The Reason President Tinubu Selected To Keep the Naira in the Currency

President Bola Ahmed Tinubu’s reasoning for floating the naira has been made public by the Presidency.

According to the statement, the decision was made because the Central Bank of Nigeria (CBN) was maintaining the value of the naira at the official rate by spending almost $1.5 billion each month.

This was revealed in a recent interview with Arise News by Bayo Onanuga, the President’s Special Advisor on Information and Strategy.

According to Onanuga, some connected to Godwin Emefiele, the previous governor of the Central Bank of Nigeria, and others close to some members of Muhammadu Buhari’s administration allegedly collected money at the official rate and sold it on the black market.

“Under the previous administration (of the CBN), as per media reports, the CBN was spending roughly $1.5 billion every year,” he stated.

In this case, individuals close to the former governor and other government figures were receiving payments at the official rate. They then engaged in arbitrage, or the sale of the funds obtained through roundtripping and selling them on the black market, where they profited handsomely for doing nothing. The government attempted to prevent some of these things.

Onanuga added that foreign direct investment (FDI) had eventually “dried up” because investors were unwilling to make investments in an area where there was unstable currency rates because of the gap in the official window and the parallel market.

According to the presidential adviser, market prices for goods and commodities were rising faster than they ought to.

“Some of the price increases we are seeing are extremely phony; it seems like everyone is just raising prices,” he stated. Because even if you want to dollarize your economy, you actually can’t tolerate the kind of extremely sharp price increases that this nation is currently experiencing if you line it with the exchange rate.

Onanuga went on to say that although more money had been allocated to the lower levels of government, there had been no progress in the last few months, so more complaints and queries should be addressed to state and local government councils rather than the federal government.

“I’m sure the naira will begin to wax stronger and stronger and probably go to the rate that Governor Cardoso envisages it will be instead of the rate we have now if we can sustain the stability we have now if we can ensure that we don’t have the volatility anymore,” he continued.


Tinubu Moves Crude Oil Sales Revenue From NNPCL To CBN

President Bola Tinubu has reportedly given a new order to the Central Bank of Nigeria (CBN).
Tinubu ordered the apex bank to take over the responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL).
The move was to show transparency and accountability as NNPCL over the years has maintained sole control over crude oil sales, and only rendered accounts to the Federal Government.
According to Western Post, under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation.
A source within the CBN confirmed to the news platform that receipts of payment for the oil sales will be forwarded to the apex bank with immediate effect.
The source added that the new arrangement will block any gap in the crude oil sales and declared receipts.
Experts told the news site that this arrangement is opaque as it makes the NNPC the overall responsibility rendering whatever amount it wishes to FG for the crude oil sales.
They added that the move is no longer tenable amid declining oil revenue following lower oil production arising from crude theft and other sharp practices.
Recall that the CBN Governor, Olayemi Cardoso, last week stated that the collaboration with the Ministry of Finance and the NNPCL is to ensure that all foreign inflows are returned to the Central Bank.
Cardoso, who was delivering a keynote address at the launch of the Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report”, said, “This coordinated effort will greatly enhance the Bank’s foreign exchange flows and contribute to the accretion of reserves.
“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.
“This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.
“The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.”

Kidnapping Increased After Tinubu Took Office – Peter Obi

Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has lamented about the high spate of kidnappings in the nation.

In a post via his official X handle, Obi said the kidnappings of Nigerians increased rapidly after President Bola Tinubu assumed office on May 29, 2023.

The former Governor of Anambra stated that the government is rewarding those who paid to get Tinubu elected rather than spending money to tackle insecurity in the nation.

Obi also called on the Tinubu government to increase the defence budget and stop spending funds on fancy weapons systems that fail to tackle the roots of the problem, which are poverty, poor education, and anger at army atrocities.

The LP chieftain also called out those who have continued to see his criticism of a bad system as bad and are maligning his person and the Obidients for seeking good governance and a better future for all Nigerians.

He wrote: “For those who have continued to see my issue-based constructive criticism of a bad system as bad and are maligning my person and the Obidients for seeking good governance and a better future for all Nigerians, let them now read this report from the respected international newsmagazine, The Economist of London and do the same.

“How much politicians in Nigeria care about national insecurity has long been correlated with how close it gets to their mansions in Abuja, the capital. On its outskirts on January 2nd, a father and his six daughters were kidnapped, prompting a rare outcry on high.

“A crowdfunding effort to pay the ransom was even backed by a former minister. But the kidnappers instead killed one of the girls and demanded more cash. The wife of President Bola Tinubu publicly lamented a “devastating loss”. Yet such horrors are still appallingly frequent—and largely ignored by politicians.

“In one incident last week in the South East, 45 people were kidnapped and are still missing, yet few leaders spoke out. The deadliest zone is the Nort East, where jihadists linked to Islamic State attack the army and villages. The North-west, too, is riddled with gangs that routinely kidnap for ransom. A decades-long conflict between mostly Muslim herders and largely Christian farmers rumbles on in the country, where on Christmas Eve, gunmen mowed down at least 160 people.

“Separatist violence still smoulders in Southe East. At his inauguration last May, Mr Tinubu declared security his “top priority”. Yet more than 3,600 people were kidnapped in 2023, the most ever, according to tAcleded, a global monitor of conflict.

“The snatching rose sharply after Mr Tinubu took office. And almost 9,000 Nigerians were killed in conflict last year (see chart). The government stresses that, in its most recent budget, spending on defence and the police took the biggest share, about 12% in all.

“The Defence got a fifth more than it did last year. Yet inflation is running at 29%, so in real terms, the defence budget has fallen. The government tends to splurge on fancy weapons systems that fail to tackle the roots of the problem, which are poverty, poor education, and anger at army atrocities.

“The latest budget includes funds for six t-129 Turkish attack helicopters on top of the 12 costly Bell choppers bought last year from America for $1bn, not to mention 12 Super Tucano attack aircraft. Buying strike drones has become so popular that the Army runs in a fleet alongside that of its forces. But drones are very good at guarding schools from kidnappings, and heavy weaponry risks disaster. A drone recently killed at least 85 civilians at a festival in Kaduna state—not the first such cock-up.

“The army promised to “fine-tune” its operations, but more radical change is needed. The police, well equipped but able to use better human intelligence, should lead on domestic security, not the army, which has been deployed in all 36 of Nigeria’s states.
Another huge problem is graft in security spending. “Defence is a prime part of the budget where you can take large quantities of money out without people being any the wiser,” says Matthew Page of Chatham House, a think-tank in London.

“Much of the budget, he says, is still about rewarding those who paid to get Mr Tinubu elected. Sometimes the army fails to receive its budget allocation. This is worsened by a system known as “security votes”, whereby parts of defence spending are deemed too sensitive to o require public oversight.

“The practice, which accounts for perhaps $700m a year, increased sharply under the last president and may well jump more under Mr Tinubu. The defence budget has nearly tripled since 2019. But thanks to inflation, wasteful purchases, sales, and corruption, Nigerians do not suffer. General Christopher Musa, the Chief Defence Staff, appears to understand the roots of the insecurity. “Military effort alone is incapable of restoring enduring peace,” he says, adding that the army helped build hundreds of schools under his command in the north-east. Yet many politicians seem keener to spend on themselves, rather than create the conditions for peace or fill the country’s fiscal hole. Even if Mr Tinubu resists the temptation to reinstate the petrol subsidy that he largely removed last year, debt servicing alone in 2024 may gobble up 61% of revenue.

“In November, the national assembly approved SUVs for all 460 lawmakers, at a reported cost of $150,000-plus per car. In two months, the government has budgeted $31m to improve accommodation for the president and vice-president—in a country of around 220m people where more than 80m are reckoned to live on less than $2.15 a day and many fear being kidnapped.”


Gov Makinde Presents Report Of Ibadan Explosion To Tinubu In Abuja

Oyo State Governor, Seyi Makinde has presented a report of the explosion that rocked Ibadan, the state capital, to President Bola Tinubu.

It was gathered that Makinde presented the report to the President over the weekend.

Recall that an explosion rocked the Dejo Oyelese Close, Adeyi Avenue, Bodija area of Ibadan, the Oyo State capital, last Tuesday, leading to the death of at least five persons, injuries to others, and the destruction of several buildings.

While presenting the report, Governor Makinde, according to The Nation, appreciated the presidency for its support following the incident, noting that the Oyo State government would do everything possible to provide succour to victims and to fish out and punish those behind the tragedy.


President Tinubu Meets APC Governors In Abuja

President Bola Ahmed Tinubu on Friday, met with Governors elected on the platform of the All Progressives Congress (APC).

The President met with the Governors at the Aso Rock Villa in Abuja.

The meeting was still in progress at the time of filing this report.

Details Later…

Entertainment News

Call Military to Order to Avoid Coup – Seun Kuti Warns FG, Sanwo-Olu

Grammy-nominated afrobeat singer Seun Kuti has called on President Bola Tinubu to warn the military.
He also sent the same message to Lagos State Governor, Babajide Sanwo-Olu.
According to him, this is to avoid a military coup d’état.
The controversial singer was reacting to the insults hauled at the Governor by some yet-to-be-identified soldiers for arresting one of their colleagues over a traffic violation.
He noted that if the excesses of the military are not contained, not only civilians would suffer from it but also politicians.
Kuti also mocked the soldiers for threatening to “humiliate” social media influencer, VeryDarkMan for applauding Sanwo-Olu’s action, saying the military only bullies civilians but runs away from terrorists.
Speaking during an Instagram live session with fans, the singer said: “I didn’t want to speak on this very matter but when I open my Instagram this morning, I saw a video of one of the unruly soldiers threatening to humiliate VeryDarkMan for making comment on Sanwo-Olu’s arrest of one of their colleagues. Imagine, in a free country.

“Sanwo-Olu and co, you people don’t understand anything. You think you [politicians] are protected from this [military] boys? Have you forgotten what military coup is? If you guys don’t do your job now, stamp down on this impunity in the armed forces, keep them to their barracks, treat their f*ckups anytime they f*ck up… If any soldier misbehave, make sure the commandant of the barrack he is attached to is removed.
“If you don’t treat them like that, do you think it is only Fela’s family they will kill? You don’t understand as the government claimed that it was unknown soldiers that killed my grandmother, Fumilayo Kuti… They killed my grandmother, threw her from the window because they were acting based on government order.
“The government protected all of them saying they were unknown soldiers. Now, they are threatening you, Governor. The table has turned from civilians now, they’re now threatening politicians too.
“Now, let me address the soldier that was threatening VeryDarkMan. I, Seun, is telling you guys that if you do anything to VDM, you guys too won’t have peace. It’s only for civilians that you can show your power, but when it comes to Boko Haram, you run away. If Boko Haram open fire, you beg Nigerians; civilians to support you in your fight against terrorists.”
Video link:
Entertainment News

President Tinubu Approves N12bn Outstanding Payments For Super Eagles, Others

President Bola Tinubu has given approval for the disbursement of N12 billion to settle outstanding payments owed to the Super Eagles and other national teams across various sports.

This is contained in a statement on the X handle of President Bola Ahmed Tinubu Media Center.

According to the statement, the payment will clear the senior national team coach salaries running up to 15 months, payments of allowances and promises due to the senior national teams, females, and Under-20 national team.

The statement reads, “President @officialABAT has approved the payment of N12billion outstanding backlog for Nigeria’s national teams of various sports, which includes Super Eagles and others.

“The payment entails the clearing of the senior national team coach salaries running up to 15 months, payments of allowances and promises due to the senior national teams, females, and Under-20 national team.

“This is coming at a time when the Super Eagles of Nigeria are preparing to participate in the Africa Cup of Nations, which is billed to start later this month.”

Entertainment News

Presidency Opens Up On Tinubu’s Minister, Betta Edu’s N585m Scandal, Reveals Next Line Of Action

The Presidency has confirmed that relevant authorities are conducting an investigation into the financial irregularity concerning the transfer of N585.189 million by the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu.

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said appropriate action would be taken after the investigation.

“The matter is under investigation.

“Appropriate Action will be taken thereafter,” he told Daily Trust.

About N585.189 million, meant for the vulnerable in Akwa Ibom, Cross River, Ogun, and Lagos states, was reportedly diverted into a private account.

This led to widespread outrage and a call for Edu’s sack and prosecution.

In a viral document signed by Edu and directed to the Office of the Accountant-General of the Federation, the minister directed the disbursement of N585.189 million into one Bridget Mojisola Oniyelu’s private account.

The leaked document revealed that the money was paid into Oniyelu’s account.

Amid the widespread outrage, Edu, in a statement by her Special Assistant on Media and Publicity, Rasheed Zubair, said the payment followed due process.

Entertainment News

President Bola Tinubu Returns To Abuja


President Bola Ahmed Tinubu

President Bola Tinubu has returned to the Presidential Villa in Aso Rock after the Christmas and New Year celebrations in Lagos State.

Recall that Tinubu had on December 21st departed Abuja for Lagos to celebrate the yelutide break.

This was the first Christmas Tinubu would be celebrating since he was sworn in as the President of Nigeria on May 29, 2023.

The Nigerian leader had earlier served as the Governor of Lagos State for eight years between 1999 and 2007.

Meanwhile, Tinubu, in his 2024 New Year’s address, extended an appeal to his former presidential election rivals, including Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi of the Labour Party (LP), urging them to join forces for the nation’s welfare.

President Tinubu emphasized the need to transcend political divisions, stating that the election period is over.

He stressed the importance of uniting under the common goal of advancing Nigeria, setting aside past differences to focus on the country’s future.

Tinubu said, “In this new year, let us resolve that as joint heirs to the Nigerian Commonwealth, we will work for the peace, progress, and stability of our country. I extend this call to my political opponents in the last election. The election is over. It’s time for all of us to work together for the sake of our country.”

The President also disclosed that he is not oblivious to the frustration of Nigerians due to the high cost of living, and rising inflation, among other issues, adding that his administration is doing everything possible to deliver on its ‘Renewed Hope’ mandate.

Entertainment News

Number of Visitors to Daura Reduced – Buhari Reveals Why He Was Happy When Tinubu Increased Fuel Price

Former President Muhammadu Buhari has opened up on why he was happy when incumbent President Bola Tinubu increases the petrol pump price.
Recall that fuel price increased on May 29, 2023 after Tinubu announced removal of fuel subsidy.
According to Buhari, the decision reduced the number of visitors he receives in his native Daura town in Katsina State.
Buhari made the revelation on Sunday as the special guest of honour at the maiden edition of the annual Katsina Dialogue organised by the Katsina Consultative Forum, held at the Presidential Banquet Hall of the Katsina Government House in Katsina.
Speaking in Hausa language, Buhari said he returned to Daura and a lot of people kept visiting him but when Tinubu increased the price of fuel, he rejoiced because the visits reduced.
Speaking about drug abuse, Buhari added;
 “A nation’s greatness is measured by how it safeguards its people. Our youths represent our valued asset and protecting their wellbeing is crucial for our nation’s future. We can’t afford to watch as drug abuse dismantle their potential and the country’s future. I urge all of us to unite and act decisively against drug abuse in the state,” he said.