NEWS
Cardoso Urges Stronger Economic Ties With Middle East

… Restates Commitment To Reforms, Diaspora Engagement
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has canvassed stronger economic ties with the Middle East and the Nigerian diaspora community in the region.
Speaking during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank – SAMA, on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh, Mr. Cardoso said there were lessons to be learned from Saudi Arabia in terms of infrastructural development and tourism.
According to him, Saudi Arabia’s dedication to diversifying its economy through innovative environmental projects, large-scale transformation, and tourism investment is essential for development.
Mr. Cardoso also reaffirmed his dedication to collaborating with the Nigerian Diaspora community in the Middle East to improve remittance flows and strengthen Nigeria’s financial sector. He stated that the Central Bank of Nigeria (CBN) will continue enhancing macroeconomic fundamentals to establish an enabling environment that will facilitate the growth of the private sector and the generation of high-quality jobs for Nigerians.
Responding, Mr. Talal Al-Humond assured Mr. Cardoso that the Saudi Central Bank will work with the CBN to ensure the attainment of mutually beneficial objectives.
Meanwhile, during a panel discussion moderated by the Director, Middle East and Central Asia Department, IMF, Jihad Azour, at the conference, Mr. Cardoso cited reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market, which had previously experienced a gap of up to 60% between the official and parallel market exchange rates. He noted that due to consistent policy direction, improved market confidence, and enhanced transparency in forex trading, the gap has significantly narrowed to approximately 4-5%.
Governor Cardoso also highlighted the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules. As a result of these measures, he reported that the country’s foreign reserves had exceeded $40 billion, marking the highest level in nearly three years.
He acknowledged that Nigeria had faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, which led to a loss of confidence in the country’s currency.
Upon assuming office, he stated that his team prioritised restoring confidence in the market by addressing the backlog of foreign exchange transactions and demonstrating a commitment to economic stability.
Cardoso emphasised that Nigeria implemented a tight monetary policy stance to tackle inflation and restore macroeconomic discipline. Over the past year, he explained that the Bank raised interest rates by 850 basis points and shifted away from quasi-fiscal interventions that had distorted the economy.
He stressed that Nigeria’s approach had remained firmly rooted in orthodox monetary policies, a stance that was consistently communicated to market participants.
Another significant reform, he noted, was the removal of the fuel subsidy, which, along with multiple exchange rate inefficiencies, had cost the country approximately 6% of its Gross Domestic Product (GDP) annually. He acknowledged that previous administrations had lacked the political will to remove the subsidy, but its elimination has had a profound positive impact on Nigeria’s fiscal outlook.
On financial sector reforms, he explained that the CBN had mandated banks to recapitalise to strengthen the financial system and build buffers to withstand future economic shocks. He noted that these measures had so far proven successful in bolstering the sector.
Addressing the broader global economic climate, he emphasised the importance of tailoring policy decisions to each economy’s unique needs. He recounted how Nigeria continued to tighten monetary policy even when global trends suggested otherwise.
Despite the initial skepticism , he noted that a year later, many financial practitioners and international colleagues recognised that Nigeria had made the right decisions based on its specific economic conditions.
Speaking on the actions required to enhance financial inclusion and the role of digitalisation and financial technology in mitigating potential risks, the Governor referenced Nigeria’s experience, where the financial inclusion rate currently stands at 74%. He stressed the critical need to expand this aggressively to ensure that economic growth benefits all segments of society. As the economy rebounds, he emphasised reducing disparities and ensuring broad-based financial access.
Highlighting digitalisation as a key driver in advancing financial inclusion, he stated that expanding mobile money services, leveraging technology and prioritising gender-focused initiatives due to the positive economic impact of empowering women across the African continent would significantly close the financial access gap, particularly for underserved populations.
He reaffirmed the CBN’s commitment to maintaining macroeconomic stability, sustaining policy consistency, and ensuring long-term resilience for the Nigerian economy.
The two-day event, which served as a key platform for addressing structural changes in the global economy and their impact on emerging markets, brought together policymakers and economic experts from across emerging markets. It was held in Al Ula, Saudi Arabia, from February 16 to 17, 2025.
NEWS
Ensure transparency, effective deployment of tax resources, NUJ, FCT Chair tells FG

Chairman of the Nigeria Union of Journalists (NUJ), Federal Capital Territory (FCT) Council, Comrade Grace Ike has called for transparency, accountability, and effective deployment of tax revenues to infrastructure development as part of the sweeping tax reforms under President Bola Ahmed Tinubu.
She spoke at the inaugural distinguished parliamentarian lecture organised by the House of Representatives Press Corps with the theme “navigating tax reforms in Nigeria: Insights on President Bola Ahmed Tinubu’s policies”.
The lecture was delivered by former Speaker of the House of Representatives are Chairman of the National Credit Guarantee Company Limiter Yakubu Dogara.
The NUJ Chairman said the tax reforms represent bold steps toward modernizing Nigeria’s fiscal system, broadening the tax base, and reducing over-dependence on oil revenues.
She said “Tax reform is pivotal to Nigeria’s economic growth, fiscal sustainability, and social development. Under President Bola Tinubu’s leadership, we are witnessing bold steps aimed at modernizing and strengthening our tax system”.
Ike commended the administration’s commitment, emphasizing that the success of the reforms depends on how well revenues are used to improve infrastructure and the quality of life for citizens.
“We must place emphasis on improved infrastructures, urging the government to deploy taxes effectively,” she noted.
The NUJ FCT Chair stressed the need for clear communication of the policies so Nigerians understand their rights and responsibilities.
She said the media has a central role in fostering dialogue and building public trust in the reforms.
“The media must provide accurate, unbiased information and foster public dialogue to build trust in these reforms. Transparency and accountability should guide every stage of implementation to protect the interests of all Nigerians,” she stated.
Ike also urged collaboration among all stakeholders, including lawmakers, the executive, civil society, and the media, to ensure the reforms deliver tangible benefits.
“Our collective goal must be a Nigeria with a robust economy, where tax policies contribute to sustainable development and improved quality of life for every citizen,” she added.
She commended the Speaker of the 10th House of Representatives, Rt. Hon. Abbas Tajudeen, for making the lecture a reality, describing it as a platform that will enrich public policy engagement.
Chairman of the House of Representatives Press Corps, Gboyega Onadiran said taxation has become one of the most contentious issues in Nigeria today, with multiple narratives circulating about petroleum tax, data tax, and requirements such as the National Identification Number (NIN) for bank operations.
He said the newly introduced Distinguished Parliamentarian Lecture is designed to bridge the gap between the legislature and the public by simplifying parliamentary activities and clarifying national issues.
“As journalists, the mirror of society and agenda setters, we believe this forum offers a unique opportunity to unpack these grey areas and simplify parliamentary activities for Nigerians,” he said.
The Press Corps chairman explained that the aim of the lecture is to create a platform where distinguished parliamentarians, past and present, can share knowledge and provide clarity on topical national issues through the lens of the legislature.
“This is vital, because the legislature remains the most misunderstood arm of government in Nigeria,” he added.
Onadiran described the inaugural guest lecturer, former Speaker Yakubu Dogara, as a statesman whose insights would enrich discourse on tax reforms and national development.
“As Speaker of the 8th House of Representatives, he presided over the passage of historic bills, set legislative records, and distinguished himself as a bridge-builder committed to deepening democracy and promoting good governance,” he noted.
The Chairman of the Organising Committee of the Distinguished Parliamentarian Lecture, Philip Nyiam, said the initiative marks a new chapter for the Press Corps, positioning journalists as agenda setters and contributors to national development beyond routine reporting.
Nyiam said the Press Corps was determined to expand its role by enlightening Nigerians on issues of national interest.
“This is a novel in the history of the House Press Corps. It is part of efforts to change the narrative where journalists are seen as only reporting press releases, statements and conferences. As the watchdog of society, we are also agenda setters and we also enlighten society on key issues of national interest,” he stated.
He explained that the lecture was organised to demystify President Tinubu’s tax reform agenda, which has sparked apprehension and debate since the law came into effect.
According to him, the event provides a platform to address controversies around the reforms and their place in the Renewed Hope Agenda of the administration.
“This will be the contribution of the Press Corps to the growth of our nation and the sustenance of democracy and good governance,” Nyiam added.
He said the choice of the guest lecturer, Rt. Hon. Yakubu Dogara, former Speaker of the 8th House of Representatives and current Chairman of the National Credit Guarantee Company Ltd., was deliberate, given his experience, courage, and record of legislative achievements.
Nyiam expressed confidence that the deliberations would enrich national discourse on tax reforms and governance.
NEWS
Breach Of Public Peace: Kebbi NASS Caucus Demands Arrest Of Ex-Justice Minister Malami

...Backs Governor Idris, President Tinubu’s Security Drive
Members of Kebbi State Caucus of the National Assembly on Friday called for the arrest and prosecution of the former Minister of Justice and Attorney General for the Federation (AGF), Abubakar Malami over the breach of public peace which occurred last week.
Speaking on behalf of the Caucus during a press briefing held in Abuja, Senator representing Kebbi Central, Senator Adamu Aliero who responded to the baseless petition dated 10th September , 2025 initiated by Malami, pledged support for Governor Nasir Idris of Kebbi State on his tiredness efforts to maintain law and order in the State.
Senator Alero who was flanked by two Senators and Members of the House of Representatives Kebbi State Caucus, said: “The attention of the Kebbi State APC National Assembly Caucus has been drawn to a petition authored by the former Attorney General of the Federation and Minister of Justice, Abubakar Malami SAN, dated 10th September 2025, in which he alleged that His Excellency, Comrade Dr. Nasir Idris (Kauran Gwandu), Governor of Kebbi State and other political actors are involved in Importation of Political Thugs, Foreign Mercenaries and Clandestine Arms Deals in the state.
“We wish to categorically state that these allegations are false, unfounded and politically motivated. They represent a desperate attempt by Mr. Malami, now leader of an imaginary opposition party in Kebbi State, to undermine the peace, progress and stability that our people currently enjoy under the leadership of Governor Nasir Idris.
“Ironically, it is on record that during Malami’s recent condolence visit to Birnin Kebbi, he hired thugs from Sokoto, Koko and Rara to accompany him into the state capital. These thugs, under his watch, attacked the APC State Secretariat with stones while chanting ‘One term’ against the Governor.
“Their actions led to violent clashes with APC supporters — an unprecedented development in Kebbi politics, which has always been known for its peaceful nature and culture of mutual respect. This incident alone speaks volumes about who is truly attempting to sow chaos and disrupt the peace of our state.
“At no time has the Kebbi State Government, nor the APC family, been involved in clandestine activities or linked with terrorist groups, as mischievously signed personally by the former Chief Law Officer of the Federation and a Senior Advocate of Nigeria.
“Kebbi remains one of the most peaceful states in Nigeria today, owing to deliberate investments in security, collaboration with security agencies and the overwhelming support of our patriotic citizens. It is important to note that the state Governor has demonstrated great Capacity and performance in the Security sector above all expectations and this is responsible for the Peace that the state has enjoyed compared to other states since the Governors assumption of Office
“We call on Nigerians to see Malami’s petition for what it truly is — a smear campaign laced with dangerous rhetoric intended to incite fear and distract from his dwindling political relevance. Resorting to alarmist narratives and unverified claims about foreign mercenaries and terrorism is not only irresponsible but also reckless, especially coming from a former top law officer of the federation.
“The Caucus further urges security agencies to focus their efforts on genuine threats to national security and not be drawn into partisan theatrics. We reaffirm our unwavering support for all security agencies working tirelessly to keep our borders safe and our communities peaceful and this sort of negative narratives are designed to undermine the efforts of the security agencies. We urge you not to be deterred. We also urge you to invite to invite Malami to substantiate his allegations.
“As elected representatives of the people of Kebbi State, we stand solidly behind Governor Nasir Idris and the APC administration. Together, we remain committed to delivering good governance, strengthening democracy and protecting the peace and dignity of our state.”
On his part, Senator representing Kebbi South, Senator Garuba Musa Maidoki who described APC as a peaceful party, said: “We want to put it on record that Malami’s house is less than 50 meters from the APC state headquarters, and if APC is a violent party, we would have had so much clashes between him and our people. But it had never happened until this incident came with a convoy, campaign style, and that sequence to that convoy.
“The national chairman of the INEC actually has warned that the political campaign has not started. It’s a campaign style moving in order to provoke our people. And we challenge him to produce evidence to you that there are… He says he has evidence. We challenge him to produce it, that our party is importing weapons. We are not a dangerous people.
“We do not support any dangerous activity towards Nigeria. We do not support We do not support terrorism in whatever form and manner. And we are against it. We are going to fight it.”
Senator Maidoki also applauded President Bola Tinubu efforts in the fight against insecurity, saying: “The President has done so well in the fight of banditry today. Before we came in, in my own constituency, we have more than 100 villages that have been abandoned and evacuated.
“But to the glory of God today, all the villages have gone back. That is not to say we don’t have challenge. We still have a long way to go. But we have done progress and we are expecting more progress. We will not be associated with any banditry. We reject that call. And we ask him to produce the results.”
NEWS
BTO Renewed Hope Media Team Commends President Tinubu’s Achievements, Hails Tunji-Ojo’s Transformative Impact

The BTO Renewed Hope Media Team has commended the administration of President Bola Ahmed Tinubu, GCFR, for what it described as “bold, transformative reforms” that are repositioning Nigeria for sustainable growth and development under the Renewed Hope Agenda.
In a statement issued on Monday, the team noted that since assuming office, President Tinubu has demonstrated “exceptional courage and visionary leadership” through policies that are reshaping the nation’s economic, infrastructural, and institutional landscape.
The statement highlighted key reforms such as the removal of fuel subsidy and the unification of the foreign exchange windows, which have freed up resources for national development and sent strong signals to investors about Nigeria’s commitment to fiscal discipline. It also cited the administration’s repayment of the $3.4 billion COVID-19 IMF loan and the ₦100 billion Sovereign Sukuk loan, describing these steps as evidence of responsible economic management.
The BTO Renewed Hope Media Team gave special commendation to the Ministry of Interior under the leadership of Hon. Dr. Olubunmi Tunji-Ojo, applauding what it called his “transformative contributions” to effective governance. It particularly praised the ministry’s “historic feat” of clearing a backlog of 204,332 passports within just three weeks, a move it said has restored citizens’ confidence in government service delivery.
“Dr. Olubunmi Tunji-Ojo has redefined efficiency and innovation in public service,” the statement read. “His leadership has not only eased the burden on Nigerians seeking passports but has also repositioned the Ministry of Interior as a model of modern governance.”
Beyond passport reforms, Dr. Tunji-Ojo has also spearheaded an unprecedented transformation of Nigeria’s correctional system. Under his dynamic leadership, correctional centres—once seen merely as punitive spaces for punishment and social exclusion—are being repositioned as hubs of reformation, rehabilitation, and empowerment. The recent inauguration of the National Open University of Nigeria (NOUN) Special Study Centre at the Abakaliki Correctional Centre, Ebonyi State, marks a significant milestone in these far-reaching reforms, offering inmates the rare opportunity to pursue quality education and rebuild their lives.
In line with the minister’s vision, correctional centres are no longer to be viewed as places where society condemns and abandons its offenders, but as platforms for personal transformation and national reintegration. Dr. Tunji-Ojo has repeatedly stressed this in his policy drive: “I don’t want our correctional centres to be places of condemnation. Correctional service is becoming transformational, rehabilitatory, and, of course, reformatory, and that’s what I want to see,” he said, reiterating his resolve to redefine the role of custodial facilities in national development.
The Abakaliki NOUN Special Study Centre embodies this philosophy in action. Inaugurated by the Controller-General of the Nigerian Correctional Service, Ndidi Nwakuche, the centre was made possible through collaborative partnerships between government, private foundations, and development organisations. The building housing the facility was fully renovated and furnished by Hon. Chinedu Ogah, Chairman of the House Committee on Reformatory Institutions, while the Sudan Mission Foundation in the Netherlands equipped the centre with modern educational tools, ensuring that inmates have access to resources on par with regular university campuses.
During the inauguration, the Controller-General noted that the initiative signifies a shift in priorities for correctional management in Nigeria, emphasising that corrections should focus on redeeming lives rather than condemning them. He commended the Vice Chancellor of NOUN for sustaining the partnership that has so far established 15 correctional study centres nationwide, giving inmates across the country access to quality higher education.
The impact of this initiative is already evident in Abakaliki. Twenty-eight inmates have enrolled as pioneer students, 25 of whom are pursuing undergraduate degrees, while three are working toward their master’s programmes. The state controller of the correctional centre, Offem Bessie, described the development as “the opening of new doors of hope, opportunities, and transformation.” She highlighted that inmates now have the chance to upgrade their educational status and reshape their futures while serving their sentences, aligning with global best practices and the United Nations Standard Minimum Rules for the Treatment of Prisoners.
Hon. Chinedu Ogah praised the determination and resilience of the enrolled inmates, commending them for embracing education despite their current circumstances. He pledged that his foundation would fully support the pioneer students by covering tuition, books, and other learning materials to ensure they complete their studies without financial obstacles. “Being an inmate should not deprive anyone of the right to education or personal growth,” he said, adding that education remains one of the most powerful tools for reform and reintegration.
Mrs. Modukwe Adesina, the National Coordinator of NOUN Special Study Centres, provided further insight into the scale of these reforms. According to her, over 2,000 inmates across Nigeria have benefited from NOUN’s scholarship programmes, with 207 graduating from various undergraduate and postgraduate programmes across 12 custodial centres. With Abakaliki Correctional Centre now becoming the 15th facility approved by NOUN, more inmates than ever before will gain access to quality education, vocational training, and mentorship opportunities.
These strides in prison education are complemented by other innovative reforms introduced under Dr. Tunji-Ojo’s leadership. One of the flagship initiatives is the establishment of a dedicated showroom in Maiduguri, where products handcrafted by inmates are displayed and sold to the public. Supported by the United Nations Office on Drugs and Crime (UNODC), with funding from the German government and the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, the programme equips inmates with vital vocational skills, offering them a chance to contribute meaningfully to society while generating income.
The broader vision is clear: to create a correctional system that produces reformed, skilled, and responsible citizens capable of reintegration and positive contributions to the national economy. This approach has earned Nigeria commendation from international partners, who have lauded the ministry’s commitment to aligning correctional practices with global standards while upholding human dignity and promoting second chances.
Dr. Tunji-Ojo’s reforms reflect a deliberate shift from punitive incarceration to restorative justice. Rather than merely punishing offenders, the government is investing in programmes that equip inmates with education, vocational expertise, and entrepreneurial skills. The long-term goal is to reduce recidivism, combat societal stigma, and provide rehabilitated individuals with pathways to meaningful employment and self-reliance upon their release.
The synergy between the Ministry of Interior, NOUN, international partners, and local stakeholders has proven to be a catalyst for change. From transforming correctional centres into learning hubs to empowering inmates with practical skills, these reforms are reshaping the country’s justice and rehabilitation landscape. The Abakaliki study centre is a shining example of what is possible when reform-driven leadership is matched with collaboration and innovation.
For many inmates, the NOUN centre represents more than just classrooms and books; it symbolises hope, dignity, and the promise of a second chance. It underscores the government’s belief that every individual, regardless of past mistakes, deserves an opportunity to rebuild their life and contribute positively to society.
Beyond the Ministry of Interior, the team highlighted other landmark achievements of the Tinubu administration, including the establishment of the Nigerian Education Loan Fund (NELFUND), which grants zero-interest loans to tertiary institution students, the creation of new federal universities in Rivers, Osun, and Ekiti States, and the rollout of the Renewed Hope Cities and Estates Project to deliver 6,612 housing units nationwide.
It also pointed to major infrastructural projects like the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, and significant upgrades within the aviation sector, alongside President Tinubu’s legal victory over Process & Industrial Developments (P&ID) Ltd, which saved Nigeria a staggering $11.5 billion.
“The Renewed Hope Agenda is not just a slogan; it is a reality unfolding before our eyes,” the statement added. “Under President Tinubu’s leadership, and with dedicated public servants like Dr. Olubunmi Tunji-Ojo, Nigerians are seeing concrete results, improved services, and governance that truly delivers.”
The team concluded by expressing optimism that the administration would consolidate on its achievements and deliver even more transformative dividends to Nigerians in the years ahead.