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Trapped Funds: CBN Will Release $120m To Foreign Airlines — Emefiele

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The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says $120 million will be released to international airlines to offset part of their funds trapped in the country.

Emefiele spoke on Monday at a meeting between the leadership of the house of representatives, the International Air Transportation Association (IATA), Airlines Operators of Nigeria (AON), and representatives of the federal government, including Hadi Sirika, minister of aviation.

He said the apex bank has been working to enable international airlines to repatriate their funds, hence the resolve in August to release $265 million to them, and that the money has been disbursed in bits with $120 million set to be due on October 31.

“Everyone is calling on CBN to release blocked funds, and I am doing everything I can to provide dollars for you to repatriate your money,” he said.

“We used our discretion to allocate $265 million to the foreign airlines, broken down into spot and forward. We did $110 million on the spot and the rest in 60 days forward.

“On that day, we allocated to IATA $32 million through UBA. Qatar Airways, $22.8 million through Standard Chartered; Emirates, $19.6 million through Access Bank; British Airway, $5.5 million through GTB; Virgin Atlantic, $4.8 million through Zenith and others.

“How then can they go about and begin to say that they have not received money? This is an extra allocation. This is something I have told you (foreign airlines) that we will continue to do so that you will not blackmail the country. $120 million will be due on the 31 of October.”

Emefiele said it was unacceptable for foreign airlines to resort to “blackmail” against the country because of their trapped funds.

“I can print naira, even though I have been accused of printing naira, but I cannot print dollar. We have to either earn it or borrow it,” he said.

The apex bank governor said foreign airlines should respect the bilateral aviation services agreement (BASA) as it would tackle the problem of unrepatriated funds.

“When you allow Nigerian airlines to fly in your country, what the airlines will do is charge naira as we expect foreign airlines to charge. You cannot be flying 21 flights into Nigeria and you do not allow Nigerian airlines to land in your country and when they land, you intimidate them with sniffer dogs and do not allow them to carry out maintenance checks,’’ Emefiele said.

In his submission, Samson Fatokun, the representative of IATA, said about $700 million of foreign airlines are still trapped despite the intervention of the CBN.

He said the CBN should provide a timeline of how the funds are to be repatriated to assure the international airline operators.

“What we have right now is $700 million, our balance is $700 million. The airlines are reasonable by saying that [you] give us a plan for repatriation,” he said.

Nigeria is facing a forex exchange crisis and this has seen the naira depreciate against the dollar. The federal government had said it could not release the funds due to the foreign exchange crisis.

BIG STORY

President Tinubu Orders Reintroduction Of History In Basic School Curriculum

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Tunji Alausa, the minister of education, says President Bola Tinubu has reaffirmed that “history” should and will be reintroduced as a subject in Nigeria’s basic schools.

“History,” reports indicate, was removed from Nigeria’s basic school curriculum in 2007, eliciting sharp criticism that spanned years.

In many cases from then on, historical topics were taught with little depth as part of “social studies.”

In 2018, the federal government ordered the nationwide re-introduction of “history” as an independent subject in the curriculum of primary and junior secondary schools in the country.

Adamu Adamu, the then minister of education, had stated that the Nigerian Education Research and Development Council (NERDC) would need to first carry out a disarticulation of “history” from the social studies curriculum.

He said a curriculum would be designed with topics to help students appreciate “history” as a national integration and nation-building tool.

The ex-minister said a total of 3,700 “history” teachers were shortlisted for the first round of training to enhance the teaching of “history.”

Education ministries at the state level, including those of Lagos and Taraba, have since been moving to implement the federal policy.

Tunji Alausa spoke on a Tuesday Channels TV show where he expressed concern that Nigeria’s youth are disconnected from its “history.”

“Let me go to basic education, the curriculum is good. What has been missing in the past is Nigerian “history.” We now have people of 30 years disconnected from our “history.” It doesn’t happen in any part of the world,” the minister said.

“President Bola Tinubu has mandated that we put that back in our curriculum and that is back. From 2025 our students in primary and secondary schools will have that as part of their studies.”

While validating the federal policy of re-introducing “history” as a basic school subject, the former minister Adamu Adamu argued that its absence had led to declining morals, erosion of civic values, and a disconnection of the citizenry from the country’s past.

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BIG STORY

2025: President Tinubu’s Reforms Will Unlock Nigeria’s Potentials — First Lady To Nigerians

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The First Lady of Nigeria, Senator Oluremi Tinubu, has expressed optimism about the nation’s future, describing 2025 as a year of “prosperity and abundance.”

In a New Year message to Nigerians posted on X on Wednesday, she called for unity and renewed efforts toward building a thriving nation.

Tinubu emphasised the need for collective investment in rebuilding societal bonds and fostering inclusivity across all regions and demographics.

She urged Nigerians to rise above divisions and work toward mutual respect and understanding.

“As we journey through 2025, let us rise above our differences and rebuild the bridges that connect us—bridges of love, respect, and understanding.”

“It is a year to invest in one another; to nurture our youth and protect the dignity of our elders; to create a country where every Nigerian can thrive, regardless of where they are born, what they believe, or what language they speak,” she said.

The First Lady highlighted the administration’s commitment to ongoing economic reforms aimed at unlocking Nigeria’s vast potential under the leadership of President Bola Tinubu.

She stated, “I assure you all that the administration of President Bola Ahmed Tinubu, GCFR is truly committed to and is already undertaking deepening reforms that will unlock our nation’s economic potentials.”

Senator Tinubu encouraged Nigerians to stand together and support one another, pledging that the government remains steadfast in its vision for a prosperous nation.

“Together, we can build the Nigeria we all desire. Together, we will. Happy New Year, Nigeria,” she added.

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BIG STORY

Federal Government To Establish Credit Guarantee Company, Targets 15% Inflation In 2025

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President Bola Tinubu says his administration will establish a National Credit Guarantee Company before the end of the second quarter (Q2) of 2025.

Tinubu spoke on Wednesday during his New Year speech.

The president said his administration would consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“In 2025, our government is committed to intensifying efforts to lower these costs by boosting “food production” and promoting local manufacturing of essential “drugs” and other “medical supplies,” he said.

“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

“The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, the private sector, and multilateral institutions.”

Tinubu said the initiative would strengthen the confidence of the financial system, expand credit access, and support underserved groups such as “women” and “youth.”

The president also said the company would drive growth, reindustrialisation, and better living standards for Nigerians.

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