By Kayode Sanni-Arewa

The Chief Executive Officer of Financial Derivatives, Bismark Rewane, has revealed that the Nigerian government, through the Central Bank of Nigeria, has spent almost $8 billion defending the naira at the foreign exchange market in the last months.

Rewane, a renowned economist, disclosed this at the weekend in an interview with Channels Television.

He was reacting to the decision by the Monetary Policy Committee to retain the country’s interest rate at 27.50 percent at the same time, maintaining other MPR parameters.

Explaining the reason the Naira has appreciated to N1,505 and N1,507 across parallel and official foreign exchange markets, he noted that the apex bank has several initiatives to support the country’s currency.

“We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” Rewane stated.

According to him, Nigeria’s January inflation figure, which dropped to 24.48 percent after the Consumer Price Index rebasing, does not reflect the reality of ordinary Nigerians.

“There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” he said.

By Kayode Sanni-Arewa

Labour Party presidential flagbearer in the 2023 election, Peter Obi, has said that he did not exhibit any sign of desperation to make the leadership of the party believe he craves a ‘free ticket’ or ‘special treatment’ ahead of the 2027 election.

Obi, who spoke through his media aide, Ibrahim Umar, was reacting to a recent interview where the National Publicity Secretary of the LP, Obiora Ifoh, denied that the party was planning to field Obi, Abia State Governor Alex Otti and some 2023 candidates in the next poll.

The rebuttal comes a few days after the factional National Publicity Secretary of the party, Abayomi Arabambi, announced that the LP would field the former Anambra State governor to stop President Bola Tinubu’s re-election bid.

When contacted to clarify if LP is truly planning to field Obi in 2027, the National Publicity Secretary of LP, Obiora Ifoh, debunked it.

While indicating that the narrative was flawed, Ifoh told our reporter that the report couldn’t have emanated from the Julius Abure camp.

However, when asked how Obi was taking the ‘no automatic ticket’ threat by Abure, Umar said his principal did not bother himself with such trivialities.

He said, “Our principal, Peter Obi, remains steadfast in his commitment to democracy and the well-being of all Nigerians. He has consistently championed the importance of good democracy, and healthy competition, recognizing that these elements are essential for a thriving democratic setting.

“It is crucial to note that Peter Obi has never sought a free ticket or special treatment. Instead, he has always emphasised the need for a level playing field, where individuals can compete fairly and freely. We urge our supporters and the general public to stay focused on the issues that truly matter, rather than being swayed by misinformed narratives.

“Peter Obi’s dedication to promoting good governance, economic growth, and social justice remains unwavering. Let’s work together to build a brighter future for Nigeria, one that is guided by the principles of democracy, fairness, and equality.

“Our principal’s actions and decisions will continue to be driven by these values, ensuring that Nigeria remains on a path towards prosperity and greatness.”

By Kayode Sanni-Arewa

The Governor of Rivers State, Siminalayi Fubara, has been accused of oiling his political alignment with the House of Representatives member, representing Ideato North Federal Constituency of Imo State, Ikenga Ugochinyere with N4.8 billion monthly.

The One Nigeria Movement (ONM), which made this allegation in a statement in Abuja on Saturday, said it could not longer keep silent in the face of gross and bare-faced use of money meant for the development of Rivers State to feed a single individual.

According to a statement by its Convener
General, Ahmed Sodiq-Mugoro and Secretary, Babatunde Aliyu, ONM, said, people of Rivers State must begin to hold the governor accountable and stop the looting being perpetrated, using the political crisis in the State as a cover.

The group alleged that each of the 23 Council Chairmen in the State are made to contribute N100 million monthly as “Political Development Fund” while N2.5 billion comes from Governor Fubara, making N4.8 billion.

This N4.8 billion is said to be meant for the Action Peoples Party (APP), under which the present Local Councils Chairmen and councilors contested the controversial Local Government elections.

Monthly, House of Representatives member, Ugochinyere, collects this sum of N4.8 billion on behalf of his party, APP.

It has therefore become important that the people of Rivers State begin to ask Ugochinyere what investment he made in the State that he is reaping N4.8 billion profit monthly.