The People’s Democratic Party, PDP, has declared that a coalition involving former Vice President Atiku Abubakar, former governors Peter Obi, Nasir El-Rufai and other political figures could deliver a swift and decisive victory over President Bola Tinubu and the All Progressives Congress, APC, in the 2027 presidential election.
The party predicts that such a coalition could conclude the election by 1 pm on election day, provided key conditions are met.
Hon. Timothy Osadolor, Deputy National Youth Leader of the PDP, told Vanguard in Abuja on Monday that the success of the coalition hinges on genuine commitment, unity, and the ability to harness widespread public discontent.
He emphasised that Atiku and Obi’s combined vote count of over 13 million in the 2023 election, compared to Tinubu’s 8 million, demonstrates the potential strength of a united opposition.
“If these talks are pursued sincerely and reach a logical conclusion, and if ego doesn’t get in the way among these gentlemen; Atiku, Obi, and El-Rufai, then Nigeria could indeed be looking at a winning team.
“If Atiku and Obi truly commit to this alliance, as it appears they are already doing, and with El-Rufai also playing his part, I don’t believe Nigerians would be opposed to such a coalition ticket.
“Ultimately, this would be a case of Nigerians versus Bola Ahmed Tinubu and the APC,” Osadolor said.
The PDP NEC member highlighted the rising levels of hunger, insecurity, frustration, and depression across Nigeria as critical factors that could drive voters to support the coalition.
The party chieftain argued that Nigerians are eager to remove the APC from power, citing historical precedents such as the ousting of former President Goodluck Jonathan in 2015.
Zamfara APC demands immediate arrest of PDP women leader over alleged threats
“Let’s not forget: less than four years ago, these two gentlemen together received over 13 million votes, compared to the 8 million votes INEC allocated to Bola Ahmed Tinubu.
“So, if they join forces again, given the rising levels of hunger, insecurity, frustration, and depression in the country, I don’t see why they couldn’t conclude the election by 1pm on election day,” he stated.
The PDP leader also criticised the APC’s counter-strategies, including the release of funds to state governors for political patronage, as evidence of mismanagement and corruption.
He stated that such actions only deepen public anger and motivate Nigerians to vote against the ruling party.
“My response to that is simple: kudos to the federal government. Let them keep releasing more funds. After all, the money doesn’t belong to them; it belongs to the Nigerian people.
“So, the more they release, the more it highlights the heartlessness with which they treat public trust and public funds.
“No serious country hands out money for political patronage the way this government is doing. And let’s be clear; the political class makes up less than 10% of the Nigerian population.
“So how do you justify to the remaining 90% that this small group is misappropriating vast, almost unimaginable sums in naira and dollars, money meant for every Nigerian, born or unborn,” Osadolor asked.
For the coalition to succeed, Osadolor stressed the need for effective mobilisation and campaigning, particularly among the youth and marginalised groups.
He called on all stakeholders to set aside personal ambitions and work together to present a clear alternative to the APC.
“The more they do this, the more they infuriate right-thinking Nigerians and motivate them to vote the APC out quickly. I encourage the President to continue on this path, so that Nigerians remain determined to remove him in 2027.
“In fact, what the President should be doing at this point is compiling a list of his life’s achievements and finding a quiet vacation place to retire to, saving himself the humiliation that awaits him at the ballot box,” he added.
The PDP chieftain emphasised that with the right strategy and unity, the coalition could mark the end of the APC’s reign and usher in a new era for the country.
Canada has introduced stricter rules in its Temporary Foreign Worker Program (TFWP), raising concerns among skilled foreign workers, including many Nigerians, who now face greater risks of deportation due to tighter hiring conditions.
Under the new regulations, employers must raise wages for high-skilled foreign hires to at least 20% above the regional median wage.
Companies can now only fill a maximum of 10% of low-wage roles with foreign workers.
These reforms, which took effect between September and November 2024, are designed to prioritise Canadian citizens for available jobs.
The government has also reclassified an estimated 34,000 positions from the high-wage to the low-wage stream, exposing more foreign workers to stricter oversight, fewer benefits, and increased job insecurity.
Many employers, particularly in sectors like hospitality, construction, and agriculture, said the changes are forcing them to scale back foreign hires or avoid renewing contracts due to rising labour costs.
For temporary foreign workers, this means expiring permits without renewal and limited options to secure new qualifying job offers, both of which can lead to deportation.
The caps and wage hikes are also reshaping Canada’s reputation as a top destination for skilled international talents.
Critics warned the policies may deter future applicants, disrupt travel and seasonal employment sectors, and trigger a loss of much-needed labour.
While the Canadian government insisted the reforms protect domestic employment, businesses and migrant advocacy groups are urging for a more balanced approach that recognizes the vital role foreign workers play in sustaining the country’s economy.
The United Kingdom (UK), France and Canada have warned Israel against full military occupation of Gaza.
The warning was in response to Prime Minister Benjamin Netanyahu of Israel’s statement on Sunday that the Israeli Defence Force (IDF) would commence full occupation of Gaza until Hamas releases all Israeli victims.
In a joint statement on Monday, signed by Emmanuel Macron of France, Keir Starmer of the UK and Mark Carney of Canada, the leaders said they would not be silent and allow Netanyahu’s plan.
Naija News reports that the statement published by Canada’s Prime Minister, Carney, on his X handle, condemned Israel’s insensitivity to the humanitarian crisis in Gaza
Starmer, Macron and Carney said they would resist and stop any full military occupation of Gaza by Israel’s IDF.
It read: “We strongly oppose the expansion of Israel’s military operations in Gaza. The level of human suffering in Gaza is intolerable. Yesterday’s announcement that Israel will allow a basic quantity of food into Gaza is wholly inadequate. We call on the Israeli Government to stop its military operations in Gaza and immediately allow humanitarian aid to enter Gaza. This must include engaging with the UN to ensure a return to delivery of aid in line with humanitarian principles. We call on Hamas to release immediately the remaining hostages they have so cruelly held since 7 October 2023.
“The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable and risks breaching International Humanitarian Law. We condemn the abhorrent language used recently by members of the Israeli Government, threatening that, in their despair at the destruction of Gaza, civilians will start to relocate. Permanent forced displacement is a breach of international humanitarian law.
“Israel suffered a heinous attack on October 7. We have always supported Israel’s right to defend Israelis against terrorism. But this escalation is wholly disproportionate.
“We will not stand by while the Netanyahu Government pursues these egregious actions. If Israel does not cease the renewed military offensive and lift its restrictions on humanitarian aid, we will take further concrete actions in response.
“We oppose any attempt to expand settlements in the West Bank. Israel must halt settlements which are illegal and undermine the viability of a Palestinian state and the security of both Israelis and Palestinians. We will not hesitate to take further action, including targeted sanctions.
“We strongly support the efforts led by the United States, Qatar and Egypt to secure an immediate ceasefire in Gaza. It is a ceasefire, the release of all remaining hostages and a long-term political solution that offer the best hope of ending the agony of the hostages and their families, alleviating the suffering of civilians in Gaza, ending Hamas’ control of Gaza and achieving a pathway to a two-state solution, consistent with the goals of the 18 June conference in New York co-chaired by Saudi Arabia and France. These negotiations need to succeed, and we must all work towards the implementation of a two-state solution, which is the only way to bring long-lasting peace and security that both Israelis and Palestinians deserve and ensure long-term stability in the region.
“We will continue to work with the Palestinian Authority, regional partners, Israel and the United States to finalize consensus on arrangements for Gaza’s future, building on the Arab plan. We affirm the important role of the High-level Two-State Solution Conference at the UN in June in building international consensus around this aim. And we are committed to recognizing a Palestinian state as a contribution to achieving a two-state solution and are prepared to work with others to this end.”
[NaijaNews]
Many people were feared dead on Monday following another tragic accident that occurred on the Karu Bridge, along the Nyanya-Keffi road in Abuja on Monday.
An eyewitness account revealed that the unfortunate crash was caused by a trailer and a vehicle conveying sachet water, popularly referred to as pure water, 24 hours after a terrible accident involving about seven cars claimed innocent lives at the same spot.
Emergency agencies reportedly turned up at the scene, but the exact number of casualties is yet to be confirmed as of the time of filing this report.
The collision led to a heavy traffic gridlock on the usually busy route, with emergency services working to rescue victims and clear the obstruction.
The Guardian reports that last month, at least two accidents took place around the Karu Bridge, resulting in the deaths of several persons.
[Guardian]
Kenneth Okonkwo, spokesperson for the 2023 Labour Party (LP) presidential campaign, says there is nothing wrong in Atiku Abubakar and Peter Obi meeting for talks.
On Monday, there were reports that Abubakar’s campaign team was offering Obi a running mate role ahead of the 2027 vote.
Obi was Abubakar’s vice-presidential pick in the 2019 election on the Peoples Democratic Party (PDP) platform. They lost the election to Muhammadu Buhari of the All Progressives Congress (APC).
Speaking on Arise Television on Monday, Okonkwo said it is typical of politicians to negotiate and discuss at every turn.
“In politics, candidates have the choice to get into their own discussion and negotiation. My own take is that whoever believes he is qualified to be president should submit himself for a free and fair primary election,” he said.
“The toughness of the primaries will determine who has the capacity to face the tough challenge in the general election.
“I’m not in the league of people trying to persuade anybody to step down for anybody; that should be the decision of the candidate himself. So whatever Atiku and Obi are discussing should be left to them.”
Okonkwo also highlighted the need for opposition unity ahead of the next election.
He said a divided opposition in 2023 handed the presidency reins to the APC on a platter.
Okonkwo urged opposition parties to form coalitions that would offer Nigerians viable alternatives.
“The way forward is that the opposition should come together in a coalition, and when they come together, they would give Nigerians the alternatives in integrity, character and knowledge,” he said.
“The opposition must come together, set their houses in order and then take out this government that has become a scourge on the Nigerian people. There is a saying that your biggest teacher is your last mistake.
“In 2023, the opposition made a mistake of dividing itself, and a minority party that got about 37 percent of the votes now became the ruling party.”
Nigerians have continued to express frustration over the rising cost of living since President Bola Ahmed Tinubu assumed office.
Many lament that the prices of basic commodities and essential services have doubled—or in some cases, tripled—without any sign of relief in sight.
In the last one year, different federal agencies have increased the costs of obtaining essential government-issued documents, including international passports, driver’s licences, vehicle number plates and corrections to National Identification Number (NIN) data.
These increments are often justified by government agencies as “adjustments to reflect operational costs.”
These developments, many say, are placing an unbearable burden on the average citizen, already struggling with stagnant incomes, unemployment, and inflation.
Despite the increased fees, applicants also face long wait times and bureaucracy, deepening frustration among citizens who rely on these documents for travel, banking, and access to digital services.
Obtaining essential documents such as international passports and driver’s licences has become notoriously difficult, with processing times often stretching into weeks or even months despite full payment.
Many Nigerians, who lamented the high cost in obtaining these documents, alleged that some officials exploit the delays to run rackets, prioritising issuance for the highest bidders.

Revised fees for services
One of the most pressing concerns is the skyrocketing price of petrol. In May 2023, the price of petrol stood at N195 per litre.
By October 2024, it had surged to N1,030, marking an increase of about 488 per cent.
Although the price currently hovers around N910 to N930 at NNPC retail outlets, depending on the location, the spike has had a cascading effect on transportation, food prices, and other essential goods and services across the country.
Equally alarming is the hike in electricity tariffs. In April 2024, the Nigerian Electricity Regulatory Commission (NERC) approved a 240 per cent increase for Band A customers.
This saw electricity rates shoot up from N68 per kilowatt-hour to N225 per kilowatt-hour. The government argues that the increment is necessary to ensure improved service delivery and sustainability in the power sector.
Similarly, the telecommunications services have also become more expensive.
The Nigerian Communications Commission (NCC) approved a 50 per cent increase in tariffs following requests from telecom operators who cited rising operational costs.
The average cost of calls rose from N11 to N16.5 per minute, while the price of 1GB of data jumped from N287.50 to N431.25. SMS charges were also increased from N4 to N6.
Presently, the minimum cost for a monthly data subscription across major network providers such as MTN, Airtel, Glo, and 9mobile is N1,000, a development that has hit students, small business owners, and digital entrepreneurs particularly hard.
In the transport sector, the Federal Road Safety Corps (FRSC), in collaboration with the Joint Tax Board, recently announced a revised fee structure for driver’s licenses and vehicle number plates, effective from June 8, 2025.
The standard private and commercial vehicle number plates now cost N30,000, up from the previous N18,750. Fancy number plates now cost N400,000, double the old price of N200,000.
Articulated vehicle plates have increased from N30,000 to N90,000, while motorcycle plates rose from N5,000 to N12,000.
The cost of obtaining a standard three-year driver’s license now stands at N15,000, up from N10,000, while the five-year option increased from N15,000 to N21,000.
Similarly, obtaining or modifying a National Identity Number (NIN) has become more expensive. The National Identity Management Commission (NIMC) increased the fee for correcting date of birth information on its database from N16,340 to N28,574, a 75 per cent rise.
Other forms of data modification, such as changes to names or addresses, now attract a fee of N2,000 per transaction, up from N1,522. Reissuance of the NIN slip now costs N600, up from N500.
NIMC says the price review, coming after over a decade, is meant to align with current operational costs and industry standards.
The Nigerian Immigration Service also reviewed the cost of international passports upward. The 32-page booklet with a five-year validity now costs N50,000, up from N35,000, while the 64-page booklet with a ten-year validity rose from N70,000 to N100,000.
In an official statement, the Immigration Service said the adjustment was necessary to maintain the quality and integrity of the Nigerian passport.
This means that Nigerians have witnessed increases in the cost of essential services and commodities, with petrol prices soaring by 488%, electricity tariffs up by 240%, telecom charges rising by 50%, vehicle number plate fees climbing as high as 200%, NIN modification costs increasing by up to 75%, and international passport fees jumping by over 42%, a wave of hikes that has deepened the financial strain on ordinary citizens nationwide.
The government insists that these changes are part of broader economic reforms aimed at reducing subsidies and enhancing service efficiency.
But citizens said the rising costs of essential services are coming at a time when many Nigerian workers are still struggling to earn a living wage.
Nigerians lament soaring prices of commodities, services
Speaking to Daily Trust, citizens from various walks of life described how the worsening economic conditions have severely impacted their ability to afford daily necessities and essential services.
Mohammed Auwal, a postgraduate student, said the prices of almost every commodity have surged and become unaffordable.
“Whenever we think of President Tinubu, the first thing that comes to mind is the cost of commodities and services. Many things have become unaffordable, from school fees to food and other basic needs.
“As a student, the increase in school fees has affected me badly. I now have to go the extra mile just to raise money to pay my fees,” he said.
Josephine Joseph, a hospitality manager, said the situation has forced her to change her daily lifestyle.
“Prices of commodities choke. You can’t even compare this to previous governments. There are many things I can no longer afford. You can’t even get N1,000 meat. The least you can get in my area is N1,500. Pepper starts from N500,” she said.
Halima Abba Waziri noted that the continuous increase in food prices is affecting households nationwide.
“People are struggling to afford basic necessities. A bag of rice or even a pack of spaghetti is now a luxury. The money I used to buy one pack of semovita can buy four packs back then. The economy is not encouraging, and there is no hope of change anytime soon,” she said.
Zainab Yetunde said that while the cost of living keeps rising, salaries have remained the same.
“The prices keep increasing despite the implementation of the minimum wage. It’s not easy. I now save money before making purchases and have to prioritise everything. I no longer have any savings,” she said.
Fatimah Sagir, a mother of school-age children, expressed her distress over the rising cost of living, saying she can no longer afford essential items for her children, let alone deal with the cost of services.
“I used to buy data regularly, but I’ve had to stop because of the cost. Everything has gone up; we simply can’t keep up anymore,” she lamented.
“Since the present administration came in, there have been a lot of changes in almost all areas of economic and social life. Prices have increased by almost 40 per cent,” said Okeke Chima.
“The cost of renewing car license has gone up, cost of passport. I cannot afford anything anymore,” he said.
Tinuke Abiola, from Osun State, said her drivers’ license has expired and she cannot renew it because she does not have the money to do so. “I have a lot of expenses I am dealing with. I cannot add this to my budget for now,” she said.
Adamu Abdullahi from Niger, expressed concern that in the two years of this administration, all Nigerians have witnessed is a hike in essential services. He lamented that there has been no respite from any quarters. “When are we going to start reaping the benefits of these reforms”, he asked.
They called on the government to urgently address the rising cost of services, as the economic hardship continues to take a toll on the population, particularly low-income earners.
New minimum wage unrealistic – Expert
Dr. Yusha’u Aliyu, a member of the Institute of Professional Economists and Policy Management, attributes the rising cost of basic services in Nigeria to a combination of inflationary trends and a series of harsh economic reforms introduced by the Tinubu administration since 2023.
He said, “The economy is suffering from stagflation, an unusual combination of high unemployment and high inflation, which has eroded the purchasing power of individuals and affected overall living standards.”
Dr. Aliyu noted that the current economic reality in Nigeria has rendered workers’ wages largely unrealistic and inadequate. He argues that the combination of steep price hikes in essential services and aggressive government reforms has significantly eroded the value of wages, even with the recent increase in the national minimum wage.
“In theory, increasing the wage rate should improve workers’ consumption capacity, but in Nigeria’s current economic climate, that logic doesn’t hold,” Dr. Aliyu stated, noting that many workers still earn the old N30,000 minimum wage, while even those in federal institutions who receive the new N70,000 wage find it hard to keep up with daily expenses. “The cost of food, electricity, transportation, telecommunications, and even basic identification services like passport renewal or NIN modification has shot up dramatically”, he noted.
Dr. Aliyu emphasised that the wage increment has not translated into improved living conditions or consumption patterns. “What we see is that despite the wage increase, workers are consuming fewer goods and services than before. Their purchasing power is shrinking because inflation continues to rise faster than income,” he said.
While defending the rationale behind some of the policy decisions, Dr. Aliyu emphasised that the timing and simultaneity of the reforms have deepened economic distress. “Policies like the removal of fuel subsidies, floating of the naira, and a hike in the monetary policy rate were implemented almost simultaneously, leading to a cascading effect on the prices of commodities and services,” he explained. He likened this to planting and harvesting crops out of season, suggesting that the natural sequencing of policies was ignored.
He noted that the removal of the PMS subsidy and the depreciation of the naira drastically raised transport and logistics costs, which in turn inflated prices across the board, from passports and driver’s licenses to telecom tariffs and electricity. “The reforms were economically necessary, but their clustered implementation without corresponding buffers for vulnerable populations has made them socially unfair,” he added.
He said that although the policies may yield long-term benefits, their short-term consequences are severe. For Nigeria to reverse its inflationary trend, Dr. Aliyu recommended ramping up local refining capacity, stabilising the naira, halting further hikes in borrowing costs, among others.
[DailyTrust]
The Central Bank of Nigeria (CBN) says the country’s banking sector remains resilient and safe.
In a statement on Monday, Hakama Sidi-Ali, acting director of corporate communications at the CBN, dismissed recent media and online reports suggesting instability in the operations of “a regulated financial institution”.
The apex bank described the reports as misleading and urged the public to disregard unverified claims.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” the statement reads.
“Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.”
The regulator said strong supervisory mechanisms are in place to safeguard the financial system, including frameworks for early warning signals and risk-based supervision.
The bank said the tools would help identify and address potential issues before they escalate.
It also cautioned against the spread of sensational information, encouraging Nigerians to rely only on official sources for updates on the banking sector.
“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system,” CBN added.
The CBN reaffirmed its commitment to maintaining a secure and stable financial environment, pledging to continue evolving its regulatory strategies to protect depositors and the wider financial ecosystem.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds,” the bank said.
The apex bank also promised to continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in the financial system.
Human rights lawyer, Olisa Agbakoba, SAN, has faulted the proposed bill seeking to make voting mandatory in Nigeria, stating that he would rather be imprisoned than obey such a law.
Agbakoba, who made this declaration on ‘Politics Today’, a programme on Channels Television on Monday, condemned the attempt of the National Assembly to enforce compulsory voting, arguing that it fails to address the root causes of voter apathy in the country.
“Look at the ridiculous one in the National Assembly about voting being compulsory. If that bill were to pass, I would say, ‘Agbakoba, we will not obey it.’ I’ll plead conscientious objection. I’d rather go to prison for six months than to obey it,” he said.
The senior lawyer questioned the rationale behind the bill, saying, “Why would the National Assembly want to impose compulsory voting? Why don’t they reverse the question and say, Why are Nigerians not interested? What is the apathy about?”
According to him, voter disengagement stems from years of exclusion and unfulfilled political promises, not a lack of civic responsibility, adding that exclusion is at the heart of Nigeria’s democratic failure.
The rights lawyer, while looking ahead to the 2027 general elections, maintained that he has noticed a troubling pattern, warning that democracy in Nigeria cannot succeed if it continues to serve only a select elite.
When asked whether the real issue is the attractiveness of public office and the consistent failure of leadership, Agbakoba restated that Nigeria’s political failure is the core reason behind low voter turnout.
DAILY POST reports that the bill, which. scaled second reading in the House of Representatives, seeks to mandate voting for all Nigerians of eligible age in national and state elections.
The bill is jointly sponsored by Speaker Tajudeen Abbas and a Labour Party lawmaker, Daniel Asama Ago.
[DailyPost]
The National Sports Commission (NSC) has disqualified six registered athletes from competing at the ongoing 22nd National Sports Festival (NSF) in Ogun.
In a statement on Tuesday by Kehinde Ajayi, NSC media director, the commission said the athletes’ disqualification was due to “doping issues”, which is “in line with global best practices and the World Anti-Doping Agency ( WADA) code.”
The disqualified athletes are Ogunsemilore Cynthia representing Bayelsa state in kickboxing, Omole Dolapo Joshua representing Bayelsa state in kickboxing, Ayabeke David Opeyemi representing Bayelsa state in Gymnastics, Kareem Shukurat representing Lagos state in kickboxing and Animashaun Sofia representing Lagos state in para powerlifting.
Bukola Olopade, the director-general of NSC, advised all the participating states to take note of this and reiterated the commission’s commitment to ensuring that every athlete competes very clean.
“The issue of anti-doping is one important mandate of the Commission to ensure that Nigeria is devoid of drug problems at both domestic and international competitions,” he said.
“We are happy now that the National anti-doping law has finally been passed by our Sports-loving President, Senator Bola Ahmed Tinubu, GCFR, and the ripple effect of such a landmark feat must swiftly be felt in our Sports, starting with the current Sports Festival.”
The 22nd National Sports Festival holds in Ogun state from May 16 to 30.
Operatives of the Department of State Services (DSS) have reportedly arrested an alleged notorious bandit and kidnapper in Sokoto during the screening of intending Muslim pilgrims.
According to Daily Trust, the suspect, identified as Sani Galadi, was arrested on Monday at Sultan Abubakar International Airport, Sokoto, after he was trailed by the operatives.
The arrest comes about 24 hours after security forces nabbed a suspected bandit and kidnapper at the hajj camp in Abuja.
A source at the National Hajj Commission of Nigeria (NAHCON) told TheCable that the suspect, identified as Yahaya Zango, is linked to multiple kidnapping incidents in Abuja and Kogi.
TheCable learnt that Zango was arrested by security operatives, including the DSS, on Sunday during the screening of intending pilgrims.
On May 12, NAHCON completed the airlift of intending pilgrims in four states to Saudi Arabia, while 64,188 Nigerians are expected to take part in this year’s pilgrimage.
There has been an uptick in violent attacks in the northern part of the country, with military bases not spared.
On Friday, Christopher Musa, the chief of defence staff, said the military has procured new equipment to strengthen efforts against insecurity, including the resurgence of insurgent attacks.
More...
• Bagudu: rise in revenue, debt reduction indicators of improved economy
The capital market is a major facilitation plank for the Federal Government’s $1 trillion economy target, Coordinating Minister of the Economy Wale Edun has said.
According to him, this will be achieved through innovation, a stronger regulatory environment and new products and platforms to drive investor participation.
Also yesterday, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the Federal Government was drawing up strategies that will generate double-digit growth as a partway to achieving the $1 trillion economy target.
While Edun spoke in Lagos during the Capital Market Committee (CMC) meeting and the unveiling of a new law, Bagudu spoke in Abuja during a meeting with the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis.
Edun, represented by Minister of State (Finance) Dr. Doris Uzoka-Anite, believes that with improvements in governance structures and innovations, the capital market will facilitate the $1 trillion economy agenda.
The minister said the capital market remains a focal point of President Tinubu’s reform agenda, given its importance to the sustainable development of the economy.
According to him, the capital market is expected to contribute more to the economy by not only providing funding for the private and public sectors but also by stimulating wealth creation, economic inclusion, and long-term national resilience.
Edun said the new Investment and Securities Act (ISA) 2025 modernises the legal and regulatory framework for the market, streamlines enforcement mechanisms, and provides grounds for the development of emerging areas, such as digital assets and crowdfunding.
He believes the new Act would help to deepen market participation, as well as ensure regulatory coordination remains tight.
The minister said the government was committed to providing an enabling environment for the private sector to thrive.
He pointed out that the capital market has shown strong resilience over the past decade, adding that the revision of the Capital Market Master Plan is expected to further boost the development of the market.
Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.
Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, said the enactment of the ISA 2025 marked the beginning of a transformative new era for the capital market.
He highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.
He stressed the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.
The SEC boss noted that the commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law.
A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.
Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalisation growing by 53.39 per cent.
He also noted the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.
The SEC boss emphasised the importance of financial inclusion and investor education, citing initiatives to empower women, youth, and grassroots communities.
He underscored the SEC’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.
He emphasised the commission’s commitment to fostering growth, transparency, and sustainability in the capital market and looked forward to fruitful deliberations at the meeting.
Bagudu: our focus is to unlock full economic potential
Bagudu expressed appreciation to the World Bank for its ongoing support to Nigeria’s reform efforts.
He described the Nigeria Development Update (NDU) as credible documentation of the country’s economic progress.
The minister said the report offers independent validation of the direction and impact of the government’s policy choices.
“Our ambition is to grow the Nigerian economy to $1 trillion.
“To achieve that, we need to craft and implement a strategy capable of delivering double-digit economic growth,” Bagudu said.
He added that the reform programme enjoys broad-based acceptance among critical stakeholders, including the political class, labour unions, and the private sector.
This level of cooperation, he said, is essential for sustaining reforms and building momentum for structural transformation.
“We are confident that we will stay on course,” Bagudu said.
The minister added that the administration remains focused on unlocking the full potential of the Nigerian economy.
Mr. Verghis reflected on lessons from other developing economies.
He noted that India faced similar economic challenges in the early 1990s but undertook tough decisions that laid the foundation for over three decades of sustained economic growth, lifted millions out of poverty, and delivered a major turnaround for the country.
Verghis expressed the Bank’s readiness to partner with Nigeria in advancing its development objectives, particularly in accelerating economic growth, creating jobs, deepening financial inclusion, and supporting agricultural transformation.
He said the World Bank was committed to contributing both technical expertise and financial resources to help Nigeria achieve inclusive and sustainable development.
Before his current posting to Nigeria, Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank.
His previous assignments also included stints as Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, covering China, Vietnam, and Southeast Asia.
Transparency International Blames Tinubu, Buhari, Obasanjo For NNPCL’s Financial Mismanagement
AFOLABITransparency International Nigeria has blamed President Bola Ahmed Tinubu and his predecessors, Muhammadu Buhari and Olusegun Obasanjo for the years of unaccounted remittances and fraud in the Nigerian National Petroleum Company Limited.
TI Nigeria country director, Auwal Rafsanjani made this known in an exclusive interview with DAILY POST on Monday.
This comes as the World Bank Nigeria Development Update report released last week indicted the state-owned company over failure to remit crude revenue amounting to N500 billion to the Federation account for October 2024 and December 2024.
A detail of the revelation in the World Bank’s NDU report showed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600 billion, leaving a deficit of N500 billion.
The unaccounted N500 billion has stirred fresh controversies over lack of transparency and corruption in the country’s oil behemoth, NNPCL.
Similarly, the International Monetary Fund had also called for a more transparent transfer of fuel subsidy gains by the NNPCL in its recent report.
The Socio-Economic Rights and Accountability Project, SERAP, on Sunday raised the bar on calls for a thorough probe of the unremitted N500 billion fund by the NNPCL.
DAILY POST reports that the financial opaqueness of NNPCL has continued unhindered despite the president being the substantive minister of petroleum. Since 1999, of the five Nigerian presidents, three were substantive petroleum ministers, including Obasanjo, Buhari, and most recently Tinubu.
Reacting, Rafsanjani blamed the rot in NNPCL on Nigeria’s presidents and the National Assembly.
According to him, the probe of NNPCL finances needs to go beyond its former Group Chief Executive Officer, Mele Kyari.
He explained that the financial transactions of the state-owned oil firm should be comprehensively audited to unravel all the missing money lost since 1999.
Rafsanjani also blamed the National Assembly for the lack of an adequate oversight function on a critical government agency such as the NNPCL.
He kicked against Nigerian presidents appointing themselves as petroleum ministers.
“The need to carry out a comprehensive audit of NNPCL is necessary to ascertain the level of financial transactions under Mele Kyari and other leadership of NNPCL.
“If we want to have a comprehensive audit to know all the missing money lost from 1999 to date, it is only a thorough audit that will ascertain this. It is not only Mele Kyari, but it has to be comprehensive.
“All these happened under the president, who is the substantive petroleum minister. The president is responsible. Whether Buhari, Tinubu, or Obasanjo. That is why we have advocated for a substantive minister of petroleum.
“They must stop appointing themselves as ministers of petroleum. This showed that the National Assembly is not carrying out its oversight function. So it is a shame. The indictment should be to the president and the National Assembly for the mess in NNPCL.
“The subsidy is not the problem, but the corruption in the process is. The missing money must be recovered and used for the good of all Nigerians,” he told DAILY POST.
NNPCL probe long overdue — Energy expert, Madaki
An energy expert, managing partner of BBH Consulting, and convener of the Public Interest Advocacy Network (PIAN), Barr. Ameh Madaki said that a comprehensive audit of NNPCL is long overdue.
According to him, the company had continued to exist in opaqueness for too long without adequate scrutiny.
“The probe required in NNPCL under Mele Kyari goes far beyond the N500 billion referred to in the World Bank report under reference.
“The opaque nature of the operations of the NNPCL over the years and the selective amnesia of the Nigerian public ensure that massive fraud is covered up by the organisation.
“For instance, what happened to the $3.3 billion borrowed by NNPCL to shore up the value of the naira on crude oil futures sales contracts?
“What was done with the money when the currency went into a disgraceful free fall? And this is not the first time NNPCL is not remitting funds to the federation account!
“Throughout the second term of President Buhari, NNPCL did not remit a dime to the Federation account because they said they had become a limited liability company like NLNG and would only remit profits after expenses and tax to the Federation account after the audit.
“This kept the states and local governments in dire straits financially under that government, and nothing happened.
“So why would anyone cry wolf over one month’s remittance to the Federation account? NNPCL has declared losses for several years under one frivolous guise or the other, but nobody has asked for a probe.
“Bayo Ojulari, the new GCEO of NNPCL, as a square peg in a square hole, must do the needful and purge the organisation of its opaqueness so that Nigerians can, for the first time, reap the benefits of having a National Oil and Gas Company,” he told DAILY POST.
Call for Kyari’s probe
DAILY POST reports that the missing N500 billion in unremitted funds had heightened calls for Kyari’s probe.
Recall that Tinubu’s administration on April 2 sacked Kyari and other NNPCL board members over mounting concerns about their performance.
Kyari announced the commencement of petroleum products production at Port Harcourt and Warri refineries last year, in November and December, respectively.
However, the petrol production capacity of the resuscitated refineries remained under contention before the exit of Kyari.
The development had fueled mixed reactions over calls for his probe by several groups and civil societies in the last two months.
Ebonyi State Governor Rt. Hon. Francis Ogbonna Nwifuru has increased the monthly allowances of the newly employed Medical Doctors working at the General Hospitals across the State, from N150,000 to a minimum of N500,000.
The Governor disclosed this during the flag-off of a health activation programme, which included the launch of a drug revolving fund and the distribution of medical equipment to general hospitals.
Governor Nwifuru informed that his administration has approved over N10 billion for the upgrading of health facilities, medical equipment, and manpower in Ebonyi.
“This event is not just a ceremony, it is a declaration of our administration’s commitment to revitalising the healthcare system of our dear state.
“For some time now, the health sector in Ebonyi has suffered from insufficient funding, inadequate personnel, and a lack of basic equipment. This narrative must change, and it must change now,” Nwifuru declared.
The Governor further announced the recruitment of 195 healthcare professionals including doctors, nurses, pharmacists, and laboratory scientists who have been deployed to general hospitals to ensure improved service delivery.
Nwifuru launched the Drug Revolving Fund to guarantee the continuous supply of essential medicines at affordable rates, especially benefiting rural communities.
“The revolving nature of the fund ensures sustainability, transparency, and accountability.
“We have already achieved over 60% delivery of essential drugs, and the process continues until full coverage is attained.
“To further enhance healthcare services, the government is distributing modern medical equipment, including hospital beds, mattresses, patient monitors, drip stands, and other critical consumables.
“These are not for decoration; they are instruments of life-saving service. This investment, worth over one billion naira, marks a significant milestone in our journey to reposition Ebonyi’s health sector,” Nwifuru emphasised.
The Governor also appealed to community leaders, traditional rulers, and civil society groups to monitor the use of health resources, stressing that accountability is a duty, not an option.
“Any mismanagement or diversion of public resources will be met with firm action,” he warned.
Nwifuru outlined plans to establish specialist hospitals in the state’s three senatorial zones to reduce medical tourism and improve healthcare access.
He also mentioned ongoing efforts to explore partnerships for healthcare financing and digital health systems aimed at boosting efficiency.
“Today is a new dawn for health in Ebonyi. Let this flag-off be a call to action to all stakeholders.
“Working together will accelerate our vision to build a system that delivers hope, healing, and health to all,” he said.
Former Special Adviser to President Bola Tinubu on Political Affairs, Hakeem Baba-Ahmed, has faulted All Progressives Congress (APC) stakeholders’ second term endorsement.
Recall that APC North West Stakeholders last Friday, including the party’s National Chairman, Umar Ganduje; House of Representatives Speaker, Tajudeen Abbas; Deputy Senate President, Barau Jibrin, all the party’s governors in the region, all members of the Federal Executive Council (FEC) from the region, all the party’s elected officials in the region and party’s chieftians from the region, endorsed Tinubu for second tenure in 2027.
Baba-Ahmed said the endorsement does not reflect the intentions and desires of the citizens of the North West.
In a statement on his ? handle on Monday, the former spokesman of the Northern Elders Forum (NEF) stated that the people of the region who are suffering hardship, hunger, and are under the weight of insecurity will judge who wins in 2027.
He added that the North West Stakeholders’ endorsement showed they didn’t care about the people.
“APC Govs in NW recently endorsed PBAT, endorsed themselves and every elected office holder and defectors from the region. They forgot the people who will judge all politicians against their exposure to violence, death and poverty. It’s almost as if they think people don’t matter,” he wrote.