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Naira Depreciation Is Not Necessarily Bad — IMF Says

The International Monetary Fund (IMF) said yesterday that the Naira’s depreciation should not automatically be seen as a negative occurrence.

The Financial Counsellor and Director of Monetary and Capital Markets of the Fund, Mr. Tobias Adrian, stated this while fielding questions at the Global Fiscal Sustainability Report press briefing at the ongoing Annual Meetings of the World Bank and the IMF in Washington DC, USA.

Asked what policy measures the Fund would advise the Nigerian to adopt to shore up the value of the Naira that has suffered a major devaluation in the last two years, the Director said, “In terms of the Nigerian economy, of course, you know exchange rates are important, are important buffers to adjust the domestic economy relative to shocks.

”So, you know, a depreciating exchange rate is not necessarily a bad thing. It may actually be a good thing to restore equilibrium.

“And we have indeed seen in Nigeria, you know, many steps to strengthen policy frameworks, such as on the monetary policy side. And you know, we generally do recommend moving towards more flexible exchange rates.

“And yeah, in addition to monetary policy actions, revenue collection has strengthened in Nigeria, and transparency in terms of FX reserve positions have improved.

”I think all of this has contributed to lower inflation from more than 30% last year to 23% this year, as well as improved FX reserve positions in Nigeria.

”So the direction of travel appears to be positive.”

Mr. Adrian noted however, that Sub-Saharan Africa in general was facing and continue to face headwinds.

He said, “While growth has been pretty strong during this period where financial conditions are easy, capital flows are resuming, it is also possible that the previous capital flow surge and then retracement cycles that we have seen before could happen, and when that happens, it would expose some of these economies with vulnerabilities, particularly when foreign investments were to retrace.

”So, it is important for countries to continue to improve the fundamentals on the fiscal and monetary policy side, but also in terms of developing more structural policies like revenue mobilization, as Nigeria is trying to do- debt management and hopefully also support from the international community.”

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Strike: NANS Gives ASUU, FG Seven Days To Resolve Dispute

The National Association of Nigerian Students (NANS) has given the Federal Government and the Academic Staff Union of Universities (ASUU) a seven-day ultimatum to resolve their ongoing dispute and avert another strike that could disrupt the nation’s academic calendar.

In a statement signed by NANS President, Olushola Oladoja, on Wednesday, the students’ body expressed concern over the growing tension between the government and ASUU, warning that any disruption to the academic calendar would be unacceptable to Nigerian students.

Oladoja noted that the education sector had enjoyed two uninterrupted academic years under President Bola Tinubu’s Renewed Hope Administration, a feat not recorded since the return to democracy in 1999.

He, however, said the recent threat of industrial action by ASUU was jeopardising this progress.

“It is, therefore, in this spirit that NANS appeals to both ASUU and the Federal Government’s negotiation team to find a workable and lasting solution within the next seven (7) days. Nigerian students, many of whom are now studying through educational loans, cannot afford to have their academic calendar disrupted or their duration on campus extended again,” Oladoja warned.

The NANS president, however, commended President Tinubu’s education reforms, listing initiatives such as the Nigerian Education Loan Fund, removal of tertiary staff unions from IPPIS, reversal of the 40% IGR remittance policy, and special TETFund interventions as examples of the administration’s commitment to education and student welfare.

Despite these gains, Oladoja lamented that poor communication and delays in implementing agreements with ASUU had created unnecessary tension.

“However, the recent threat of industrial action by the Academic Staff Union of Universities (ASUU) has become a source of concern to Nigerian students nationwide. It is regrettable that despite the huge progress recorded, this strike, a result of miscommunication and poor crisis management with timely implementation of the resolutions earlier reached with ASUU, is thereby creating avoidable tension that now threatens the peace and progress of the education sector,”
he said.

Oladoja revealed that NANS’ independent findings showed that a meeting earlier convened by the federal government to address ASUU’s grievances was not attended by the union due to procedural disagreements.

“We have secured assurances from both parties that they are ready to attend the meeting once it is properly reconvened. NANS, therefore, calls on the government to immediately reconvene the meeting to close this communication gap,”
he stated.

He further appealed to Tinubu to personally intervene, warning that failure to act swiftly could erode the goodwill and stability achieved in the education sector.

“We strongly emphasise the need for President Bola Ahmed Tinubu, GCFR, to personally intervene at this crucial time to prevent the gains achieved in the education sector under his Renewed Hope Administration from being eroded by another strike action.

“Nigerian students remain grateful and supportive of President Tinubu’s unwavering commitment to education and student welfare. However, if this impasse is not resolved and the strike persists beyond seven days, it risks undermining the progress and goodwill recorded under this administration.

“Now is the time for dialogue, understanding, and decisive action—the future of millions of Nigerian students depends on it,” Oladoja said.

ASUU had on Monday begun the warning strike after the expiration of a 14-day ultimatum to the federal government to meet its long-standing demands.

The lecturers are demanding the implementation of the renegotiated 2009 ASUU-FGN Agreement, payment of withheld three-and-a-half months’ salaries, revitalisation of public universities, and sustainable funding for tertiary institutions.

Other grievances include the payment of 25–35% salary arrears, promotion arrears spanning over four years, and the release of withheld cooperative deductions.

The renegotiation of the 2009 agreement has remained stalled since 2017, despite several committees set up by successive governments.

The most recent, chaired by Yayale Ahmed, submitted its report in December 2024, but implementation has yet to begin.

In response to the strike, the Minister of Education, Tunji Alausa, reportedly directed university vice-chancellors to enforce the government’s “No Work, No Pay” policy against lecturers who joined the industrial action — a move that has sparked fresh outrage among university workers.

The strike has already disrupted ongoing examinations in several universities across the country, causing anxiety among students and parents alike.

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Nigerians Converting XR iPhones to iPhone 17 Suffering From Untreated Inherent Disease Called Poverty Mentality – Catholic Priest

A Nigerian Catholic priest, Rev. Father Kelvin Ugwu has lashed out at Nigerians converting XR Iphones to iphone 17 promax.
According to him, such an act is a symptom of an untreated inherent disease called poverty mentality.
Recall that some Nigerians are purchasing the XR iphones converted to the latest iphone 17 promax so they can appear rich.
In a post shared online, Fr Ugwu opined that;
‘’It is lack of contentment, the presence of an untreated inherent disease called poverty mentality, and the sickness of trying to prove to people what you are not that make full-grown men and women knowingly buy an iPhone XR repackaged as an iPhone 17 Pro Max, just to pose as though they own one.
 
You don’t need to have an iPhone 17 Pro Max. Those who have it, aside from taking mirror pictures or videos to show themselves and the phone, what is really the big deal? Even that act is so childish.
 
Sometimes, you need to purge yourself of these sicknesses, especially the urge to prove something to people as if you owe them anything.
 
After acquiring iPhone 17 pro max, and showing it to the world, what next? It will give you long life bah?” he wrote.
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Mathematics No Longer Compulsory For Arts Students – FG

The Federal Government has announced that Nigerian senior secondary school students in arts and humanities will no longer be required to present a credit in mathematics as a condition for admission to universities and polytechnics.
FG made the announcement through the Federal Ministry of Education said on Tuesday.
For years, admission seekers in arts and humanities, like their contemporaries in sciences and social sciences, have been mandated to have five credits, including mathematics and English language, to secure admission into higher institutions.
“The revised National Guidelines for Entry Requirements into Nigerian Tertiary Institutions are designed to remove barriers while maintaining academic standards.
 
“The new framework applies to universities, polytechnics, colleges of education, and Innovation Enterprise Academies across the country as follows:
 
“Universities: Minimum of five (5) credit passes in relevant subjects, including English Language, obtained in not more than two sittings. Mathematics is mandatory for Science, Technology, and Social Science courses.
 
“Polytechnics (ND Level): Minimum of four (4) credit passes in relevant subjects, including English Language for non-science courses and Mathematics for science-related programs.
 
“Polytechnics (HND Level): Minimum of five (5) credit passes in relevant subjects, including English Language and Mathematics.
 
“Colleges of Education (NCE Level): Minimum of four (4) credit passes in relevant subjects, with English Language mandatory for Arts and Social Science courses, and Mathematics required for Science, Vocational, and Technical programs,” a statement by the FME’s spokesperson, Folasade Boriowo, said.
An education analyst, Ayodamola Oluwatoyin, who spoke to our correspondent in Abuja, hailed the reform.
“This is a brilliant reform which we hope will open the doors and improve the ease of admissions into tertiary institutions for more seekers.”
The Minister of Education, Dr Tunji Alausa, described the reform as a deliberate effort to expand access to tertiary education.
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NDLEA Destroys 8.2kg Of Seized Illicit Drugs In Yobe

The National Drug Law Enforcement Agency (NDLEA) has destroyed 8,166.95 kilograms of confiscated illicit drugs in Yobe State, marking a major milestone in the ongoing battle against drug trafficking and abuse.

The event which took place at Kasaisa village near Gujba Maiduguri new bypass on Tuesday, October 14, 2025, was presided over by the Chairman of NDLEA Brigadier General Mohammed Buba Marwa and supported by Governor Mai Mala Buni.

The destroyed drugs include: 6,791.249kg of cannabis sativa, 1,375.65kg of psychotropic substances, 0.04kg of cocaine, and 0.012kg of heroin.

The NDLEA, Yobe State Command has made remarkable progress since its inception in 2003, seizing over 16,011.13 kilograms of illicit substances, arresting 2,345 suspects, and securing 349 convictions.

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Strike: ASUU Reacts to FG’s No-Work-No-Pay Directive

The Academic Staff Union of Universities (ASUU) has reacted to the Federal Government’s recent directive of ‘no work, no pay’ policy.
ASUU urged the Minister of Education, Tunji Alausa, to focus on resolving the ongoing dispute with the union instead of issuing threats.
This comes barely 24 hours after university lecturers embarked on a two-week warning strike to press home their demands.
ASUU President, Chris Piwuna, while speaking as a guest on Channels Television’s Politics Today on Monday, dismissed the Federal Government’s ‘No Work, No Pay’ directive, insisting that the union will not be intimidated by threats.
Piwuna said the union remained united and would not succumb to the government’s attempt to divide the academic community.
According to him, all academic bodies, such as the National Association of Medical and Dental Academics (NAMDA) and the Congress of Nigerian University Academics (CONUA), were standing together in support of the strike action.
He said, “We don’t respond to threats, and nobody can threaten us.
 
“He is threatening us, writing to NAMDA and CONUA, telling them they can get their salaries. He wants to divide us, but we are united in this matter.
 
“CONUA is with us, NAMDA is with us, SSANU is with us, NASU is with us. The polytechnics and colleges of education are also with us.”
 
Piwuna also hinted that the union remained open to dialogue and was ready to engage with the Federal Government.
He added, “He has got something coming. He had better sit down and solve this problem or he will fail in trying to divide us.
 
“Today, I received a call from the Minister of State for Labour. She said she has been directed to intervene and get this matter resolved. ASUU is willing. We are ready and available to discuss this matter once and for all.”
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APC Has Lost Democratic Values – Chieftain Says As He Quits Party

A chieftain of the All Progressives Congress has announced his decision to quit the party.
House of Representatives hopeful for the Ado, Okpokwu, and Ogbadibo Federal Constituency in Benue State, Inalegwu Ejembi Adaje said he decided to resign from the party because it has derailed from its founding democratic principles.
In a resignation letter dated October 13, 2025, and addressed to the Ward Chairman of the APC, Ingle/Okpale Ward, Edumoga Ehaje, Okpokwu Local Government Area of Benue State, Adaje said his decision came after “careful reflection and wide consultations with key stakeholders, associates, and respected leaders.”
According to him, his exit was motivated by the need to remain true to his political ideals and commitment to fairness, justice, and accountability.
 
“This decision comes after careful reflection and wide consultations with key stakeholders, associates, and respected leaders. It is driven by my commitment to uphold the principles of justice, accountability, and true democratic values, principles which I no longer find aligned with the current direction and internal workings of the party,” Adaje wrote.
He expressed appreciation to the APC for the opportunities and privileges he enjoyed while a member but maintained that he could not continue to operate under a structure that had, in his words, “lost touch with its original values.”
 
“I sincerely appreciate the privilege of association and the opportunities for service afforded me during my time as a member of the APC,” he added, thanking party leaders and colleagues “for their support and cooperation.”
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Enugu Governor, Peter Mbah Dumps PDP, Joins APC

Governor Peter Mbah of Enugu State has joined the All Progressives Congress.
He officially dumped the Peoples Democractic Party (PDP) for the ruling All Progressives Congress (APC) in a televised broadcast on Tuesday.
He said, “Today, after a long reflection, we have made the decision to leave the Peoples Democratic Party and join the All Progressives Congress.”
Mbah said he joined the PDP to help transform Enugu and restructure the state’s political landscape.
“Today, I stand before you to announce a break from the past and to share a decision that will shape the road ahead.
 
“This concerns our values, how we organize ourselves politically and how we secure the future of our project and our people.
 
“Leadership sometimes demands painful decisions in the service of higher princpiles and goals. And there comes a time, when everyone must make a bold choice to determine their destiny.”
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No FCT Judge Will Live In Rented Apartment by 2027 – Wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike has given an assurance to judges in Abuja.
According to him, by the end of President Bola Tinubu’s first term, no judge of the FCT High Court will still be living in rented accommodation.
Wike made the statement on Monday, October 13, during the flag-off ceremony for the design and construction of official residences for the Heads of Courts in Abuja. He said the initiative reflects President Tinubu’s commitment to improving the welfare and working conditions of judicial officers.
 
“Before the end of Mr President’s first tenure, no judge of the FCT High Court will be living in a rented quarter,” Wike said. “I didn’t say Federal High Court, I didn’t say National Industrial Court — but judges of the FCT High Court.”
He explained that the housing project is included in the 2024 and 2025 FCT budgets, which have been approved by the National Assembly and signed by President Tinubu.
According to Wike, the president had made it clear from the outset that supporting the judiciary was a key priority of his administration. “Mr President told us that enhancing the welfare of judicial officers has been a major concern,” he said. “I told him the difference his government must make is to end the practice of judges living in rented houses.”
The minister stressed that judges face potential risks when residing in rented properties, given the sensitive and high-profile nature of many of their cases. “Sometimes you don’t even know your landlord or neighbours. These judges preside over serious matters, and you can never tell what might happen,” he warned.
Wike further revealed that the newly constructed residences will become personal property of the judges upon retirement. “As they retire, the properties become their own. That is the approval of Mr President,” he confirmed, adding that Certificates of Occupancy have already been issued in the names of the beneficiaries.
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Private Marketers Join NNPC to Increase Fuel Price to N955 Per Litre

Private marketers have increased the price of petrol from N905 per litre to N955.
This is coming just days after the the Nigerian National Petroleum Company Limited (NNPC) first increased its price for petrol.
This hike coincides with a severe jump in the price of cooking gas (LPG), creating a double edged sword of financial hardship for households.
The price of cooking gas has soared from N1,000 per kilogram (kg) about two weeks ago to N3,000 this week. Consequently, a 12.5kg cylinder refill that previously cost N12,500 now sells for N37,500 in Abuja, Lagos, and other parts of the country.
NNPC retail outlets adjusted their pump price to N955 per litre on Monday in areas of Abuja, including Gwarimpa, Kubwa Expressway, and Wuse Zones 4 and 6.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PPROOAN), Billy Gillis-Harry, also confirmed the hike.
Other filling stations in Abuja, such as Ranoil, AA Rano, and Mobil, raised their pump prices to between N920 and N930 per litre. Just last Saturday, MRS filling stations were reportedly dispensing petrol at N851 per litre in parts of the city.
Chinedu Ukadike, Public Relations Officer for the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the price increase to supply and logistics challenges faced by major marketers, including NNPC and Dangote Refinery.
Ukadike explained that Dangote Refinery increased its loading price to N845 per litre, up from N825, which led to a retail selling price of between N900 and N955, depending on the location.
The IPMAN spokesperson noted that the limited supply at Dangote is insufficient for marketers, and the supply from NNPCL is restricted only to its own retail outlets. He revealed that many IPMAN members who paid for products from Dangote have yet to load after two weeks.
Ukadike said, “I will say that when people are scrambling for products, it results to hike in price. Some marketers, who paid to buy about three million litres from Dangote, were only given one million litres, as they complained of products being rationed, amongst marketers.”