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I Pledge To Faithfully Commit To Economic Prosperity — President Tinubu To Nigerians

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has pledged his willingness to commit to the country’s economic prosperity and development.

The president also enjoined Nigerians not to look back but forward because they have a country that truly cares about them.

He said his administration is setting a goalpost that it intends to win because it understands how to propel the engine of growth, stability, and the economic resurgence of Nigeria.

President Tinubu said this on February 8, in Abuja at the groundbreaking ceremony for the Renewed Hope 3,112 housing units’ pilot project site in Karsana, Abuja.

He said: “Nigerians, Don’t look back, look forward. Be hopeful. Be assured that you have a country that cares about you and you must care about the country. You have heard the data from the honourable minister and his team. What they are about to do to turn the country into a large construction site for housing units.

“That’s all I need to remind you, standing before you as the president of the Federal Republic of Nigeria. I pledge to Nigeria, my country being faithful and committed to the economic development and prosperity of every one of you. We are given a little trust, but we build on that trust to assure you today, tomorrow and day after of prosperity that we can create it.

“You pledge to Nigeria, your country, my country. To be faithful, loyal, and honest. To serve Nigeria with all your strength. You saw it on the field of play yesterday. You are all rejoicing. Every one of us loves victory. We love to win. When you are positive and you are hopeful Nigeria is winning. We didn’t say it would be smooth all the way through. But we are confident that this country will excel in all ramifications. We will defend our unity and uphold our honor and glory in every way possible. Because we are Nigerians, we have no other country.

“Why we are launching a groundbreaking, shelter is a necessity. It’s a human right and we are here just to do that, set the record straight. From this site, groundnut sellers will eat. From this site, water sellers will make a living. From this site, carpenters, and roofmakers, will make a living. Brick and mortar, will stand the test of the time and bring the glory of Nigeria brighter than we met it.

“Here again, let’s talk to Nigerians. Let’s talk to ourselves and see everything positive about our country. Don’t be spoiled. Don’t think of your country negatively. Before I left home this morning, I asked for the pledge, the printout of it and we had to relaunch it. Relaunch it. To be committed to the value, the greatness, the hope of our country. It is our country.

“Congratulations once again everybody on the attainment of victory. Just last night it was a moment of joy for every one of us united as a nation. Very hopeful that it is our turn for the trophy. Awa Lokan.

“Here we are today, we are setting the goalpost right. It means Nigeria is winning the goal. I’ve listened carefully to the able Minister’s view on housing development, he understands how to propel the engine of growth, stability, and economic resurgence of Nigeria.

He added: “They saw the vision when we took the ministry out of the clock room and made it, its independent visionary path for greatness. We know the value of housing. We appreciate the fact that it is an elixir for economic prosperity and job creation and hopefulness.

“The best thing we are doing now is putting housing on the front burner of our needs. I want to say thank you to the honourable minister, the Minister of State, and all civil servants, and thank you to the National Assembly for the accelerated review of the budget when we all work together, we can build together and we can achieve together a great country, for the prosperity of all of us.”

The Minister of Housing and Urban Development, Ahmed Dangiwa explained: “We have designed the Renewed Hope Cities as integrated living communities targeting all income brackets. They comprise one-bedroom blocks of flats, two-bedroom blocks of flats, and three-bedroom blocks of flats; two-, three- and four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes.

“On the other hand, we have conceptualized the Renewed Hope Estates to cater to low- and medium-income earners. They comprise one-, two-, and three-bedroom semi-detached bungalows. To enhance affordability and ease of off-take, we used organic designs where one bedroom can be expanded to two bedrooms and three bedrooms as the income of beneficiaries increases over time.

“Furthermore, the program aims to address social inequality by providing a broad range of affordable ownership options. This includes single-digit and up to 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria, Rent-to-Own options where beneficiaries can move in and pay towards homeownership in monthly, quarterly, or annual installments, and Outright Purchase for high-income earners.

“The funding for these projects will come from a mix of sponsors comprising the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public-Private Partnerships with reputable developers. As you will recall, Your Excellency has graciously approved the total sum of 126.5bn from the 2023 supplementary and 2024 budget for these projects including slum upgrade and urban renewal.

“We have also made cross subsidy a key part of our efforts to enhance affordability for low-medium income earners to foster integrated living.  Under this concept, the housing units built in the Renewed Hope Cities will be sold at commercial rates while a substantial percentage will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress.

He stated: “The Renewed Hope Cities and Estates Programme is not only a grand vision; it is a necessity for many reasons. As our population continues to grow, the demand for housing and urban infrastructure is rapidly growing. Our existing cities are grappling with issues like congestion, inadequate housing, and strained infrastructure.

“Furthermore, these projects will also help to alleviate the burden on existing cities and improve the overall quality of life for residents.

“Secondly, Sir, the Renewed Hope Cities and Estates Programme is designed to be a catalyst for economic growth. The construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments. The 50,000 units that we plan to deliver under phase 1 will create 1,250,000 direct and indirect construction jobs. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites, etc.

“The programme also aligns with Your Excellency’s broader vision of national development. It is a step towards creating smart and modern cities that can compete on a global scale, attracting both domestic and foreign investments. This will not only enhance our country’s image but also position Nigeria as a forward-thinking nation ready to embrace the challenges of the future. The Renewed Hope Cities and Estates Programme is therefore a strategic initiative that addresses multiple facets of development, from urban planning and economic growth to social inclusion and environmental sustainability.

“Your Excellency, Sir, today we are here to kickstart this nationwide Programme with the ground-breaking ceremony for a 3,112-housing unit Renewed Hope City in Karsana, Abuja, the Federal Capital Territory as part of 20,000 housing units to be built in Abuja.

“This project is the pilot under a Public Private Partnership between the Federal Ministry of Housing and Urban Development and a consortium of developers comprising Continental Civil and General Construction and Ceezali Limited signed in December 2023 to deliver a total of 100,000 houses nationwide.

“Under this PPP arrangement, the ministry is creating the enabling environment and facilitating off-takers for the houses through the Federal Mortgage Bank of Nigeria (FMBN) while the developers will source for land and finance the construction. By encouraging these PPP arrangements, we are taking the financial burden off the government while meeting our citizens’ needs for decent and quality shelter.

The minister noted: “We chose to start in the Federal Capital Territory because it is the heart of the nation. We are also impressed that the Hon. Minister of the FCT, Nyesom Wike is committed to the Renewed Hope Agenda, and understands the importance of housing and access roads to residents, and is taking steps to improve infrastructure in the FCT.

“Your Excellency, this ground-breaking is one of many more to follow. We have scheduled the ground-breaking for several additional sites nationwide for the commencement of the Renewed Hope Cities and Estates in this first quarter. This includes 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, the development of a 500-housing unit Renewed Hope Estate in Kano, and 250 housing units in twelve (12) states (2 per geopolitical zone) as Renewed Hope Estates. This amounts to 6,000 housing units under the 2023 Supplementary Budget.

“From the Ministry’s 2024 Approved Budget, we are also rolling out another batch of Renewed Hope Estates comprising 250 housing units each in 6 additional states totalling 1,500 housing units.

“This means from the housing component of the Supplementary Budget and the 2024 budget, in which you graciously approved N100bn and N18.9billion respectively for us to implement our Renewed Hope Cities and Estates and Urban and Slum Upgrading programmes, the Ministry is set to deliver 7,500 affordable housing units that will cater to the average Nigerian worker.

“Our objective is to follow your clear direction in charting a progressive path and demonstrating that your administration has what it takes to set our dear country on the path of sustainable growth and development. And that a better and prosperous Nigeria that cares for its citizens is possible.”

BIG STORY

FACT CHECK: Kemi Badenoch’s Claim That Her Children Can’t Get Nigerian Citizenship Is False — Report

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Kemi Badenoch, the head of the United Kingdom’s Conservative Party, has stated that she is unable to pass on her Nigerian citizenship to her children because she is a woman.

Speaking on Sunday during an interview with CNN’s Fareed Zakaria, Badenoch attempted to highlight differences between the immigration systems of Nigeria and the United Kingdom.

She argued that Nigerians have an easier path to acquiring British citizenship compared to the difficulty foreigners face in becoming Nigerian citizens.

She said, “It’s virtually impossible, for example, to get Nigerian citizenship. I have that citizenship by virtue of my parents, I can’t give it to my children because I’m a woman.”

She added, “Yet loads of Nigerians come to the UK and stay for a relatively free period of time, acquire British citizenship. We need to stop being naive.”

Badenoch’s statement sparked widespread responses from Nigerians, many of whom questioned the accuracy of her comments.

Born in the UK to Yoruba Nigerian parents, Olukemi Adegoke was raised in Nigeria for much of her early years before returning to the UK at the age of 16.

Before relocating to the UK, she attended a private school in Lagos for her primary education, without needing a student visa due to her Nigerian citizenship.

A student visa (R7A) is typically issued to foreign nationals studying in Nigeria. Nigerian citizens are exempt from this requirement.

She later married Hamish Badenoch, a banker from Scotland, and took his surname, becoming known as Kemi Badenoch.

The couple has three children.

Verification

CableCheck reviewed Badenoch’s claims based on the provisions of the Nigerian Constitution.

Under section 25(1)(c) of the 1999 Constitution, a child born outside Nigeria qualifies as a Nigerian citizen if either parent holds Nigerian citizenship.

This indicates that having one Nigerian parent is enough for a child to be considered a Nigerian citizen by birth. Therefore, Badenoch’s children automatically qualify.

Being a citizen by birth in Nigeria means that a person is granted citizenship from birth, based on their parents’ or grandparents’ Nigerian citizenship, not just their place of birth.

Such citizenship confers all rights under the law, including free entry into Nigeria and protection under the Constitution.

Nigerian law also permits dual citizenship, with specific guidelines.

According to Section 28(1), a person born as a Nigerian citizen may hold citizenship of another country without losing Nigerian citizenship.

However, someone who becomes Nigerian by registration or naturalisation loses Nigerian citizenship if they also acquire or retain another nationality.

Importantly, the Constitution does not make any distinction based on gender when it comes to citizenship by birth.

Gender plays a role only in cases involving foreign spouses.

Section 26(2)(a) of the Constitution provides that “any woman who is or has been married to a citizen of Nigeria” can be granted Nigerian citizenship.

Men who marry Nigerian women are not automatically eligible for citizenship by registration and must instead apply through naturalisation, which has stricter requirements.

This would make it harder for Badenoch’s husband, who is Scottish, to gain Nigerian citizenship automatically. However, this limitation does not apply to their children, who have Nigerian ancestry through their mother and grandparents.

Ashleigh Plumptre: A Case Of Mixed Heritage And Citizenship

Ashleigh Plumptre, 27, is a British-Nigerian professional footballer.

She plays as a central defender for Al-Ittihad in the Saudi Premier League and for Nigeria’s women’s national team, the Super Falcons.

Her father, Tim Plumptre, is of Nigerian heritage and hails from Lagos, while her mother is English.

Prior to the 2022 Women’s Africa Cup of Nations (WAFCON), Plumptre chose to represent Nigeria, acknowledging her Nigerian roots over continuing her football career with England.

In a recent interview, Tim Plumptre said he made sure to instill cultural awareness in his daughter by encouraging her to connect with her Nigerian family, including her grandfather Harry Dotun Plumptre.

Ashleigh Plumptre is one of the 24 players representing Nigeria in the ongoing 2025 WAFCON.

Verdict

The claim by Badenoch that she is unable to pass her Nigerian citizenship to her children is incorrect. This would only be true if she had renounced her Nigerian citizenship.

 

Credit: The Cable

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BIG STORY

Muhammed Babangida Accepts BOA Chairmanship, Thanks President Tinubu

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Muhammed Babangida has officially accepted his appointment as Chairman of the Bank of Agriculture (BOA), expressing deep gratitude to President Bola Ahmed Tinubu for the trust reposed in him.

In a press statement released Monday, Babangida dismissed as false and malicious the reports circulating online suggesting he had rejected the appointment. He described such claims as a deliberate attempt to mislead the public and tarnish the image of the Tinubu administration.

“We wish to clarify that Muhammed gratefully accepts the appointment as Chairman of the Bank of Agriculture, as announced by the federal government, and extends his sincere appreciation to President Tinubu for the trust and confidence bestowed upon him,” the statement read in part.

It further assured the public that those behind the fake reports would be identified and held accountable.

“We also want to assure the public that those spreading these falsehoods will be thoroughly investigated and brought to justice. We remain committed to transparency, accountability, and fostering unity within our nation,” it added.

The statement concluded with a call for Nigerians to remain discerning and to verify information from credible sources.

Muhammed Babangida’s appointment was among several strategic appointments approved by President Tinubu to strengthen leadership across key government institutions.

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BIG STORY

TINUBUNOMICS: Nigerian Stocks Are Experiencing Their Best Run Under Any President Since 1999 — Report

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Nigerian stocks have seen an exceptional surge under President Bola Ahmed Tinubu, marking the strongest performance by the market during any civilian administration since 1999.

Based on Nairametrics analysis, the All-Share Index (ASI) has increased by 136% since Tinubu took office in May 2023.

From 55,769.28 points on May 29, 2023, the ASI has risen to approximately 131,000 points, setting a new benchmark in the history of the Nigerian capital market.

This represents the largest market growth recorded at a comparable point in any presidency since the country’s return to democracy.

For context:

During the Buhari presidency at this point in 2016, the market was up by 4.47%.

Under Goodluck Jonathan, the gain was 47% as of June 2013.

During the Yar’Adua tenure, the market had dropped by 49% during Nigeria’s most severe market crash.

The Obasanjo government had seen a 115% increase by July 2001.

Looking at market capitalization, the Nigerian Exchange (NGX) grew from around N30 trillion in May 2023 to beyond N75 trillion, adding N45 trillion in value.

Even though this growth may appear smaller when exchange rate depreciation is factored in, it still stands out against the backdrop of broader economic difficulties.

What’s driving the rally?

President Tinubu’s reform-oriented economic policies have significantly contributed to the stock market’s rise.

The government’s decisions such as removing fuel subsidies and unifying the foreign exchange rate have been critical in improving investor confidence and strengthening public finances.

Despite causing inflation and putting pressure on household incomes, these reforms have earned recognition from global financial bodies and investors for being market-friendly and essential for future growth.

Several additional factors have also boosted market performance:

The Central Bank’s bank recapitalization program has elevated bank stock values and drawn new capital into the exchange, with over N5 trillion expected to be raised by 2026.

Increased FAAC allocations after the subsidy removal have injected more liquidity into the economy.

Fewer opportunities for currency speculation have led investors to seek better yields from equities and other financial instruments.

The money supply has expanded significantly, helped by funds left over from previous administration’s Ways and Means borrowing.

High interest rates, currently at 27.5%, have also prompted more investment in stocks and bonds.

Many listed firms have posted profit increases, even as consumers face rising prices and reduced purchasing power.

Local investors in the driver’s seat
Nairametrics noted that local retail and institutional investors have been the main force behind the ongoing market rally, even though foreign investor participation has risen slightly in early 2025.

Between January and March 2025, local trades amounted to N1.418 trillion, making up 63.63% of the total N2.23 trillion market activity.

During the first two years of Tinubu’s presidency (May 2023 – May 2025), figures from NGX’s Domestic and Foreign Portfolio Report show that Nigerian investors accounted for N9.375 trillion of the N11.535 trillion total transactions, while foreign investors contributed N2.159 trillion.

This change shows growing trust among Nigerians in the stock market, especially with fewer investment alternatives available.

Sectors such as banking, agriculture, manufacturing, and oil and gas have seen significant gains, with numerous leading stocks reaching record highs.

For instance, banks added more than N7 trillion in value between 2023 and 2025, with GTCO alone rising by N2 trillion and Zenith Bank by N1.7 trillion.

In telecoms, MTN Nigeria’s market capitalization grew by over N3 trillion, while Airtel Africa gained about N1.8 trillion.

Recent listings and upcoming public offerings have also improved investor sentiment. Aradel Holdings, which joined the exchange last year, added over N2 trillion in value. Future listings like Dangote Fertilizer and a potential NNPC IPO could continue this momentum.

What next

By mid-July 2025, Nigerian equities had risen by 27.84% for the year, and analysts predict that the market could end the month with double-digit returns. If this positive trend continues throughout the year, Tinubu may be remembered as the president with the strongest stock market legacy.

However, many Nigerians still feel disconnected from the market’s gains, as they struggle with rising costs, limited job opportunities, and access to basic services.

Ultimately, public opinion may be shaped not by stock charts but by how well the average citizen fares economically.

That said, for analysts and investors, the performance data tells its own story. The Nigerian stock market is in an unprecedented bull run—and it is unfolding under the leadership of President Tinubu.

 

Credit: Nairametrics

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