The Nation Newspaper

Category: Featured

  • Saraki panel meets Makinde on PDP crisis

    Saraki panel meets Makinde on PDP crisis

    The Peoples Democratic Party (PDP) reconciliation train rolled into Ibadan, Oyo State capital, yesterday, in continuation of the consultation on how to resolve the protracted  crisis.

    The chairman of the panel, former Senate President Bukola Saraki, held a meeting with Governor Seyi Makinde at the Government House, Agodi.

    It was the second time the strategy committee met with the governor since Saraki, former governor of Kwara State, took up the assignment.

    The main opposition party was thrown into confusion on Tuesday, following the resolution of some stakeholders that its 2027 presidential candidate should come from the South in the spirit of zoning.

    Federal Capital Territory (FCT) Minister Nyesom Wike, who hosted the stakeholders, including members of ‘G5 governors’, formed ahead of the 2023 presidential election, emphasizing that peace can only reign in the party, if its constitutional provision on rotation is upheld.

    The minister, who was PDP governor of Rivers between 2015 and 2023, also faulted how the National Secretary, Senator Samuel Anyanwu, was shoved aside by the PDP governors.

    Yesterday, the Bayelsa State chapter of the PDP hailed Wike and the G5 over the Abuja parley, noting that the resolutions are critical to the survival of the party.

    Also, the chapter applauded Anyanwu’s affirmation as National Secretary by the stakeholders and their insistence on presidential zoning to the South.

    Saraki on trouble shooting

    Although details of the Ibadan meeting are unknown, sources said Saraki visited Makinde to seek his opinion on how to resolve the leadership crisis and prepare for the proposed convention 

    According to the source, “the party will hold its convention in Kano in August and the National Executive Committee (NEC) meeting by end of this month. There is need to bring all the warring factions together under one umbrella.

    Read Also: Politicians exploiting Nigeria’s ethnic, religious fractionalization – Bishop

    “As we all know, Makinde is a major factor to be reckoned with in the party. Hence, the need to always carry him along. Even though we were not privy to their discussion since it was held privately, it might not be unconnected with the resolve of the Committee to end the crisis in the party.

    Saraki, who confirmed the Ibadan meeting, wrote on his Facebook page: “Thank you, Your Excellency, Governor Seyi Makinde, for making time to meet with us today-even though it coincided with your wife’s birthday.

    “Warm wishes to Her Excellency Mrs. Tamunominini Makinde.

    “Following today’s meeting, we remain cautiously optimistic as we forge ahead to secure a common position among the leadership of our great party”

    Bayelsa PDP hails Wike, G5

    Bayelsa PDP, led by Acting Chairman George Turnah, described the meeting hosted by Wike as a decisive step towards uniting the party.

    The Publicity Secretary, Derri Alasuote Wright, said in a statement that the parley underscored Wike’s unwavering love for the PDP and his relentless fight for justice.

    The party saluted Wike’s  dedication to  party’s principles, adding that he had championed the cause of unity and integrity within the fold.

    The  statement reads: “ We fully endorse the resolutions reached at the meeting, and as a state chapter, we stand by our recognition of Senator Samuel Anyanwu as the National Secretary of the PDP, and to state that there is no vacancy requiring any replacement whatsoever.

    “Our party’s constitution and the recent Supreme Court decision regarding the National Secretary issue are very clear and unambiguous in this regard.

    “As a state chapter, we stand united with the rest of our eminent leaders and concerned stakeholders across the federation in the decision to zone the Presidential ticket of our party for the upcoming 2027 elections to the Southern region.

    “This strategic move does not just demonstrate our commitment to inclusivity and fairness. It also does ensure that our party remains attuned to the voices of all Nigerians.

    “Bayelsa State PDP reaffirms its loyalty to the resolutions of this meeting and remains steadfast in its support for Nyesom Wike as our national leader, as well as our endorsement of Samuel Anyanwu as the National Secretary.

    “Together, we will forge ahead with renewed vigour to restore the PDP to its rightful place as a beacon of hope and justice for our people and nation.”

    ‘Abuja meeting unknown to PDP’

    The Director-General of the PDP Campaign Council for the November, 2024 Ondo State Governorship Election, Eddy Olafeso, said those at the Abuja meeting attended individually and not as party members.

    He called for peace in the party, saying that it is in the interest of members.

    Olafeso, former Information Commissioner in Ondo State, said: “That was not a PDP stakeholders’ meeting; they will be correct to say that they are concerned individuals.”

  • BREAKING: Wike renames Abuja Int’l Conference Centre after Tinubu

    BREAKING: Wike renames Abuja Int’l Conference Centre after Tinubu

    The Minister of the Federal Capital Territory (FCT) Nyesom Wike on Tuesday renamed the Abuja International Conference Centre (AICC) after President Bola Tinubu.

    Read Also: JUST IN: Tinubu heads back to Abuja after Eid holidays in Lagos

    While speaking at the commissioning of the edifice by the Tinubu in Abuja, Wike said the ‘Bola Ahmed Tinubu International Conference Centre’ is a world-class structure requiring constant maintenance.

    He noted with the permission of the President that anybody that would use the newly renovated ICC must be made to pay irrespective of his or her status

    Details shortly…

  • JUST IN: Tinubu heads back to Abuja after Eid holidays in Lagos

    JUST IN: Tinubu heads back to Abuja after Eid holidays in Lagos

    President Bola Tinubu returned to Abuja today after spending the Eid holidays in Lagos.

    He arrived in Lagos on Tuesday, May 27, for the 50th Anniversary of the Economic Community of West African States (ECOWAS).

    In a video posted by Special Assistant to President Tinubu on Social Media, Mr. Dada Olusegun, seen by The Nation, the President was captured with Lagos Governor Babajide Sanwo-Olu as they made their way to the airport.

    Read Also: Tinubu making Nigeria great again, says Lagos lawmaker

    The caption reads: “President Bola Ahmed Tinubu heads back to Abuja from Lagos after the Eid Holidays in lagos. He was accompanied to the airport by H.E @jidesanwoolu, the Executive Governor of Lagos.”

    Details shortly…

  • First Lady’s RHI distributes 10,000 professional kits to midwives, nurses in Southeast

    First Lady’s RHI distributes 10,000 professional kits to midwives, nurses in Southeast

    No fewer than 10,000 midwives and nurses from the Southeast yesterday received professional kits from First Lady Senator Oluremi Tinubu, under the Renewed Hope Initiative (RHI).

    The equipment were distributed to the beneficiaries who cut across the five states of Abia, Anambra, Ebonyi, Enugu and Imo as part of efforts to reduce infant and maternal mortality,  and morbidity in the country.

    Also, 1,500 Enugu petty traders got N100 million  from the wife of the Enugu State governor, Mrs. Nkechinyere Mbah, to boost their trade.

    Senator Tinubu, who distributed the kits, including scrubs and crocs,  to the women at the International Conference Centre(ICC), Enugu, explained that 60,000 of such tools had been distributed  in the other five geo-political zones.

    She said the goal is to provide midwives with the right equipment, encourage them in their work and improve healthcare delivery.

    Senator Tinubu said: “We are here today to flag off the distribution of the professional kits which will be distributed among the five states in the Southeast zone.

    “Since the initial launch in January 2025, we have distributed 50,000 professional kits in five zones, namely Northcentral, Northeast, Northwest, Southsouth, Southwest and today, we are in Enugu to distribute the remaining 10,000 kits for the Southeast, making this the sixth and last zone.

    “I thank God that today, we’re concluding the distribution of these kits to every part of Nigeria. I’m very excited about that.”

    The First Lady said the donation came   through the generous support of an anonymous global partner dedicated to improving health outcomes for citizens.

    She stressed: “My first interaction with this partner was at the United Nations General Assembly in 2023, followed by a meeting at the African Union Summit in 2024.

    “The donor is committed to supporting the organisation of African First Ladies for Development and the healthcare sector in Nigeria with a specific focus on reducing infant and maternal morbidity and mortality.”

    Mrs. Tinubu unfolded plans to launch the Free to Shine campaign and the Triple Elimination Initiative today (yesterday) in Enugu,  targeting HIV/AIDS, syphilis, any hepatitis among women of reproductive age, to enhance the capacity of healthcare delivery

    Read Also: Pray for peace, progress, First Lady urges in Eid-el-Kabir message

    She said: “This initiative aims to promote healthier mothers, reduce new HIV infections among women of reproductive age, eliminate mother – to – child transmission of HIV, which is also the vertical transmission and provide treatment for children born with HIV.”

    The First Lady thanked Mrs Mbah for donating N100 million to 1, 500 women petty traders in the state.

    She said: “The Renewed Hope Initiative (RHI) will be providing an additional grant of N50 million to the wife of the governor of Enugu State to support 1,000 women petty traders in Enugu State, with the sum of N50,000 each to recapitalise their existing businesses.

    “Also another N50 million courtesy of Tony Elumelu Foundation to another 500 petty traders.”

    Mrs. Tinubu, who commended Governor Peter Mbah and his wife for making the event a success, also lauded the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and the Minister of State, Dr. Ishiak Salako, for their partnership.

    She added: “I also thank the executive director and CEO of the National Primary Healthcare Development Agency, Dr. Muyi Aina, and the entire workforce for their dedication, which focus on improving healthcare delivery for our citizens as an important pillar of development in line with the Renewed Hope Agenda of His Excellency President Bola Ahmed Tinubu.”

    Thanking the First Lady for her gestures, Mrs. Mbah,  said her “inspiring political career has been dedicated to improving the well-being of the masses and ensuring that no one feels left behind.”

    She added that Senator Tinubu’s presence in Enugu only reaffirmed her commitment and endearing work ethic.

    Mrs. Mbah said: “We extend our heartfelt appreciation for your selfless commitment to building an inclusive society, especially in the healthcare sector, as exemplified through the Renewed Hope Initiative.

    “This initiative has significantly impacted countless lives across our nation’s diverse geopolitical zones. Your noble endeavour has brought succour and hope to communities that have long yearned for such intervention.

    “Here in Enugu State, we are profoundly grateful for the transformative outcomes of the Renewed Hope Initiative.

    “Midwives are at the front lines of maternal and child health. Empowering these important healthcare workers is crucial to the push to reduce maternal and under-five mortality rates radically.

    The distribution of 10,000 professional kits—comprising Scrubs and Crocs—to our dedicated midwives across every zone is a significant boost to strengthening our healthcare system.

    “This thoughtful gesture is a powerful affirmation of the value and dignity we place on our healthcare professionals. You haven’t simply voiced your ideals, Ma; you have also put them into action. This is a true reflection of transformative leadership.”

    She added: “Your Excellency, Enugu State is delighted to benefit from this generous and impactful intervention, which will certainly foster healthier outcomes for our mothers and newborns.

    “We are thrilled by the impact these professional kits will have on our healthcare system. Research indicates that integrating a robust midwife workforce can prevent up to 41% of maternal deaths, 39 per cent of neo-natal deaths, and 26 per cent of stillbirths globally.

    “This initiative is not just an investment in human capital; it’s an investment in the future of Enugu State and, indeed, the future of our great nation – Nigeria.

    “It is noteworthy that Enugu State already has a comprehensive Strategic Health Development Plan focused on leadership, service delivery, human resources, health financing, and community engagement.”

  • Abacha didn’t loot, saved for Nigeria, says wife

    Abacha didn’t loot, saved for Nigeria, says wife

    • $3.8 b recovered by successive administrations as ‘Abacha loot’

    Former First Lady Maryam Abacha rose yesterday in defence of her late husband, one-time head of state Gen Sani Abacha.

    She refuted widespread allegations that the former military leader looted billions of dollars from Nigeria’s treasury during his tenure as military leader between November 1993 and 2008 when he died in office.

    Gen. Abacha was part of three successive military administrations. On December 31, 1983, he announced the coup that sacked the second republic and the installation of Gen. Muhammadu Buhari as head of state on January 1, 1984.

    He was Chief of Army Staff in the succeeding administration of Gen. Ibrahim Babangida, which took over on August 27, 1985 during whose tenure the presidential election won by Chief Moshood Abiola was cancelled.

    Gen. Babangida left office hastily on August 27, 1993 following pressures on him locally and international over the annulment of Abiola’s victory.

    Gen. Abacha, who was Chief of Defence Staff in the interim national government led by Chief Ernest Sonekan, put togather by Gen. Babangida, sacked the government 93 days after and declared himself head of state.

    Mariam distanced Gen. Abacha from the controversial cancellation of the June 12, 1983 president poll results.

    According to her, the funds attributed to him as stolen were deliberately mischaracterised and later disappeared under suspicious circumstances after his demise on June 8, 1998.

    Abacha-linked loots running into millions of dollars had been recovered by the Federal Government from the United States (U.S.), United Kingdom (UK), France and Switzerland, among other countries.

    As of 2023, more than $3.8 billion had been repatriated from foreign jurisdictions to the Federal Government as funds illegally siphoned from the public till.

    Mrs. Abacha spoke yesterday during an interview on Television Continental (TVC) in commemoration of the 27th anniversary of Abacha’s death.

    Read Also: Mohammed Abacha heads for Supreme Court in bid to reclaim Malabu Oil & Gas Ltd

    She claimed that the late military ruler never stole public funds but rather saved money for the country, alleging that the saved funds mysteriously vanished shortly after his demise in 1998.

    “Who is the witness of the monies that were being stashed away?” she asked.

    “Did you see the signature or the evidence of any monies stashed abroad? And the monies that my husband kept for Nigeria, in a few months, the monies vanished. People are not talking about that.”

    In the years following his death, multiple tranches of what has become globally known as “Abacha loot” have been recovered by successive Nigerian administrations.

    The notable recoveries include: $23 million from the UK in 2022; $20 million from the U.S. in the same year and $150 million from France in 2023.

    These funds have been deployed for various government programmes, including social investments and road infrastructure.

    But Maryam challenged the credibility of those claims and berated Nigerians for believing the official narrative. “And because Nigerians are fools, they listen to everything,” she said bluntly.

    She argued that the consistent vilification of her late husband was rooted in prejudice and political scape-goating.

    “Why are you blaming somebody? Is that tribalism or a religious problem or what is the problem with Nigerians?” she asked.

    “I pray for Nigerians. I pray for all of us. I pray that we should have goodness in our hearts. We should stop telling lies and blaming people.”

    She further called on the media to uphold its responsibility to educate and inform the public rather than propagate damaging narratives.

    Mrs. Abacha said: “I think the press should try, the press, you, the press, should try to educate the people. You are here to help the country.

    “You are not here to bastardise people. People are not that bad. Twenty-seven years ago and you are still talking about Abacha. He must be very powerful and loved by Nigerians. We thank God for that.”

    She also addressed the long-debated annulment of the June 12, 1993, presidential election, widely believed to have been won by the Social Democratic Party (SDP) standard bearer, the late Chief Abiola.

    “All I know is that the annulment was not done by my husband,” she said.

    “If it was him, that means he was very powerful, even more powerful than the president. If the president was there and somebody else is calling the shots, that means Abacha was the greatest.”

    Responding to observations that Nigeria’s economy was relatively stable under her late husband and that there was higher foreign reserves and lower external debt, she questioned the logic behind the looting narrative.

    “So, where did he steal the money from? So, where would he have stolen the money from?” she asked.

    Mrs. Abacha also made a philosophical appeal for national unity and tolerance, saying: “Even the single man on the street is very important. We are all human beings, for goodness’ sake. All these wahala should stop. Babangida cannot make things or unmake things.

    “Babangida doesn’t make Nigeria alone. Abacha did not make Nigeria alone. Abiola and everybody, nobody is big enough for Nigeria. We are all very important,” she added.

  • Atiku, Obi, El-Rufai to name new platform before June 30

    Atiku, Obi, El-Rufai to name new platform before June 30

    A former All Progressives Congress (APC) governorship candidate in Katsina State says the ongoing coalition talks by some opposition politicians will, before the end of this month, metamorphose into a formidable ‘’platform’’ to challenge President Bola Ahmed Tinubu and the ruling APC in the 2027 general election.  

    Former Vice-President  Atiku Abubakar, Labour Party’s Presidential candidate for the 2023 general poll, Peter Obi, former Kaduna State Governor Nasir el-Rufai,  and erstwhile Transport Minister Chibuike Amechi are the arrowheads of the coalition movement.  

    “We need a reliable, trusted platform to beat this government and by the grace of God, by the end of this month, the leadership will conclude on which platform to use,’’ Inuwa, at a meeting in Katsina aimed at updating stakeholders and supporters in the state on the status of the talks.

    He added: ‘’The decision to join forces by former Vice President, former governors Rotimi Amechi, Peter Obi, Mallam Nasir el-Rufai-led coalition with other political parties is in the best interest of Nigeria.

    ‘’We want to move forward in all aspects of human development as a nation 

    “This is because Nigeria has no leadership, even as the giant of Africa. There is no gainsaying that our country    has lost touch with other countries in Africa.’’

    Read Also: Atiku, Amaechi, El-Rufai desperately united for power, says APC

    Inuwa, a former Secretary to the Katsina State Government,  urged supporters to continue to pray for the success of the movement.  

    He condemned  mass  defections  to the  APC, saying those involved were  ‘’leaving the frying pan to the   fire.’’

    The former SSG added:   ‘’What has happened in the APC is the same thing that happened in PDP, especially during congresses. Local Government elections were supposedly held here in Katsina State, and only those whom the government wanted to contest were given forms. So it is going to be the same in all the elections’’

    “Our major concern is the electorate because they are the ones to decide, and they are with us and we are with them.’’

  • He has very shallow knowledge of economics, politics, Bwala slams Obi

    He has very shallow knowledge of economics, politics, Bwala slams Obi

    The Special Adviser to the President on Policy Communication, Daniel Bwala, has sharply criticised former Labour Party presidential candidate Peter Obi, accusing him of lacking a deep understanding of economic policy and governance. 

    Bwala made the remarks in a post on his verified X (formerly Twitter) handle, following Obi’s interview on Arise Television earlier in the day.

    Reacting to Obi’s comments on key policy issues—particularly the removal of fuel subsidy and the unification of Nigeria’s foreign exchange rates—Bwala said the former Anambra Governor offered no credible alternatives while conceding agreement with the Tinubu administration’s broad economic direction.

    “He seems to have very shallow knowledge of economics and governance. Anybody with a rational mind knows these guys are just looking to grab power; but they don’t have any alternative agenda,” Bwala wrote.

    In the interview, Obi stated that he supported the removal of fuel subsidy, a major reform undertaken by President Bola Ahmed Tinubu in May 2023, but insisted he would have handled it differently.

    “I have consistently maintained that I would have removed the fuel subsidy. If you go to my manifesto, it is there and the steps I would have taken in an organised manner,” Obi said.

    Bwala, however, dismissed Obi’s claim, suggesting the former candidate merely danced around the issue when pressed for specifics. 

    Read Also: Tinubu committed to inclusive governance — Bwala

    “He agreed with our policy of removal of subsidy and unifications of the foreign exchange; he claimed he would have done it better than us in an ‘organized manner’. He was asked what is the ‘organized manner.’ He played with words yet to arrive at agreeing with us,” Bwala wrote.

    Obi, in his interview, had emphasized that the real problem was not the removal of subsidy itself but the way the policy was executed.

    The former presidential hopeful questioned the Tinubu administration’s use of the supposed savings from the subsidy removal.

    “Since we were told that we removed it because we don’t want to borrow and that the funds will allow for investments in critical infrastructure—billions saved—where is it? Where is it invested in critical areas of development?” Obi asked.

    Bwala’s criticism extended to the tone and nature of the interview itself, claiming that the Arise TV host, whom he referred to as “a member of his Obidient movement,” had given Obi an easy ride. 

  • Tinubu has reversed years of infrastructural neglect in southeast – Umahi

    Tinubu has reversed years of infrastructural neglect in southeast – Umahi

    Minister of Works David Umahi has hailed the impact of President Bola Tinubu in the Southeast and the entire country in general  

    The Minister spoke at the 2025 Sallah celebration with the Ebonyi Muslim community in Abakaliki, capital of the state.

    He credited Tinubu with reversing years of federal neglect in the Southeast.

    “Before now, many Southeast states had no federal projects. But today, the federal presence is visible across the region. That is true national integration,” Umahi said.

    The Minister also praised President Tinubu for fostering what he described as an “unprecedented” level of interfaith harmony and national integration in Nigeria.

    Umahi highlighted the administration’s religious and ethnic inclusiveness, which he said has reached an “excellent level.”

    “The relationship between faiths in Nigeria is much better now. It surprised many Christians when the President led a Nigerian delegation to the Pope’s inauguration. That was very unique and historic,” Umahi said.

    He described the President’s attendance at the Pope’s inauguration as a symbol of his genuine respect for all faiths.

    The Minister emphasized that the foundation of all religions is love, urging Nigerians to focus on common values rather than differences. 

    “We all serve one God in different ways. Both Muslims and Christians preach love and the fear of God,” he stated.

    Addressing concerns over the initial Muslim-Muslim presidential ticket, Umahi cited religious balance in federal appointments as a significant indicator of inclusiveness. 

    “Christians currently hold about 62% of appointments under President Tinubu, while Muslims hold about 38%. That shows national cohesion in practice,” he explained.

    Read Also: Umahi not controlling me, says Nwifuru

    Several Christian leaders including Southeast Christian Association of Nigeria (CAN) Southeast  Chairman, Rev. Fr. Abraham Nwali attended the Salah celebration which Umahi said underlined the deepening unity. 

    He applauded the President for appointing Southeast natives to top positions—including himself as Minister of Works, the Chief of Naval Staff, and the Minister of Science and Technology.

    He described the appointment s as meaningful steps toward reintegrating the region into national governance.

    “We lost political ground in the past, but this government is bringing us back. It’s not yet perfect, but we are no longer left behind. We must acknowledge that and support the President,” Umahi urged.

    He called on the people of the Southeast to reject divisive narratives and focus instead on constructive engagement with the federal government. 

    “The Southeast must count one before counting two. We need reintegration, not isolation. President Tinubu has started this process—we must not waste the opportunity,” he said.

    Reaffirming his loyalty to President Tinubu, Umahi commended the President’s unwavering support for the Ministry of Works, calling it a reflection of sincere national leadership. 

    “If you betray such a man, you betray God and Nigeria. I serve both God and the President with the fear of God,” he declared.

    Muslim community leaders in Ebonyi, including Sariki Danjuma Gambo and Salis Mohammed, echoed Umahi’s sentiments.

    The hailed the peaceful coexistence on display and pledged their full support for President Tinubu’s second-term bid in the 2027 elections.

  • Lagos fully aligned with Tinubu, says Sanwo-Olu

    Lagos fully aligned with Tinubu, says Sanwo-Olu

    Those insinuating that a gulf had been created between President Bola Ahmed Tinubu and Lagos State Governor Babajide Sanwo-Olu got it all wrong, the governor said yesterday.

    He said there was no rift between him and the president and dismissed such rumours as not only unfounded, but mischievous.

    Speaking to reporters after a meeting with the President at his Ikoyi Lagos residence, Sanwo-Olu said there is no discord whatsoever, reaffirming his loyalty and that of Lagos State to Tinubu’s leadership.

    With the governor at the meeting were members of the Governance Advisory Council (GAC). They were on routine festive visit to the President, who is in Lagos for the Eid-el-Adha celebration.

    “There’s none”, the governor said in response to a reporter’s question about reported tension between him and the President.

    He went on: “Even you are smiling and I’m smiling. There are people that believe they are more Catholic than the Pope. There are things that you see – people crying more than the bereaved. He’s my father, he’s my leader, and we’re grateful that he gave us audience today.”

    Sanwo-Olu said the group took the opportunity to show support for the President and expressed their satisfaction with his leadership over the past two years.

    “It’s our usual festive period courtesy visit. It’s a time for Mr. President to meet with his brothers and leaders of our party. The GAC looks forward to it every time he is around, and this was no exception”, the governor explained.

    Sanwo-Olu praised President Tinubu’s administration for delivering tangible improvements, particularly in the areas of the economy and public infrastructure.

    Highlighting recent developments in Lagos, he pointed to the unveiling of newly-acquired Blue Line trains, a project he credited the President for supporting.

    “Coincidentally, earlier today, I unveiled our new Blue Line trains at the National Arts Theatre. We received 12 brand new coaches – four sets of three-car trains.

    “At that unveiling, we acknowledged and thanked Mr. President because he made it happen. About a year and a half ago, he supported us under his intervention for subsidy removal, understanding that Lagos would need additional means of transportation.”

    The governor added that the economic reforms implemented under Tinubu’s leadership are beginning to yield visible results.

    “We can feel it. We can see it. For the first time, you see petroleum pump prices coming down. You see food prices coming down. These are things that put money in citizens’ pockets. If you’ve done well, let’s say it”, he said.

    Read Also: JUST IN: Tinubu receives Sanwo-Olu, GAC members in Lagos

    On the recent call for protests by some groups ahead of June 12, Sanwo-Olu questioned the motives behind the planned demonstrations.

    He urged Nigerians to allow the President more time, stressing that the economic trajectory had taken a positive turn.

    Sanwo-Olu said: “I also want to use this opportunity to admonish… we’re hearing people saying they want to protest on June 12. What will be the basis? We’re engaging them, we’re talking to them. In two years, give this President more time. The economy has made a positive bend, and we just need to stay the course.”

    During the meeting, President Tinubu reportedly charged party leaders to focus on grassroots mobilisation ahead of next month’s local government election in Lagos.

    Describing the gathering as one marked by unity and enthusiasm, Sanwo-Olu said: “He (President) was very happy to see us – extremely happy. He was excited that we are one big, happy family and not divided in any form. We all honestly pledged our full loyalty to him and his government. It was unanimous.”

     “We’re not just excited because he’s our father and leader…we’re excited because we can feel the impact of his leadership. Lagosians are happy, and we are firmly behind him,” the governor said.

  • Domestic forex inflow highest in six years

    Domestic forex inflow highest in six years

    The inflow of foreign exchange into the economy from domestic sources is at its highest in six years, according to a Central Bank of Nigeria (CBN) report.

    The report showed a broadly steady business expansionary trend despite marginal fluctuations across the sectors.

    This came as the forex inflows from domestic sources into the Nigerian Foreign Exchange Market (NFEM) rose to a six-year high on the back of steep increases in inflows from private sources, other than the CBN.

    The latest Purchasing Manager’s Index (PMI) report released by the CBN indicates that the PMI remained above the 50-point threshold for the sixth consecutive month, indicating continued expansion of business activities in the Nigerian economy.

    The composite PMI stood at 52.1 points in May 2025, a point below 52.2 points recorded in April 2025.

    All the sectors remained above the expansionary point mark.

    The agriculture sector PMI stood at 53.4 points in May 2025 compared with 53.8 points in the previous month.

    The Industry PMI closed at 51.6 points as against 51.8 points, while the Services sector PMI stood at 51.7 points from 51.8 points.

    Data from FMDQ indicated that total inflows into the NFEM rose by 62 per cent from $3.67 billion in April 2025 to $5.96 billion in May 2025.

    The upsurge was driven largely by a substantial increase in inflows from both domestic and foreign sources.

    Domestic sources, which accounted for 83.2 per cent of total inflows, jumped by 64.2 per cent from $3.02 billion to $4.96 billion, its highest in six years.

    Foreign sources, which accounted for 16.8 per cent of total inflows, also rose by 51.7 per cent from $657.40 million to $997.60 million, its highest in three months.

    A breakdown from domestic sources showed that inflows from exporters-importers jumped from $655.7 million to $3.11 billion.

    Inflows from non-bank corporates increased marginally from $1 billion to $1.11 billion, while those from individuals spiralled from $15.1 million to $91.4 million.

    However, inflows from the CBN halved from $1.35 billion in April to $649.80 million in May 2025.

    Notably, inflows from foreign portfolio investors (FPIs) rose by 61.3 per cent to $880.80 million, underlining increased foreign participation in the Nigerian market.

    Other foreign corporations grew by 10 per cent $83.9 million.

    However, inflows from foreign direct investments (FDIs) dipped marginally by 6.3 per cent to $32.9 million.

    Read Also: Forex inflows from IMTOs rise by 44.5% to $4.76b

    Analysts at Cordros Capital Group said the business expansion and inflows were driven by an improved macroeconomic outlook.

    According to analysts, foreign exchange inflows will continue to improve, supported by growing market confidence.

    They, however, warned that the lingering global trade uncertainties remain a downside risk to robust inflows from the foreign counterparts, potentially constraining growth in overall forex liquidity.

    “Looking ahead, we expect sustained expansion in private sector activity, underpinned by improving macroeconomic fundamentals such as a more stable naira and moderating inflation.

    “Nonetheless, tight financial conditions remain a potential headwind to broader economic performance in the near term,” Cordros Capital stated.

    President Bola Tinubu’s macroeconomic reforms have received positive reviews recently, with Nigerian business leaders and global analysts applauding early reform gains.

    Africa’s richest man/President of Dangote Group, Alhaji Aliko Dangote, said President Tinubu’s economic reforms have reignited hope.

    Dangote said President Tinubu’s initiatives –  from fuel subsidy removal to the unification of the naira exchange rate and the Nigeria First policy –  have led to optimism.

    “Your leadership has been both decisive and reassuring. Your actions have reignited hope for a prosperous Nigeria of today and of the future.

    “From the very start of the administration, Your Excellency has worked tirelessly to foster an enabling environment for private sector-led growth,” Dangote said.

    He praised President Tinubu’s reform agenda, including the deregulation of the downstream petroleum sector, tax system overhaul, and the Presidential Compressed Natural Gas (CNG) Initiative.

    According to him, the anticipated impact of the reformed tax regime will prompt many to “run and come to Aso Rock” in gratitude.

    Billionaire businessman and Chairman, BUA Group, Alhaji Abdulsamad Rabiu, said that within two years, Nigeria has recorded tangible and accelerated progress under President Tinubu.

    He pointed to the administration’s infrastructure rollout as evidence of the government’s commitment to innovation and national development.

    Rabiu said President Tinubu is driving Nigeria on the path of accelerated growth and development.

    He said: “Under your leadership, we have witnessed real and rapid progress.”

    Global credit ratings agency, Moody’s Investors Service, two weeks ago upgraded Nigeria’s sovereign rating from Caa1 to B3, citing substantial gains from the government’s macroeconomic reforms.

    Highlighting improvements in the country’s external and fiscal positions, Moody’s also adjusted Nigeria’s economic outlook from positive to stable.

    Both upgrades were premised on the Tinubu Administration’s reforms, including foreign exchange (forex) reforms, improved fiscal position and positive balance of payment.

    Moody’s stated that the improved rating was based on “a more resilient fiscal position, stronger external accounts, and the government’s demonstrated commitment to macroeconomic and structural reforms.”

    While remaining cautious, Moody’s was confident about the sustainability of the ongoing reforms.

    It said: “The stable outlook reflects our expectations that external and fiscal improvements will decelerate but will not reverse entirely.”

    The latest sovereign rating report came on the back of a report by Fitch Ratings, a leading global credit rating agency, which upgraded Nigeria’s rating from “B-“ to “B”.

    Fitch also declared the macroeconomic outlook “stable”.

    “The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening, and steps to end deficit monetisation and remove fuel subsidies.

    “These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch stated in the April 2025 rating report.

    According to Fitch, the “Stable Outlook” reflected the expectation that the macroeconomic policy stance would sustain improvements in the functioning of the forex market and support the move to lower inflation, although it would likely remain far higher than rating peers.

    Fitch also anticipated “a continued reduction in external vulnerabilities through further easing of domestic foreign currency supply constraints, while renewed energy sector reforms should help sustain current account surpluses.”