The Federal Government has reassured Nigerians that ongoing economic reforms—including the removal of fuel subsidy, foreign exchange liberalisation, and fiscal restructuring—are designed to deliver long-term benefits for the country. The Minister of Information and National Orientation, Mohammed Idris, gave the assurance on Friday in Lagos while receiving the ‘Image Maker Award 2026.’ Speaking at the event, Idris reiterated the government’s commitment to transparent and responsible communication, describing it as central to effective governance. “This award is a testament to the trust we strive to build with every Nigerian. Communication is at the heart of governance, and it must foster confidence,…
Author: Abdoulaye Kay
The Federal Government has approved a fresh round of allowances and welfare enhancements for civil servants, aimed at boosting take-home pay and improving overall working conditions across the public service. The Head of the Civil Service of the Federation, Didi Walson-Jack, announced the development during a press briefing in Abuja, noting that the decision received the backing of the Federal Executive Council as part of ongoing public sector reforms. According to her, the review affects employees under both the Consolidated Public Service Salary Structure (CONPSS) and the Consolidated Research and Allied Institutions Salary Structure (CONRAISS), ensuring a broad-based impact across…
Former governor of the Central Bank of Nigeria (CBN) and Emir of Kano, Muhammadu Sanusi II has openly questioned Nigeria’s continued resort to heavy borrowing despite the removal of fuel subsidy, warning that the country may be failing to translate key reforms into tangible fiscal stability. Speaking during an interview on News Central TV, the former Central Bank of Nigeria governor acknowledged that ending the subsidy regime was necessary but raised concerns about policy sequencing and execution. Sanusi argued that while subsidy removal and exchange rate liberalisation were structurally sound reforms, their implementation may have lacked the necessary supporting measures…
The Managing Director and Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, has held high-level talks with the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, as part of efforts to deepen collaboration aimed at driving Nigeria’s non-oil export sector and strengthening foreign exchange (FX) inflows. The strategic meeting, which took place on April 22, 2026, at the CBN headquarters in Abuja, centered on aligning monetary and development finance policies to unlock growth opportunities across key sectors of the economy. Issues discussed could not be far from the need to scale up export financing…
The naira came under renewed pressure in the foreign exchange market on Thursday, weakening to N1,355/$ amid sustained volatility and a slight dip in Nigeria’s external reserves. Data from the Central Bank of Nigeria (CBN) showed the currency depreciated from N1,348.1/$ recorded on Wednesday, extending a gradual downward trend observed in recent trading sessions. Intraday data indicated that the naira traded between N1,350/$ and N1,355.8/$, settling at an average rate of N1,354.19/$. A total of 46 interbank deals were recorded during the session, reflecting moderate market activity. A week earlier, the local currency had closed at N1,341.01/$, underscoring consistent depreciation…
The Airlines Operators of Nigeria (AON) has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar supporting the country’s aviation industry, disclosing that the facility currently supplies over 95 per cent of the Jet A1 fuel consumed nationwide. It also exported about 1.1 billion litres of aviation fuel to Europe between March and April 20. Speaking during a televised interview, AON spokesperson Obiora Okonkwo said the refinery’s output has played a vital role in sustaining domestic airline operations amid global supply disruptions linked to tensions in the Middle East and rising fuel costs. “It is a matter of…
Introduction: Historical context of the restriction on banking services The financial strength of Nigerian banks, including their average capital adequacy ratios and credit discipline, is critical to the country’s financial stability. In recent years, notable events such as the COVID-19 pandemic and the naira devaluation have occasioned major credit risks, necessitating both strict and flexible regulations, as the occasion demands, to manage these risks and ensure restored or continued financial stability. In particular, in the wake of the COVID-19 pandemic, the Central Bank of Nigeria (CBN), initiated a regulatory forbearance period to provide relief to obligors to deal with the…
The Medical and Dental Council of Nigeria (MDCN) has granted accreditation to the College of Health Sciences of the Federal University of Technology, Akure (FUTA), authorising it to continue its Bachelor of Medicine, Bachelor of Surgery (MBBS) programme. The approval was conveyed during an accreditation visit to the institution on Wednesday, April 22, 2026, by an MDCN team led by the Deputy Registrar, Dr. Nnameka Nwakanma. The Council also approved an admission quota of 100 medical students for the university. Speaking during an engagement with the university management led by the Vice-Chancellor, Prof. Adenike Oladiji, Dr. Nwakanma expressed satisfaction with…
The Central Bank of Nigeria (CBN) allotted a total of ₦894.17 billion at its Treasury Bills Primary Market Auction held on April 22, 2026, following a sharp surge in investor demand and stable stop rates across all maturities. Auction results show total subscriptions climbed to ₦2.36 trillion, far exceeding the ₦750 billion initially offered across the 91-day, 182-day, and 364-day tenors. In response, the CBN increased allotments above its original offer—particularly at the long end of the curve—while keeping rates unchanged. Demand remained heavily skewed toward longer-dated instruments. The 364-day bill dominated activity, attracting ₦2.12 trillion in subscriptions against an…
Médecins Sans Frontières (MSF) has launched an emergency response in Gwoza Local Government Area (LGA) of Borno State following a fresh wave of displacement triggered by armed violence. The organisation said attacks on Ngoshe on March 3, 2026, resulted in multiple deaths and abductions, forcing more than 5,000 people to flee their homes. The displaced persons are now sheltering in Pulka, about 15 kilometres away within Gwoza LGA, where they are living in extremely precarious conditions. Many of those affected—including women, children, and the elderly—arrived with little or no belongings. With inadequate shelter, several families are sleeping in open spaces…