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We’ll Raise $10bn To Stabilise Naira, Boost FX Liquidity — President Tinubu

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, says his administration is making efforts to raise at least $10 billion to increase foreign exchange (FX) liquidity, stabilise the naira and grow the economy.

President Tinubu, on Tuesday, made the announcement in Abuja during the opening of the Ministry of Finance Incorporated’s (MOFI) public wealth management conference.

He stated that government-owned assets totaling trillions of naira needed to be identified, consolidated, and optimised for profits.

Vice President Kashim Shettima, who was Tinubu’s representative at the event, added that plans exist to unlock the potential of Nigeria’s enormous public assets in order to create millions of employment.

“The federal government set a goal to raise at least $10 billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy,” he said.

“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, however, revealed that decades of mismanagement and underutilisation have plagued the country’s assets, spread across Nigeria and outside its borders, leading to revenue losses that have hindered economic growth.

He assured that “the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the centre stage.”

The president also said transparency and accountability are key principles, believing improved corporate governance, innovative partnerships and attracting alternative investment capital would significantly increase returns.

“These improved returns will then be directed towards crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty,” Tinubu said.

“And stimulating sustainable economic development and job creation for the youths.”

By efficiently managing public resources, Tinubu said the government aimed to build a more equitable society and unlock the full potential of its citizens.

He, therefore, called on all stakeholders, including ministries, development financial institutions and the public and private sector players, to partner with MOFI to optimise the strategic assets.

Tinubu expressed hope that the collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.

On his part, Shamsudeen Usman, MOFI board chairman, said the asset manager would play a more active role in the management of assets under its purview.

He told operators of the assets to see MOFI as partners rather than competitors or regulators.

The chairman said the management was committed to high-level corporate governance.

Usman also said the company had integrated a non-conflict of interest policy to guard against practices that undermine professionalism among members of staff.

BIG STORY

Power Generation Increased By 34% In 2024 — Power Minister Adelabu

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Adebayo Adelabu, the Minister of Power, announced that Nigeria’s power generation increased by 34% in 2024. Speaking during a budget defense session with the Senate Committee on Power, Adelabu revealed that the administration inherited an average generation capacity of 4,100 megawatts (MW) in 2023 and raised it to 5,528 MW by the end of 2024.

He attributed the increase to the addition of a new 700 MW hydroelectric power dam, Zungeru, and significant improvements from existing power plants, both hydro and thermal. Although the initial target was 6,000 MW, unforeseen challenges such as grid disturbances prevented this achievement. However, the shortfall was minimal.

Adelabu also highlighted a rise in energy access, from 59% in 2023 to 64% in 2024, driven by a combination of grid access expansion and growth in renewable energy initiatives, including solar, small hydro, and wind projects. Despite these advancements, he expressed concerns over the metering gap, with around six million customers metered and over seven million remaining unmetered. To address this, Adelabu mentioned that the ministry had secured a N700 billion fund and planned to procure at least two million meters annually over the next five years, aiming to eliminate the metering gap and fraud in electricity billing.

  • Shiroro-Kaduna-Mando Line Yet to Be Fixed Due to Insecurity

Adelabu also addressed the ongoing issue of the Shiroro-Kaduna-Mando transmission line, which has not been repaired due to persistent insecurity in the region. This line is one of two major power transmission routes to northern Nigeria, and its failure has placed significant pressure on the grid. The minister explained that attempts to repair the line were hindered by terrorist and bandit attacks, forcing the government to hand over the issue to security agencies.

Adelabu acknowledged that the national grid inherited by the government was “very old and dilapidated,” which contributed to eight collapses in 2024, five of which were full collapses. He emphasized that efforts were ongoing to address these challenges, with the Presidential Power Initiative aiming to revamp the grid and eliminate vandalism.

The minister expressed hope that 2025 would bring improvements, stating that despite the setbacks, the government had almost met its targets for 2024.

In response, Eyinnaya Abaribe, chairman of the Senate Committee on Power, questioned the government’s continuous funding of power distribution companies (DisCos).

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Those Who Collected Money For Alaafin Stool Will Be Prosecuted — Governor Makinde

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Seyi Makinde, the governor of Oyo State, has stated that individuals who received bribes during the selection of the Alaafin of Oyo designate will be prosecuted.

Makinde made this remark on Monday while presenting the staff of office to Abimbola Owoade, the new Alaafin of Oyo, at the Oyo State Government House in Ibadan.

Despite opposition from a five-member faction of the Oyomesi (kingmakers), who preferred Lukman Gbadegesin, Makinde announced Owoade as the Alaafin-designate on Friday.

In July 2024, two members of the Oyomesi informed the Economic and Financial Crimes Commission (EFCC) that Gbadegesin had offered each of the five kingmakers N15 million during the selection process.

While handing over the instruments of office to the monarch, Makinde reiterated that the Alaafin stool would not be for sale during his tenure.

He further emphasized that those who attempted to destabilize the traditional institution in the state would be prosecuted.

“The government is not letting down. We will prosecute them. The money they collected, they will still be prosecuted,” the governor stated.

“Except they go to Kabiyesi and apologise; if he forgives them, then I will also forgive them.”

The governor also clarified that there were no political motives behind his approval of Owoade as Alaafin.

He mentioned that he had neither spoken with Owoade nor met him or any of the other princes competing for the throne.

This approach, he said, allowed him to remain objective in his decision-making.

“Some people said maybe it was political consideration. No. Politics, electioneering is a game,” he stated.

“It’s only when you have been elected that governance becomes a serious business because you will take decisions that will affect millions of people. So, we will not play politics with governance.”

Makinde further explained that in 2019, his administration faced challenges with the traditional institution in Ibadanland, which have since been resolved to everyone’s satisfaction.

Regarding the Alaafin stool vacancy in 2022, he mentioned, “We were moving towards the election, and people said, ‘you have to approve the appointment of Alaafin; otherwise, Oyo people would not vote for you.’”

He added, “I said, ‘the people should not vote for me, but that I would do what was right,’ and Oyo voted for me massively. And Oyo will still continue to vote for me.”

The governor confirmed that the coronation would take place in four weeks, adding, “on that day, I’ll talk.”

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UPDATE: Why We Sacked Obasa, Replaced Him — Lagos Lawmakers [VIDEO]

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Lawmakers in the Lagos State House of Assembly have revealed why they sacked Mudashiru Obasa as their Speaker on Monday.

The lawmakers spoke after the plenary on Monday during which they also elected Hon. Mojisola Meranda as Obasa’s replacement.

The representative of Epe 1 Constituency, Abiodun Tobun, who spoke on behalf of his colleagues, said: “The Lagos State House of Assembly declared its decision to impeach Speaker Mudashiru Obasa.

“The impeachment was a unanimous decision by the lawmakers.

“The lawmakers agreed to take this step to safeguard our image and Lagos State.

“Change is inevitable, and we felt it was time for a new direction.

“All standing committees and principal office positions have been dissolved.

“We are determined to work together to elevate the Assembly and deliver on our responsibilities to Lagosians.”

Tobun then went on to explain in detail the reason for their decision.

 

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