This significant increase, up from ₦4.88 trillion in December 2024, represents a ₦1.22 trillion rise from the ₦3.65 trillion reported in January 2024.

Analysts attribute the rise to sustained printing of the local currency by the CBN and the escalating inflation rate in the country.

The surge also reflects growing public distrust in the banking system, with many Nigerians opting for cash transactions amid economic uncertainty.

When CBN Governor Olayemi Cardoso assumed office in September 2023, currency in circulation stood at ₦2.76 trillion.

Despite the increase in currency circulation, Nigeria’s economic growth remains sluggish, with the 2024 growth rate projected at 2.9% to 3.1%, one of the slowest in West Africa.

In response to inflationary pressures, the CBN’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) to a record 27.25%, signaling a strong monetary tightening stance aimed at stabilizing the economy.

Analysts believe the rise in currency circulation indicates increased government spending to mitigate economic hardship, which has fueled inflation.

Vice President of Highcap Securities Limited, David Adnori, noted that increased government spending injects more money into the economy, leading to higher inflation due to the economic trade-off between money supply and price stability.

[NaijaNews]

Nigeria’s transport sector is set for a revolution as the Lagos-Abuja High-Speed Bullet Train gains momentum, reducing travel time between both cities from 12 hours to just 2–3 hours.

The Director of Operations at Geofocus Consortium, Engineer Yinka Idris, in a statement made available to journalists on Tuesday, described the project as a milestone in Nigeria’s development.

Idris lauded President Bola Tinubu’s administration for prioritising infrastructure and fostering Public-Private Partnerships (PPP) to drive economic growth.

According to Idris, the bullet train will provide a faster, safer, and more efficient alternative to road travel.

Idris said that the initiative aligned with Tinubu’s vision of leveraging private sector expertise to deliver world-class infrastructure without overburdening public finances.

“Currently, travelers between Lagos and Abuja face long hours in traffic, safety concerns, and reduced productivity,” he said.

He said that the project would significantly ease movement, enhance trade, and improve the overall business environment.

“As part of the development, ten smart cities with 10,000 housing units each will be built along the rail corridor.

“An independent power plant will also be constructed to support the train and surrounding infrastructure,” he said.

Idris said that the Lagos-Abuja bullet train is expected to create thousands of jobs during construction and after completion.

He said that the initiative aligned with Tinubu’s commitment to reducing unemployment and fostering economic prosperity through major infrastructure projects.

“With feasibility studies completed and proof of funds secured, the project now awaits approvals from the Infrastructure Concession Regulatory Commission (ICRC) and the Federal Executive Council (FEC) before construction begins,” he said.

Idris said that the construction phase is expected to last between 48 and 52 months.

He said its completion would promote the project as Nigeria’s largest-ever PPP-driven initiative and a benchmark for transport infrastructure across Africa.

Beyond transportation, Idris said the bullet train would reduce road congestion, lower carbon emissions, and extend the lifespan of highways.

He said that such would represent a major step toward sustainable and environmentally friendly infrastructure development.

“As Nigeria moves closer to realizing this dream, citizens can anticipate a future of seamless travel, improved quality of life, and enhanced economic opportunities under President Tinubu’s leadership,” he added.

[Leadership]

The Nigerian Army has set up a General Court Martial for the trial of five officers and 20 soldiers for different offences in the jurisdiction of 82 Division of the Nigerian Army in Enugu State.

Inaugurating the court martial, President of the General Court Martial (GCM), Brig.-Gen. Buhari Sadisu, said that the court martial was convened by the General Officer Commanding (GOC) 82 Division, Maj.-Gen. Oluyemi Olatoye.

Sadisu said that it was pertinent to note that, “Court Martial is one of the instruments used in the Armed Forces to maintain discipline.”

He said, “In Court Martial, military personnel alleged to have committed offences known to laws applicable to them are tried and if found guilty, punished in accordance to the laws criminalising such offences.

“However, where the prosecution failed to establish the allegations against them, the Court will discharge and acquit the accused personnel.

“For the accused personnel present for today’s inauguration, let me assure you that this Court Martial will be guided throughout the trial by the principles of natural justice and fair hearing.

“It will also be guided by the Constitution of the Federal Republic of Nigeria 1999 (as amended) and other extant laws and procedures related to your trial.”

The President said that the Court Martial would be free from any external influence and would afford the personnel accused adequate time and facility to defend themselves.

He noted that the court martial was fully aware of the cardinal principle of the criminal justice system that an accused person is presumed innocent until the contrary is proven.

“Under our criminal justice system, it is better for 99 guilty persons to be set free than for one innocent person to be convicted.

“Accordingly, I hereby assure you that the Court Martial will strive to do justice in your cases by ensuring that evidence presented before her are judiciously and fairly evaluated.

“This is in order to avoid a situation where an innocent person is made to suffer unjustly,” he said.

The Court Martial has the same power and concurrent mandate as the Federal and State High Courts as its decisions can only be challenged at the Court of Appeal.

[Leadership]

Oil mogul and billionaire Businessman, Alhaji Aliko Dangote, has opened up on his determination to see his $23bn refinery succeed despite all odds.

The 650,000 barrels per day capacity is Africa’s largest.

According to the Kano-born richest black man on earth, “I’ve been fighting battles all my life and I have not lost one yet.

His comment is seen as a pointer to the struggles he had faced from the government and oil mafia since the project came on stream.

At an investment conference last year, Dangote also lamented about the oil mafia, saying, “I knew there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs.”

Speaking exclusively with Forbes on Monday, Dangote opened up about the risk he faced completing the ambitious project despite obstacles from regulators and marketers.

He said he would have been finished if the projects failed.

He described Refinery project as the “biggest risk” of his life yet

He said: “It was the biggest risk of my life. If this didn’t work, I was dead.”

He revealed that the journey to completion was fraught with uncertainties.

However, despite hurdles faced in financing the project, the regulatory challenges, and securing suppliers, Dangote said he is committed to providing a blueprint for industrialisation across Africa.

“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment”, he noted.

He added that Africa has been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil.

This, he added, will create wealth and prosperity for its vast population.

According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his focus remains firmly on Nigeria.

He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.

Dangote is also working on other ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.

Looking ahead, he said he plans to take the refinery public within the next year or two.

“I’ve been fighting battles all my life and I have not lost one yet,” he said.

[DailyTrust]

Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index.
The Statistician General, Prince Adeyemi Adeniran, disclosed this on Tuesday in Abuja at the launch of the rebased CPI report.

Nigeria’s inflation rose to 34.80 percent in January 2025 compared to 34.80 percent recorded in December last year.
The National Bureau of Statistics disclosed its rebased Consumer Price Index for January released on Monday.

He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48 per cent year on year in January.

Adeniran explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.

Accordingly, the report, food inflation declined to 26.08 percent in January, from 39.84 percent in December 2024.

In a statement on the X account, NBS said, “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.

“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.

“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent “.

This comes as the Central Bank of Nigeria Monetary Policy Committee would hold its first meeting in 2025 on February 19 and 20, 2025.

In November 2024, MPC raised interest to 27.50 percent to bring down inflation.

[DailyPost]

The Oyo State chapter of the Nigeria Labour Congress brought operations at the Ibadan Electricity Distribution Company to a standstill on Tuesday, staging a massive protest over the recent dismissal of over 3,000 employees.

Led by its Chairman, Kayode Martin, the union members barricaded the entrance to the IBEDC office, shutting down the facility and causing traffic disruption in the Challenge to Dugbe area of Ibadan.

The protesters, chanting solidarity songs, demanded the immediate reinstatement of the sacked workers and the payment of the national minimum wage.

Martin condemned the actions of outsourcing agents associated with IBEDC, accusing them of exploiting workers through unpaid minimum wages and unexplained salary deductions.

“We are here today to express our total displeasure over the unjust and inhumane treatment of workers by IBEDC and their outsourcing agents.

“Over 3,000 workers have been thrown into the unemployment market without any justifiable reason. These are people who have dedicated their time and energy to this company, and they are now being treated like disposable items,” Martin said.

The NLC Chairman also highlighted the issue of unpaid minimum wage and the alleged exploitation of workers by outsourcing companies.

“These outsourcing agents are not only refusing to pay the minimum wage, but they are also making arbitrary deductions from the meagre salaries of the workers. This is unacceptable, and we will not stand for it,” he asserted.

The union presented a list of seven key demands to the IBEDC management, including: “Implementation of the new minimum wage, prompt payment of Retirement Savings Account (RSA) backlogs, regularisation of outsourced staff, an end to the denial of union membership for staff, provision of adequate and standard healthcare services, payment of all outstanding allowances and compensations.”

Martin appealed to Oyo State Governor, Seyi Makinde, and other stakeholders to intervene in the matter, warning that the mass dismissal of workers could have serious security implications for the state.

“We are calling on Governor Makinde and other well-meaning Nigerians to come to our aid. The rate of unemployment in the country is already alarming, and further adding to it will only create more problems, including security challenges,” he cautioned.

The NLC chairman urged the IBEDC management to engage in dialogue with the union to find an amicable resolution to the issues before the situation escalates.

“We are not here to cause trouble, but we are determined to fight for the rights of our members. We are ready for dialogue, but we will not back down until our demands are met,” Martin stated.

The protest caused significant traffic congestion in the area, leaving many commuters stranded.

As of the time of this report, the IBEDC management had yet to issue a formal response to the NLC’s demands.

[Punch]

Yusuf Maitama Tuggar, 57, Nigeria’s Minister of Foreign Affairs, in a widely circulated opinion article titled, ‘Foreign Policy and The Path To Peace in A Dangerous Neighbourhood’, basically sought to defend President Bola Tinubu against unnamed critics of his government’s apparent closeness to the French government, and his handling, as Chairman of the Authority of ECOWAS Heads of State and Government, of the military coup in neighbouring Niger Republic.

The coup d’état which took place on July 26, 2023, led to the country’s presidential guard removing and detaining president Mohamed Bazoum. The sub-regional group unadvisedly gave the leaders of the military coup one week to reinstate the ousted Bazoum, and suggested a possible military action if they failed to do so.  Rather than back down, the military government in Niger, together with the military juntas in Mali and Burkina Faso gave notice of their withdrawal from ECOWAS and later formed the Alliance of Sahel States – or Alliance des États du Sahel, AES, in French.

Written in an urbane, entertaining and flowery prose, the minister’s intervention could be interrogated on several fronts:

One, on criticisms about France’s purported closeness to President Tinubu, Tuggar floated the thesis of ‘Strategic Autonomy’. As he put it: “The fulcrum of the Tinubu administration’s foreign policy is Strategic Autonomy, providing us with the clarity to engage with any and all nations based on our national interests and not those of others. As a nation, Nigeria is adult enough and sophisticated enough to deal with countries without being unduly influenced, because that has been part of our historical and civic tradition. You cannot cure an illness by picking which symptoms to consider and which to ignore.”

The idea of Strategic Autonomy is not original to Tuggar. In international relations, it is defined as the ability of a state to pursue its national interests and  pursue its preferred foreign policy options without depending heavily on other foreign states. The concept was popularised by the European Union which defined it as the ability of the European Union to not be overly reliant on the United States when it comes to defending Europe and its neighbours, and to be able to pursue foreign policies that will be independent of those of the United States. It should be recalled that  the European Council had in December 2013 called for the development of European defence capabilities to enhance the strategic autonomy of the European Union. 

Following the defeat of Donald Trump in the 2020 presidential election in the United States and a belief that Trump’s presidency had shown that the USA could be an unreliable partner, France became the chief advocate of Strategic Autonomy at the European Union level. Macron was quoted as advocating that the European Union should strive to be a “third super power” and should avoid being drawn into any confrontation between the USA and China over Taiwan. It is important to underline that ‘Strategic Autonomy’ for the European Union is not only about military and political autonomy from the USA but also about securing autonomy on economic, energy and digital policies. 

Given the above, there are number of issues about Tuggar’s ‘strategic economy’ argument. For instance, when he talked about the fulcrum of Tinubu’s policy being ‘Strategic Autonomy’,  the next logical question should be, “Strategic Autonomy” from whom? The European Union’s Strategic Autonomy is clearly directed at the USA. Given the current situation of multiple dependencies of our country – dependent on China and the Bretton Woods systems for external loans; dependent on  the West for its technology, dependent on the validation of  Western institutions like Fitch and  think tanks like Chatham House to validate its economic and political processes, and even dependent on foreign countries for coaches for its national football teams, it becomes exactly unclear what Minister Tuggar means by Strategic Autonomy. It will certainly be wrong for the Minister to mistake multiple dependencies or even non-alignment policy, for Strategic Autonomy. Is Nigeria really able to achieve Strategic Autonomy(meaning act independently), even as a regional power, where almost all the countries in the region are also dependent on one big power or the other?  

Two, with respect to the ECOWAS’s management of the July 26, 2023 military coup d’état in Niger Republic, Tuggar wrote: “President Tinubu pushed for the unconditional removal of ECOWAS sanctions imposed on Niger, Mali and Burkina Faso. What he has consistently asked of the countries in question is for them to come up with a timetable for the restoration of constitutional rule and, in the case of Niger, the release of ousted President Bazoum.”. 

While the diplomatic efforts mentioned by the Minister towards the three states may be true, they also mask the fact that Tinubu, as Chairman of the Authority of Heads of States of ECOWAS mismanaged the issue of the coup in Niger:

First, ECOWAS under Tinubu inadvisably gave the coup leaders one week ultimatum to return Bazoum to power or face the prospect of military intervention. It made this threat when it had no troops in Niger, and no means of enforcing its threats. That was clearly a failure of deterrence as a strategy of using the power to hurt as a bargaining chip. For deterrence to work, it must be credible. If ECOWAS’ threat of military intervention was meant to be a deterrence strategy, it was clearly not credible. 

Second, the constant threat of war by ECOWAS gave the impression that the newly installed Tinubu government was being pushed by Western powers which had strategic interests in Niger, to go to war. Some have suggested that ECOWAS’ eagerness to restore constitutional order in Niger after the coup (when it did not display the same enthusiasm with the military coup in Mali in 2020 (two military coups) and in Burkna Faso in 2022 was because of fears that the coup in Niger might torpedo the Trans-Saharan Gas pipeline project, which was planned to connect natural gas pipelines from Nigeria to Algeria to plug into European gas supplies. It should be recalled that in 2022 Algeria, Nigeria and Niger signed an MOU to revive the estimated $13 billion project which was initially conceived more than 40 years ago. The gas pipeline measured 4,128 kilometres – of which 1,037 km is in Nigeria, 841 km in Niger, and 2,310 km in Algeria. Remarkably, Bazoum that ECOWAS was fighting to reinstate in office had publicly backed the 2021 military coup in Chad. At a joint press conference with French President Emmanuel Macron, Bazoum claimed that the security context justified the suspension and violation of the Chadian constitution.

Third, while it is true that the coup leaders in Niger lacked legitimacy by virtue of the fact that they came to power through an unconstitutional means, Tuggar forgot that most of the leaders of ECOWAS also face various degrees of legitimacy crisis. The argument here is that there are actually three types of coups in Africa – military coup, constitutional coups (where leaders elongate their tenure by changing the constitutions of their countries to remove term limits that would have prevented them from staying beyond a certain period in office) and election rigging (where the leaders manipulate the electoral process to gain power). In essence, while the coup leaders in Niger lacked legitimacy, the same could also be said of many of the leaders of the sub-regional group condemning the military takeover in the country.

Three, there remains a lingering suspicion of the role of France in Africa. Not only has France’s policies towards its African colonies been problematic, France has also been variously suspected  of undermining ECOWAS since the 1970s by sponsoring rival organisations to weaken it. Some have argued that with many French speaking African countries  having a dim view of France, the latter is trying to remain relevant in Africa by warming up to countries like Nigeria. 

In article in the Daily Trust of  December 9 2024, entitled, ‘What does France want from Tinubu?’, Suleiman A Suleiman raised suspicions about the chummy relationship between France and President Tinubu. Let me quote portions of the article:

“ There is no gainsaying that President Bola Ahmed Tinubu received the loudest ‘international recognition’ of his presidency yet during his recent two-day state visit to France, the first by a Nigeria president since Obasanjo was received by Jacques Chirac in May 2005, almost 20 years ago. But since there are hardly coincidences in politics, certainly not in international politics, we must raise the appropriate question: What does France want from Nigeria that it would treat our president to the most lavish state reception of his presidency so far?”

Suleiman further noted:

 “President Tinubu received more than a red-carpet reception in Paris. The French made sure that the Nigerian delegation got the message that they regarded this as an important visit. President Emmanuel Macron welcomed his Nigerian counterpart at the Les Invalides complex, a place that holds so much of France’s imperial history, vestiges of which now seem threatened across much of Africa. Macron was profuse with praise for our president, whom he referred to as a “friend”. At a joint press conference, Macron said President Tinubu is “a great leader”, who will transform Nigeria the way he transformed Lagos, precisely the sort of things that Tinubu, politically embattled at home by an increasingly restless citizenry groaning under the weight of his economic policies, would like to hear said about him by a foreign leader, better still a European one.”

Suleiman noted that how “world leaders” use flattery to massage the bloated egos of African leaders in order to get what they want.  Following from this he expressed concerns about the effusive flatteries heaped on President Tinubu by Macron and concluded that, “we must worry because President Tinubu appears to be running a one-man foreign policy, and since the consequences of foreign policies often outlast the administrations that enter into them, we must ask yet again, what did President Tinubu promise the French that is not now in the news? We must know because our future as a secure nation might yet depend on it.”

Following from the above, if the Alliance of Sahel States remain cynical or impervious of ECOWAS’ diplomatic moves, it may be acting on the aphorism that the friend of my enemy is either my enemy too or at best cannot be trusted.

•Adibe is Professor of Political Science and International Relations at Nasarawa State University

Chika Ike, the Nollywood actress, has denied rumours that Ned Nwoko, the billionaire businessman, is the father of her child.

The rumours, which circulated on social media, also claimed that Nwoko and Ike would be getting married soon.

The speculations gained traction after Ike announced that she was expecting her first child, but did not reveal the father’s identity.

The rumours sparked speculation about a potential crisis in Nwoko’s marriage to another actress Regina Daniels.

Nwoko dismissed the rumours on Monday, describing them as “malicious speculation”.

The politician stated that he was currently focused on a national assignment and had no time for distractions.

On Tuesday, the film star took to social media to state that the only reason she was addressing the rumours was that it was about her child.

The actress also stressed that she was not ready to be the seventh wife of the Delta lawmaker because “polygamy is not for me”.

“For years, there have been all sorts of lies peddled about me in the media, but I always treated them as what they are—rumours that needed no response,” she wrote.

“But this is different. This is about my child.

“Ned is not the father of my child, and whoever’s name you might come up with later is also false.

“Like I’ve said before, I’m not about to be anyone’s seventh wife. Polygamy isn’t for me.

“My privacy is my peace, and no one can unsettle me. I’m basking in the euphoria of my pregnancy, and that’s all that matters to me now.”

[TheCable]