NEWS
Tinubu Unveils $10bn Strategy For Naira Stability
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.
President Bola Ahmed Tinubu expresses deep sadness over the sudden death of Mr Dotun Oladipo, former Political Editor of The Punch newspaper and Publisher of The Eagle Online, describing his death as a painful loss to Nigeria’s media industry and the nation at large.
President Tinubu acknowledges the deceased’s contributions to journalism, particularly his years of dedicated service in political reporting and his commitment to providing Nigerians with credible information through both traditional and digital media platforms.
The President says Oladipo’s professional career reflected the important role journalists play in strengthening democracy by informing citizens, holding public officials accountable and providing platforms for robust public discourse.
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He recalls the deceased’s passion for his profession and his contributions to the growth of digital journalism through The Eagle Online, which he founded after his remarkable career at Punch Newspaper.
“Dotun Oladipo’s death at the age of 56 is a painful loss to the Nigerian media community and to our nation. He was a committed journalist who devoted significant years of his life to informing the public and contributing to the development of our democracy.
“His contributions to political journalism and the digital media space will not be forgotten. I extend my heartfelt condolences to his family, colleagues in GOCOP and friends. I pray that Almighty God will grant him eternal rest and give his loved ones the strength to bear this irreparable loss,” President Tinubu notes.
The President of the Senate, Senator Godswill Obot Akpabio, has expressed profound sadness over the death of veteran journalist and publisher of The Eagle Online, Dotun Oladipo.
Akpabio described Oladipo’s passing as a painful loss to the Nigerian media industry and the nation, noting his significant contributions to journalism, public discourse and the growth of online media in Nigeria.
The President of the Senate commiserated with the family, friends, colleagues and professional associates of the deceased, particularly members of the Guild of Corporate Online Publishers (GOCOP), where Oladipo served as Emeritus President.
“Dotun Oladipo was a courageous, principled and dedicated journalist who devoted a significant part of his life to the pursuit of truth, responsible journalism and the advancement of society.
“His sudden passing is a profound loss to his family, the journalism profession and Nigeria as a whole. His immense contributions to the development of online journalism, as well as his commitment to professional excellence, integrity and public interest, will remain indelible.
“As the philosopher John Stuart Mill reminded us, ‘He who knows only his own side of the case knows little of that.’ Dotun understood that a free and responsible press must listen, question and speak truth to power. His life demonstrated that journalism, when guided by courage and conscience, can illuminate society and strengthen democracy.
“His legacy will continue to inspire journalists and media professionals who believe in the power of responsible journalism to strengthen democracy and contribute to national development,” Akpabio said.
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The Senate President prayed that God Almighty would grant the deceased eternal rest and give his family, friends, colleagues and loved ones the fortitude to bear the irreparable loss.
Akpabio also urged members of the media to uphold and build upon Oladipo’s legacy of professionalism, integrity, courage and unwavering commitment to the public interest.
“May God acquaint his soul with the compass of His course” he added.
Norway’s King Harald V has died at the age of 89, bringing an end to his more than three-decade reign and ushering in a new era for the Norwegian monarchy.
The Royal Palace announced on Friday, August 28, 2026, that the monarch died peacefully at Oslo University Hospital at 6:35am local time.
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“It is with deep sadness that we announce that His Majesty King Harald passed away today. King Harald passed away peacefully at Oslo University Hospital on Friday, August 28 at 6:35 am,” the palace said in a statement.
King Harald, who ascended the throne in 1991, had been hospitalised in Oslo since August 17 while receiving treatment for haemolytic anaemia.
His condition became “extremely serious” on Thursday, prompting members of the royal family to gather at his bedside.
His 53-year-old son, Crown Prince Haakon, has automatically succeeded him as monarch under Norway’s constitutional succession rules. He is expected to take the name King Haakon VIII.
Following the announcement of Harald’s death, the flag at the Royal Palace in Oslo was lowered to half-mast, while members of the public gathered outside the palace to lay flowers and mourn the late monarch.
Harald was widely regarded as a popular and unifying figure during his 35 years on the throne. He was also known for his modest lifestyle and efforts to modernise the monarchy.
Kaspara Bolstad, 24, described him as “a very steady and warm king.”
“I think the entire Norwegian people see him as a role model and as someone who brings people together. Whether you’re for or against the monarchy, I think he’s well-liked across the board,” she said.
Magnus Skaugseth, 27, also praised the late King’s inclusive approach.
“He was so inclusive and committed to having values that are inclusive in the society we live in today. When there is so much division and polarisation, he was a pillar pointing in the opposite direction,” Skaugseth said.
Harald had experienced several health challenges in recent years and had undergone procedures including the fitting of a pacemaker. Despite his declining health, he repeatedly ruled out abdication, maintaining that his oath to serve Norway was lifelong.
His death comes during a turbulent period for the Norwegian royal family, which has faced a series of health and personal controversies in recent months.
With Harald’s death, Crown Prince Haakon now takes over the Norwegian throne, marking the beginning of a new chapter for the country’s monarchy.
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