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FG revenue rising, things are moving in right direction – Wale Edun

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Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria’s economy is moving in the right direction as policies of the current administration are having positive impact.

The minister spoke on Channels Television’s programme on Tuesday from Washington DC.

Edun alongside other key ministers as well as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), are in Washington DC for the International Monetary Fund (IMF) and World Bank spring meetings.

According to Edun, the federal government has made significant improvements in terms of oil revenues as well as stabilising the foreign exchange market.

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“We are here to emphasise what has been done so far. We’ve all seen what has happened in terms of stabilising the exchange rate and inflation. Though it’s still ticking up, it’s headed in the right direction,” the minister said.

“If you look closely at the numbers that came out yesterday, you’ll see that there is a slowing of the rate of increase of food inflation. So things are moving in the right direction. Government revenues are up, even oil revenues are up not as much as we would like.

“So we’re here to present what the President has done so far and give an indication of what is to come. And I think also to give a sense of the optimism that is really the mood in Nigeria right now.

“What is next is what matters most and there is still a long way to go. We have seen some good signs of recovery, good signs that we’re going in the right direction, but there is much more needed before we get to achieving the real goal of Mr. President, which is growing the economy and reducing poverty.

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“For that we need resources. We’re here to sit around the table with financiers. multilaterals that have chief financing, grand financing even bilaterals as well as to encourage investors.

“The important thing about these conversations is that the world is watching and a lot of investors take their cue from the kind of reactions and statements that come out from these types of gatherings.

“So as you’ve noticed, there have been very positive statements made about the progress made given the types of policies that have been implemented so far to come and invest in Nigeria.

“And we always emphasise the interest is in domestic investment. Nigerians investing in the Nigerian economy, as well as of course foreigners who want to invest and add value are welcome.”

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Meanwhile, Nigeria’s inflation rate rose to 33.20 percent in March — up from 31.70 percent in February.

On the other hand, food inflation reached 40.01 percent in March, an increase of 15.56 percent points higher compared to the 24.45 percent rate recorded in the same month last year.

However, on a month-on-month basis, food inflation rate in March was 3.62 percent — which shows a 0.17 percent decrease compared to the 3.79 percent rate recorded in February.

Also, the naira appreciated against the dollar in less than two months, moving from about N1,900 per dollar on February 21 to N1,100/$ on April 13.

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During the same period, the local currency, at the official window, recovered to N1,136.04/$ per dollar, from N1,551.24/$.

Speaking further, Edun who is also the head of the African finance ministers said the continent wants “a better deal” from the multilateral institutions.

He also said Africa looks forward to receiving lower financing charges and more resources.

“For instance, when you look at climate change, when you look at global warming, Africa accounts for maybe 3 percent or less of the world’s global warming yet, Africa suffers from the effects of climate change much more disproportionately, and therefore, it is looking for much more help in that direction, much more resources being provided,” Edun said.

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“And essentially at the end of the day, much more help for the smaller countries, the coastal countries that are suffering so much from flooding, and other effects of climate change.

“So really, Africa is here for a better deal from the world economy and from the managers of the world economy.”

In October 2023, Edun was appointed to chair the African Governors’ Forum of the World Bank.

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I Will Involve Trump Over Osun Election If… – Davido Warns

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Afrobeats star David Adeleke, popularly known as Davido, has declared that he would seek the attention of United States President Donald Trump if he believes the forthcoming Osun State governorship election is compromised.

The award-winning singer made the remarks during a livestream hosted by comedian and content creator Carter Efe, where he discussed his political ambitions and expressed concerns about the credibility of Nigeria’s electoral process.

Davido said he has the popularity and public support to succeed in politics but would only contest elective office when elections in Nigeria become transparent and credible. He maintained that he would emerge victorious in any free and fair election, alleging that the lack of transparency in the electoral system allows election results to be manipulated.

Speaking on the August 15 governorship election in Osun State, the singer said he was closely monitoring developments and waiting to see how the electoral process would unfold.

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He warned that if he was dissatisfied with the conduct of the election, he would take his complaints beyond Nigeria by drawing the attention of President Trump and other influential figures.

Davido said he was prepared to stage a protest in front of the White House if necessary, insisting that his concerns would eventually reach the United States President.

He appealed to those involved in the electoral process to allow the election in Osun State to be conducted without interference, urging them to leave the state alone.

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Ex-VP Atiku raises alarm over strange payment into his account

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Ex-Vice President Atiku Abubakar has raised an alarm a strange person who transferred money into one of his private bank accounts, saying the incident raises serious questions about the security of his confidential banking information.

The ex-Vice President, who is the African Democratic Congress (ADC) presidential candidate, made this disclosure in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

It was stared in the payment that they credit came from someone unknown to Atiku, with the transaction carrying the description, “Contribution Electioneering Campaign.”

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The statement stressed that neither Atiku nor his campaign requested, approved or had any prior knowledge of the payment.

“Neither His Excellency nor his campaign solicited, authorised or has any knowledge of the individual or entity behind the unauthorised payment,” the statement read.

He said the transaction was particularly troubling because the account involved is a personal one whose details are not publicly known.

He questioned how an unknown individual was able to obtain the confidential account information.

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“The account is a strictly private one whose details are not in the public domain. This raises a fundamental question: How did unknown persons obtain the confidential banking details of a private citizen?” it added.

The former Vice President warned that the incident raises wider concerns about the safety of Nigerians’ financial information.

If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown then no Nigerian’s financial privacy is safe,” the statement quoted him as saying.

He also expressed concern that the information may have been accessed through people with privileged access to sensitive financial records.

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“Even more disturbing is the suspicion that such confidential information may have been obtained through persons with privileged access,” the statement said.

Atiku further warned that any confirmed breach of private banking information could expose citizens to serious security risks.

“If established, this would amount to a grave abuse of power capable of exposing the account holder to kidnappers, terrorists and fraudsters.

The former Vice President also called the attention of Nigerians and security agencies to the incident, describing it as part of what he termed a series of “suspicious activities” ahead of the 2027 general elections.

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“We therefore put the Nigerian public and the security agencies on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.”

Atiku also alleged that the incident could be part of an attempt to damage his reputation as political activities intensify ahead of the elections.

He urged Nigerians not to be distracted by what he described as “tired tactics” aimed at character assassination.

“Such desperate antics have failed before and will fail again.”

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The ADC presidential candidate said he remained focused on his political agenda and his stated commitment to providing solutions to the country’s challenges.

“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.”

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Nigeria-China Deepen Cultural Ties With New Media Partnership

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By Gloria Ikibah

Nigeria and the People’s Republic of China have strengthened their cultural and creative ties with the signing of a Content Exchange and Cooperation Agreement between the China Movie Channel (CMC) and the Nigerian Television Authority (NTA), a move expected to boost film production, media collaboration and cultural diplomacy between both countries.

The agreement was signed in Abuja during the China-Nigeria Film and Literature Symposium, which brought together diplomats, government officials, filmmakers, authors and other stakeholders from the creative industries of both countries.

Speaking at the event, Chinese Ambassador to Nigeria, Yu Dunhai, described the partnership as another milestone in the long-standing relationship between Nigeria and China, noting that literature and film have remained powerful tools for strengthening mutual understanding between peoples.

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He said celebrated Nigerian writers, including Wole Soyinka, Chinua Achebe and Chimamanda Ngozi Adichie, as well as renowned Chinese authors such as Mo Yan, Yu Hua and Mai Jia, have continued to build bridges of friendship through their literary works.

According to the envoy, both countries have established themselves as global forces in visual storytelling, making the collaboration both timely and strategic.

China, he noted, currently operates more than 93,000 cinema screens and produces about 700 films annually, while Nigeria’s thriving film industry releases over 2,000 films each year.

He also pointed to the growing appreciation of each country’s productions, citing the successful screening of the Chinese film My People, My Country in Nigeria and Nigerian productions such as Lionheart and October 1 in China.

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“The mutual appreciation of literature and film between the peoples of China and Nigeria is rooted in close friendship and cultural ties,” Ambassador Yu said.

He added that the initiative aligns with Chinese President Xi Jinping’s Global Civilization Initiative and President Bola Ahmed Tinubu’s vision of strengthening cross-border cultural cooperation.

The ambassador further noted that the agreement comes at a significant moment, marking the 55th anniversary of diplomatic relations between Nigeria and China, the China-Africa Year of People-to-People Exchanges and the 105th anniversary of the Communist Party of China.

Representing the Federal Government, Permanent Secretary in the Ministry of Art, Culture, Tourism and Creative Economy, Abdulkarim Ibrahim, described the agreement as a major boost for Nigeria’s creative industry and digital media ecosystem.

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“This partnership will create new opportunities for professional development, technological innovation, and co-productions,” Ibrahim stated.

He praised China for its continued support through fully funded educational, technical and capacity-building programmes, which he said have benefited many Nigerian public servants and professionals in the creative sector.

According to him, as the Federal Government intensifies efforts to harness the creative industry as a driver of economic growth and employment, international collaborations such as the one with China will provide the technical expertise and global exposure needed to accelerate that vision.

Also speaking, Director-General of the Nigerian Television Authority, Salihu Abdulhamid Dembos, said the agreement will significantly improve content sharing between both countries and open new opportunities for audiences to access diverse productions.

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He explained that the partnership will also promote wider accessibility through emerging technologies, including the possible integration of Artificial Intelligence-powered translation systems to enable viewers in both countries to enjoy films and television content without language barriers.

The symposium ended with interactive panel discussions involving Nigerian and Chinese filmmakers, writers and media experts, who explored opportunities for joint productions, talent development, content exchange and deeper collaboration between the creative industries of both nations.

Stakeholders expressed optimism that the agreement would not only strengthen diplomatic relations but also create fresh opportunities for cultural exchange, innovation and growth in the film and broadcast sectors.

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