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Tinubu’s Ministers Fault Subsidy Removal, Floating of Naira

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Two ministers, on Friday, blamed the current food crisis in the country on the unintended consequences of the two reforms introduced by the Federal government on petrol subsidy and forex.

Minister of Agriculture, Abubakar Kyari, attributed the food shortage in the country to the devaluation of the Naira, which has made the nation’s currency very weak, compared to the CFA franc, the currency used by eight other states in the West Africa sub-region.

Kyari made the disclosure on Friday at the National Assembly in his presentation before the Senate committees on Finance, Appropriation, Banking, Insurance and Other Financial Institutions.

The former acting national chairman of the All Progressives Congress (APC) lamented that the devaluation of the naira had put neighbouring countries at an advantage to buy cheaper farm products from Nigeria which are now consequently smuggled across the border by peasants.

He said: “What we are faced with today is the undocumented export of food to our neighbouring countries. Today, one CFA is N2.50, that is to say, 100 CFA is N2,200. That used to be N400 a few years ago. When you look at our neighbouring countries, all four neighbouring countries around us, the CFA is their currency and because of the devaluation of the naira, our food is the cheapest around the neighbourhood. So, you find a lot of undocumented exports, smuggling across our porous borders to these neighboring countries.”

The minister, who said the Federal government might be compelled to again seal up the borders against the country’s neighbours, expressed concern over unrestrained exportation of certain farm produce by nationals of China, India and Turkey who earned foreign exchange from it while the country earns nothing in return.

He said: “The other angle that we have over the period is the unavailability of foreign exchange. A lot of investors, Indians, Chinese, Turkish, that are operating in this country buy our crops that are sought after outside, like soya beans and buy them at exorbitant prices just to earn foreign exchange.  When they go outside there to earn foreign exchange, the worst part is that most of these monies are not repatriated back to us.

“Export is a good thing for us but when you don’t earn the foreign exchange and it is not repatriated back to us, and government doesn’t have any income from it, I am sorry, that is not a good sign.

“So, what we are trying to do here is to ramp up production. I think it is an issue of economics, between supply and demand, but unfortunately we have to see how we can secure food for our 230 million citizens and at the same time if this economic situation continues, then you have to seal up the borders which is against the ECOWAS issue.”

Kyari’s counterpart in the Ministry of Budget and Planning, Atiku Abubakar Bagudu, noted that the removal of fuel subsidy is also affecting planting by farmers.

Bagudu said: “The benefits of fuel subsidy reforms have to be supported by measures that will guarantee food production and stability.

“From our perspectives, particularly from budget and planning, there are places today in about 18 states in the country where you can still plant rice for the dry season farming, including the constituency of the chairman of the national planning in five local governments where, if care is not taken, not for reasons of insecurity, 70 percent of the planting areas might not be cultivated because of fuel cost.

“It is the same thing in a number of places in the constituency of my brother, Senator Adamu Aliero. The balancing of the reforms and ensuring the necessary measures are implemented urgently in order to ensure that we support the reforms is the point made by Senator Aliero. And the commendable act of removing fuel subsidy needs to be supported by measures that support domestic production in order to achieve the full impact.”

As the senators grilled members of the Economic Management Team, they asked the Federal Government to end the pain of Nigerians by applying urgent, workable solutions in its economic recovery policies.

With the inflation rate at 28.92 percent, increased hunger, an exchange rate of about N1,500 to the United States dollar, insecurity and scarcity of food, the lawmakers said President Bola Tinubu and his economic team must respond with measures that would yield faster results.

The team, which was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, appeared before the joint Senate committee co-chaired by senators Sani Musa and Adetokumbo Ashiru.

The governor of the Central Bank of Nigeria (CBN), Mr Yemi Cadoso, was also in attendance.

The senators grilled the ministers for over three hours, seeking explanations for the current economic hardship, particularly inflation, exchange rate crisis, insecurity and food scarcity that have forced Nigerians to start protesting publicly in some states of the federation.

They noted that the sufferings faced by Nigerians have continued to worsen in spite of constant assurances by government that its interventions were yielding fruits.

For instance, Senator Orji Kalu told the team that the manufacturing and agricultural sectors “are practically dead.”

Kalu said the “rush for dollar” in Nigeria had reached an embarrassing level where some goods and services were now priced in the United States’ currency in Nigeria.

“The use of dollar in Nigeria should be an abomination. I can see even shops in Abuja advertising their goods in dollars. Are we going to dollarise our economy?

“What are your plans to stop the threat by Nigeria Labour Congress (NLC) to embark on a protest?” he said.

Senator Abdul Ningi observed that Nigerians had heard more speeches and promises from government officials than solutions to their sufferings.

He said: “The rhetoric continues. This is typical of us. The dollar has been criminalised. Most of us in government are involved. And it even starts from the CBN.

“People are stealing this dollar and know nothing will happen to them. This issue of dollar bribe is from top to bottom.”

But the finance minister, Edun, while reassuring the senators that the government’s interventions were yielding results, expressed the sympathy of Tinubu with Nigerians and called for more patience to allow his administration’s measures to mature.

The governor of the CBN, Yemi Cardoso, in his submission, said the apex bank had no magic wand to address the free-fall of the naira, just as he admonished Nigerians to reduce consumption of foreign goods.

He also attributed the high demand for the greenback to medical tourism and high demand for education in foreign lands.

Cardoso reiterated the government’s belief that the inflation rate would drop to around 21.4 percent later in the year.

For the exchange rate crisis, Cardoso said one way the elite could help the government in resolving it was to reduce their appetite for using foreign currencies, especially the dollar.

He disclosed that foreign investors had begun to restore confidence in the economy as a result of the measures introduced, which had seen an inflow of over $1 billion lately.

Cardoso said: “The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira. Factors contributing to this situation include speculative forex demand, inadequate forex supply, increased capital outflows and excess liquidity.

“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets. This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations, adjusting the remunerable Standing Deposit Facility cap, among others.

“Distinguished senators, these measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilise the exchange rate, and minimise its pass-through to domestic inflation.

“Indeed, they have already started yielding early results with significant interest from Foreign Portfolio Investors (FPIs) that have already begun to supply the much-needed foreign exchange to the economy.

“For example, upwards of $1 billion in the last few days came in to subscribe to the Nigeria Treasury Bill auction of one trillion naira which saw an over-subscription earlier this week.

“Our measures aimed at improving USD supply into the Nigerian economy have significant potential in taming the volatility of the exchange rates. However, for these measures to be sustainable, we must, as a country, moderate our demand for FX.

“It is also clear that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the bank itself. It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs.”

When asked to tell Nigerians when the exchange rate would stabilise or drop significantly, the governor replied that he did not know.

“Our measures on exchange rate, well, we don’t know when it will go down, but can I assure you that as the measures kick in, rates will go down ultimately?

“We have to moderate our demand for FX as well,” Cardoso added.

Source: Eyewitness

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Vote Buying, Low Turnout Mar FCT Polls – Yiaga Africa

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A civil society organization, Yiaga Africa, has released its preliminary report on the 2026 Federal Capital Area Council Elections held on Saturday.

The civic group reported that vote buying was witnessed at various polling units in the election.

The Independent National Electoral Commission (INEC) conducted elections for the position of chairman in the six area councils of the FCT, as well as for 62 councillorship seats.

Yiaga Africa said it deployed trained and duly accredited roving observers to systematically monitor the conduct of the elections.

It said that its observers were deployed by 7:30am and covered polling units across the sixty-two wards of the FCT, with their mandate including observing key aspects of the voting process, including opening procedures, accreditation, voting, and counting.

Yiaga Africa said it observed that the election was conducted in a largely peaceful atmosphere, adding that voters who presented themselves at polling units were afforded the opportunity to exercise their franchise without widespread disruption but added that notwithstanding this enabling environment, voter turnout was generally low, with most polling units recording poor turnout.

It said that logistical challenges adversely affected the timely commencement of polling, particularly in the Abuja Municipal Area Council, AMAC, where delays in the deployment of personnel and materials contributed to late opening in several locations.

It added that the relocation of certain polling units coupled with inadequate and untimely communication of these changes to voters generated confusion and may have resulted in voter disenfranchisement saying that such administrative lapses have significant implications for electoral access and public

On its preliminary findings, the election watch agency said: “Yiaga Africa observers reported a delayed commencement of polling in several polling units, primarily attributable to logistical inefficiencies and, in some instances, election security–related challenges.

“As of 9:00 a.m., set-up activities were still ongoing in the majority of polling units observed, indicating that essential preparatory procedures had not been completed within the timeframe prescribed by electoral guidelines.

“In the Abuja Municipal Area Council (AMAC), particularly in Wuse and Gwarinpa wards, several polling units opened significantly behind schedule. Observers noted that polling officials were still arranging materials and organizing the voting environment as at 9:00 a.m., with accreditation and voting commencing only after 10:00 a.m. On average, across the sampled polling units observed, accreditation and voting began at approximately 10:00 a.m.

“Consistent with the Commission’s guidelines, critical election materials including the Bimodal Voter Accreditation System (BVAS) devices and the voter register—were deployed in the polling units observed.

“However, in Polling Unit 004, Wuse Ward, Zone 2 Primary School, the voter register was not initially available and was only produced after observers raised concerns and voters objected. In addition, essential voting materials were absent in certain locations. Voting cubicles were not observed in PU002 (Ward 09), PU006 (Ward 01), and PU012 (Ward 10) in Abaji Area Council. Furthermore, an ink pad required for the voting process was reportedly missing in one polling unit observed.

“Observers reported instances in which voters were reassigned to newly created polling units without prior or adequate notification. While Yiaga Africa acknowledges INEC’s efforts to notify affected voters via SMS, many of these messages were delivered on Election Day, with some received hours after polling had already commenced. The lack of timely and effective communication generated confusion at several polling locations, as numerous voters spent over an hour attempting to ascertain their designated polling units.

“In multiple instances, this administrative shortcoming contributed to congestion and
overcrowding, thereby undermining orderly queue management and potentially
discouraging voter participation.

“The observation further revealed significant disparities in voter distribution within the same polling locations. Such pronounced imbalances raise serious concerns regarding the coherence, and reliability of the Commission’s polling unit expansion and voter redistribution framework.

“Closing of Polling Unit before the official 2:30pm: Observers reported some polling
units closing the polling process before the official 2:30pm close time. While some
polling units experienced poor voter participation, the guideline requires the polling unit to remain open until 2:30pm or the last person on the queue votes.

“Security Deployment and Observer Access: Yiaga Africa observed heavy security deployment in certain locations, which, in some instances, impeded the movement of accredited election observers and restricted access to polling units. Observers further noted that the heightened security presence created barriers for citizens attempting to
access polling units to exercise their right to vote.

“Vote buying: The persistent menace of vote buying once again manifested during the election. Yiaga Africa observers documented incidents of vote buying at polling units, underscoring the continued vulnerability of the electoral process to monetary inducement.

“Despite prior assurances and directives issued by INEC to security agencies to identify and apprehend both vote buyers and sellers, these illicit practices reportedly continued in several locations.”

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I’m Proud of You, Osinbajo Tells Abia Gov Alex Otti

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Former Vice President Yemi Osinbajo has applauded Governor Alex Otti of Abia State for what he described as purposeful, people-centered leadership that is repositioning Abia State for sustainable growth and prosperity.

Speaking during his visit to the governor in his office on Wednesday, February 18, which coincided with Otti’s birthday, Osinbajo expressed deep appreciation for the governor’s hospitality and outstanding performance in office, noting that the true essence of public service is making meaningful differences on the lives of the people.

“I am extremely proud of the work you have done so far, you have lived up to expectations – not only to the people but also to your friends and associates. In the short time I have been here, I have seen tangible evidence of progress.” The former Vice President stated.

Prof. Osinbajo particularly commended Governor Otti’s bold social welfare reforms, including assenting into law, the Senior Citizens’ Law.

He described the initiatives as exemplary and deeply rooted in compassion and social responsibility, emphasising that the world’s most successful welfare systems are built on care for the vulnerable.

He also lauded the extensive road infrastructure renewal and improved connectivity across the State, describing the projects as visible symbols of purposeful and results-driven leadership. While reflecting on the demands of leadership, Prof. Osinbajo noted that while many aspire for public office, true distinction lies in delivery.

“Sometimes you wonder whether, after all the efforts to get into office, leaders are able to fulfill their promises. But in your case, you have done not just what you promised, but even more. You have made public service worthwhile,” Prof. Osinbajo added.

He prayed for renewed strength, wisdom, and divine favour for Governor Otti as he continues the work of transformation in Abia State.

In his response, Otti warmly welcomed Osinbajo, describing him as a brother, friend, and mentor, whose visit was deeply appreciated.

The governor clarified that the gathering was not a planned birthday celebration but just marking the day, noting that he rarely celebrate such occasions publicly, especially while serving in public office.

He expressed gratitude to well-wishers who came voluntarily and emphasised his preference for modesty and focus on service.

Otti thanked God for the progress recorded within 32 months in office, describing the administration’s achievements as modest but impactful.

He reiterated that governance must remain centered on the welfare and security of the people.

“Governance is about the people their welfare, their safety, and their peace of mind. If you enter office for any other reason, you miss the essence of leadership,” Governor Otti stated.

He recalled decisive actions taken in the administration’s first month, when some local governments were under the control of non-state actors. The governor said that firm intervention restored order and ensured that communities once inaccessible are now safe and open to residents.

Governor Otti also commended security agencies for their round-the-clock dedication, acknowledging their sacrifices in maintaining peace and stability across the state.

“We are grateful to the men and women who stay awake so that our people can sleep in peace,” Otti stated.

Earlier, the Secretary to the State Government, Dr. Emmanuel Meribole, on behalf of the State Executive Council, extended warm birthday wishes to the governor, praying for continued strength and fruitful years ahead.

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Gunmen Invade Ondo Palace, Kill Monarch in Failed Abduction Attempt

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Suspected armed bandits have killed a traditional ruler, Oba Kehinde Falodun, the Alagamo of Agamo community, during a violent assault on his palace in Akure North Local Government Area of Ondo State.

The attackers, reportedly about 10 in number, were said to have stormed the monarch’s residence on Wednesday evening in what residents described as an attempted abduction of the royal father and members of his household.

According to the Olori (Queen), who narrowly escaped, the gunmen initially attempted to whisk the monarch away but encountered resistance before the situation escalated.

“The bandits just came and started shooting. They were about 10. Three stayed at the entrance while others came inside. I ran into the bush. They shot at me, but it did not affect me,” she said.

She added that when the kidnappers failed to subdue the monarch, they resorted to violence.

“They kept dragging my husband, and I kept shouting for help. Later, they hit something on his head and stomach. He has been killed,” she said.

Confirming the incident on Thursday, spokesman for the Nigeria Police Force in Ondo State, DSP Abayomi Jimoh, said the command received distress information around 7:50 pm from a community leader.

He said about six armed men invaded the palace, forcefully took the monarch from his compound, and fled.

“The victim was later found a few metres away with gunshot wounds. He was confirmed dead at the scene,” Jimoh stated.

He disclosed that the Divisional Police Officer, alongside tactical teams, immediately mobilised officers and local security groups, including Amotekun Corps, hunters, and Atuluse vigilantes, to comb nearby bushes in search of the attackers.

According to him, surveillance has been intensified across the area while efforts continue to track and apprehend the suspects.

“The Command assures residents that no stone will be left unturned in bringing those responsible to justice,” he added.

Meanwhile, elders and traditional chiefs in Agamo have condemned the killing, describing the late monarch as a peace-loving leader who played a major role in resolving disputes and promoting development in the community.

A community leader, who asked not to be named, said the attack has created fear and a leadership vacuum.

“This is a painful loss to us. Kabiyesi was very close to the people. We appeal to government and security agencies to act fast and ensure those behind this are arrested,” he said.

The incident adds to growing security concerns in the state, where kidnappings, attacks on farmers, and assaults on rural communities have increased in recent months.

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