The Labour Party has faulted plans by the Federal Government to toll the Lagos-Calabar Coastal Highway.

According to the party, the President Bola Tinubu-led All Progressives Congress administration is clearly not tired of “inflicting pains, suffering and misery on ordinary Nigerians. “

National Publicity Secretary of the party, Obiora Ifoh, said this in Abuja, on Thursday.

He was responding to a pronouncement by the Minister of Works, Engr. David Umahi, that road users are to pay N3000 (three thousand ) Naira per toll gate per trip.

Ifoh said, “This administration’s policies have over the last one year have been targeted at making the poor poorer and the rich richer at the expense of hardworking, but poorly remunerated citizens.

“First, it was the the poorly executed fuel subsidy removal policy without a buffer.

“While we are still trying to deal with the hardship imposed by all of this, the government increased electricity tariffs!

“It is not longer news that this policy is largely responsible for the galloping inflation, rising poverty and the volatility of the Naira against major foriegn currencies.

“Obviously not satisfied with the suffering this has inflicted on Nigerians, the Minister of Works just announced a decision to toll the 700 km Lagos-Calabar Coastal Road.

“Vehicles plying the road are expected to pay a whopping N3000 toll gate, per trip.

“All of these has not stopped the administration from reckless borrowing most of these borrowed funds end up being looted by officials with itchy fingers.”

Ifoh further said, “The various financial scandals involving ministers and other government officials attest to this fact.

“If we May ask, how much is the national minimum wage?

“We can’t continue to run our economy like an exploitative business enterprise.

“At the rate, this administration is going, Nigerians will soon start paying for the air we breathe.”

His passing is national loss

Abia to immortalise first governor

President Bola Tinubu and his predecessor, Muhammadu Buhari, have described the passing of former Science, Technology and Innovation Minister Ogbonnaya Onu as a huge national loss.

The duo, who in collaboration with Onu engineered the birth of the ruling All Progressives Congress (APC),were joined in mourning the Ebonyi State-born statesman by Governors Alex Otti(Abia), Francis Nwifuru(Ebonyi), Hope Uzodimma (Imo), and the Federal Executive Council (FEC).

Others who lamented the death of Onu included APC National Working Committee (NWC), Senator Orji Uzor Kalu, Minister of State for Labour and Employment, Nkeiruka Onyejeocha; Deputy Senate President Barau Jibrin; House of Representatives Deputy Speaker Benjamin Kalu; former Senate Minority Leader Enyinnaya Abaribe, and Lagos House of Assembly Speaker Mudashiru Obasa.

Onu, the first governor of old Abia State and a first class Chemical Engineering graduate of the University of Lagos, Akoka, died an Abuja hospital yesterday. He was 72.

He had been out of circulation since he lost the APC presidential ticket in 2022. The Nation gathered that Onu had been shuttling between Nigeria and the United States(US) due to a lingering throat-related ailment.

A source said after his recent return from the US , the ailment worsened, necessitating his hospitalisation ahead of a fresh trip to the US.

A statement by a member of his family, Uzoma Onu, which announced the former minister’s demise, was silent on the cause. It said the family was “filled with sorrow” over the development.

The statement recalled that Onu, who was the first Chairman of the Conference of Nigerian Governors (now Nigerian Governors’ Forum), resigned as minister during Buhari’s second tenure after seven years.

It partly reads: “ In total submission to the will of the Almighty God, the family of His Royal Highness, the Late Eze David Aba Onu, Eze Adu of Uburu in Ohaozara Local Government Area of Ebonyi State announces the death of our distinguished son, His Excellency, Dr. Ogbonnaya Onu.

“He was the former National Chairman/National Leader of defunct All Nigeria Peoples Party (ANPP). He initiated and facilitated discussions that finally resulted in the formation of the All Progressives Congress (APC), that has been the ruling political party in the country since May 29, 2015.

“ He was a fine statesman, party leader, political strategist, brilliant scholar, outstanding intellectual, public speaker, teacher, lecturer, inventor, researcher, consultant, engineer, youth mobiliser, accomplished administrator, prolific author and poet, a man of great ideas as well as a distinguished man of exceptional principle, integrity, discipline and exemplary character.

“He will be greatly missed by all who knew him for a long time to come.”

In their separate reactions, Tinubu and Buhari described Onu as a “ luminous star in Nigeria’s political firmament and intellectual giant.”

Ajuri Ngelale, Tinubu’s Special Adviser on Media and Publicity, and Garba Shehu, Buhari’s spokesman, made these known.

Ngelale’s statement reads: “President Bola Tinubu extends his deepest condolences to the Onu family over the passing of Chief Ogbonnaya Onu, CON.

“Chief Onu passed away on Thursday at the age of 72.

“The President mourns a luminous star in Nigeria’s political firmament. The first civilian governor of Abia State; former minister of Science, Technology and Innovation, a principal draughtsman in the founding of the All Progressives Congress (APC), and a valiant partner in the victory of the party in the 2015 elections.

“Most importantly, the President celebrates the life of an accomplished scholar, first-class engineer; a man of proven integrity; defiant to indiscipline, but ever yielding to the highest standards of rectitude.

“President Tinubu affirms that Chief Onu epitomises Nigeria in concord; in wholeness, as the late statesman believed in and defended Nigeria’s unity, advocated peace, and promoted fellowship across the Niger.

“The President also condoles with the friends and associates of Chief Onu, Ebonyi and Abia State Governments, and all Nigerians grieving this gaping loss.

“President Tinubu prays to God Almighty to grant repose to the gentle soul of this great leader.”

Buhari, according to Shehu , said Nigeria has lost one of its most outstanding scientific minds and intellectuals.

“Former President Muhammadu Buhari joins family members of the deceased and the entire nation in mourning the demise of a notable politician, Dr Ogbonnaya Onu, the first civilian governor of Abia State and former Minister of Science, Technology and Innovation under his administration.

“He was an intellectual giant. My heart goes out to his family, the government and people of Ebonyi and Abia states as well as the country at large. May his soul rest in peace.”

FEC, in a statement by the Office of the Secretary to the Government of the Federation (OSGF), said the former minister was a detribalised Nigerian and a statesman who believed in the unity of Nigeria.

It commiserated with the government, people of Ebonyi State and the Onu family and prayed to God to grant the soul of the departed eternal repose.”

“The Secretary to the Government of the Federation, Senator George Akume, CON, on behalf of the Federal Executive Council (FEC), mourns the death of the former Minister of Science and Technology, Dr. Ogbonnaya Onu, aged, 72.

“He made giant and unprecedented strides in revolutionising the ministry into a scientific and technological hub of Africa by promoting innovations and invention for nation building,” the office .

Otti, Uzodimma, Nwifuru, others express shock

Governors Otti, Uzodimma and Nwifuru, who described the death of Onu as shocking, said Nigeria would miss his political contributions and interventions.

“Onu is one of such living statesmen with the character, carriage and statesmanly disposition required to reposition the nation for the better.

“Even though he held public offices, both as a governor and minister respectively at difficult times, he was never associated with conducts or controversies capable of diminishing his reputation and personality.

“We are therefore, saddened by his demise at a time his contributions and interventions were needed in Nigeria,” Otti said.

The governor promised to immortalise him by ensuring that the democratic journey he started in Abia as a civilian governor many years ago was advanced to a level where the well-being of Abians would be made an institutionalised priority.

Uzodimma said that Onu would be remembered as a leading light in the APC family having, for many years, imbibed the tenets of progressive democracy as the easiest route to serve the people.

The governor condoled with the APC family, President Tinubu, Nigeria, Southeast and its people over the development.

Governor Nwifuru lamented in a terse statement that Ebonyi State had lost an illustrious son.

“His Excellency, Dr. Ogbonnaya Onu, was a thoroughbred politician and an advocate of justice and fairness. It is indeed a sad development losing a patriotic leader who stopped at nothing at rendering best services to his people when he served in different capacities,” Nwifuru said

He extended his heartfelt condolences to Onu’s immediate family and prayed God to give them fortitude to bear the loss.

The Chairman of the Ebonyi APC, Stanley Okoro-Emegha, said: “The news is a sad one, we all know that he was sick sometime and has recovered, we didn’t know that he was going to die so unexpectedly.

“There is nothing we can do , he has contributed his quota to the building of nation. He also contributed heavily to the creation of Ebonyi and has been playing advisory role in Ebonyi and APC.”

It’s a big blow, says APC

APC’s NWC described Onu’s passing as a big loss to the party and the country, saying Nigeria will miss his contributions and interventions in national politics.

“During the merger, he was one of the founding fathers of the party and remained a party man until his death. He was a big wig of the party in the Southeast. We will miss him so much,” said APC’s National Vice Chairman (South-East) Ijeoma Arodiogbu.

“He had been ill for a while and had not been seen in public circle, “Arodiogbu added.

Deputy National Organising Secretary, Nze Chidi Duru also said: “He was a gentleman, focused and very deliberate. Everything we know about life is a continuum. He has run his race and gone to his maker. We can only continue to wish for his soul to be at rest wherever he is.”

Obi, Kalus, Jibrin, Abaribe, Onyejeocha Obasa extol Onu’s virtues

Labour Party presidential candidate for the 2023 general election, described Onu’s death as a “significant loss to the nation.”

Obi noted that “Onu was as a patriotic and inclusive Nigerian leader” who served the nation diligently in various capacities.

“The late Dr. Onu epitomised leadership characterised by a commitment to peace, progress, and justice.

“He courageously championed equity and good governance, leaving a lasting impact on our nation,” he said.

Former Governor of Abia State, Senator Kalu, in a condolence message, said that Onu was a frontline politician, author and an engineer who made invaluable contributions to nation –building.

Jibrin, Benjamin Kalu, Abaribe, Onyejeocha and Obasa also extolled the virtues of the late elderstatesman, saying he was a role mode and a consummate patriot who left indelible footprints in the nation’s political space

In a rare twist of events in Rivers State politics, former Governor Peter Odili has endorsed Governor Siminalayi Fubara as the political leader of the state, praising him for defending the interests of the people.

Odili, who served between 1999 and 2007, stated that Fubara, having secured his electoral victory both through the ballot and the courts, is now the political leader of the oil-rich South-South state.

Odili spoke on Thursday at the commissioning of a Primary Healthcare Centre donated by his PAMO Foundation in Ndoni, his hometown in the Ogba-Egbema-Ndoni Local Government Area.

He emphasised the strategic importance of Rivers State, warning that if the state sneezes, the entire nation catches cold. He urged Governor Fubara to act with this awareness in all its decision.

Assessing Fubara’s performance, Odili commended him for making significant strides in critical sectors within his first year in office, particularly focusing on the well-being of the people.

He noted that Fubara’s administration is in alignment with President Bola Tinubu’s agenda, especially in the health sector, following the recent launch of the Primary Healthcare Fellows scheme by the Federal Government.

Odili encouraged the governor to maintain this alignment with the President and his policies to attract federal government attention and support to the state.

The Federal Government will recoup its investment on the Lagos-Calabar Coastal Highway project through 15 years of tolling, Works Minister Dave Umahi said yesterday.

He also said the N4b per kilometer road will be ready in eight years, adding that motorists will pay N3,000 per toll gate.

He said contrary to the misleading N8 billion per kilometer given by former Vice President Atiku Abubakar, the standard gauge design of the road adopted by the Federal government would cost N4.59b per kilometer.

The Minister said the former design by the Niger Delta Development Commission (NDDC) was not comprehensive, stressing that it was replaced by the standard gauge design that has multiple features of bridges, till plazas, and economic settlements among others.

However, Atiku yesterday maintained that the project is a fraud, chiding Umahi for claiming that the coastal highway will tentatively cost N15.6 trillion.

Atiku also criticised Umahi for altering the initial plan of the project, alleging that it was also awarded to Gilbert Chagoury’s Hitech without any competitive bidding.

Umahi, who spoke on a live television programme in Lagos, debunked allegations that the project was awarded to the company out of favouritism.

He said the award followed the due process outlined in the Procurement Act, with considerations given to capacity, competence, and track record as mandated by law.

He alluded to Hitech’s successful projects like Eko Atlantic, which involved controlling the ocean, and previous concrete pavement road projects, saying that the company has a track record.

On the scope of the project, Umahi said: “We’re looking at 700 kilometers with two spurs, one from the Badagary section going to Sokoto and the other African Trans Sahara trade route from Enugu to Abakaliki, Ogoja, Calabar going to Cameroun.

“Phase 1 of 700 kilometers that comes in multiple sections. Section 1 is starting from Zero Point and up from Ahmadu Below Way to Lekki Deep Seaport enough is 47.47 kilometers.

“We have Section 2 that we have already procured. It has been approved by the Bureau of Public Procurement (BPP) waiting to be approved by the Federal Executive Council (FEC), and that is about 55 kilometers, running from Lekki Deep Seaport going into the border between Ogun and Ondo States.

“We are finalizing the design of Section 3 which is from the end of the project in Calabar, rolling towards Akwa Ibom that is about 65 kilometers.

“So, multiple sections will also come up as we go along but each of these sections, like Section 1 is 36-month duration but it’s going to run independent of Section 2.

“Section 2 is going to run independent of Section 3. That is how the road is going to be? And how long it’s to take, by God’s grace, within eight years of this administration. But the first phase we’re talking about should finish before 2027. 36 months is projected but Hightech is going to complete it before then.”

The minister also clarified that the project was not envisaged by the Federal government under the Public Private Partnership (PPP), but under the Engineering Procurement Construction Plus Finance (EPCF) where the Federal government is required to pay a counterpart fund for the execution of the project

Read Also: 700km Lagos -Calabar Coastal Highway ready in seven years-Umahi
He said the coastal highway was not the first under such arrangement citing the Abuja-Makurdi highway and the Markurdi to Night mile, Enugu road handled by China Harbour where the Federal government paid 15 per cent counterpart fund for the completion of the projects.

He said the project is an EPC plus F project by Hitech, which was initiated by the President when he was the Lagos State governor, is funded by the African Development Bank (AfDB).

According to him, Tinubu at that time procured the Right of Way and gazetted it.

He said: “I also have to pay counterpart funding but I took my counterpart fund to build some sections of the road. So part of what we are committing on Sections 1,2 and 3 funded by the Federal government is still going to fall under the percentage counterpart funding of the Federal government when negotiation is completed.”

Umahi said the only design by the Niger Delta Development Commission (NDDC), which the former Vice President relied on, was erroneous as the adopted design for execution by Hightech is standard gauge.

He said the figures presented by Atiku were erroneous due to a lack of knowledge of the new design while he ran with the NDDC design for the entire 700km.

He said with the new design, including the Right of Way, modifications were made to meet the standard gauge superhighway carriage way specifications.

He said the initial design was four lanes of carriageways while the train track was not provided for.

He said: “The one we are constructing has 10 lanes, about 23 shoulders, a total of 59 meters of concrete pavement and 23 meters of flexible pavement among others.

“When you run the figures, you’ll find out that under the former VP’s calculation, it is given that 19.% per kilometer. Now divide it by the 22-kilometer stretch they are doing which is about 2.225 times a standard superhighwacarriagewayay which is 11.54

“Whereas what we are doing, if you divide it you will get 5.167. So, when you now diivide, using 1.067, you will get about N4b per kilometer. If you go back to what he (Atiku) has quoted, you will get about N8.something.

“So, using concrete which should be more expensive because of the kind of terrain we have and using flexible pavement which shouldn’t stand the coastal road, you’ll find out that our cost is N4b per kilometer, instead of the N8b he quoted.

“This is an upgraded version of the road with much improvement because what they had before was just a 60-millimeter binder cost and the 40-millimeter wearing costs which is far below the standard of the project of this nature.

“Even at that, when we compare the cost of a similar project, Boddo-Bonny five years ago was about 5.123b per kilometer done on flexible pavement.

“This one has multiple flyovers, multiple bridges among others, so it is the most economical”.

The minister also disclosed that the project would come at no job loss to the communities along the corridor.

He said the fears expressed by an investor, Landmark, that its tourist property would be demolished were not justified because the property was not affected.

Citing the law, Umahi said the 250 meters to the shoreline belong to the government and that 50 meters have been provided which allowed the property and others to avoid demolition.

On tolling the highway, Umahi confirmed that there will be toll gates,.

He said: “In fact, Section 1, which is the most economically viable, I estimate that about 50,000 vehicles per day on the average of N3,000 and we have two points within the 47 kilometers which will net off the cost of the project within 15 years.”

He also confirmed that the project was appropriated in the 2024 budget, even though a figure of N1.067 trillion would not be seen under it, to confirm the buy-in of the National Assembly having followed all due process.

Umahi however, added that the funding of the Federal Government’s part of the project would be sourced from the Infrastructure Fund.

However, Atiku insisted that the Federal Government has more explanations to make on the project.

He said: “Umahi had announced that the project would be fully funded by Hitech, and based on this, there was no competitive bidding. He (Umahi) then turned around to say that Hitech could only raise just 6% of the money for the pilot phase. This smacks of deceit.

“The total budget of all 36 states of the federation for 2024 stands at about N14 trillion. If you add that of the FCT, the entire budget of all sub-nationals is N15.91 trillion. This is scandalous. Worse still, they have already awarded the contract but are still not sure of the level of the counterpart funding component of the federal government!

“Umahi had said in September 2023 that Gilbert Chagoury’s Hitech had the money to construct the highway and that it would be PPP. Hitech was to build, operate, and transfer it back to the Nigerian government after years of tolling.

“It was reported by every media organization, including those owned by Tinubu. It was on the basis of this proposal that Hitech was picked. Why did Umahi then turn around to claim that it was not to be a PPP but that the government would pay 15%-30%?”

He added: “Although the National Assembly approved N500m for the project this year, the Tinubu administration has released N1.06tn. That is more than 200 times what is in the Appropriation Act. This is what happens when the National Assembly fails in its duties.

“If N15.6 trillion is for the road component alone, then the total cost could be far higher when the railway is included. We want to know the cost of the railway.”

Nollywood actor, Jamiu Azeez has revealed that he battled with depression for some time.

According to him, he was depressed for over two years due to the downturn of his career and finances.

In a post via his Instagram page, the actor revealed he had suicidal thoughts because he felt lost and didn’t know who to confide in.

Azeez said the past two years have been a whirlwind for him, but he was afraid to seek help due to his fear of mockery.

He further expressed appreciation to his colleague, Toyin Abraham, who gave him relieved after a conversation with her.

He said, “Mummy Ire, @toyin_abraham, I know this might catch you off guard but I simply had to do this. You over looked the fact that we don’t really talk but you shown me so much love and gives me an assurance that everything is going to be fine.

“The past two years have been a whirlwind for me like I’ve been losing everything, even my Mind. Thoughts of suicide have been ringing in my head.

“The fear of being mocked kept me silent. Nothing seemed to work, and I felt lost, unsure of who to confide in.

“But the truth is, I grew tired of putting on a brave face and pretending to be okay.

“So, yesterday, I mustered the courage to reach out to @toyin_abraham and her response left me speechless. I feel compelled to express my deepest gratitude openly.

“I’ve prayed for her countless times but now I ask for your prayers too, please help me pray for @toyin_abraham and her family.”

The immediate past Director-General of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, has raised concerns about allegations of ‘predatory pricing’ by foreign airlines against Nigeria’s Air Peace.

The accusations come as Air Peace recently commenced its Lagos-London route, slashing economy class fares by approximately 66 percent.

Irukera, speaking exclusively with The ICIR, emphasized the need for the Nigeria Civil Aviation Authority (NCAA) and FCCPC to urgently investigate the claims made by Air Peace’s chairman, Allen Onyema. “When you go below market price, knowing that any competitor who doesn’t have the financial muscle or market share than you will not survive is called ‘predatory pricing’,” Irukera explained. “In most cases, those competitors die off, and the other competitor comes in to muscle the market.”

The former FCCPC head urged all relevant government agencies to examine the issues and service provisions to ensure that Air Peace is not pushed out of the market. He called for the FCCPC, in alliance with the NCAA, to invoke the provisions of section 112 of the FCCP Act, which prohibits excessive or manifestly unjust and unreasonable pricing.

Findings by The ICIR revealed that foreign airlines have started crashing their airline ticket prices below those of Air Peace for the Lagos-London route, with some selling economy tickets for as low as ₦700,000. Analysts observe that the emergence of Air Peace on this route has threatened the profit margins of these foreign airlines, potentially leading to a “price war” aimed at crippling the Nigerian carrier.

Former Senator Shehu Sani also shared his concerns, explaining that foreign airlines are crashing their prices because of Air Peace’s competitive fares. The global civil aviation market, worth around $842.71 billion in 2022, is predicted to grow to approximately $1.631 trillion by 2030, with a compound annual growth rate of 8.62 percent between 2023 and 2030.

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As the situation unfolds, the Nigerian government and its regulatory bodies are called upon to investigate the allegations of predatory pricing and ensure fair competition in the aviation industry, protecting the interests of both domestic and international airlines operating in the country.

The National Identity Management Commission (NIMC) has inaugurated a new card with a lot of features including payment functions for all types of social and financial services.

According to NIMC, the card will solve the demand for physical identification enabling cardholders to prove their identity, and access government and private social services.

NIMC said the card which is the initiative of the President Bola Tinubu-led administration was designed in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System, and will be powered by a national domestic card, AfriGO.

With this NIMC card, Nigerians have the opportunity to be holders of a multipurpose National ID card that can serve the purpose of identity verification, payments, and even government services.

Meanwhile, the NIMC has released the details of how to apply for multipurpose card

According to NIMC, the card will also be enabled for the eNaira in compliance with the EMV operational and security standards.

How to apply for new NIMC card

1. Visit the nearest bank or bank-approved centre and demand the payment card uperimposed on your identity.

2. Provide NIN details for identity verification and proof of a minimum age of 18 years.

3. The bank sends the NIN to NIMC and receives relevant authorised identity data in the specified format.

4. The bank uses the verified identity data to securely prepare the standard Europay, Mastercard, and Visa (EMV) data for the card before getting it personalised and printed on by a partner bureau.

5. After which the bank will issue the finished card to the person who requested it.

What not to do with new NIMC card

Holders are advised not to give out photocopies or scanned images of the card bearing sensitive payment details, to unauthorised parties.

NIMC said while the user’s NIN is not visible on the card, it can be accessed by scanning the QR code on the card.

The commission noted that only citizens who have a National Identification Number (NIN) can obtain the cards

The Minister of Power, Adebayo Adelabu, has apologised to Nigerians for saying that they keep freezers on for days due to low electricity tariff.

“Anything we have said that are considered offensive, we are sorry about that,” Adelabu said with slight remorse on Channels Television’s Politics Today on Thursday.

The minister had come under fire by many Nigerians in the last one week for his comment which was considered offensive.

Adelabu had told journalists in Abuja on April 4, 2024 that Nigerians lack the culture of electricity consumption management because of “cheap” power supply.

He had made the statement after the government announced tariff increase for Band A consumers. The minister’s comment generated outrage with some persons calling for his removal.

However, Adelabu, on Thursday, expressed regret over his comment, saying it “was never intended to insult the sensibilities of Nigerians in anyway”.

“It was an innocent advice with regards to energy consumption management which we believe will go a long way in reducing people’s energy bills. And that advice was directed at those that we believe that because of the recent increase in tariff will start enjoying 20 hours of power per day,” he said.

The Nigerian Electricity Regulatory Commission (NERC) had on April 3, 2024 raised electricity tariff for customers enjoying 20 hours power supply daily. Customers in this category are said to be under the Band A classification.

The increase will see the customers paying N225 kilowatt per hour from the current N66, a development that has been heavily criticised by many Nigerians, considering the immediacy of the tariff hike and the current hardship in the land.

The minister subsequently said the new electricity tariff hike would only affect only 1.5 million of the about 12 million consumers in the sector.

With the successes recorded by President Bola Tinubu administration’s intervention in the foreign exchange market and resumption of full operations by the refineries, a stronger Naira should be achieved by the first quarter of 2025.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who made the projection in a brief to State House Correspondents in Abuja on Thursday, said the policy revitalisation in the foreign exchange market is aimed at strengthening the Naira in currency markets.

Ngelale, however, noted that the recent successes in foreign exchange market are not enough for the nation to rest the policies and other efforts to strengthen the Naira.

He further noted with the various refineries, public and privately-owned, resuming full operations and capacity between now and the first quarter of 2025, the position of the Naira should become stronger and reflect on prices of market commodities.

“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board.

“The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.

“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place.

“Once you join the rising spending power of Africa’s population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” he said.

The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1, 238.17 per dollar.

This represents a 6.8 per cent decrease compared to N1,246.66/$ displayed on April 8.

The rate adopted by customs was observed yesterday.

It fell below the official foreign exchange rate, which closed at N1,248.5/$ on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On Monday, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of N1,101/$.

The bank reduced its rate for dollar allocation to BDCs from N1,251/$ announced on March 25.

To further strengthen the naira, the financial regulator also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.