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Tinubu Unveils $10bn Strategy For Naira Stability

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President Bola Ahmed Tinubu has unveiled a significant economic strategy, revealing the Federal Government’s plan to secure a minimum of $10 billion.

According to the president, the fund infusion aims to boost foreign exchange liquidity, providing stability to the Naira and fostering economic growth.

Tinubu made this announcement during the inauguration of the Public Wealth Management Conference in Abuja, organized by the Ministry of Finance Incorporated (MOFI) on Tuesday.

Under the theme “Championing Nigeria’s Economic Prosperity,” the conference featured Vice President Kashim Shettima representing President Bola Ahmed Tinubu.

Tinubu outlined the administration’s ambitious agenda to generate millions of jobs by unlocking the value of Nigeria’s extensive public assets.

The goal is to optimize and double the country’s Gross Domestic Product (GDP). Tinubu emphasized the crucial importance of identifying, consolidating, and maximizing returns on government-owned assets valued in trillions of Naira.

“The Federal Government set a goal to raise at least 10 billion dollars in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential.

“This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”

Tinubu highlighted the longstanding challenges of mismanagement and underutilization that have afflicted Nigeria’s assets both domestically and internationally, resulting in substantial revenue losses and impeding economic growth.

The President provided assurance that the recently restructured Ministry of Finance Incorporated, tasked with acting as the custodian and active manager of these assets, will now assume a central role in addressing these issues.

Emphasizing transparency and accountability as foundational principles, Tinubu expressed his belief that enhanced corporate governance, innovative partnerships, and the attraction of alternative investment capital would substantially boost returns.

He envisions that these improved returns will be directed towards crucial funding for education, healthcare, housing, power, roads, and other vital areas, aiming to uplift millions out of poverty.

Tinubu further highlighted the goal of stimulating sustainable economic development and job creation for the youth.

He emphasized that through efficient management of public resources, the government aspired to construct a more equitable society and unleash the full potential of its citizens.

Tinubu urged all stakeholders, including ministries, development financial institutions, and both public and private sector entities, to collaborate with MOFI in optimizing strategic assets.

He expressed optimism that this collective effort would unlock Nigeria’s full potential, paving the way for a brighter future for all citizens.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged that President Bola Ahmed Tinubu is attuned to the challenges posed by the administration’s reform programs and is implementing suitable mechanisms to address them.

Edun disclosed the release of 42,000 metric tons of assorted grains, with an additional 60,000 metric tons to follow soon.

These measures aim to curb inflation and lower food prices in the upcoming months nationwide. He urged MOFI’s management and board to establish a dedicated revenue stream for the national budget.

As part of its renewed mandate to bolster the Federal Government’s fiscal stability, MOFI, according to Wale Edun, is releasing 42,000 metric tons of assorted grains with an additional 60,000 metric tons to follow.

In a proactive move to manage assets more actively, Dr. Shamsudeen Usman, the Chairman of the MOFI Board, encouraged asset operators to view MOFI as partners rather than competitors or regulators.

He emphasized the commitment of the new management to high-level corporate governance and revealed the integration of a non-conflict of interest policy to prevent practices that could undermine professionalism among staff members.

MOFI’s Chief Executive Officer, Dr. Armstrong Takang, revealed the initiation of a N100 billion Project Preparation Fund as a key component of its renewed mandate to uphold professionalism in public asset management.

Takang expressed the company’s commitment to revitalizing public assets, aiming to reinstate investor confidence in both their operations and management.

NEWS

Nigeria Wants to Export Electricity to Togo While Citizens Face Outages

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Nigeria is preparing to increase electricity exports to Togo through the Niger Delta Power Holding Company (NDPHC), even as many Nigerians continue to experience power shortages at home.

The move comes as Togo seeks to meet rising domestic electricity demand.

The Managing Director/CEO of NDPHC, Jennifer Adighije, confirmed the development following discussions with Togo’s national electricity utility, Compagnie Energie Electrique du Togo (C.E.E.T).

SEE MORE: How Nigerians Can Resolve Electricity Complaints – NERC Explains

The visiting C.E.E.T delegation was led by its Director-General, Débo‑K’mba Barandao, who described the talks as productive and aimed at strengthening regional energy cooperation.

Barandao said C.E.E.T currently imports about 75 megawatt-hours of electricity from NDPHC under a bilateral arrangement.

“The imported electricity has played a significant role in sustaining stable power supply and economic activities across Togo,” he noted.

He added that rising electricity demand, especially in the industrial and commercial sectors, alongside government efforts to expand national access, has prompted the utility to seek additional supply.

According to Barandao, Nigerian electricity imports help maintain reliable and affordable power for households, businesses, and public institutions across Togo.

He commended NDPHC for its consistency, saying the partnership has strengthened Togo’s national grid and regional energy cooperation.

Responding, Adighije reiterated NDPHC’s readiness to deepen cooperation and sustain electricity exports to neighboring countries.

She emphasized that the company operates multiple plants under the National Integrated Power Project, with sufficient capacity to support increased regional supply.

She added that expanding electricity exports would require bankable and sustainable commercial arrangements between both parties.

“A reliable payment framework will safeguard NDPHC’s interests and enable continued support for regional energy stability through power exports,” Adighije said, highlighting the need for credible financial guarantees and structured payment mechanisms to reduce risks associated with cross-border electricity trade.

Both parties reaffirmed their commitment to developing workable frameworks for increased electricity supply from Nigeria to Togo.

Industry analysts say this reflects a growing effort among West African countries to deepen regional electricity trade and address persistent power shortages.

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NEWS

‘Why My Retirement Came at the Perfect Time’ — Ex-IGP Kayode Egbetokun

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Former Inspector-General of Police, Kayode Egbetokun, has explained why he believes his retirement from the leadership of the Nigeria Police Force came at the perfect time, describing it as the fulfilment of God’s divine plan.

Egbetokun made the remarks during a retirement thanksgiving service held in his honour at the Force Headquarters Chapel in Abuja.

The event also featured the inauguration of the Police Chaplaincy building and was attended by senior police officers, clergy and other worshippers.

SEE MORE: Adeleke Urges IGP to “Call Osun CP to Order

Reflecting on his appointment as Inspector-General in 2023, the former police chief revealed that he never expected the role when it came.

According to him, the first thing he did after entering his office was to pray.

“I was not expecting the appointment when it came. The first thing I did when I entered the office alone was to pray,” he said.

Egbetokun disclosed that after assuming office, he made three personal prayers to God.

He said he prayed for wisdom to effectively lead the police institution, the grace to complete his tenure successfully, and the ability not to remain in office beyond the time divinely allotted to him.

“My first prayer was for wisdom to run the office, the second was for grace to end well, and the third was not to stay a day longer than God permits. I believe God has answered those prayers,” he added.

The retired police boss also reflected on his career journey, noting that faith played a significant role in his rise from his early days after graduating from the police academy to eventually becoming Nigeria’s top police officer.

He further recounted a dream he had before joining the force, in which he saw himself as a Deputy Inspector-General of Police travelling in a police vehicle bearing the registration number “NPF02.”

According to him, the experience later taught him that life can unfold in unexpected ways.

Egbetokun added that throughout his career he remained conscious of how his actions could influence public perception of the police, a reality he said guided his conduct while in office.

“I knew whatever I did would affect the image of the force, so I made it my duty to remain professional and uphold integrity, transparency and fairness,” he stated.

In his remarks, the Force Chaplain, Joshua Omoyele, commended Egbetokun for completing the Police Chaplaincy building project during his tenure, describing it as a lasting legacy.

Omoyele also praised the former police boss for his strong commitment to Christian service even before his appointment as Inspector-General, noting that he maintained that devotion throughout his time in office.

He further highlighted Egbetokun’s past roles in the police force, including his tenure as Commissioner of Police in Kwara State and Assistant Inspector-General in Zone 7.

 

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Aviation

Airfares Likely to Rise as Aviation Fuel Price Spikes by 80%

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The Airline Operators of Nigeria (AON) has declared that airlines operating in Nigeria have come under financial pressure following a sharp increase in the price of Jet-A1, also known as aviation fuel.

According to the group, the price of aviation fuel, has surged to about N1,800 per litre in many parts of the country, from about N1,000 per litre two weeks ago. This amounts to almost an 80 per cent increase within a short period.

Aviation fuel remains the largest cost component in airline operations, accounting for about 30 to 35 per cent of total operating expenses.

Industry stakeholders have linked the latest spike to the ongoing conflict in the Middle East, which has pushed up global energy prices.

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Speaking on Channels Television on Friday, the spokesperson for the Airline Operators of Nigeria, Prof Obiora Okonkwo, said the surge had placed airlines under severe financial strain.

According to him, most carriers have so far refrained from immediately transferring the additional cost burden to passengers, despite the pressure on their operations.

“Two weeks ago, we were getting Jet-A1 at about N1,000 per litre, which today is about N1,800, and even more in some stations. We have experienced an increase of about 80 per cent. That’s quite a spike,” Okonkwo said.
He explained that airlines were currently absorbing the losses in order to avoid worsening the economic burden on the travellers.

“We are not in a business where you can easily adjust your ticket price. Right now what we are doing is that we are bleeding. We are taking the blow. We are selling tickets at very non-profitable prices. We are losing a lot of money,” he said.

Okonkwo warned that the situation might not be sustainable if fuel prices continue to rise without government intervention.

“Obviously, adjustments will be expected anytime soon. But again, we are very sensitive to the economic situation of Nigerians and our travellers,” he added.

He noted that developments in the global oil market, particularly the recent release of reserve crude oil, could influence fuel prices in the coming weeks.

Okonkwo also urged the Federal Government to explore engagement with the Dangote Refinery as part of efforts to stabilise aviation fuel supply locally.

“We were more hopeless in a situation where there was no refinery in Nigeria in the last two years. Now that we have a refinery, we are hopeful that we can find a solution around it,” he said.

According to him, if the spike persists, some airlines may struggle to continue absorbing the losses associated with the rising cost of aviation fuel.

Meanwhile, the AON spokesperson also reacted to the decision by the Federal Competition and Consumer Protection Commission to sanction about five airlines over alleged price fixing.

Okonkwo said while the commission has regulatory powers, the aviation sector remains deregulated, making coordinated price fixing unlikely.

“There is no meeting of airlines where they agree to fix prices. Fixing prices would mean operating as a cartel, and that is not the case,” he said.

He explained that airline ticket pricing varies widely because different aircraft types attract different operating costs.

“Each airline determines its fares based on its own operational costs,” he said.

Okonkwo added that airlines must also demonstrate financial viability to regulators as part of the conditions for maintaining their operating licences.

“At every point in time, you must prove to the regulators that you are financially viable and capable of sustaining operations,” he said.

He urged regulators to take into account the fragile nature of the aviation industry when making policy decisions affecting airlines.

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