additional 13 banks, he said, are at advanced stages of capital-raising and are expected to conclude their processes within the regulatory timeline. According to the CBN governor, institutions still finalising their compliance strategies are evaluating…
Eleven states and the Federal Capital Territory (FCT) accounted for a combined N373.06 billion increase in domestic debt between December 2024 and September 2025, even as total subnational debt grew only marginally. Latest figures from the Debt Management Office (DMO) show that total domestic debt for the 36 states and the FCT rose from N3.97 trillion as of December 31, 2024, to N4.00 trillion as of September 30, 2025. The N34.84 billion increase represents a modest 0.88 per cent growth at the aggregate level. However, underlying data reveal a sharp divergence in borrowing patterns across states. Debt concentration deepens According…
The Senate of Nigeria has postponed its plenary session earlier scheduled to resume on Tuesday, February 24, 2026. In a notice issued to Senators, the Clerk of the Senate, Emmanuel Odo, announced that the postponement was to allow various committees to conclude ongoing budget defence sessions. “This is to inform Distinguished Senators that the resumption of plenary session earlier scheduled for Tuesday, 24th February, 2026 has been postponed,” Odo stated in the notice. ALSO READ New electoral act raises presidential, governorship spending limits to N10bn, N3bn He explained that the adjustment became necessary to enable committees to complete their assignments…
The National Assembly (NASS) has increased the campaign spending limits for presidential candidates to N10 billion and that of governorship candidates to N3 billion under the newly enacted Electoral Act 2026. The revised thresholds were disclosed in a statement on Sunday by Senate Leader, Opeyemi Bamidele, through his Directorate of Media and Public Affairs, outlining key reforms in the new electoral framework recently assented to by Bola Tinubu. According to the statement, the adjustments contained in Section 92 (1–8) of the Electoral Act 2026 reflect prevailing economic realities and the rising cost of campaigns, while retaining statutory safeguards to regulate…
Nigeria’s domestic debt profile rose to N77.81 trillion as of September 2025, reflecting the Federal Government’s sustained reliance on the local debt market. The latest figures, published by the Debt Management Office (DMO), show that federal bonds remain the dominant instrument in the country’s domestic debt structure, accounting for roughly 80 per cent of the total stock. Bonds lead the portfolio A breakdown of the data indicates that FGN Bonds stand at N61.9 trillion, representing about 80 per cent of total domestic debt. Of this amount, FGN Naira Bonds account for N60.64 trillion, while US dollar-denominated bonds make up N1.35…
The naira appreciated across segments of the foreign exchange (FX) market during the week, forcing speculative dollar holders to offload positions at a loss as rates eased. Traders in the parallel market said operators who bought dollars at elevated levels are now selling below cost as the greenback weakens at both official and informal windows. “Some of us bought when the rate was very high. Now that it is dropping, we are losing money,” a street trader said. At the Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria showed the naira appreciated by N9.10 week-on-week, gaining…
Nigeria’s total public debt rose to $103.94 billion, equivalent to N153.29 trillion, as of September 30, 2025, according to fresh figures released by the Debt Management Office (DMO). The debt office said the conversion of external liabilities to naira was based on the Central Bank of Nigeria (CBN) official exchange rate of N1,474.85 to $1 as of the reference date. A breakdown of the data shows that external debt stood at $48.46 billion (N71.48 trillion), accounting for 46.63 per cent of the total public debt stock. Domestic debt, however, remained the larger component at $55.47 billion (N81.82 trillion), representing 53.37…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that Nasir El-Rufai, former Governor of Kaduna State, is currently in its custody over ongoing investigations. In a statement issued late Wednesday, the anti-corruption agency said El-Rufai remained in its custody as of the close of work on February 18, 2026. “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to state that Malam Nasiru El-Rufai, the former Governor of Kaduna State, is in our custody as at close of work today, Wednesday, the 18th day of February, 2026. “Malam Nasiru El-Rufai is in the custody…