The BRICS economic bloc has accelerated efforts to diversify away from the United States dollar by deepening its reliance on gold as a strategic reserve asset, underscoring a broader push toward financial autonomy and reduced exposure to Western-dominated monetary systems. Recent data indicate that BRICS member states and aligned partners now collectively account for about half of global gold production, strengthening the bloc’s influence in the precious metals market. This growing control is driven by sustained increases in domestic mining output and aggressive gold purchases by central banks within the group. China and Russia have led the accumulation drive, steadily…
Author: Editor
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has invited billionaire industrialist Aliko Dangote to appear before its investigators in Abuja on Monday over a petition he filed against former Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Farouk. ASHENEWS recalls that the ICPC, shortly after it received Dangote’s petition, confirmed that it would duly investigate the corruption petition filed by Dangote against Farouk, citing its statutory mandate to probe allegations of abuse of office and financial impropriety. Dangote’s petition accuses Farouk of corruption, abuse of office, and misappropriation of public funds during his…
A constitutional law scholar, Prof. Auwalu H. Yadudu, has accused the Executive arm of government of unlawfully usurping the powers of the National Assembly (NASS) following alleged discrepancies between tax reform bills passed by the legislature and the versions published in the Official Gazette. In an article published by THISDAY, Prof. Yadudu argued that material differences between the tax laws approved by the National Assembly and those eventually gazetted amount to an exercise of legislative authority by executive fiat, which he said is unconstitutional and dangerous to Nigeria’s democratic order. According to him, once a bill has been duly passed…
Many things happened in Nigeria last week that will trend for a time. Among them were two weighty revelations, one of which led to two ‘juicy’ resignations. There was the revelation by Aisha Buhari, the late President Muhammadu Buhari’s wife, that the former president began locking his door to keep her out of his room. Reason? That he heard Villa rumours that she wanted to kill him. An old General fearing the woman who has been married to him for over 30 years! The other was by Aliko Dangote, the richest Black man on Earth. He revealed that Farouk Ahmed,…
The African Democratic Congress (ADC) has called for the immediate suspension of the tax laws signed by President Bola Tinubu, alleging that the final versions contain provisions that the National Assembly did not pass. The opposition party said the laws, which are scheduled to take effect from January 1, 2026, were allegedly altered after legislative approval, describing the action as a grave threat to constitutional governance and the principle of separation of powers. In a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC warned that tampering with legislation after passage by the National Assembly suggests an…
Edible insects, often referred to as “insect protein” or “mini-livestock,” sit at the intersection of nutrition, culture, and sustainability. While they are increasingly packaged as a modern innovation for food security and climate resilience, eating insects is not a new idea. It is an old, widely distributed human practice, which is embedded in food cultures across Asia, Latin America, Oceania, and Africa for generations (van Huis et al., 2013). What is new is the scale, the science, the processing technology, and the commercialization pathways that are now emerging across the world. This article takes a global-to-local view; it explains why…
The Central Bank of Nigeria (CBN) has mandated banks and other financial institutions to implement multi-factor authentication (MFA) for foreign card transactions exceeding $200 per day, as part of measures to strengthen security and improve user experience. The directive, contained in a circular dated December 18, 2025, and signed by the Director of Financial Policy and Regulation, Dr Rita I. Sike, applies to all withdrawals and online transactions above $200 daily, $500 weekly, and $1,000 monthly, or their naira equivalents. According to the CBN, the policy aims to enhance the seamless use of foreign-issued cards by tourists and Nigerians returning…
Dangote Refinery has strengthened its position as Nigeria’s main fuel distribution hub following strategic moves to improve affordability and access to Premium Motor Spirit (PMS). The refinery recently cut the pump price of PMS to ₦699 per litre and reduced the minimum purchase volume from two million litres to 250,000 litres, opening the market to more marketers and easing nationwide distribution. A 10-day bank guarantee system has also been introduced to ensure an uninterrupted supply and boost confidence. Since the changes, more than 1,000 trucks now load PMS daily from the refinery’s gantry, reflecting strong market confidence in its operations.…
1. I am here today to fulfil an essential constitutional obligation by presenting the 2026 Appropriation Bill to this esteemed Joint Session of the National Assembly (NASS) for your consideration. 2. This budget represents a defining moment in our national journey of reform and transformation. Over the last two and a half years, my government has methodically confronted long‑standing structural weaknesses, stabilised our economy, rebuilt confidence, and laid a durable foundation for the construction of a more resilient, inclusive, and dynamic Nigeria. 3. Though necessary, the reforms have not been painless. Families and businesses have faced pressure; established systems have…
President Bola Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly (NASS), describing the proposal as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” Tinubu said the 2026 budget represents the outcome of two and a half years of what he described as “painful but necessary” economic reforms designed to restore macroeconomic stability, stimulate job-rich growth and promote inclusive prosperity. According to the president, the budget projects total revenue of ₦34.33 trillion against total expenditure of ₦58.18 trillion, including ₦15.52 trillion earmarked for debt servicing. Recurrent non-debt expenditure is estimated…