By Kayode Sanni-Arewa

The federal government is proposing the collection of charges, fines and others, by the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA), be in naira rather than in foreign currencies.

Bayo Onanuga, special adviser to the president on information and strategy, spoke on Wednesday during a press briefing at the state house in Abuja.

According to Onanuga, the proposal is part of the economic stabilisation bills (ESBs) to be presented by President Bola Tinubu to the national assembly.

On Monday, the federal executive council (FEC) approved the economic stabilisation bills seeking amendment of tax policies.

Onanuga said the plan is part of an effort from the federal government to prioritise the use of naira and reduce pressure on the foreign exchange (FX) market.

“The second one has to do with the operating laws guiding NIMASA and Nigerian Port Authority (NPA). The amendment under that in the economic stabilisation bills is that all their fees, charges, levies, fines and other monies accruing to them and payable to those agencies will now be paid in naira at the applicable exchange rate,” Onanuga said.

“Hitherto, those agencies were charging in dollars but now collect it in naira. This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy.”

Since the unification of the naira on June 14, the country’s currency has significantly deteriorated, depreciating from N471.67 per dollar to N1667.42/$ in the official market as of Wednesday.

As part of its effort to reduce demand for dollars, the federal government said on October 1, it would commence the sale of crude oil in naira to the Dangote refinery and other local refineries.

By Francesca Hangeior.

Benin prosecutors announced that three notable individuals, including a commander of the presidential guard, have been detained under suspicion of orchestrating a “coup d’etat” in the small West African country.

The other two individuals accused of plotting a coup are a former sports minister and a businessman with close ties to President Patrice Talon.

Elonm Mario Metonou, the special prosecutor at Benin’s court for financial crimes and terrorism, revealed that the alleged coup was scheduled to occur on Friday.

“It seems the Republican Guard commander responsible for the president’s security was recruited by Minister Oswald Homeky and Olivier Boko to carry out a forceful coup on September 27, 2024,” the prosecutor stated.

Homeky was apprehended around 1:00 am on Tuesday while transferring six bags of money amounting to 1.5 billion West African CFA francs ($2.5 million) to the commander, Djimon Dieudonne Tevoedjre.

Boko, a close associate of President Patrice Talon, was arrested separately overnight from Monday to Tuesday in Benin’s economic hub of Cotonou, the court disclosed.

He had recently hinted at his intention to vie for the presidency in 2026, as Talon is barred by the constitution from seeking another term when his second term concludes.