President Bola Ahmed Tinubu has appointed Shamsedeen Babatunde Ogunjimi as the new Accountant General of the Federation, following a rigorous and merit-based selection process. 

According to a statement issued on Tuesday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, his appointment takes effect on March 7, 2025, the same day the incumbent, Oluwatoyin Madehin, is set to retire.

Ogunjimi, 57, was first named as Madehin’s successor in December 2024. 

His selection was later confirmed through a competitive process, overseen by a dedicated committee. 

The evaluation process included a written assessment, an ICT proficiency test, and oral interviews, with only the most qualified candidate emerging at the end.

The president’s decision underscores his administration’s commitment to transparency, excellence, and competence in key public service appointments.

Ogunjimi brings a wealth of experience to the role, holding a Bachelor of Science in Accountancy from the University of Nigeria, Nsukka, and a Master’s in Accounting and Finance from the University of Lagos. 

He is also a fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

Congratulating the new Accountant General, President Tinubu urged him to carry out his duties with integrity, professionalism, and dedication to national service.

Ogunjimi’s appointment is expected to further strengthen fiscal accountability and efficiency in government financial management, in line with the administration’s commitment to good governance and economic reforms.

[TheNation]

The House of Representatives has directed Multichoice, the operator of DStv and GOtv, to halt its planned subscription rate increase, citing the prevailing economic hardship in the country.

The Pay-TV provider had recently announced a price adjustment effective from March 1, with the DStv Premium package rising from N37,000 to N44,500, while Compact+ subscribers would pay N30,000 instead of N25,000. The Compact bouquet would also increase from N17,000 to N19,000.

The directive followed a motion moved by Esosa Iyawe, an All Progressives Congress lawmaker from Edo State, during plenary on Tuesday.

Iyawe said, “Multichoice recently announced a hike in subscription rates across all its packages, citing rising operational costs. However, this marks the second increase in less than a year, with the last adjustment made in May 2024.”

He noted that the previous hike triggered widespread public outrage, with many Nigerians, already grappling with economic challenges, abandoning their decoders due to a lack of competition in the pay-TV sector.

“Multichoice’s dominance in the market means any price increase has a widespread impact, putting consumers under undue financial pressure,” he added.

Following the adoption of the motion, the House resolved that Multichoice should suspend the proposed hike pending a thorough investigation.

The lawmakers also mandated the Committee on Commerce to probe the recurring increases in subscription fees, to ensure cost-effective policies for Nigerian consumers.

The committee was given four weeks to submit its findings.

[Punch]

Seyi Tinubu, son of President Bola Tinubu on Monday, March 3, 2025, joined the Kano State chairman of the New Nigerian Peoples Party (NNPP) Hashimu Dugurawa and residents of the state to break the third-day Ramadan fast.

During the fast-breaking occasion, which took place at Al-Furqan Mosque in the Kano metropolis, Tinubu unveiled a feeding programme for the less privileged in the state. 

The programme is said to be part of Seyi Tinubu’s Renewed Hope Youth Engagement initiative for vulnerable groups.

While unveiling the initiative Tinubu emphasised the importance of social welfare particularly during the Ramadan period, and also stressed his commitment to initiatives that uplift the less privileged and foster national unity.

Earlier, the President’s son had paid a courtesy visit to the Kano-based business mogul, Alhaji Aminu Dantata at his residence.

He also paid a visit to the State Governor, Abba Yusuf, after which he broke fast with residents of the state at the Amani Event Centre.

Vanguard News

United States President Donald Trump has announced plans to halt federal funding for colleges, schools, and universities that permit “illegal protests”.

In a post on Truth Social, Trump also warned that protesters could face imprisonment, while foreign students involved in demonstrations risk deportation.

He said protesters who are American students would be expelled from the school based on their offence.

“All federal funding will STOP for any College, School, or University that allows illegal protests,” Trump wrote.

“Agitators will be imprisoned/or permanently sent back to the country from which they came. American students will be permanently expelled or, depending on on the crime, arrested. NO MASKS! Thank you for your attention to this matter.”

The announcement has sparked widespread debate across the US political landscape.

Supporters argue that the measure will help maintain order on campuses and prevent disruptions, while critics warn it could undermine free speech and disproportionately target specific groups.

The White House has not yet provided further details on how the policy would be implemented or what constitutes an “illegal protest”.

[TheCable]

I was initially going to predicate this piece on notable developmental milestones I’ve followed in recent weeks and months, in some states in Nigeria’s South. Indeed, in two separate treatises, I’ve interrogated the endeavours of Chukwuma Soludo, Alex Otti and Umaru Bago of Anambra, Abia and Niger states. I’ve been enamoured by reports of advancements in sectors such as agriculture, infrastructure, investment and security among others, coming from the nation’s global South. You often get this feeling of positive peer rivalry between some states especially those below the Niger and Benue rivers, as they strive to improve the lots of their constituents, while also etching their imprimatur on the sands of time. It became imperative, however, to restructure my thoughts in the wake of certain very contemporaneous happenings, especially in the North, and juxtapose them with news from the South.

In August 2024, I wrote a piece titled The North of Nigeria after the Protests. It was my reaction to the thoughtlessness and idiocy manifested in parts of the North during the 10-day “hunger protests.” Internet videos and visuals are replete with the mindlessness which characterised youth outings those few days of insanity. Multibillion naira public properties and private investments were wilfully attacked, looted and vandalised. Road infrastructure including concrete pallets laid over public drainages were chiselled with axes just to steal the steel meshes binding and solidifying the platters. About a dozen fatalities were recorded between Borno and Niger states, as security personnel attempted the containment of the ensuing mayhem. Elsewhere, the Nigerian Police received plaudits for its demonstrated professionalism in the management of the fracas, mitigating injuries and minimising casualties, even as swarms of brigands held sway those days of utter madness. You watched these jarring scenes on national and global television and couldn’t but ask yourself: What ends were such barbarity, such primitivity meant to serve?

The hunger protests were also observed in parts of the South. But there was greater circumspection and decorum than was witnessed in many theatres of bedlam in the North. Indeed, governments in many states in the South were proactive. Authorities cautioned before the dates scheduled for the protests, that lawlessness in the form of unruly and riotous protests and processions will not be condoned within their boundaries. The October 2020 #EndSARS protests which snowballed into shootings of the processions by the Nigerian Army, remain fresh in popular consciousness. Amnesty International reported at least a dozen deaths from that incident, despite rebuttals by the Lagos State Government and the military authorities.

The government of Kano State in its 2025 budget, has made provision for the conduct of mass weddings. The sum of N2.5 Billion has been earmarked for the quarterly mass wedding programme across the 44 local government areas of the state. The administration of Governor Abba Kabir Yusuf, invested N854 million on the mass wedding of 1,800 couples in 2023. Kebbi State Governor, Nasir Idris, recently committed N54 million on the wedding of 300 couples in his state. Budget and Economic Planning Minister, Atiku Bagudu who attended the programme, availed each couple N50,000 as “startup.” Mai Mala Buni, the governor of Yobe State, has also accommodated mass weddings as a major project in the 2025 budget of his state. Immediate past President of the Senate, Ahmed Lawan who is also from Yobe State is also reputed to have sponsored mass weddings in his catchment area, ostensibly as part of his “constituency projects.”

Ahead of the Ramadan fast which began Saturday March 1, 2025, a number of state governments in the North, shut down educational institutions, especially primary and secondary schools. The closure is for a period of five weeks which is the duration of the fasting season. Beginning with Bauchi State in the North East, states in the North West including Kano, Katsina, Kebbi and Zamfara, have promptly followed suit. The various governments have proffered that the closures are to ensure focused and unimpeded observance of the Ramadan by the entire gamut of the peoples and populations of their various entities. These school closures have not taken into account the conveniences of non-Muslim students who are also students in these various states.

Before the wholesale mismanagement of Nigeria’s sociocultural diversities by particular leaderships, especially the eight-year regime of former President Muhammadu Buhari, Nigerians had always been very adventurous. They quested socioeconomic opportunities beyond the perimeters of their traditional origins. This has been said to have accounted for the flattening of Bola Tinubu in his home state of Lagos during the 2023 presidential election which brought him into office. Indeed, a specific settler-ethnicity in Lagos, was fingered for that near electoral humbling of the President. The academic calendars of many of the northern stares under discourse, have reportedly been tweaked to ensure the reopening of schools after the Ramadan-induced forced break.

While parts of the North are prioritising the observance of a religious obligation over and beyond every other consideration, the Nigerian Bureau of Statistics, (NBS), reminds us that the core North has the highest numbers of out-of-school children. Urchins, more famously known as almajiris in tens of thousands are permanently resident on the streets of several northern towns and cities, clutching begging bowls. The North is equally notorious for the high prevalence of child marriages, where clearly and visibly underage girls are married off to men old enough to be the age of their grandfathers. This accentuates the very high occurrence of Vesico-Vaginal Fistula, (VVF), among young northern females. Even if comprehensive health education were to be available for young girls, pervading illiteracy remains inimical to orientation and reorientation to stem the trend.

Nigeria’s core North remains averse to the trade and consumption of beverages of certain brands. Yet they desire the perpetuation of the fiscal allocation status quo, which privileges them higher dividends from national Value Added Tax, (VAT), than southern states which actually generate the chunkier taxes. Members of the Hisbah corps which enforces the Shariah are videoed regularly destroying huge consignment of alcoholic drinks, crippling the businesses of traders in such beverages. This is just as Saudi Arabia the global exemplar of Islamic religion, has relaxed its laws on alcohol. Non-Muslim diplomats can now procure and savour alcohol stuff. This is a major shift from the total ban on alcohol, which has been in place since 1952. The original law against alcohol provided for the prosecution and incarceration of offenders, while foreigners were summarily deported.

Down South, many governors and governments are pursuing visionary projects to impact on the well-being of their people. Governors Babajide Sanwo-Olu of Lagos and Seyi Makinde are investing massively in agricultural development to ensure sustainable food sufficiency and security. Surpluses will be warehoused in silos and storages, while overflows will be sold. Among other initiatives, Lagos State is partnering with the Origin Tech Group, to develop a five-year agricultural strategic plan. For starters, the partnership has initiated a Food Logistics Hub in Epe, Lagos State. Part of the plan is to gradually develop 4.2 million square metres of an agricultural village. A 60-kilometre network of roads are to be built in the settlement out of which about 30% is ready. It is a measure of the seriousness behind this plan, that a five-storey administrative block; a sprawling parking area capable of taking 1,500 trucks per day; a weighbridge, cold and dry storage areas, are already in place.

Makinde has revisited the hitherto moribund Fashola Farms Estate which used to be the epicentre of agricultural development in the primordial Western region. The luminous project which runs into several kilometres, sits between Oyo and Iseyin, Makinde has rechristened it the Fashola Agricbusiness Industrial Hub. Investors are expressing interest in cultivating a myriad of crops, notably cassava, maize, soybeans, cowpeas, tomatoes, banana and even dairy production. Well over N11 Billion has been committed to revamping the primordial farm with the provision of road infrastructure, factories and warehouses, among other structures. At least a dozen companies have already been established in the agribusiness zone, including Friesland Campina West African Milk Company Ltd, (WAMCO), and Brown Hill Farms Ltd, which is cultivating vegetables by deploying the Green House model.

Governor Dapo Abiodun of Ogun State, has identified over 12,000 hectares of arable land in his state, out of which the cultivation of 200 hectares last year, returned exponential yields. Abiodun at the harvest of rice from the demonstration farm located at the Magboro rice farm in Obafemi Owode local government area, boasted that Ogun State could conveniently feed the whole country. The pilot project yielded 1400 metric tonnes of rice, equivalent to 20,000 bags of milled rice, capable of gifting farmers with returns of N1Billion naira every quarter of the year. A cargo airport has been developed by the Abiodun government and approval secured from President Tinubu for the physical area of the airport to serve as a Special Agro-Cargo Processing Zone and a Free Trade Zone. The project has the potential to create about 50,000 direct and indirect jobs.

Who will grow or provide on a sustainable basis, the food which will feed the newly weds in Kano, Katsina, Kebbi and elsewhere? Who will cater for the almajiris, dan iskas and yan dabas being bred like rabbits out there, who have unwittingly become human furniture on northern streets? Mass weddings, early marriages, school closures for the observance of religious rites, freewill breeding of children without a plan for their futures, are not the pathways to socioeconomic progress. True, members of the elite like the senior parliamentarian representing Doguwa/Tudun Wada federal constituency in Kano, Ado Doguwa, may have four wives and 28 children. He is a fifth-term member of the legislature who has been Chief Whip and Majority Leader, respectively. Not everyone from his part of Nigeria, however, is as fiscally fortunate as he is.

As things stand today, the core North cannot aspire to catchup with, let alone overshoot the multisectoral mileages already attained by the South. It needs pursue immediate, intentional and conscientious rethinking, reorientation and recalibration, to get off the starting blocks.

Olusunle, PhD, Fellow of the Association of Nigerian Authors, (FANA), is an Adjunct Professor of Creative Writing at the University of Abuja.

Bitcoin and other major cryptocurrencies surged Sunday after President Donald Trump announced plans for a U.S. crypto reserve that would include XRP, Solana, and Cardano. His initial post on Truth Social did not mention Bitcoin, leading to speculation, but he later clarified, stating, “And, obviously, BTC and ETH, as other valuable cryptocurrencies.” Bitcoin briefly neared $95,000, while Ethereum surpassed $2,500.

By Monday, the market rally had faded. Bitcoin dropped nearly $4,000, falling below $90,000 before recovering slightly to $90,529. At one point, it hit $86,366, down 5.69%. Ethereum slipped to $2,192, Solana to $148, and XRP to $2.47. Cardano, down to $0.90, remained one of the few cryptocurrencies in the top 10 showing gains over the past week, rising 24% in seven days.

The sell-off coincided with broader declines in traditional markets. The S&P 500 and Nasdaq fell amid concerns over Trump’s trade tariffs, which are set to take effect Tuesday on Canada and Mexico, with additional measures targeting China. Nvidia’s stock dropped more than 6%. Gold, in contrast, gained 1.66% to $2,895. Inflation worries and trade policy uncertainties contributed to the downturn, overshadowing Sunday’s crypto surge.

Mark Connors, chief investment strategist at Risk Dimensions, suggested that Trump’s comments may have been an attempt to set a positive tone ahead of a White House crypto summit scheduled for Friday. “Last month’s poor market sentiment remains unchanged,” he said, pointing to ongoing macroeconomic pressures.

The sharp price swings triggered $661 million in futures liquidations over 24 hours, wiping out $517 million in long positions. Bitcoin saw the largest liquidations, at $220 million, followed by Ethereum at $131 million. Solana, XRP, and Cardano were also heavily impacted.

Dogecoin, which was not included in Trump’s crypto reserve plans, also dropped, losing 9% to trade at $0.206. The overall crypto market is down 8% in the past day as excitement over Trump’s reserve announcement gave way to concerns over broader economic challenges.

[Coin Market Cap]

Former international Julius Aghahowa has backed the Super Eagles to beat the Amavubi of Rwanda.

The Super Eagles must secure maximum points against the East Africans to revive their 2026 World Cup hopes.

The three-time African champions are winless in Group C with three draws and one defeat.

Rwanda beat Nigeria 2-1 in a 2025 Africa Cup of Nations qualifier in Uyo last November.

Aghahowa is however confident the Super Eagles will triumph this time around.

“I am confident if they go in to the game with the right mentality, they will win in Rwanda,” the former Super Eagles striker was quoted by SCORENigeria.

“The boys are on top form, their talent is never in doubt, but they have to work on their mentality when they play for the country.

“Some of them see playing for the Super Eagles as a holiday, but if they gave 120% for Nigeria, we will get the result we need.”

[DailyPost]

Nigeria, alongside nine other African countries, accounts for 69 per cent of the continent’s total external debt stock, according to a new report by the African Export-Import Bank (Afreximbank).

The report, African Debt Outlook: A Ray of Optimism, highlights Nigeria’s significant debt burden, placing it among the top three most indebted countries, with 8 per cent of Africa’s total external debt.

It identifies South Africa as the largest debtor with 14 per cent of Africa’s external debt, followed by Egypt at 13 per cent.

Morocco and Mozambique each account for 6 per cent, while Angola holds 5 per cent. Kenya and Ghana have 4 per cent each, and Côte d’Ivoire and Senegal hold 3 per cent each.

The report attributes the high levels of debt to external borrowing driven by underdeveloped financial markets, volatility in foreign exchange earnings, and the need for infrastructure financing.

It read, “In the first half of 2024, ten African nations constituted 69 percent of the continent’s total external debt stock, up from 67 percent in 2023. The countries leading this metric are South Africa (14 percent), Egypt (13 percent), Nigeria (8 percent), Morocco (6 percent), Mozambique (6 percent), Angola (5 percent), Kenya (4 percent), Ghana (4 percent), Côte d’Ivoire (3 percent), and Senegal (3 percent).” 

Nigeria’s debt burden in context 

Nigeria’s share of Africa’s external debt highlights its reliance on international borrowing to finance budget deficits and critical infrastructure. The country has consistently accessed Eurobond markets, concessional loans from multilateral institutions, and other external financing options to bridge revenue gaps. Afreximbank estimates Africa’s total external debt stock at $1.16 trillion in 2023, with projections indicating an increase to $1.29 trillion by 2028.

Nigeria remains a key player in international capital markets, issuing a $2.2 billion Eurobond in December 2024 to manage debt obligations.

The report highlights the increasing role of private creditors in Africa’s debt structure as multilateral institutions like the World Bank and IMF scale back lending.

With private creditors offering higher-yield instruments, many African governments, including Nigeria, are turning to Eurobonds to finance fiscal shortfalls. While this approach provides immediate capital, it also carries risks, as commercial borrowing tends to come with higher interest rates and shorter maturities than concessional loans.

The report classifies Nigeria’s debt risk as “moderate” alongside South Africa and Morocco. However, it warns of rising external borrowing costs amid tighter global financial conditions. Africa’s average cost of borrowing surged to 8.2 per cent in 2024, significantly higher than the stable 5.4–6.3 per cent range observed between 2008 and 2019.

With interest payments accounting for an increasing share of government revenue, Nigeria faces additional fiscal pressures.

Afreximbank highlights that in 2024, the ratio of interest payments to government revenue in Africa peaked at 27.5 per cent, up from 6.8–19 per cent in previous years. This mounting debt service obligation continues to strain budgets and limit fiscal flexibility.

A changing debt landscape and optimistic projections 

Despite the rising debt burden, Afreximbank maintains an optimistic outlook, forecasting a gradual decline in Africa’s debt-to-GDP ratio from 69.9 per cent in 2024 to 61.7 per cent by 2028.

For Nigeria, improved fiscal management, economic diversification, and enhanced access to capital markets are expected to help stabilise its debt trajectory.

Favourable macroeconomic conditions, stable interest rates, and improving credit ratings are cited as factors that could ease debt concerns across Africa.

The report notes that countries such as Ethiopia, Sudan, and Zambia have benefited from debt restructuring under the G20 Common Framework and the Paris Club, a model Nigeria could explore if necessary.

Global monetary easing is another factor shaping the outlook for debt. The U.S. Federal Reserve and other major central banks have begun reducing interest rates, a move expected to lower borrowing costs for African economies, including Nigeria.

While Afreximbank presents an optimistic medium-term outlook, it also outlines risks that could undermine debt sustainability. Weak domestic revenue mobilisation remains a major challenge for Nigeria, given its dependence on oil revenues, which exposes the country to external shocks.

The country’s high fiscal deficits necessitate further borrowing, increasing exposure to global interest rate fluctuations. Currency depreciation remains another risk, as a weaker naira raises the cost of servicing external debt.

Afreximbank recommends that countries adopt stronger debt management strategies, including improving tax revenue collection, engaging with debt relief frameworks, and diversifying the economy by investing in manufacturing, agriculture, and renewable energy.

The report also calls for reforms in the global financial system to ensure fairer lending terms and better access to concessional financing for African economies.

[Nairametrics]