… says Nigeria requires selfless, exemplary leadership

The Presidential Candidate of the Labour Party (LP), in the 2023 elections, Mr Peter Obi has said Nigeria requires selfless and exemplary leadership to surmount its socio-economic challenges in order to attain its full potential.

Obi explained that contrary to claims being made by the President Bola Tinubu-led All Progressives Congress (APC) administration, the socio-economic situation in our nation is worsening by the day under its watch.

The former Anambra State Governor said this at a press conference on the state of the nation in Abuja, on Thursday.

Obi said he was speaking from his position as a Nigerian who is interested in the progress of the country.

He said, “The political, economic and security situation of our country is worsening daily, despite contrary positions and claims by the government of improvement in different spheres of human endeavour.

“Our national challenges are visibly worsening. Our nation and its fortunes are in clear reverse. The indices are indicative of our decline, thus: Our national indices tell a disconcerting story Nigeria remains one of the poverty capitals of the world, with over 100 million people living in extreme poverty and more than 150 million in multidimensional poverty.

“The situation has deteriorated significantly over the past 18 months under the current administration.

“As a nation, we have fallen from being the largest economy in Africa, with a GDP of $574 billion and a per capita income of over $3,500 in 2014, to now ranking fourth on the continent.

“Our current GDP is less than 50% of what it was a decade ago, standing at approximately $200 billion, with a per capita income of barely $1,000.

“Nigeria remains one of the most insecure and least peaceful nations in the world, with countless communities and families displaced from their homes and now living in IDP camps.

“According to the Global Peace Index (GPI), Nigeria ranks 143rd out of 163 countries in terms of peacefulness – an indication of a high level of distress. Food insecurity has become our new national norm, making Nigeria one of the hungriest countries in the world.

“Gainfully employed and middle-income Nigerians now spend nearly their entire incomes on feeding, with some even resorting to borrowing just to eat.

“For those living on the margins – low-income earners and the unemployed – the situation is even more dire. The newly approved minimum wage of N70,000 cannot afford a bag of rice or even half a bag of beans.

“As a result, many Nigerians go to bed hungry, while a significant number now rely on palliatives and charitable support. Tragically, this has recently led to several avoidable deaths.

“Nigeria’s ranking on the 2024 Global Hunger Index is 110th out of 127 countries, reflecting a critical level of hunger and food insecurity in the nation.

“We have earned the dubious distinction of being one of the countries with the largest number of people without access to electricity.”

Obi said further, “In 2024, despite abysmal and unacceptable power generation and distribution, the frequency of National Grid collapse increased significantly, with the Grid failing 12 times in 12 months.

“As a result, we are now mockingly referred to as the “generator country.” This persistent lack of adequate energy supply continues to hinder our national development. Corruption, official malfeasance, fiscal profligacy, and the mismanagement of public resources continue to rise astronomically in our country, spreading across all spheres of government. Similarly, nepotism and the disregard for the Constitution, the rule of law, and due process have become the norm.

“Our national debt has risen astronomically, from approximately N15 trillion in 2015 to N100 trillion today. This sharp increase has occurred within the past 18 months under the current administration.

“Ironically, these borrowings are largely allocated to non-regenerative programmes and projects, leaving little to no tangible developmental assets to show for the debt, Inflation remains at an all-time high, businesses are collapsing, and manufacturing companies are barely surviving, further contributing to the already high unemployment rate.

“We hold periodic elections that are no longer genuine. Our electoral processes are visibly flawed, lacking transparency and credibility.

“Although Nigeria is a democratic country, the electoral processes fall far below acceptable standards, with the people’s votes often not counting.

“Suggestions on the way forward. From all indications, Nigeria urgently needs selfless and exemplary leadership across the three arms and tiers of government.

“However, this much-needed exemplary leadership must begin at the very top.

“Since the ultimate responsibility lies with Mr. President, I will direct my attention to him. Mr. President, present-day Nigeria aligns closely with Dr. Martin Luther King Jr.’s powerful words: ‘We are confronted with the fierce urgency of now. This is no time for apathy or complacency. This is a time for vigorous and positive actions.”

What I would have done differently

“Because we all love Nigeria and desire its prosperity, I would like to suggest some actions I would have personally approached differently.

“It is time to confront our national problems boldly, decisively, and with a sense of urgency. My suggestions are as follows: Commence a visible and verifiable reduction in the cost of governance to allocate much-needed resources to critical areas of development, such as security, health, education, and poverty alleviation.

“Aggressive and visible attention should be given to combating corruption effectively. While addressing past corrupt activities, we must ensure proper investigations and recoveries related to missing funds or their sources.

“The focus should be on eliminating current and future official malfeasance through increased transparency and accountability in public procurement and contract award processes, as well as thorough monitoring of execution to ensure that limited resources are efficiently utilized and applied productively.

“All future borrowing must be tied to regenerative investments and visible, productive assets that benefit the nation.”

This, he added will ensure both productivity and the ability to service and amortize such loans, rather than continuing the current practice of accumulating massive debt with no tangible returns, which places undue strain on future development revenue.

Reduce foreign travel, focus more on Nigeria

Addressing Tinubu directly, Obi said, “Mr. President, out of the approximately 580 days you have been in office, it is reported that you have spent over 30%, or around 180 days, on more than 30 publicly recorded overseas trips.

“My appeal is that you dedicate at least 20% of 2025 – roughly 72 days – to visit each of Nigeria’s 36 states for two days each.

“As President, such visits would give you the opportunity to better understand the dire economic and security situations across the country.

“Furthermore, it is time for you to visit our national hospitals. Consider, for example, that your next medical examination be conducted at one of our National Hospitals or Regional Federal Medical Centres, such as the FMC in Sokoto or Birnin Kebbi or Calabar or Umuahia or Akure, among others.

“This will allow you to assess the state of healthcare facilities available to Nigerians. It will also help you understand the condition of our hospitals and clinics, enabling you to make informed decisions on how to upgrade and make them efficient.

“Endeavour to travel by road to observe the condition of most highways. You can take short trips, for example, from Calabar in Cross River State to Uyo in Akwa Ibom State, a distance of less than 100 km, or from Benin in Edo State to Warri in Delta State.

“I recall taking President Olusegun Obasanjo on a trip from Awka to Onitsha on a federal highway when I was the Governor of Anambra State.

“That journey prompted him to immediately approve the reconstruction of parts of the road by the Anambra State government, with subsequent reimbursement by the federal government.

“Such actions are immensely valuable. Make both impromptu and planned visits to our tertiary institutions, where our children and future leaders are being trained, are essential to familiarize yourself with the available infrastructure, facilities, and amenities.”

According to Obi, such visits will provide valuable insight into whether the resources of the Tertiary Education Trust Fund (TETFund) are being utilized optimally and what is needed to sustain the education system.

He recalled President Shagari visiting the University of Nigeria, Nsukka, when he (Obi) was a student.

Obi quoted Shagari as telling students that,”I have seen the facilities myself, and I assure you of my intervention.”

He remembered vividly that Institutional facilities improved significantly after this visit because the President kept his promise.

Visit troops in their theatre of operations

Obi also advised Tinubu to “As Commander-in-Chief, visit our military formations and security agencies, especially during their field operations, and provide them with morale-boosting assurances and support for operational efficiency.

“Reiterate that they and their families will always be taken care of.Mr. President, many Nigerians are ‘refugees’ and ‘exiles’ in their own country.

“Visit various IDP camps and assure these Nigerians that they will soon return to their communities, and that you are working hard to restore peace and normalcy to the country. Nigeria is not a war-torn nation.

“The proliferation of IDP camps is a troubling sign. As President, you are no longer the Governor of Lagos State; therefore, consider spending your holidays in different parts of the country.

“Let your next Sallah, Easter, and Christmas holidays be spent in places like Adamawa, Sokoto, Jos, Akure, Yenagoa, or Abakaliki, among others.

“The single most challenging test you face is ensuring that future elections are credible and truly reflect the will of the people.

Speak more directly to Nigerians

“Finally, Mr. President, Nigerians need to hear directly from you, not through your proxies. Quarterly updates on what you are doing to improve the situation in Nigeria is crucial.God bless the Federal Republic of Nigeria.”

Recall that the LP candidate and his PDP counterpart, former Vice President Atiku Abubakar lost the 2023 presidential election to APC’s Tinubu.

Tinubu won in 12 of Nigeria’s 36 states, and also secured enough votes in several other states to claim the highest number of votes — 8,794,726, almost two million votes more than his closest rival — Atiku Abubakar of the PDP.

Atiku, who has run for the presidential seat a record six times, got 6,984,520 votes, while Obi, a first-time contestant, secured an unprecedented 6,101,533. NNPP’s Rabiu Kwankwaso, former Kano State governor, finished fourth, claiming victory in his state — Kano. He secured 1,496,687 votes.

An Osun State-based clergy, Bishop Shina Olaribigbe of Rapture Empowerment International, Osogbo, was in the early hours of Thursday stabbed to death while settling a fight between a couple.

Although details about the couple involved were not immediately available, security sources hinted to our correspondent that the woman fighting her husband was attending Olaribigbe’s church located around BCGA Area, where she served as an interpreter.

PUNCH Metro also learnt that the couple had a history of incessant fights, which made them live apart, even though they were not officially divorced.

The cause of the latest fight was however not known, but the late Olaribigbe, it was learnt, always mediated in their fights.

It was also gathered that the husband had gone to his wife’s residence in the early hours of Thursday and met Olaribigbe in the room, which infuriated him.

A source who attends Olaribigbe’s church, and craved anonymity for security reasons, admitted to our correspondent that, “It was in that anger that the man took a knife and stabbed the clergy in the chest. He died immediately. Olaribigbe had gone to the house to see the woman, who had been sick for some time.

“The man and his wife were immediately arrested and taken to the Dugbe Police Division in Osogbo, where they are currently being detained.

“The remains of Olaribigbe had been deposited at the morgue of UNIOSUN Teaching Hospital, Osogbo.”

While speaking with our correspondent,  the Osun Police Command Public Relations Officer, Yemisi Opalola, confirmed the incident.

Opalola said, “They are a couple but not living together. They are not separated by law yet. The Pastor (Shina Olaribigbe) used to settle the fight between the couple.

“We were told the pastor was at the wife’s place today when the estranged husband got there. We were also told the husband stabbed the pastor. We were also told the deceased was on the wife’s bed when the incident happened.

“The husband stabbed him several times and he died. It was learnt the husband acted on the suspicion that the pastor was sleeping with the woman.”

Meanwhile, grief-stricken friends and acquaintances of the clergy flocked his Facebook page to mourn him.

One of them, Oyeleye Isaac, wrote on the page of the deceased, “BREAKING AND VERY SAD NEWS, WE LOST ONE OF OUR HEROES, Bishop Dr Olaribigbe Greatness. Why! Why! Why?”

Another Facebook user, Mr Bimbo, in a post, wrote, “You called to wish me Happy Birthday yesterday.”

Former President Olusegun Obasanjo has revealed new details about Nigeria’s refineries’ woes, recounting failed efforts to privatise the plants and the subsequent alleged financial losses of about $2bn by the facilities under government management.

Obasanjo disclosed this on Thursday as the Nigerian National Petroleum Company Limited beckoned the ex-President to visit the recently revamped refineries for a tour.

The former President said his successor, Umaru Musa Yar’Adua, rejected a $750m offer from Aliko Dangote, Chairman of Dangote Group, to manage the Port Harcourt and Kaduna refineries in 2007.

Obasanjo spoke in an interview with Channels Television, on Thursday, highlighting the challenges faced with Port Harcourt, Warri, and Kaduna refineries during his presidency. 

The former president said the NNPCL was aware of its limitations in managing the nation’s refineries but still informed Yar’Adua that the oil company could operate the refineries — leading to his successor rejecting Dangote’s offer.

He said companies approached by the government to acquire equity in the refinery, expressed concerns about corruption impeding its operations.

“When I was President, I wanted to do something about the three refineries we have: Port Harcourt, Warri, and Kaduna. Aliko got a team together after I asked Shell to come and run it for us. And Shell said they wouldn’t. I said, please come and take equity, they said no. I said okay, don’t take equity, come and run it, they said no.

“Later on, I called them. I called the boss of Shell to come and tell me what the problem was and he gave me four or five reasons. He said, first of all, they make a major profit from upstream, not from downstream. He said they run downstream just to keep their head above water.

“Two, our refineries were too small: 60,000 barrels, 100,000 barrels, and I think 120,000 barrels. He said that at that time, the average refinery was going for 250,000 barrels.

“Three, he said our refineries were not well maintained. Fourth, he said that there was too much corruption around the activities of our refinery and they would not want to get involved in that.”

Obasanjo shared that after Shell’s refusal, Africa’s richest man, Aliko Dangote, assembled a team and paid $750m to operate the refineries through a public-private partnership.

“Aliko got a team together and they paid $750m to take part in PPP (Public–Private Partnership) in running the refineries. My successor refunded their money, and I went to my successor; I told him what transpired; he said NNPC said they wanted the refinery and they could run it, and I said, but you know they cannot run it,” Obasanjo stated.

The former President expressed confidence in Dangote’s ability to manage his privately owned refinery effectively, contrasting it with the government’s inefficiency.

Obasanjo also expressed frustration over the mismanagement of the refineries, adding that despite the amount spent on them since 2007 no results have been made.

“I was told not too long ago that since that time, more than $2bn have been squandered on the refinery and they still will not work.

“If a company like Shell tells me what they told me, I will believe them. If anybody tells you now that it is working, why are they now with Aliko? And Aliko will make his refinery work; not only make it work, he will make it deliver.”

On December 31, 2024, the Group Chief Executive Officer of the NNPCL, Mele Kyari, said the Warri Refining & Petrochemical Company in Delta State had commenced operations.

On November 26, the NNPC said the Port Harcourt refinery had officially commenced crude oil processing.

Obasanjo concluded with a Yoruba proverb, comparing inflated claims about the refineries’ performance to a farmer who planted 100 heaps of yam but falsely claimed to have planted 200.

“They say after he has harvested 100 heaps of yam, he will also have 100 heaps of lies. You know what that means,” he said.

NNPCL invites Obasanjo

However, responding to the claim, the NNPCL spokesperson, Femi Soneye, extended an invitation to Obasanjo for a sightseeing tour of the Port Harcourt refinery to verify its operational status.

Soneye in a statement, said, “We extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new NNPC Limited.”

Giving further details, Soneye explained that the NNPCL did not only carry out turnaround maintenance on the plant but embarked on a complete overhaul of the refinery to meet world-class standards.

He said, “As part of this transformation, NNPC Limited has gone beyond oil and gas to become an integrated energy company. One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company and Warri Refinery.

“This process was not merely the Turnaround Maintenance of the past but a full-scale overhaul designed to meet world-class standards. Similarly, we are currently conducting the same comprehensive rehabilitation of the old Port Harcourt Refinery and Kaduna Refinery.”

He added that NNPCL has evolved from being a government corporation to a private entity with limited liability.

He said owing to the transition, NNPCL has also moved on from being a loss-making organization to a profit-driven international energy firm.

“Under this new model, NNPC Limited has expanded beyond oil and gas to become an integrated energy company. Our focus is not only on harnessing traditional resources but also on developing cleaner, cheaper, and sustainable energy solutions to meet Nigeria’s growing demands,” the statement concluded.

The Academic Staff Union of Universities has expressed strong opposition to the Federal Government’s proposed removal of the education tax, describing the plan as a threat to the survival of Nigerian universities.

ASUU’s National President, Prof. Victor Osodeke, disclosed in an interview with The PUNCH that the union would meet with the two Ministers of Education, Tunji Alausa and Suwaiba Ahmad, this year to address this and other pressing challenges in the education sector.

He said the union had written to the Senate President, the Presidency, and other key stakeholders, warning that the implementation of the tax reform bill, which includes the proposed changes to the Tertiary Education Trust Fund, would jeopardise tertiary education.

Osodeke said, “The plan to eliminate the education tax should not stand. We have sent letters to the Presidency, the Senate President and other stakeholders as regards this.

“There is a need to adequately fund education. Education cannot be allowed to stay in the rot. As regards the challenges in universities, we have a meeting with the two Ministers of Education.

Though the dates have not been communicated yet, we will let you know when that is done.”

The proposed Nigeria Tax Bill 2024, currently before the National Assembly, seeks to reduce TETFund’s share of the education tax (referred to as the development levy).

Under Section 59(3) of the bill, only 50% of the development levy would go to TETFund, with agencies like NITDA, NASENI, and NELFUND receiving the remaining portions.

 By 2030, TETFund would receive 0% of the levy, significantly reducing its capacity to fund infrastructural development, postgraduate training, and research in public tertiary institutions.

ASUU has labelled the move illegal and vowed to resist any attempt to divert funds from TETFund to other agencies not recognised by the Act establishing the Fund in 2011.

In addition to the tax reform concerns, ASUU accused the government of failing to remove university academics from the controversial Integrated Personnel and Payroll Information System. The union has long argued that IPPIS does not suit the unique needs of the academic environment.

Osodeke said the meeting with the education ministers, though not yet scheduled, would focus on resolving challenges affecting the education sector.

For over 25 years, TETFund has been a critical source of funding for Nigerian public tertiary institutions, supporting infrastructural development, postgraduate training, and research capacity building.

ASUU maintains that any reduction in TETFund’s resources would undermine the progress made so far in the education sector.

Former National Vice Chairman of the All Progressives Congress APC, Salihu Moh. Lukman on Thursday gave an insight into the level of political reengineering and realignments ahead of the 2027 general elections, saying opposition leaders have commenced negotiations.

While he didn’t disclose the identities of those involved in the negotiations, he said they also include some “alienated APC leaders”.

In a New Year message issued in Abuja, Lukman however lamented that most Nigerian politicians are not disposed to competitive political culture, largely because they are driven by personal ambitions to contest elections.

He said; “While acknowledging that opposition political leaders, including alienated APC leaders have commenced negotiations towards producing alternative political platform, it must be also recognised that most Nigerian politicians are not disposed to competitive political culture.

“Largely because most politicians are driven by personal ambitions to contest elections, the default mindset is about imposition and manipulating processes to achieve personal ambitions. This must stop.

“We must remind all our political leaders that if they want to prove their altruistic value and demonstrate strong disposition towards rescuing Nigeria, therefore beyond the pretentious claims of subordinating personal ambitions towards the emergence of the new platform, opposition political leaders in the country should commit themselves to allow political competition in the country as the basis for the emergence of political leaders at all levels”.

The former Director General of the Progressive Governors’ Forum PGF added that opposition leaders must be reminded that so long as they approach the process of leadership selection in the country based on a strategy to impose themselves, they are also part of Nigeria’s problem.

“To Nigerians, we need to all wake-up and seek to take our destiny in our own hands. The source of strength and audacity of Nigerian politicians is derived from the docility and passivity of ordinary Nigerians. Once the majority of Nigerians concede politics as the monopoly or exclusive vocation of so-called politicians, the risk of undermining political competition and producing bad leaders with the attendant consequences of remaining in a permanent state of misery, disbelief and negativity will be high”, he stated.

Adanma Luke, the producer of the movie in which late actor Junior Pope was set to appear, has opened up about her battle with depression and suicidal thoughts following the tragic loss.

Pope tragically passed away on April 10 in a boat accident on the River Niger in Asaba, Delta State, while en route to a movie location.

The incident also claimed the lives of four other crew members, leaving the film industry in a state of shock.

In an Instagram post, the filmmaker described the aftermath of Pope’s death as “very dark,” sharing that she had considered suicide due to the intense backlash she received on social media.

She also revealed that the emotional toll led her to stop breastfeeding her three-month-old baby.

Adanma expressed profound gratitude for the support she received from movie producer Uche Nancy during this harrowing time.

She credited Uche for her unwavering emotional support and encouragement, which helped her cope with the overwhelming circumstances.

“With so much tears in my eyes, after so much pressure and expenses in April I reached out to this beautiful soul @uchenancy and she said Ada, don’t worry I dey for you. Just let me know if there’s more to do and i won’t abandon you. She spoke as if she was me and gave me instances of why i should stay alive and strong,” Adanma Luke shared.

“It lifted my soul even though I was contemplating suicide at that time and lost interest in whatever was happening and just needed to exit this world because it was indeed a very dark period for me. I had to stop breastfeeding in less than 3 months due so much sadness in my heart, depression, calls and hash words from families of the deceased and online fans.

“To be sincere I was online because my phone was the closest thing to me at that point. My mom took away my child so i don’t feed or breastfeed my child with sadness. I only come online to cry away my pains from the hurtful words being thrown at me and feel a little better from some good friends and fans who choose to love me regardless.

“Whatever I did or posted then was what my mindset was all about. Please help me say a kind prayer for this beautiful soul @uchenancy because she didn’t just help me with the huge financial support but also made sure I’m doing okay till now. I can’t end my 2024 without appreciating you my beautiful hardworking woman @uchenancy may God continue to bless you richly.”

The Labour Party’s presidential candidate in the 2023 general elections, Peter Obi, has called on President Bola Tinubu to set an example by utilising Nigeria’s healthcare facilities for his medical needs instead of travelling abroad.

Obi, a former governor of Anambra State, stated that such a move would encourage Nigerians to trust the nation’s health institutions and curtail the country’s long-standing issue of medical tourism.

But the ruling All Progressives Congress warned Obi not to incite Nigerians against President Tinubu, particularly with his claim that the President had failed to address the worsening economic and security challenges in his first 18 months in charge.

Speaking at a press conference in Abuja on Thursday, Obi urged the President to consider using facilities like the National Hospital in Abuja or any of the Federal Medical Centres across the country.

“It is time for you to visit our national hospitals. For instance, consider conducting your next medical examination at one of our National Hospitals or regional FMCs in Sokoto, Birnin Kebbi, Calabar, Umuahia, or Akure, among others,” Obi said.

“This will allow you to assess the state of healthcare facilities available to Nigerians. It will also help you understand the condition of our hospitals and clinics, enabling you to make informed decisions on how to upgrade and make them more efficient.”

In the past 18 months of his administration, President Tinubu and Vice President Kashim Shettima have collectively undertaken 42 trips across 27 countries, spending over 180 days abroad.

Tinubu alone has spent 124 days abroad, visiting 16 countries on 29 trips, prompting speculation that some of these trips, particularly to France, were for medical reasons.

Obi stressed the need for President Tinubu to take responsibility as a leader by addressing critical issues firsthand.

 He also urged the President to travel by road to experience the state of the nation’s highways.

“You can take short trips, for example, from Calabar in Cross River State to Uyo in Akwa Ibom State, a distance of less than 100 km, or from Benin in Edo State to Warri in Delta State,” Obi suggested.

He recalled a similar instance during his tenure as governor when he took former President Olusegun Obasanjo on a federal highway trip from Awka to Onitsha.

He said, “You can take short trips, for example, from Calabar in Cross River State to Uyo in Akwa Ibom State, a distance of less than 100 km, or from Benin in Edo State to Warri in Delta State. I recall taking President Olusegun Obasanjo on a trip from Awka to Onitsha on a federal highway when I was the Governor of Anambra State.

“That journey prompted him to immediately approve the reconstruction of parts of the road by the Anambra State government, with subsequent reimbursement by the federal government. Such actions are immensely valuable.

“Make both impromptu and planned visits to our tertiary institutions, where our children and future leaders are being trained, are essential to familiarize yourself with the available infrastructure, facilities, and amenities. These visits will provide valuable insight into whether the resources of the Tertiary Education Trust Fund are being utilised optimally and what is needed to sustain the education system.”

On political matters, Obi dismissed speculation about a merger with the Peoples Democratic Party or the New Nigeria People’s Party.

His clarification came two days after NNPP’s presidential candidate, Senator Rabiu Kwankwaso, denied knowledge of any such pact.

Obi emphasised that he had no formal agreement with any political party but rallied all lovers of democracy to unite and oust the ruling All Progressives Congress in 2027.

Reacting however,  in a statement by its National Publicity Secretary, Felix Morka, the APC accused Obi of hypocrisy, saying his New Year’s message is ‘misleading and appears intended to score cheap political points.’

Morka emphasised that the claim portrayed the former governor as a leading ‘doomsayer’ at a time when all indicators show the country is rebounding in significant measure across all sectors.

He said, “In reality, 18 months later, the economy under President Bola Ahmed Tinubu’s administration has shown a steady record of progress. Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The Nigerian naira weakened to N1,541.36/$ on the first day of trading in the New Year.

According to the NFEM rate data available on the website of the Central Bank of Nigeria, this is a 0.36 per cent depreciation compared to the closing rate of 2024 which was N1,535.82/$.

Some authorised dealers quoted the dollar at N1,545/$, an improvement compared to the N1,550/$ quoted on Tuesday while others quoted the naira at N1520/$ at the close of trading on Thursday.

At the parallel market, the naira closed trading at N1,655/$  compared to N1670/$ on Tuesday.

The naira had recorded a 40.9 per cent depreciation in 2024 when compared to the official rate at the close of 2023, which stood at 907.11/$.

The significant depreciation comes amid the CBN’s introduction of several foreign exchange policies aimed at enhancing market transparency and attracting foreign investors.

The latest reform was the introduction of the Electronic Foreign Exchange Matching System which set new guidelines for authorised Foreign Exchange dealers in December. This introduction saw the naira gain some semblance of stability.

Meanwhile, in the money market, the Nigerian Interbank Offered Rate experienced downward movements across all maturities, signalling liquidity in the banking system. However, the Open Repo Rate fell by 0.61 per cent to 26.69 per cent, while the Overnight Lending Rate decreased by 0.55 per cent to 27.25 per cent.

Trading in the secondary market for FGN bonds was subdued, resulting in a slight uptick in the average yield to 19.76 per cent. In Nigeria’s sovereign Eurobonds market, buy pressure across the short, mid, and long ends of the yield curve led to a  6 bps decrease in the average yield to 9.62 per cent.

Nigerians visiting Thailand can now apply for visas electronically.

The Royal Thai embassy in Abuja set the applications’ start date at January 1 after announcing they were no longer accepting physical applications.

The policy also applies to citizens of Ghana, Cameroon, Benin Republic, Central African Republic, Congo, Equatorial Guinea, São Tomé and Príncipe, and Chad.

In a statement, the embassy said all applicants must be residing within the aforementioned countries when applying for the visa.

 

The embassy said it has the right to cancel the visa applications should the applicants fail to provide evidence of their presence within the aforementioned countries.

“Travel booking confirmation must be provided upon submission of your visa application. This includes return flight details showing applicant’s name, departure and return date, all flights en route from the aforementioned countries to Thailand,” the embassy said.

“Upon receiving your application, it takes within 5 working days to get your visa.”

 

The embassy said the processing time can take longer in certain cases.

Intending travellers were advised to apply for a visa at least 4-6 weeks before the departure date but not more than three months before.

All applications must be completed online via www.thaievisa.go.th