News
Allow market forces to determine naira value, not politics, ex lawmaker urges FG
Stephen Olufemi Oni, Ilorin
Former Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Dr. Rafiu Adebayo Ibrahim, has urged the federal government and regulatory agency on monetary policy to put politics aside and allow the
economics to rule and reign on the issue of naira exchange rate, adding that they should allow the market forces to determine naira’s fair value both at the time of boom and otherwise.
Senator Ibrahim, who spoke in Ilorin at the 30th edition of Media Parliament of the Kwara State Council of Nigeria Union of Journalists (NUJ), explained that politicisation of the exchange rate only empowers the political class to do more harm to the nation’s economy.
In his paper titled: “Naira Devaluation by Central Bank of Nigeria: How Did We Get Here? What Are The Challenges and Prospective For Us As Nation?”, the former legislator opined that Nigeria being a monolithic economy was enough reason for it to be financially disciplined and futuristic in its savings and investment policies.
The former senator advocated promotion of local production and industrialisation, particularly of products that are highly in demand, adding that the time was ripe to diversify the economy under a truly long-term strategic plan that would turn around the fortunes of the nation away from being mono-product.
He also called on the government to address the seemingly intractable insecurity which has adversely the economic life of the nation, warning that its devastating effects, if unattended, would worsen the value of the nation’s currency.
“It is important to state that the politicisation of the exchange rate of the naira is an unhealthy obsession in Nigeria. It only gives politicians an incentive to wage war against reality by doing things that are economically harmful.
“Attempts made in the past to embrace liberalization is a step in the right direction, but should have been also backed with some high level of financial discipline that would provide savings for a rainy day. The very act of trying to fiddle with the currency whenever we run into trouble is what really needs to be re-examined.
“Knowing that we are a monolithic economy is enough reason for us to be futuristic in our savings and investment policies. The moment oil prices crash, businesses and transactions that were perfectly legal suddenly become ‘unpatriotic’ and everybody becomes an expert in economics with pressure of the policy makers who are in most cases obviously ill-prepared, policy-wise for such situations.
“It is only in Nigeria that you see a situation where we pray and hope for high oil prices to sustain our spending pattern without saving, while we want to keep the exchange rate ‘stable’ even when revenues have collapsed dramatically.
“We all know that it is not possible to have all these things at the same time, as you cannot eat your cake and have it at the same time”, Ibrahim said.
In his remarks, the Chairman, Kwara State Council of NUJ, Abdullateef ‘Lanre Ahmed, said the volatility of the exchange rate was baffling, hence the urgent need to address it, especially its adverse effects on the local economy.
Ahmed traced the problem to the summersault of the Central Bank of Nigeria on the nation’s monetary policy, which has consistently weakened naira in the global economy and in turn affected the purchasing power of the masses.
“At the moment, the exchange rate of naira for one dollar in the black market is over N550, and getting forex at the designated commercial banks is a herculean task. This is just as the CBN continues to act in a manner that suggests that our naira would further experience devaluation.
“And out of curiosity, you begin to wonder whether the monetary policy of the apex bank is congruous with the reality beyond policy documents that are often bandied around to divert attention.
“There is no doubt to posit that Nigeria’s economy is haemorrhaging. No thanks to the policy summersault of the CBN on monetary policy that has, in significant way, weakened naira in the global economy and in turn reducing the purchasing power of the populace. And you are attempted to ask this nagging question. In whose interest is CBN formulating its policies?
“Similarly, the penchant of the federal government for external borrowing is now at an alarming proportion, thus accentuating claims and counter claims on the desirability or otherwise of the government’s step”, Ahmed said.
End
News
APC National Solidarity Vanguard Lauds Matawalle Over Mass Exodus Of PDP Members To APC In Zamfara
The APC National Solidarity Vanguard has showered encomiums on the Honourable Minister of State for Defence, Dr. Bello Matawalle, for his outstanding leadership and political sagacity that have engineered a massive defection of key Peoples Democratic Party (PDP) members to the All Progressives Congress (APC) in Zamfara State.
In a statement signed by its National Coordinator, Moses Aruwa, the Vanguard described Matawalle as an exemplary leader whose good governance credentials and commitment to inclusive democracy continue to attract political heavyweights to the ruling party.
“Matawalle has proven beyond doubt that leadership is about service, vision and the ability to unite people for a common purpose,” Aruwa stated.
“His selfless drive to reposition Zamfara State and align it fully with President Bola Ahmed Tinubu’s Renewed Hope Agenda has made him a magnet for progressive-minded politicians across party lines.”
The latest defection that has sent ripples across the state’s political landscape involved Hon. Sadiq Abubakar Ciroma, the PDP Chairman in Kaura Namoda Local Government Area, who was formally received into the APC by Minister Matawalle on Friday.
Aruwa praised Matawalle’s warm reception of the decampees, noting that it reflected his large-heartedness and belief in inclusive politics.
“When Dr. Matawalle said the APC needs people like Hon. Ciroma who play politics with vision and sound judgement, he was speaking from a place of deep conviction,” Aruwa remarked.
“Matawalle himself embodies that vision – he assesses leadership accurately and takes bold decisions that benefit the masses, and that is why thousands are trooping to join him.”
The Vanguard leader further highlighted the growing dominance of the APC in Zamfara as a direct result of Matawalle’s sterling performance as leader of the Renewed Hope Agenda in the state.
“What we are witnessing is not ordinary defection; it is a mass exodus driven by the irresistible appeal of good governance under Matawalle’s guidance,” Aruwa declared.
“From lawmakers to local government chairmen, PDP stalwarts are daily joining forces with him because they have seen that the future of Zamfara and Nigeria lies with the progressive vision he champions.”
Aruwa also commended Matawalle’s loyalty to President Tinubu, saying it has inspired confidence among party members and new entrants alike.
“Matawalle is not only delivering dividends of democracy in Zamfara; he is building a solid platform to deliver Mr. President convincingly in 2027,” he asserted.
“His inclusive approach ensures that every new member feels valued and empowered to contribute to this noble cause.”
The statement emphasised that the continuous influx of PDP members into the APC attestation to Matawalle’s ability to foster unity and peace in a once-restive state
. “Dr. Bello Matawalle has transformed Zamfara into a bastion of peace, progress and political harmony,” Aruwa enthused.
“Politicians of goodwill are aligning with him because they know that under his leadership, Zamfara will continue to enjoy unprecedented development and remain a stronghold for the APC.”
Aruwa called on other opposition members still contemplating their political future to follow the example of Hon. Ciroma and join the moving train.
“The APC under Matawalle’s stewardship offers equal opportunities, respect and genuine commitment to the welfare of the people,” he concluded.
“We are proud to identify with this exceptional leader who is writing a new chapter of prosperity for Zamfara State.”
News
Indigenous Oil Companies Get Boost as NCDMB Deepens Nigerian Capacity
Nigeria’s push for greater indigenous participation in the oil and gas industry received a significant boost this week as the Nigerian Content Development and Monitoring Board (NCDMB) showcased a series of milestones, including the takeover of major industrial assets and the expansion of local capacity across key energy hubs.
A major highlight was the acquisition of Saipem’s Nigerian operations by Marconi NG EPC — a development the NCDMB described as a landmark in the country’s local content journey.
According to the board, the transition of the world-class Port Harcourt fabrication yard into Nigerian ownership demonstrates that local firms now possess both the technical expertise and financial capacity to manage complex engineering and construction projects.
During a media tour of the facility, NCDMB officials spotlighted the one-million-square-metre yard, which features fabrication units, jetties and a helipad. They said the acquisition signals that Nigerian companies can now compete at global scale and marks an important step in reducing decades of foreign dominance in major oil and gas infrastructure.
The tour also highlighted growing indigenous capacity across the South-South region. Journalists visited PE Energy Limited, a Nigerian energy solutions provider serving the oil and gas, power and process industries, as well as Bunorr Integrated Energy Limited, a local firm converting used engine oil into base oil and other eco-friendly by-products.
Bunorr’s management credited NCDMB’s equity investment with helping the company attract partners, strengthen credibility and upgrade its operations.
While commending the board’s hands-on engagement and financing support, the companies urged the government to address persistent power challenges that raise production costs for local manufacturers.
NCDMB said the tour was part of its broader effort to showcase real-time progress in industrial development and deepen public understanding of local content achievements.
The General Manager, Corporate Communications at NCDMB, Dr. Obinna Ezeobi, described the media tour as a maiden initiative designed to help journalists better understand industry operations and enhance stakeholder engagement.
News
CSOs Celebrate Akpabio with 5th Annual Lecture, Hail NASS–Executive Synergy
…..Pledges expanded civic actions and pro-development campaigns in 2026
Rising-Up for a United Nigeria (RUN), a leading civil society organization committed to governance reforms and national development, has hosted the 5th Annual Godswill Akpabio Leadership and Youth Mentorship Lecture. The yearly event, held in honour of Senate President Godswill Akpabio, is designed to celebrate his leadership contributions while empowering youths and strengthening civic engagement across Nigeria.
In his opening remarks, Amb. Solomon Adodo, Convener of RUN, commended the productive relationship between the National Assembly and the Executive. He described the synergy as a major driver of grassroots development and national stability, noting that the collaboration has translated into reforms and people-focused initiatives that positively impact ordinary Nigerians. According to him, the APC-led administration of President Bola Ahmed Tinubu, working closely with the National Assembly under Senator Akpabio, has continued to demonstrate a clear commitment to improving the welfare of citizens. He said the creation and swift passage of legislation establishing regional development commissions highlight the shared resolve to bring governance closer to the people and address pressing socio-economic challenges. Adodo added that Senator Akpabio’s leadership, defined by courage, accessibility and impactful legacy projects, continues to inspire youths and governance advocates nationwide.
Delivering the keynote address, Barr. Cosmas Akighir, Chairman of the North Central Development Commission (NCDC), described Senator Akpabio as a nationalist whose contributions to national unity and development remain commendable. He noted that the establishment of the NCDC received accelerated legislative support because of Akpabio’s genuine commitment to national growth and his alignment with President Tinubu’s vision for a more secure and prosperous Nigeria. Akighir urged Nigerians to focus on supporting the Federal Government and the National Assembly, stressing that divisive rhetoric and unnecessary distractions undermine the gains of the Renewed Hope Agenda.
A striking feature of this year’s lecture was the massive turnout of civil society organisations, youth groups and community-based associations from across the country. Many attendees expressed strong support for RUN, the Federal Government and the leadership of the National Assembly, reaffirming their confidence in ongoing reforms. They pledged to intensify nationwide civic engagement, sensitisation and pro-development advocacy in 2026, with commitments to expand their programmes, strengthen partnerships and mobilise citizens for national progress.
As part of the annual tradition, the event also featured the empowerment of youths and unemployed Nigerians with vocational tools, equipment and machines worth millions of naira. This empowerment component, conducted each year during the celebration of Senator Akpabio’s birthday, aims to promote self-reliance and uplift vulnerable groups through practical support and skill-building opportunities.
The lecture attracted participants from all 36 states and the Federal Capital Territory, including government officials, traditional and religious leaders, captains of industry, community influencers and development advocates. The 5th edition of the lecture further solidified RUN’s commitment to fostering unity, legislative-executive cooperation and broad-based national development, while reaffirming the growing recognition of Senator Akpabio’s leadership impact across Nigeria.
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