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BIG STORY

Naira Drops To N680/$ At Parallel Market Despite EFCC’s Clampdown

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Again, the naira, on Wednesday, weakened against the dollar at the parallel section of the foreign exchange market.

It was gathered that the local currency depreciated by N15 or 2.3 percent to trade at N680 per dollar at the street market.

Last week, the naira closed at N665 to a dollar at the street market.

Report has it that the street traders put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15.

They said scarcity has returned to the FX market.

“Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market said.

On the official market, the naira appreciated by 0.52 percent to close at N428.75 to a dollar on Tuesday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

In the past week, the foreign exchange market witnessed appreciation after the Economic and Financial Crimes Commission (EFCC) raided a BDC hub in Abuja.

The anti-graft agency alleged that some BDC operators were mopping up foreign currencies, especially the dollar, to either hoard or smuggle the funds out of Nigeria.

As part of its efforts to check the rising incidence of FX speculation, the EFCC vowed to clamp down on persons and organisations hoarding foreign currencies across key commercial cities such as Kano, Lagos, Port Harcourt, Enugu and Calabar.

Recently, Bismarck Rewane, chief executive officer of Financial Derivatives Company, said the naira is overvalued by 200 percent.

He projected that the official rate would be devalued next month.

BIG STORY

UPDATE: Uncover Negligence, Deliberate Actions Behind Ibadan Stampede — Tinubu To Security Agencies

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President Bola Ahmed Tinubu has ordered an investigation into the incident at the children’s funfair in Ibadan, which resulted in the death of 35 persons.

In a statement issued on Thursday by Bayo Onanuga, his special adviser on information and strategy, the president called for a “thorough” inquiry to determine whether negligence or deliberate actions contributed to the stampede.

“In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event,” the statement reads.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.”

“The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.

“Among the essential actions are a comprehensive review of all public events’ safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.”

The president also called on event organisers to prioritise the safety of all attendees, especially children.

He noted the importance of integrating professional security, protocol, and logistics at events to ensure the safety of all participants.

“Our children’s safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives,” he added.

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BIG STORY

2025 Budget Proposal Scales Second Reading At National Assembly

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The 2025 appropriation bill has passed the second reading at the national assembly.

The budget cleared the second reading during plenary on Thursday following an extensive debate by legislators in the Senate and the House of Representatives.

On Wednesday, President Bola Tinubu presented a record N49.7 trillion as the proposed budget for 2025 to a joint session of the upper and lower legislative chambers.

The lawmakers, during plenary on Thursday, took turns discussing the general principles of the money bill, offering recommendations that included thorough scrutiny of the budget breakdown during engagements with heads of ministries, departments, and agencies (MDAs).

Leading the debate, Julius Ihonvbere, majority leader of the green chamber, said the budget would improve the nation’s economy and consolidate the achievements of the president.

In his debate, Kingsley Chinda, minority leader, said Tinubu’s assertion that the budget would reduce inflation from the current 34.6 percent to 15 percent is “ambitious” and not realistic.

The ranking lawmaker said the allocation of N4.91 trillion to defence and security “will not take us to the promised land.”

He added that the budget should also prioritize human capital development and environmental sustainability.

“The budget might appear very beautiful, but there is much more for us to do as a nation,” Chinda said.

‘2025 BUDGET IS INADEQUATE’

Oluwole Oke, a Peoples Democratic Party (PDP) member from Osun, stated that the budget is “grossly inadequate” and won’t sufficiently fund development projects.

Abdussamad Dasuki from Sokoto supported Oke’s position, describing the budget as inadequate.

“The budget may look robust on paper, but if you convert it to dollars, you will realize that the budget is not where we should be,” he said.

“With the challenges we have, if you convert it to dollars, the nation will be inadequately provided for. I urge the relevant committees, particularly the committee on finance, to work on this.”

Also speaking, Ismaila Dabo from Bauchi called for an increased allocation to the agricultural sector to boost food production.

“Inflation is on food items, and Nigerians are finding it difficult to cope. I urge the house to do everything possible to ensure enough allocation is reserved for agriculture,” he said.

Some lawmakers from the north-east and south-east geopolitical zones demanded more funding for their development commissions.

The lawmakers unanimously voted in support of the bill when it was put to a voice vote by Benjamin Kalu, the deputy speaker, who presided over the session.

Kalu referred the bill to the committees on appropriation for further legislative work.

He said the bill will be passed before January 30.

In November, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the federal government.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

Also, the national assembly maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.

The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.

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BIG STORY

JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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