Category Nigeria News

The Central Bank of Nigeria (CBN) is reportedly failing to return the N1.4 trillion in operating surplus, as the Senate demanded a detailed explanation from the CBN today after the apex bank reported that the country’s economy was at its most stable level in more than ten years.

Senator Tokunbo Abiru, the chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, made a strong request for transparency during its briefing.

Senator Abiru argued that the Auditor-General’s inquiry into the unremitted funds required a comprehensive, objective, and documented response, and that strict accountability was required for public trust in monetary governance.

Abiru praised the CBN’s efforts to stabilize the foreign exchange market and lower inflation while also recognizing that institutional responsibility must accompany these efforts.

He claimed that the CBN should provide details on the circumstances surrounding the query, provide recommendations for corrective actions, and provide details on safeguards against future errors.

Olayemi Cardoso, the CBN governor, addressed the senate committee, who outlined the extent of the country’s economic situation and claimed that there was renewed macroeconomic stability across all important indicators.

Since mid-2020, Cardoso attributed the progress to bold monetary reforms, liberalization of the world, and disciplined liquidity management, which have been implemented since mid-2020.

According to him, headline inflation has fallen for seven straight months, dropping from 34.6 percent in November 2024 to 16.05 percent in October 2025, the longest and steepest disinflation trend in over ten years.

He also saw a decline in his food inflation of 13.12%, thanks to better supply conditions and exchange-rate predictability.

CBN Updates Cash Withdrawal Regulations Effective January 20, 2026 READ ALSO.

The foreign exchange market has undergone a fundamental transformation, according to the CBN governor, adding that speculative fraud and opportunities for arbitrage have largely vanished.

According to him, the premium between the official and parallel markets had dropped to less than 2% from the previous year’s high of over 60%. The Naira was trading at N1, 442.92 per dollar as of November 26th, higher than the N1, 551 average that the country experienced in the first half of 2025.

Additionally, he made a significant increase in imports, reaching $46.7 billion, which is the highest level in nearly seven years.

He noted that Diaspora remittances had increased by about $600 million per month while foreign capital inflows increased by more than $ ten times that amount in the first ten years of 2025, more than four times the figure from 2024.

Further, Cardoso further confirmed that the CBN had cleared the $7 billion verified FX backlog, restoring investor confidence, and strengthening Nigeria’s balance-of-payments position.

He claimed that recapitalization efforts were going smoothly in terms of banking-sector stability. Before the March 31, 2026 deadline, a total of 27 banks had already raised new capital, with sixteen of them meeting or exceeding the new regulatory thresholds, highlighting improvements in digital-payments oversight, cybersecurity compliance, and ATM cash availability.

Despite the encouraging signs, the Senate sought clarification in several policy choices.

Abiru pressed for clarifications regarding the sustained 45% Cash Reserve Ratio (CRR), the 75% CRR for public-sector deposits, FX forward settlements, damaged naira notes, excessive bank fees, failed electronic transactions, and CBN subsidiaries’ compliance with parliamentary oversight.

He argued that stronger inter-agency cooperation was required to maintain public confidence and that the Financial Services Regulatory Coordinating Committee’s activities should be updated.

Ameenah Gurib-Fakim, the first female president of Mauritius, believes that Nigeria is on the verge of power.

Gurib-Fakim made this statement on Thursday at the Owerri Imo State Economic Summit 2025. &nbsp,

She stated at the event that it is a “power hub in the making” and that the country has some of the richest and most successful entrepreneurs emerging from it, such as Dangote Group’s expansion across Africa.

The former president urged African nations to accept fate and place leadership as a prerequisite for achieving the continent’s potential.

She praised the young people of Nigeria for their talent and drive.

One in five Africans, according to Gurib-Fakim, is Nigeria, and that number will rise as a result because by 2050, one in two adults in the workforce will be African, and by 2100, one in two will be African, Gurib-Fakim said.

Hope is therefore permitted and permitted. And I have no reason to believe that Nigeria, like Africa, is growing, because of it, “the former president told the audience.”

Read more: According to Liberia President Boakai, innovation can propel the Imo State’s transformation.

Not just the former president, who also had a presence abroad, was a prominent dignitary from both inside and outside the continent.

Bola Tinubu was honored at the ceremony for his actions and bold economic decisions, including the end of subsidies.

Every Nigerian has benefited from the moves, he claims. He encouraged Nigerian businesspeople to invest abroad and help them attract foreign investors.

Following their arrest at Jeddah’s King Abdul Aziz International Airport in August 2025, the Federal Government has confirmed the release of three Nigerian nationals.

The disclosure was made on Thursday in a statement that was posted on the X handle of the Nigerian Presidency.

Mr. Abdulhamid Sadie, Mrs. Maryam Hussein Abdullahi, and Mrs. Bahijah Aminu Abdullahi were given the names of the three released Nigerians.

Read more about Tinubu’s request for Senate confirmation of Ibas and the nomination of 64 other ambassadors.

The arrests came after illegal items were discovered in travelers’ luggage at Mallam Aminu Kano International Airport (MAKIA) without the passengers’ knowledge, according to the statement.

Ambassador Muazam I. J. Nayaya, the Consul General of Nigeria in Jeddah, called Saudi authorities after learning of the situation, requested their support, and the National Drug Law Enforcement Agency (NDLEA) responded.

The Nigerian Mission helped the detainees navigate prison visits, maintained regular contact with Saudi authorities, and provided legal counsel.

Following thorough examinations, Saudi authorities arrested the three Nigerians and found them innocent.

The travel ban on Abdulhamid Sadie was lifted on November 2, 2025, and arrangements for his return are currently being worked out, according to the statement, “Mrs. Maryam Husseini Abdullahi and Mrs. Bahijah Aminu Abdullahi returned to Nigeria on November 5, 2025.”

The NDLEA and the Nigerian Consulate in Jeddah played significant roles in ensuring a just outcome, according to the Ministry of Foreign Affairs.

Dauda Lawal, the governor of Samfara State, said the proposed $861 billion budget for the 2026 fiscal year is a step-by-step plan for transformation and a declaration that the state will rise stronger.

The Assembly of the Zamfara State in Gusau received the budget proposal.

INCLUDE   Members of the Zamfara State Assembly resign from the APC.

According to a statement from the governor’s spokesperson, Sulaiman Bala Idris, the budget proposal for 2026 has a capital expenditure of 714 billion, or 83% of it.

Additionally, the statement stated that the proposal has a 147,279,945,000 recurring expenditure. 00, which makes up 17% of the budget.

According to the Zamfara budget proposal, N65 billion is allocated for education, 87 billion for health, 86 billion for agriculture, 45 billion for public safety, 22 billion for environmental protection, and 17 billion for social protection, according to a partially read excerpt.

Governor Lawal stated during the presentation that his administration had worked tirelessly to resurrect critical sectors, lay a solid foundation for long-term progress, and was elected with the promise of reform, revival, and rescue.

People of Zamfara State, who once suffered from neglect, now see progress, accountability, and renewed direction. The next step in this journey is the Budget of Stability and Growth from 2026.

It is not just a financial plan, it says. It is a political commitment to promote stability in governance and promote the growth our citizens long for, he said, adding that it strengthens the security architecture, modernizes agriculture for food security and prosperity, improves healthcare for every community, expands access to quality education, accelerates infrastructure renewal, and empowers our youth, women, and vulnerable populations.

‘Inclusive Development ‘

According to Lawal, the budget prioritizes inclusive development so that no neighborhood, village, or community is left behind.

“Mr. The proposed 2026 Budget of Stability and Growth proposal, as usual, coincides with the administration’s rescue strategy under my leadership. Our 2026 recurrent expenditure proposal of ₦147,279,945,000. 00 makes up 17% of the budget’s proposed budget.

It shows fiscal discipline and responsible behavior in terms of public spending, according to the article. According to him, it has made sure that our broader development agenda is met while meeting personnel costs and other operational obligations.

Zamfara falls well within the acceptable limits when compared to the international public finance standard, which advises that subnational governments’ recurrent spending accounts for at or below 60% of total expenditure. This provides evidence that our financial management is improving in line with international standards for responsible governance.

Our Capital Expenditure Plan is, honorable Members, at the heart of this budget and, in fact, the heart of the rescue mission. The budget proposal for 2026, which is 83% of the budget, represents a historic commitment to restoring infrastructure, boosting security, revitalizing agriculture, and expanding opportunities for our youth, he continued.

Legislative Partnership

Without political will, the government’s unwavering commitment, and the patriotic cooperation of this state assembly, Governor Lawal further explained that none of these goals, including those for security, education, agriculture, infrastructure, civil service reform, and economic revitalization, could be realized.

He claimed that the rescue mission’s progress had been greatly aided by the organization’s ongoing support, understanding, and legislative partnership.

We have together laid the groundwork for a prosperous, secure, and progressive Zamfara State, the governor continued.

The 2026 Budget Proposal amounts to $ 861,337,000,000, which I humbly submit to this Honorable House in the spirit of shared responsibility and collective resolve, is only for your thoughtful consideration and approval.

The governor’s visit to President Bola Tinubu on Tuesday focused solely on issues involving Nnamdi Kanu, the leader of the Indigenous People of Biafra, and the state government in Abuja.

Ferdinand Ekeoma, the governor’s special adviser to the governor on media and publicity, clarified the details in a statement on Thursday.

A former Commissioner for Local Government and Chieftainship Affairs, Charles Ogbonnaya, claimed Otti and the President discussed a potential departure from the All Progressives Congress (APC) ahead of the 2027 elections, and that the statement was a response to those claims.

The governor’s adviser claimed that Otti’s conversation with Tinubu was merely a result of ongoing efforts to free Kanu, and that it had no bearing on political reversals.

Read more about Abia Governor Otti’s visit to Tinubu at the Presidential Villa.

The Governor met with the President after visiting the IPOB leader at the Sokoto Correctional Centre on Sunday, November 30th, 2025, to discuss further with Governor Otti’s efforts to secure Kanu’s release. This follows previous discussions the Governor had with the FG on this subject in the previous two years.

The meeting was both positive and productive because the President was so gracious and generous, according to Ekeoma, and the Kanu issue was the only subject matter that brought Governor Otti to Aso Rock and the Glory of God.

The governor’s aide explained that Nnamdi Kanu’s release is a sensitive and significant issue, making it crucial to dispel misinformation in response to Ogbonnaya’s allegations.

He added that Otti’s repeated criticisms of the former commissioner stemmed from Otti’s resumption of his political career after his party split with Ogbonnaya’s in the 2023 general election.

Governor Otti and President Tinubu were reportedly in Abuja on Tuesday evening for a meeting.

Governor Otti had recently visited Kanu at the IPOB leader’s prison in Sokoto, where he is currently serving his sentence. Ikechukwu Uwanna (SAN), Kanu’s younger brother, Emmanuel Kanu, and Ferdinand Ekeoma, his special adviser on media and public policy, were with him.

For the 2025 Imo Economic Summit, Vice President Kashim Shettima has arrived at the Imo State Capital’s Sam Mbakwe Airport.

Read more: VP Kashim Shettima’s article, Digital Innovation Is Nigeria’s Fastest Way to Prosperity.

At exactly 10:43 a.m., the Vice President’s plane touched down at Sam Mbakwe International Airport.

The governor of Imo State, Hope Uzodimma, some ministers, lawmakers, the Etsu Nupe, Yahaya Abubakar, and other top state government officials, among others, were present for him.