Nigeria’s inflation rate rose to 34.80% in December 2024, slightly up from 34.60% in November, according to the latest National Bureau of Statistics (NBS) report. This surge is attributed to increased demand for goods and services during the holiday season, marking a 5.87% year-on-year rise from 28.92% in December 2023. This is the last inflation figure calculated under the current methodology, with a rebasing scheduled later this month. The rebasing will adjust the base year to 2024 to reflect recent economic shifts, including subsidy removals and an expanded inflation basket, which will now include 960 items instead of 740. Economists and policymakers are concerned about the inflationary trend, especially as the data overhaul may likely result in revised, lower inflation figures. Food Inflation Strains Households Food inflation hit a staggering 39.84% in December, up from 33.93% the previous year, significantly impacting household budgets. The NBS observed a 2.44% month-on-month inflation rate, a slight decrease from November’s 2.64%, suggesting that price increases may be slowing. However, the high food inflation is the key driver behind the overall inflation spike. The rise in food prices, particularly for items like yam, sweet potatoes, and beer, was further fueled by the December festive season, when demand for goods and services traditionally peaks. The consequences of this inflationary pressure are most severe for the poor and vulnerable, who struggle to afford staple food items like rice, maize, and tubers. Regional Disparities and Increased Cost of Living Sokoto, Zamfara, and Edo states saw the highest food inflation rates, reaching 57.47%, 46.39%, and 46.32%, respectively. These regions may face worsening food insecurity and social unrest due to skyrocketing food costs. The urban-rural divide is also evident, with urban inflation increasing to 37.29% while rural inflation stood at 32.47%. Urban residents, already dealing with high transportation and housing costs, face more financial strain, while rural households, which depend on agriculture, are struggling with reduced purchasing power, especially if the costs of farming inputs continue to rise. Challenges for Businesses and Investors High inflation diminishes consumers’ purchasing power, leading to reduced demand for goods and services. Small and medium enterprises (SMEs), which are vital to Nigeria’s economy, may particularly feel the strain. Additionally, rising input costs could force companies to reduce profitability, potentially causing layoffs and rising unemployment. Furthermore, sustained inflation and economic instability may deter both foreign and domestic investors. Uncertainty regarding price stability and profitability makes Nigeria less appealing for investment, further impeding economic recovery. Modest Signs of Easing Inflationary Pressure Although inflation remains high, the NBS observed a slight month-on-month decline in inflation growth. Headline inflation in December stood at 2.44%, down from 2.64% in November. Food inflation moderated slightly to 2.66% in December, compared to 2.98% in November. This reduction signals potential relief, though it remains too small to counteract broader inflation trends. While there have been slight declines in some food prices, such as for local beer, fruit juices, and cereals, these improvements are not enough to mitigate the overall inflationary pressures. Core Inflation and Its Impact Core inflation, excluding food and energy, grew by 53 basis points to 29.28%, up from 28.75% in November. Key drivers include rising costs in areas like transportation, housing, and personal services such as haircuts. The core inflation index increased by 41 basis points to 2.24% month-on-month in December, up from 1.83% in November. Outlook for 2025: Possible Economic Stabilization Dr. Muda Yusuf, Director/CEO of the Centre for the Promotion of Private Enterprise (CPPE), commented on the persistent inflationary pressures and suggested a positive outlook for 2025. Factors such as stabilization in exchange rates, improvements in foreign reserves, and the potential easing of geopolitical tensions under the incoming U.S. presidency could help moderate inflation in the coming year. To ease inflationary pressures further, CPPE recommended that the Central Bank of Nigeria (CBN) pause on tightening monetary policies and interest rate hikes to reduce operating costs for businesses. Additionally, fiscal policies should focus on reducing the fiscal deficit and decelerating public debt growth. Yusuf also raised concerns about the National Assembly’s focus on revenue generation, stressing that pressure on Ministries, Departments, and Agencies (MDAs) to meet revenue targets could inadvertently fuel inflation and hamper investment. A balance must be struck between generating revenue, boosting investment, and controlling inflation. Key Takeaways: READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Discover how harsh economic realities and unemployment are driving Nigerian youths toward illegal migration and human trafficking. Learn about recent rescue operations and the need for systemic change. The rising cases of illegal migration and human trafficking in Nigeria highlight the growing desperation among the nation’s youths. A recent rescue operation in Jigawa State sheds light on how harsh economic conditions and unemployment are forcing many young Nigerians to risk their lives on perilous journeys to Europe. The Story of Wisdom Chukwuemeka Wisdom Chukwuemeka, a 29-year-old iron bender from Imo State, is one of the ten individuals rescued from suspected human traffickers in Babura Local Government Area, Jigawa State. Chukwu, like many others, blames Nigeria’s tough economic situation and lack of viable job opportunities for his decision to embark on the deadly journey through the Sahara Desert and Mediterranean Sea. During a press briefing at the Nigerian Immigration Service (NIS) headquarters in Dutse, Jigawa, the State NIS Comptroller, Tahir Abdullahi, revealed that the victims—comprising eight females and two males aged between 21 and 30—were intercepted during “Operation Salama.” Details of the Rescue Operation The rescued individuals, hailing from Ogun, Oyo, Ondo, and Imo States, were en route to Europe through illegal migration channels. Investigations revealed that the victims were being trafficked from various locations to Kano, then onward to Babura, with plans to cross into Niger Republic, Libya, and eventually Europe. Some of the rescued individuals included: The Comptroller of the NIS, Kemi Randap, alongside the Jigawa State Government, pledged continued efforts to combat irregular migration in the region. The Role of Human Trafficking Networks The victims admitted to being influenced by promises of a better life in Europe. Chukwu, in particular, revealed that a friend who had already migrated encouraged him to take the risk, despite the inherent dangers. When asked if he understood the risks, Chukwu stated, “Everything in life is about risk-taking. If you don’t take risks, you can’t succeed. I’m willing to take the risk again if given another chance.” The Rising Concern Over Illegal Migration Officials from the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) emphasized the need for parents and guardians to closely monitor their children’s activities. Mohammed Yunusa, NAPTIP’s Head of Operations in Jigawa, applauded the collaboration between the agency and the NIS, expressing hope for the eradication of human trafficking in the state. Economic Hardship: A Key Driver of Illegal Migration The harsh economic realities in Nigeria, including widespread unemployment and underemployment, are key factors driving illegal migration. Many young Nigerians feel they have no choice but to pursue risky ventures in search of a better life abroad. Conclusion Illegal migration is a growing concern that highlights deeper socioeconomic challenges in Nigeria. Addressing these issues requires a multifaceted approach, including job creation, education, and community awareness. Stakeholders must work together to provide opportunities for youths and combat the exploitation of vulnerable individuals. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Osita Okechukwu, a founding member of the All Progressives Congress (APC), has criticized President Bola Tinubu’s Presidential Economic Team, accusing them of straying from the objectives outlined in Tinubu’s Renewed Hope Agenda. In an open letter to the team, Okechukwu urged them to reconsider their strategies, referencing Albert Einstein’s famous quote about the futility of repeating the same actions while expecting different outcomes. Expressing his concerns as a self-described “roadside political economist,” Okechukwu lamented the apparent deviation from the agenda’s goals. He questioned how the initiative could be effectively implemented when only 25% of the 2024 capital budget had been disbursed while multiple budgets were being simultaneously operated. He clarified that his appeal was not personal but driven by a desire for the success of the APC, emphasizing the need for the party to avoid entering the 2027 elections amid public dissatisfaction, despair, and widespread hardship. Okechukwu expressed optimism about President Tinubu’s intentions, noting that Tinubu has been working to strengthen Nigeria’s neoliberal capitalist framework by making bold economic decisions aimed at revitalizing the economy. He commended the President’s diplomatic balance between Western and Eastern powers, emphasizing efforts to leverage Nigeria’s youthful population for economic transformation. However, he cautioned that the current economic strategies might be undermining the Renewed Hope Agenda, urging the economic team to reconsider their approach for the well-being of Nigerians and the success of the administration. REAS ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The National Assembly has expressed deep dissatisfaction with the poor execution of capital projects in the 2024 budget, calling the current state disappointing. Lawmakers voiced concern over the significant gap between recurrent and capital expenditures, highlighting the low capital funding releases for ministries, departments, and agencies (MDAs). Both the Senate and House of Representatives urged the federal economic team to release more funds for capital projects immediately to ensure citizens benefit from government initiatives. This resolution followed a joint session involving the chairpersons of the Senate and House Committees on Appropriations and the Presidential Economic Team, where Senator Olamilekan Adeola (APC, Ogun West) and Abubakar Bichi presided over the budget review for 2025. The Finance Minister, Wale Edun, presented a report showing that only 25% of capital expenditure had been implemented compared to 43% for recurrent spending. Senator Adeola emphasized the need to shift budget allocations from the current 80% recurrent and 20% capital ratio to at least 60% recurrent and 40% capital, stressing that capital projects drive economic growth and directly impact citizens’ welfare. Adeola noted that withholding capital funds could hinder project completion and the success of President Tinubu’s Renewed Hope Agenda. He warned that MDAs defending their 2025 budget without significant 2024 performance would face accountability challenges. Supporting these points, House Committee Chairman Bichi called for prioritizing capital projects, including schools, roads, hospitals, and other infrastructure, instead of focusing heavily on debt repayment. He argued that excessive recurrent expenditure primarily benefits only about 10% of the population, while capital projects impact over 200 million Nigerians. Finance Minister Wale Edun acknowledged the concerns and confirmed the pending release of capital funds but emphasized fiscal responsibility to avoid financial crises similar to those in France and Germany. Minister of Budget and Planning, Abubakar Bagudu, added that the large recurrent spending was linked to development challenges, such as security operations supporting agriculture and economic stability. Dr. Tanimu Yakubu, Director General of the Budget Office, attributed part of the recurrent spending to inherited financial burdens, including unpaid pensions, which the Tinubu administration had addressed. He suggested the possibility of legislative action to cap recurrent spending in future budgets. The meeting, attended by Minister of State for Finance Dr. Doris Uzoka-Anite and senior ministry officials, also discussed tax waivers and holidays, which were noted to affect government revenue collection. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Discover how the Trade Ministry and CBN are collaborating to create a favorable export environment for manufacturers in Nigeria, fostering economic growth through strategic policies. Boosting Exports: Trade Ministry and CBN Collaborate to Empower Local Manufacturers The Ministry of Industry, Trade, and Investment has unveiled efforts to strengthen collaboration with the Central Bank of Nigeria (CBN) to create a supportive export environment tailored to local manufacturers’ needs. According to Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, these efforts include refining regulatory frameworks and engaging stakeholders, including the CBN, to ensure exporters feel encouraged to reinvest their proceeds into the Nigerian economy. Supporting Free Trade Zones and Local Manufacturers Dr. Oduwole emphasized that Nigeria’s free trade zones are designed to boost exports while safeguarding local manufacturers. Speaking at a stakeholder meeting in Lagos, she addressed concerns regarding the misuse of free trade zones, stating: “Nigeria is facing a situation where some operators in free trade zones export 100% of their products to the domestic market, which disrupts the competitive environment for tax-paying local manufacturers.” To maintain fairness, she clarified that only 25% of goods produced in free trade zones are permitted for local market sales without incurring taxes. “The essence of free zones is to provide tax relief that facilitates exports,” Oduwole reiterated, assuring local manufacturers that the ministry is committed to balancing their interests while fostering economic growth. Commitment to Export Growth The Minister reaffirmed the ministry’s dedication to driving exponential export growth, particularly in dollar terms. She highlighted the importance of ensuring export proceeds are reinvested in the Nigerian economy, saying: “We are committed to increasing exports exponentially in dollar terms and ensuring that these proceeds are repatriated to strengthen our economy.” Dr. Oduwole also stressed the need for compliance and discipline within free trade zones, overseen by the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority. “This is an opportunity to instill discipline, ensure all players adhere to regulations, and support manufacturers in and outside the free trade zones,” she concluded. With these collaborative efforts, Nigeria aims to create a conducive environment for exports, empowering local manufacturers and contributing to long-term economic growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Discover how the Naira’s continuous devaluation threatens Nigeria’s 2025 fiscal plan, with inflation, exchange rate fluctuations, and budgetary constraints creating significant challenges. Naira Depreciation Threatens Nigeria’s 2025 Fiscal Targets The sharp decline in the value of the Naira is setting up a challenging fiscal year for 2025, posing a significant threat to the Federal Government’s ability to fund its proposed budget. With a devaluation rate that has reduced purchasing power, experts warn that the N49.7 trillion budget presented by President Bola Tinubu may struggle to achieve the same impact as the N28.777 trillion budget of 2024. Struggles with Exchange Rates and Inflation The Central Bank of Nigeria’s (CBN) monetary policy reforms, aimed at stabilizing the currency, initially improved the Naira’s value but failed to sustain the gains. As of December 2023, the Naira traded at approximately N853 to $1. By December 2024, exchange rates surged to as high as N1,700 to $1, before settling at N1,536.93 to $1 on the CBN’s official platform. In addition to exchange rate volatility, inflation continues to rise. The 2024 inflation target was set at 21%, but the current rate stands at 34.6%. For 2025, President Tinubu aims to reduce inflation to 15%, though achieving this may prove difficult. Key Projections for the 2025 Budget President Tinubu’s 2025 budget, dubbed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is built on several economic assumptions: The proposed expenditure of N49.7 trillion includes allocations to defense (N4.91 trillion), infrastructure (N4.06 trillion), health (N2.48 trillion), and education (N3.52 trillion). Debt servicing alone will require N15.81 trillion, while other expenditures account for N17.12 trillion. Challenges and Economic Achievements Despite challenges, President Tinubu highlighted some economic improvements during the 2024 budget presentation. Foreign reserves rose to $42 billion, and Nigeria’s economy grew by 3.46% in Q3 2024, up from 2.54% in Q3 2023. Additionally, the trade surplus hit N5.8 trillion, reflecting increased export activity. However, public sentiment remains cautious. The high “Japa” syndrome, where professionals emigrate due to economic hardship, underscores the challenges many Nigerians face. Critical sectors, such as healthcare and ICT, continue to experience significant brain drain. Will the 2025 Budget Deliver? The 2025 budget aims to restore peace and rebuild prosperity, but achieving these goals hinges on addressing macroeconomic issues like inflation and exchange rates. Without bold and effective reforms, the government risks falling short of its ambitious targets. By stabilizing the Naira and curbing inflation, the Federal Government could pave the way for a more sustainable economic future. Only time will tell if the “Budget of Restoration” will fulfill its promises or become another missed opportunity for economic growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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President Bola Ahmed Tinubu has reassured Nigerians that the year 2025 holds great promise for economic growth and development. Acknowledging the current challenges faced by citizens, he expressed his unwavering commitment to addressing these issues with dedication and purpose. Speaking during his first Presidential Media Chat on Monday, December 23, in Ikoyi, Lagos, President Tinubu conveyed his gratitude to Nigerians for entrusting him with the nation’s leadership. “2025 is a year filled with promise,” he stated. “I deeply appreciate the confidence you have placed in me as the President of the Federal Republic of Nigeria. I will never take this privilege for granted. It’s all about service, and I will continue to serve with all my heart. I also call for your cooperation as we move forward together.” President Tinubu emphasized his understanding of the economic struggles facing many Nigerians and urged for patience and unity as the nation works toward a brighter future. “I know the challenges you’ve endured and the economic difficulties you’re experiencing,” he said. “It’s been just 18 months since I assumed office, but we remain focused. Let’s continue to believe in ourselves and our country. Together, we will witness a glorious dawn.” The President’s remarks aim to inspire hope and resilience as his administration works toward delivering the change and growth Nigerians desire. READ ALSO Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Nigerian Senate has introduced a bill to prohibit the use of foreign currencies, such as the US dollar, for payments and transactions within the country. Sponsored by Senator Ned Nwoko of Delta North, the bill, titled “A Bill for an Act to Amend the Central Bank of Nigeria Act, 2007, to Prohibit the Use of Foreign Currencies for Remuneration and Transactions,” has successfully passed its first reading. Strengthening the Naira The bill aims to ensure that all financial activities, including salaries and commercial transactions, are conducted in the naira. This move is designed to restore the naira’s value, boost confidence in the currency, and enhance Nigeria’s monetary sovereignty. Nwoko highlighted that the widespread reliance on foreign currencies like the US dollar and British pound has weakened the naira and compounded Nigeria’s economic struggles. He described this practice as a colonial remnant that limits Nigeria’s economic independence. Key Provisions of the Bill Economic Security Measures Nwoko proposed storing Nigeria’s foreign reserves domestically to minimize exposure to external economic shocks and bolster economic security. He reassured Nigerians that the transition of domiciliary account balances to naira would remain voluntary, allowing for a gradual adaptation to the new system. Access to Foreign Exchange While prioritizing the naira, the proposed law ensures continued access to foreign exchange for legitimate purposes, such as travel. Reforms are planned to streamline access to Basic Travel Allowance (BTA) and other foreign exchange needs. Long-Term Vision Nwoko emphasized that prioritizing the naira in domestic and international financial transactions is critical for achieving economic self-reliance and long-term stability. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail stations in Abuja. According to reports from DAILY POST, the pump price of petrol has dropped from ₦1,060 to ₦1,040 per litre at NNPCL outlets, reflecting a ₦20 decrease. This adjustment was confirmed by a staff member at an NNPCL filling station located along the Kubwa Expressway, who stated, “The price was reduced to ₦1,040 per litre from ₦1,060 on Saturday morning.” The price cut has been welcomed by consumers, with many calling for further reductions in the coming weeks. Despite this, petrol prices remain higher—up to ₦1,115 per litre—at other fuel stations depending on the location. This recent development follows the commencement of petroleum production at the state-owned Port Harcourt refinery in November 2024, just three weeks ago. Prof. Billy Okoye, the former Managing Director of NNPCL Retail, had previously hinted at potential price reductions as a result of increased domestic production from the refinery. Additionally, industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), had earlier predicted that ongoing deregulation efforts and operational activities at both the Dangote and Port Harcourt refineries would drive down petrol prices nationwide. With the price adjustment, Nigerians can now expect a slight relief in fuel costs while anticipating more competitive pricing in the future as local production capacity increases. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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President Tinubu Acknowledges HardshipPresident Bola Tinubu has acknowledged the challenging economic situation facing Nigeria and has called on citizens to endure what he described as “unintentional hardship.” Speaking during the 48th convocation ceremony of Obafemi Awolowo University (OAU), Ile-Ife, Osun State, Tinubu reassured Nigerians that the ongoing reforms are necessary to secure a brighter future for the country. Represented by the Special Adviser on Economy, Office of the Vice President, Tope Fasua, the President emphasized that his administration inherited both the assets and liabilities of previous governments. He expressed his commitment to making Nigeria work for all citizens, adding that the current economic pain is temporary. A Call for Cooperation President Tinubu stated: “I am not unaware of the harsh economic situation of our country, neither do I take pleasure in inflicting pain and anguish on my compatriots. However, we face the reality of policies from past administrations, which had limited positive impact on the majority of Nigerians.” He further urged Nigerians to support the government’s efforts to “fix, reconfigure, and correct past mistakes,” assuring that there is light at the end of the tunnel. Tinubu expressed optimism, saying: “Endure this unintentional hardship, so that, like today’s graduates, we can all celebrate and be celebrated at the end of the day.” Importance of Education in Nation Building The Chancellor of the university, Etsu Nupe, Alhaji Yahaya Abubakar, highlighted the critical role of education in driving national development. He stressed that investing in education is essential for positioning Nigeria among leading global economies. Similarly, the Pro-Chancellor, Professor Siyan Oyeweso, advised the 977 postgraduate students to use their acquired knowledge to contribute to building a nation filled with opportunities for future generations. Honorary Doctorates Awarded A key moment at the ceremony was the conferment of honorary doctorate degrees on distinguished individuals, including: These honorees were celebrated for their outstanding contributions to society. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Organised Labour has firmly opposed the outright sale of public refineries like the Port Harcourt Refinery to the private sector. After a recent inspection, Labour leaders emphasized their preference for a privatization model that ensures the private sector holds a controlling stake while government, workers, and host communities maintain minority shares. Labour’s Stance on Refinery Privatization The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), alongside the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have endorsed the Nigerian Liquefied Natural Gas (NLNG) model as the ideal framework for refinery privatization. What is the NLNG Model? The NLNG model is structured with the private sector owning a 51% majority stake, while the federal government retains 49%. This approach has proven effective in fostering collaboration and satisfaction among all stakeholders. NUPENG President’s RemarksPrince Williams Akporeha, President of NUPENG, stated that the visit to the Port Harcourt Refinery strengthened their position against outright privatization. He noted that: The Refinery’s Current PerformanceAkporeha confirmed that the Port Harcourt Refinery is operational and functioning efficiently, dispelling any doubts about its performance. The Labour leaders, including NLC, TUC, and PENGASSAN presidents, reiterated their commitment to rejecting any model that undermines taxpayers’ investments or turns public assets into political favors. Labour’s PositionOrganised Labour insists on the NLNG model as the only acceptable framework for refinery privatization. This ensures: ConclusionLabour’s stance underscores the need for strategic privatization that benefits all stakeholders while preserving national assets. The Port Harcourt Refinery serves as a testament to the importance of a collaborative and balanced approach to economic reforms in Nigeria. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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President Bola Tinubu has formally requested the National Assembly’s approval for a new external borrowing of N1.77 trillion (approximately USD2.21 billion) as outlined in the 2024 Appropriation Act. The funds aim to address the budget deficit and finance critical projects across priority sectors of the Nigerian economy. Details of the Borrowing Request In a letter dated November 15, 2024, and read by Speaker Tajudeen Abbas on November 19 during plenary, President Tinubu cited compliance with Sections 21(1) and 27(1) of the Debt Management Office (DMO) Act, 2003, and the Federal Executive Council’s approval. The President stated: Funding Plan The borrowing will be raised through three primary channels: The President emphasized that all options would be evaluated simultaneously to ensure optimal costs and benefits. However, priority will be given to Eurobond issuance, given its faster execution and higher potential returns. Utilization of Funds The proceeds will be allocated to key sectors, including: Additionally, the funds will boost Nigeria’s external reserves through deposits in the Central Bank of Nigeria, providing further support for the naira exchange rate. Terms and Conditions The President assured the House that the Federal Ministry of Finance and the Debt Management Office (DMO) would work with transaction advisers to secure the best possible terms based on prevailing market conditions. The final terms, including interest rates and tenors, will be determined during issuance. Resolution Required from the National Assembly To implement the borrowing plan, the National Assembly’s resolution is needed to: Key Takeaways President Tinubu’s request highlights Nigeria’s strategic approach to securing funds for development while maintaining fiscal discipline. The administration aims to address critical infrastructure gaps and stabilize the economy through these external loans. READ ALSO:
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Pastor E. A. Adeboye, the revered General Overseer of the Redeemed Christian Church of God (RCCG), recently emphasized the importance of divine intervention in stabilizing Nigeria’s economy, particularly its exchange rate. In a heartfelt statement, he highlighted that without God’s intervention, the value of the naira could have experienced a drastic plunge, potentially reaching an alarming rate of ₦10,000 to $1. Pastor Adeboye pointed out that the economic challenges facing the nation are immense and have been worsened by global and local pressures, which include inflation, policy shifts, and economic mismanagement. Such challenges could lead to dire consequences if not managed carefully. He emphasized that while policymakers and economic experts play significant roles, the fate of the nation is also intertwined with divine favor. The pastor’s comments underscore the essential balance between practical efforts by the government and the power of collective faith and prayer. He urged citizens to continue to pray fervently for the country’s economic stability and to seek divine guidance to help steer the nation back on a path of growth and sustainability. This message served as a reminder to many that beyond the technicalities of economics, a nation’s progress is also shaped by its spiritual and moral fabric. According to Pastor Adeboye, maintaining faith, unity, and steadfast hope is crucial for overcoming obstacles and securing a prosperous future for Nigeria. READ ALSO: Edo Governor Okpebholo Freezes All State-Owned Bank Accounts: Here’s Why
