Author: Julius Alagbe

Naira Rises on FX Supply Boost, Foreign Reserves Hit $44.67bn The naira rose against the US dollar at the Nigerian foreign exchange market (NFEM) on Tuesday as demand and supply pressures eased following $186.6 billion in FX supply by the Apex Bank last week. The spot fx rate appreciated by 0.21% to ₦1,445.39/$ at the official window and strengthened significantly by 1.12% to ₦1,458/$ in the parallel market. The exchange rates direction reflect improved currency sentiment and reduced pressure across both the regulated official segment and the informal foreign exchange market. The Central Bank of Nigeria (CBN) fx update showed…

Mali Recovers $1.2bn in Arrears From Miners Mali’s Economy and Finance Minister, Alousséni Sanou, said the country recovered 761 billion CFA francs ($1.2 billion) in arrears from mining companies following a sweeping audit. He said the recovery marks one of the country’s biggest clawbacks from its extractive sector. The military-led government launched an audit of the country’s mining sector in early 2023 that uncovered massive shortfalls and paved the way for a new mining code. The new mining law raised royalties, boosted state stakes in mining companies and scrapped stability clauses. A recovery commission was set up after an audit…

Delta Earmarks N75bn for Projects in 25 LGAs The Delta Government says it is injecting the sum of N75 billion for road projects across the 25 local government areas of the state. The State Commissioner for Works (Rural and Riverine Roads), Mr Charles Aniagwu disclosed this during the ministry’s 2026 budget defence meeting with the State House of Assembly Committee on Works. Aniagwu said,” The sum of N3 billion has been earmarked for each of the 25 local government areas across the state. ”This allocation is aimed at accelerating the execution of vital road projects, ensuring equitable distribution of roads…

BoI Disbursed Over N1.27trn to 14 Sectors in 2024 The Bank of Industry (BoI) has disbursed more than ₦1.27 trillion to enterprises across 14 sectors directly and indirectly in 2024. The Chief Executive Officer of BoI, Dr Olasupo Olusi, disclosed this during the 10th Nigeria Energy Forum (NEF) Day 2 edition held virtually on Tuesday in Lagos. Olusi was represented by the Executive Director, Public Sector and Intervention Programme, BoI, Ms Mabel Ndagi. He said the bank during the period supported more than 900,000 jobs. He noted that BoI had been at the forefront of Nigeria’s industrial transformation, supporting enterprises…

Reps Demand Remittance of N30b NSIPA Recovered Funds to TSA The House of Representatives has called for the remittance of over N30 billion recovered from the presidential inquiry into the financial infractions on National Social Investment Programme Agency (NSIPA) fund to the Treasury Single Account (TSA). The resolution was arrived at, following a motion of urgent national importance moved by Rep. Saidu Abdullahi (APC-Bida/Gbako/Katcha) in Abuja on Tuesday. Abdullahi said that the ongoing delay in the disbursement of the recovered funds had deepened poverty by disrupting President Bola Tinubu’s Renewed Hope Agenda regarding poverty alleviation. He expressed worries that credible…

Japan’s Letter to UN Chief Full of Hypocritical Lies-Chinese Spokesperson Japan’s letter to UN Secretary-General Antonio Guterres is full of erroneous views and hypocritical lies, Chinese foreign ministry spokesperson Lin Jian said on Tuesday. In the letter, the Japanese side claims to adhere to the so-called “consistent position” on the Taiwan question, but it has remained evasive on what exactly this “consistent position” is and has yet to give China a direct answer. Lin said at a regular news briefing. China firmly opposes Japan’s moves to challenge the post-war international order and its attempts to resurrect militarism, Lin said. Lin…

Contractors Demand N760bn Payment From Finance Ministry The All Indigenous Contractors Association of Nigeria (AICAN) has urged the Minister of Finance, Mr Wale Edun, to honour his promise to release N760 billion as the first tranche of payment owed to local contractors. AICAN President, Mr Jackson Nwosu, made the call during a protest in Abuja on Tuesday. He spoke through the association’s Secretary-General, Mr Babatunde Oyeniyi. Oyeniyi said the minister gave the assurance during several meetings held after the association suspended its Nov. 6 protest following the intervention of the Senate spokesperson, Sen. Adeyemi Adaramodu. Nwosu said the minister had…

Tinubu Nominates Christopher Musa New Defence Minister ‎ ‎President Bola Tinubu has nominated retired Gen. Christopher Musa as the new Minister of Defence. A letter conveying the nomination was sent to Senate President Godswill Akpabio on Tuesday for confirmation. ‎Presidential Spokesperson, Mr Bayo Onanuga, announced the development in a statement issued on Tuesday in Abuja. The retired general’s nomination follows Monday’s resignation of Defence Minister Badaru Abubakar on health grounds, a decision promptly accepted by President Bola Tinubu. ‎Musa, 58, served as Chief of Defence Staff from 2023 until his retirement in October. He previously won the Colin Powell Award…

Peter Mbah of Presents ₦1.62trn Appropriation Bill for 2026 Fiscal Year Gov. Peter Mbah of Enugu State on Tuesday presented an appropriation bill of ₦1.62 trillion for the 2026 fiscal year to the State House of Assembly for consideration and passage. Presenting the budget tagged “Budget of Renewed Momentum” in Enugu, Mbah said the figure represented 66.5 per cent higher than the 2025 budget. He said that the budget was expected to sustain the momentum his administration had achieved in the last two years, which he maintained had been impactful. Giving a breakdown of the budget estimate, Mbah said that…

PDP will Overcome its Challenges A former National Chairman of Peoples Democratic Party (PDP), Umar Damagum, has assured that the party will surmount its current challenges. Damagum gave the assurance during a formal handover to the new National Working Committee (NWC) of the party in Abuja on Tuesday. According to him, in spite of the current challenges, the future of PDP remains bright, insisting that the party will recover from its crisis that had made it to lose some governors to the ruling All Progressives Congress (APC). “We are a party to beat; that is why they are trying to…