News

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

Published

10 months ago

April 17, 2024

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.

“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.

“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.”

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.

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.

“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.

News

Angry Sowore slams security operatives at Abuja court gate who tried to block him

Published

29 minutes ago

February 25, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Angry Omoyele Sowore, The Publisher of Sahara Reporters and former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, on Monday clashed with security operatives who wanted to stop him from entering the Federal High Court in Abuja.

The security cordon of the court gate by operatives drawn from Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), was emplaced because of the trial of the former Kogi State governor Yahaya Bello.

Bello is charged with money laundering and misappropriation of public funds.

In a video posted on his X account on Monday, Sowore, singlehanded, dared the security operatives, questioning their authority to prevent his entry.

“Why are you shouting at me? Do I look like Yahaya Bello?” he asked.

“I have business in court. I don’t need to be cleared by either the police or EFCC because none of you is an officer of the court.

“This is a Federal High Court; bring court officials, and I will talk to them. EFCC brought me to court, and they are still harassing us.”

“You have no right to stand in front of the high court. You are not my lawyer and have no right to know my case,” he stated in response to a request by one of the security operatives to know the particulars of his case.

Overwhelmed by Sowore’s readiness to make big trouble and possibly expose the errors by the security operatives, one of the senior officers eventually directed that Sowore be allowed to enter.

Condemning the incident, Sowore wrote, “The justice system in Nigeria has been hijacked by uniformed, uncouth security agents ranging from @OfficialDSSNG, @PoliceNG, and @CivilDefenceNGR. Today, they mounted illegally in front of the court, harassing everybody because of a thief, Yahaya Bello @officialgybkogi. The same Yahaya Bello they couldn’t apprehend for months; even lawyers were harassed, and the @NigBarAssoc should stop this nonsense.”

In January 2025, Sowore was arrested and charged with 17 counts under the Cybercrime Act for referring to Inspector-General of Police (IGP) Kayode Egbetokun as an “illegal IGP” on his social media platforms.

In the charges, it was alleged that Sowore’s statements were intended to cause a breakdown of law and order.

Sowore’s arrest sparked criticisms from various human rights organizations, which viewed the charges as an attempt to suppress voice of dissent and freedom of expression.

News

Just in: David Setonji May Become New LSHA Speaker Meranda To Step Down

Published

32 minutes ago

February 25, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Speaker of the Lagos State House of Assembly, Princess Mojisola Meranda, may step down to allow either Mr. David Setonji or Mr. Wale Rauf to assume the position of speaker.

This development follows intervention efforts by prominent political figures, including former APC National Chairman and ex-Osun State Governor Chief Bisi Akande, former Ogun State Governor Aremo Olusegun Osoba, and Chief Pius Akinyelure, Chairman of the Board of the Nigerian National Petroleum Company Limited.

Meranda made history as the first female Speaker of the House on January 13 after the removal of Mudashiru Obasa, who faced allegations of corruption, abuse of office, and high-handedness. However, Obasa has since challenged his removal in court, arguing that due process was not followed.

Sources reveal that key political figures held an initial meeting with principal officers and House members over the weekend, with another meeting expected soon.

It is speculated that Meranda may be asked to return to her former position as Deputy Speaker, while one of the two lawmakers from Lagos West—David Setonji (Badagry 2) or Wale Rauf (Amuwo Odofin 2)—could become the next Speaker.

David Setonji is currently the Chief Whip of the House and has served as a lawmaker since 2015.

Wale Rauf has been in the House since 2019.

This arrangement is reportedly influenced by regional representation in state leadership. Presently, Governor Babajide Sanwo-Olu and Speaker Mojisola Meranda are both from Lagos Central, leaving Lagos West without a top leadership position. Given that Obasa hails from Lagos West, stakeholders have recommended that the next Speaker be chosen from the district.

Despite these developments, 36 out of 40 lawmakers passed a vote of confidence in Meranda on Monday, February 17, affirming their support for her continued leadership. However, the House adjourned sitting indefinitely, leaving room for further negotiations.

News

SEE Black Market Dollar To Naira Exchange Rate Today 26th February 2025

Published

36 minutes ago

February 25, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Black Market Dollar To Naira Exchange Rate Today 26th February 2025 Can Be Accessed Below.

IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates

What’s the dollar to naira black market today 14 January 2025?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1520 and sell at ₦1530 on

Monday 24th February, 2025, according to sources at Bureau De Change (BDC).

Dollar to Naira Black

Market Rate Today

Dollar to Naira (USD to NGN) Black

Market Exchange Rate Today

Buying Rate ₦1520

Selling Rate ₦1530

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today

Highest Rate ₦1509

Lowest Rate ₦1491

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.