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.
NEWS
2027: ‘Even If Insecurity Worsens, Power Will Not Change Hands’ – Okpebholo Declares
Governor Monday Okpebholo of Edo State has insisted that political power in Nigeria will remain unchanged even if insecurity in the country worsens, declaring that the ruling party remains firmly in control ahead of future elections.
Okpebholo made the statement on Tuesday during the flag-off of the All Progressives Congress (APC) campaign for the upcoming local government council elections in Edo South Senatorial District.
The governor said the recent rise in insecurity across parts of the country is being politicised, alleging that some actors are deliberately worsening the situation to discredit President Bola Tinubu’s administration.
SEE ALSO: Army Releases Six Kwara Vigilantes Arrested Along Edo Highway
He maintained that such efforts would not succeed in altering the political direction of the country.
“Even if insecurity worsens, power will not change hands. They can even kidnap all of us—there is no vacancy in Aso Rock,” Okpebholo declared.
He further argued that those behind the alleged political manipulation of insecurity have no viable alternative agenda, stressing that violence would only harm ordinary citizens rather than achieve political gain.
The governor also defended the performance of the federal government, noting that key policy decisions, including the removal of fuel subsidy, were beginning to translate into visible development projects across states.
He commended candidates of the All Progressives Congress who emerged from the party primaries for the forthcoming council polls, urging them to take the party’s message of development to grassroots communities.
Okpebholo expressed confidence that the party’s performance at the local government elections would strengthen its position ahead of the 2027 general elections.
The event also featured the official unveiling of APC candidates for various positions in Edo South Senatorial District.
NEWS
Senate Queries SEDC Over N153m Abuja Office Rent, Demands Full Spending Breakdown
The Senate has raised concerns over the financial operations of the South East Development Commission (SEDC), questioning alleged expenditures including N153 million reportedly spent on renting a single-room liaison office in Abuja.
The matter was raised during an investigative hearing of the Senate Committee on the South East Development Commission, chaired by Senator Orji Uzor Kalu, as lawmakers examined the commission’s 2025 budget implementation and spending records.
The committee disclosed that the SEDC received N16.6 billion in December 2025, with about N13 billion reportedly remaining in its account, suggesting that roughly N3.6 billion had already been expended.
ALSO READ: Kalu Dubs SEDC As Historic Milestone
Lawmakers expressed dissatisfaction with the financial report submitted by the commission, insisting that several figures were unclear and required detailed justification.
A key concern was the alleged N153 million spent on office rent in Abuja, despite the commission’s headquarters being located in Enugu.
Senator Orji Uzor Kalu described the financial submission as unacceptable and demanded proper accountability.
“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu said.
Other members of the committee also questioned additional expenditures reflected in the report, including about N2.5 billion described as unclear or insufficiently explained.
Responding to the concerns, the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, defended the commission’s spending, insisting that all expenditures were carried out prudently and within available resources.
Okoye explained that the commission operates based on actual cash releases rather than full budgeted allocations, noting that this approach helps prevent financial mismanagement.
“For example, having a budget of N140 billion does not automatically mean that N140 billion in cash is available. It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released,” he said.
However, the committee was not satisfied with the explanations and directed the commission to submit full documentation of all expenditures, including contract details, payment records, and supporting documents, on or before June 23.
Senator Kalu added that the committee would review the documents before fixing another date for further appearance.
“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” he stated.
The hearing was thereafter adjourned, with lawmakers insisting on full transparency and accountability in the management of public funds allocated to the commission.
NEWS
‘Enough of the Speeches’ – Sharia Council Demands Immediate Action on Insecurity
The Supreme Council for Shariah in Nigeria has called on the Federal Government to move beyond promises and take urgent, decisive action to address the worsening security crisis across the country.
The Council, in a statement issued by its Secretary-General, Nafiu Baba Ahmad, expressed concern over the persistent wave of killings, kidnappings, banditry and terrorism, saying Nigerians continue to live in fear despite repeated assurances from authorities that security challenges are being tackled.
According to the Council, the security situation has reached an alarming stage, with recent incidents in Borno, Oyo, Niger and Zamfara states underscoring the vulnerability of communities already struggling with years of violence and criminal activities.
SEE ALSO: ‘Enough Is Enough!’ — NLC, TUC Threaten Nationwide Strike Over Insecurity
The Council also cited the recent abduction of a retired Army General and his wife in Katsina State, describing it as further evidence of the growing reach of kidnappers and armed gangs across the country.
It noted that many attacks occurring in rural and underserved areas often go unreported, suggesting that the true extent of the crisis may be far greater than official figures indicate.
Citing reports from security monitoring and human rights organisations, the Council said thousands of Nigerians have been killed, displaced or abducted in recent months.
It added that reports indicate more than 1,000 people were kidnapped across northern Nigeria during the first quarter of the year.
Expressing frustration over what it described as a lack of meaningful progress, the Council said repeated appeals by traditional rulers, religious leaders, civil society organisations and concerned citizens for stronger security measures have yet to produce significant results.
“Nigerians are tired of speeches, promises, condolences, committees and official rhetoric that are not matched by concrete action and measurable outcomes. What the nation requires now is decisive intervention and visible results,” the statement read.
The Council reminded the Federal Government that the protection of lives and property remains one of its core constitutional responsibilities, stressing that no administration can be considered successful while citizens continue to face threats from criminal elements.
While acknowledging the sacrifices and commitment of military personnel and other security operatives, the Council said its criticism was directed at broader leadership and strategic shortcomings in the fight against insecurity.
It also called for greater transparency and accountability in the management of public funds allocated to the security sector, insisting that citizens deserve to know how resources earmarked for defence and intelligence operations are being utilised.
The Council further urged the government to embrace innovative and proactive measures, including improved intelligence gathering, deployment of modern technology, stronger collaboration among security agencies, enhanced community participation and tighter border security.
Warning against complacency, the Council said Nigerians are expecting competent leadership, concrete action and measurable progress in restoring peace and security across the country.





