News
Tinubu’s Policies End Era of State Bailouts, Boost FX Reserves to $49.4bn – Uzodimma
Tinubu’s Policies End Era of State Bailouts, Boost FX Reserves to $49.4bn – Uzodimma
Governor of Imo State and Chairman of the Progressive Governors’ Forum, Hope Uzodimma, says the sweeping economic reforms introduced by President Bola Ahmed Tinubu under the Renewed Hope Agenda have significantly strengthened Nigeria’s economy, raised foreign reserves to $49.4 billion and restored investor confidence in the country.
Uzodimma made the remarks on Monday during an interactive session with members of the diplomatic corps accredited to Nigeria in Abuja, where he presented what he described as the economic trajectory of the Tinubu administration since assuming office in May 2023.
According to the governor, Nigeria’s external reserves rose from approximately $32 billion in mid-2024 to $49.4 billion by the end of March 2026, providing about 13 months of import cover and reflecting stronger macroeconomic management.
He said the increase in reserves was one of several indicators showing that the administration’s reforms were beginning to stabilise the economy after years of fiscal distortions and foreign exchange uncertainty.
Uzodimma identified the removal of fuel subsidy and the unification of the foreign exchange market as the two most important reforms introduced by the Tinubu administration.
He described the subsidy removal as one of the boldest anti-corruption measures ever undertaken in Nigeria, arguing that the former subsidy regime had become a major channel for fraud, waste and revenue leakages.
READ ALSO:
- Alleged Coup Trial: Cleric In Video Says He Warned Plotters Of Failure
- CBN Raises Alarm Over Rising Risks In Non-Interest Banking Sector
- Okpebholo Condemns Killing Of UNIBEN Student, Orders Manhunt
According to him, funds that were previously spent on petrol subsidy payments are now being redirected toward infrastructure projects, social investments and economic expansion across the federation.
The governor also defended the decision to float the naira and unify exchange rates, saying the reforms restored transparency and credibility to the foreign exchange market by eliminating multiple exchange rate windows that encouraged arbitrage and rent-seeking.
“The chaos that used to make Nigeria’s macroeconomic indicators effectively fictitious has been retired,” Uzodimma said.
“An investor coming into Nigeria today can build a financial model that holds. A multinational planning regional headquarters in Lagos or Abuja is no longer asked to bet on which exchange rate will be enforceable when the time comes to repatriate earnings.”
He disclosed that the gap between the official and parallel market exchange rates, which previously exceeded 30 per cent, has now fallen below two per cent.
Uzodimma further revealed that diaspora remittances increased from around $200 million monthly in 2023 to nearly $600 million monthly, while liquidity in the foreign exchange market climbed to $10 billion in April 2026.
He added that the Federal Government had cleared over $10 billion in outstanding foreign exchange liabilities inherited from the previous administration and secured more than $50 billion in foreign direct investment commitments.
The governor said global financial institutions and rating agencies were beginning to acknowledge the impact of the reforms, citing recent credit rating upgrades and improved outlooks from Fitch Ratings and Moody’s.
On revenue generation, Uzodimma stated that monthly allocations from the Federation Account Allocation Committee now range between N1.8 trillion and N2.6 trillion, compared to significantly lower figures before the reforms.
He said state governments currently receive between N700 billion and N800 billion monthly, with allocations reaching N784 billion in February 2026 — representing a 23 per cent increase compared to the same period in the previous year.
According to him, the increase in revenues has significantly improved the fiscal capacity of subnational governments and reduced dependence on federal bailouts for salary payments.
“Thanks to this policy, the era of state governors travelling to the Federal Capital to ask for emergency bailouts to pay salaries is over,” he stated.
Uzodimma nevertheless acknowledged that the reforms came with short-term economic pain for many Nigerians but insisted that the policies were necessary to reposition the economy for long-term stability and sustainable growth.
Economic analysts have also noted improvements in Nigeria’s external reserves and exchange rate stability in recent months, although concerns remain over inflation, cost of living pressures, insecurity and revenue generation challenges.
Tinubu’s Policies End Era of State Bailouts, Boost FX Reserves to $49.4bn – Uzodimma
News
South Africa Visa Applications Double From Nigerians Despite Xenophobia Concerns – Envoy
South Africa Visa Applications Double From Nigerians Despite Xenophobia Concerns – Envoy
South Africa’s Consul-General in Nigeria, Prof. Bobby Moroe, has revealed that visa applications from Nigerians have nearly doubled in recent months, dismissing reports that South African missions have stopped issuing visas to Nigerians and insisting the country remains safe for travellers. Despite ongoing concerns over xenophobic attacks targeting Nigerians and other African migrants in South Africa, interest in travelling to the country has surged, according to the diplomat. Moroe made the disclosure during an interview with Nigeria Info FM on Sunday, emphasising that South Africa remains open for tourism, business and other forms of travel.
Moroe sought to allay fears over the safety of Nigerians travelling to South Africa, describing reports that diplomatic missions had suspended visa issuance as “untrue”. In his words: “I just want to give reassurance that South Africa is open for business, South Africa is open for tourism, and South Africa is open for any other form of visit. And it is also untrue to suggest that South African missions in Nigeria do not offer visas to Nigerians anymore. But I can assure you and the listeners, that it is safe to travel to South Africa.” The Consul-General disclosed that visa applications have increased significantly, with the Lagos consulate alone processing between 100 to 130 applications daily.
This reassurance from Moroe comes amid renewed concerns over xenophobic violence in South Africa, where Nigerians and other African migrants have been targeted in pockets of violence across Gauteng, KwaZulu-Natal and parts of the Western Cape. The attacks, often fuelled by claims of job competition and criminality, have led to looting of foreign-owned shops, assaults and forced displacements, sparking outrage in Nigeria and across the continent. In response to the escalating violence, the Federal Government facilitated the repatriation of over 1,400 Nigerians who were stranded or feared for their safety in South Africa. Repatriated Nigerians have since warned compatriots against migrating to South Africa, describing the country as unsafe for foreigners. Earlier in June 2026, the government had announced plans to repatriate more than 1,000 citizens through a voluntary repatriation programme, following a similar action by Ghana.
READ ALSO:
- Nigerian Mother Gifts Son a Live Goat After Polytechnic Graduation
- Radio Caroline Fined Over False King Charles III Death Announcement
- Osun poll: Adeleke’s wife leads women’s protest over alleged arrests, violence
In a separate interview, Moroe rejected claims that xenophobia is prevalent in South Africa, stating that the government condemns attacks on both citizens and foreigners regardless of immigration status. The diplomat went further to argue that the term “xenophobia” has become unfairly associated with South Africa, noting that when similar incidents occur elsewhere, they are labelled differently. “There’s no xenophobia in South Africa,” he said when questioned about recurring reports of violence against foreign nationals.
The surge in visa applications may also be attributed to streamlined processes introduced after a January 2023 forum, which have reduced turnaround times significantly. Under the new arrangements, qualifying Nigerian businesspeople can now be granted five-year multiple-entry visas, making travel more convenient for frequent visitors. Moroe urged prospective travellers to obtain necessary visas before departure and comply with South Africa’s immigration laws, advising: “It is everybody’s responsibility to ensure that before you travel, you ensure that you have your visa, you comply with the immigration laws of the country, you become a good ambassador of your country.” He also cautioned Nigerians to familiarise themselves with South African laws, understand their rights and know the locations of law enforcement agencies in case of emergencies, adding: “When you get to South Africa, you know and understand your rights, but you must also familiarise yourself with the laws of the country. You choose places that you want to visit… and ensure that you also are familiar with the location of law enforcement agencies, just in case something happens.”
The Consul-General’s position on xenophobia has, however, been challenged by former Enugu State lawmaker Okey Onoh, who described Moroe’s denial as contradicting documented reports of attacks and discrimination against African migrants in South Africa. Onoh cited reports by advocacy groups, including Xenowatch, which have recorded hundreds of alleged xenophobic incidents annually, and criticised anti-immigrant groups including Operation Dudula. In a sharp rebuke, Onoh declared: “Keep your South Africa, we keep our Nigeria,” calling for greater protection of African migrants and urging African countries to reconsider their engagement with South Africa.
Despite these tensions and the contrasting narratives, Moroe expressed confidence that bilateral visits between both countries would continue to grow, stressing that South Africa valued its relationship with Nigeria and that people-to-people ties between the two nations remain active. Nigerian DJs perform in Johannesburg, South African gospel artists play in Lagos, students study in Cape Town and traders do business in Aba — these are the everyday connections that bind the two countries, mission officials noted, underscoring the deep and enduring links that persist even amid diplomatic friction and security concerns.
South Africa Visa Applications Double From Nigerians Despite Xenophobia Concerns – Envoy
News
NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News
NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News
Zacch Adedeji calls reports “cheap journalism” lacking ethics, clarifies legal framework of the Frontier Exploration Fund under PIA 2021
The Executive Chairman of the Nigeria Revenue Service (NRS) , Zacch Adedeji, has firmly dismissed online reports alleging that $279 million was illegally transferred from the Frontier Exploration Fund to unnamed accounts, describing the claims as sponsored fake news orchestrated by individuals bent on tarnishing his reputation and that of the service. In a telephone interview, Adedeji categorically denied any wrongdoing, stating that the report was not only false but also exhibited hallmarks of a coordinated smear campaign. He declared, “That report is not true in any way. It is pure fake news sponsored by some jobless persons whose pastime is to throw mud at high performers in the President Tinubu government. I consider it to be a brand of cheap journalism lacking in ethics and professionalism but heavy with malicious intentions.” Adedeji pointed to stylistic consistencies across multiple online platforms as evidence of a single author behind the allegations, suggesting the story was deliberately planted to mislead the public. “To prove to you that it was sponsored, take a critical look at the storyline and language. They are the same language and style in all the reports, meaning that one person wrote it and distributed it across gullible online platforms,” he added.
To contextualize the controversy, Adedeji explained that the alleged fraud narrative stems from a fundamental misunderstanding of what the Frontier Exploration Fund entails and how it is disbursed. The Frontier Exploration Fund was legally established under Section 9 of the Petroleum Industry Act (PIA) 2021, a landmark legislation that reformed Nigeria’s oil and gas sector. The Fund is specifically designed to finance petroleum exploration activities in frontier basins—areas where commercially viable hydrocarbon reserves are yet to be fully established. These frontier basins include the Bida Basin, Benue Trough, Anambra Basin, Chad Basin, Sokoto Basin, and Dahomey Basin. The Fund is meant to cover critical exploration expenses such as geological mapping, seismic surveys, exploratory drilling, appraisal wells, basin studies, and other exploration activities, all of which are essential for expanding Nigeria’s proven hydrocarbon reserves and securing the country’s energy future.
READ ALSO:
- Aregbesola: I’ve never slept with another woman since marriage
- Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog
- Customs Uncover 399 Rifles, 535 Parts in Massive Tin Can Port Arms Haul
Under the PIA 2021, the Frontier Exploration Fund is financed through a statutory allocation of 30% of NNPC Limited’s profit oil and profit gas derived from production sharing contracts (PSCs). These funds are channeled into a dedicated escrow account and must be strictly applied to frontier exploration and development, subject to appropriation by the National Assembly. This legal structure ensures transparency and accountability, with multiple oversight layers built into the disbursement process. However, the Fund has been at the center of several policy debates in recent months, adding complexity to the current allegations.
One major development was the signing of Executive Order No. 9 in February 2026 by President Bola Tinubu, which suspended the statutory 30% allocation from NNPC’s profit oil and gas to the Frontier Exploration Fund, rerouting the funds directly to the Federation Account. This move drew sharp criticism from energy analysts, including Professor Emeritus Wunmi Iledare, who warned that the order prioritizes “immediate distributable revenue over long-term reserves sustainability.” The order also suspended NNPC’s 30% management fee, a decision critics argue undermines the company’s commercial autonomy as established under the PIA 2021. These policy shifts have fueled public scrutiny and created an environment where misinformation about the Fund can easily gain traction.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) , which administers the Frontier Exploration Fund, previously denied withholding the funds, confirming that over $185 million and N14.9 billion** had already been released to **NNPC Limited** as of late 2025. These releases included a **$140 million tranche approved on November 27, 2025. However, concerns about disbursement delays have persisted. The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, publicly directed NUPRC and NNPCL to deploy the accrued funds to support seismic and appraisal work in frontier basins, lamenting that the Fund had not been meaningfully utilized since his assumption of office. Industry analysts have warned that bureaucratic inertia in releasing the funds is stalling essential exploration activities and weakening investor confidence, making the Fund a recurring flashpoint in Nigeria’s energy sector discourse.
Adding another layer to the controversy, the National Association of Nigerian Students (NANS) has called on anti-graft agencies—the Economic and Financial Crimes Commission (EFCC) , the Independent Corrupt Practices and Other Related Offences Commission (ICPC) , and the National Assembly—to investigate the alleged $279 million transfer. Jamilu Hussaini Ebbo, NANS’ Forum Chairman, linked the controversy to the hardships faced by Nigerian students, stating that “the unapproved movement of public funds is a direct attack on the future of Nigerian youth.” NANS has urged a forensic audit of the Frontier Exploration Fund account to ensure transparency and accountability, a move that has gained traction among civil society groups concerned about the prudent management of public resources.
In his final rebuttal, Adedeji dismissed the allegations as baseless, reiterating that the Nigeria Revenue Service has no role in the administration or disbursement of the Frontier Exploration Fund, as the Fund falls under the purview of NUPRC and NNPC Limited. He called on media practitioners to uphold ethical standards and verify facts before publishing, warning that sponsored fake news undermines public trust and destabilizes governance. His firm stance underscores the growing challenge of misinformation in Nigeria’s digital media landscape and the need for greater journalistic responsibility.
As the story continues to develop, key takeaways remain clear: no evidence supports the alleged $279 million illegal transfer from the **Frontier Exploration Fund**; the Fund is legally established under **Section 9 of the PIA 2021** and is strictly regulated; **NRS Chairman Zacch Adedeji** has no oversight over the Fund, making the allegations against him factually incorrect; **NUPRC** has confirmed that over **$185 million** has already been disbursed to NNPC Limited for frontier exploration; Executive Order No. 9 has temporarily suspended allocations to the Fund, redirecting revenue to the Federation Account; and NANS continues to push for a forensic audit to ensure public funds are properly accounted for. Updates will be provided as more information becomes available.
NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News
News
Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog
Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog
The Nigeria Immigration Service has sent a dedicated team to the United Kingdom to process pending, new, and renewal passport applications for Nigerians in the diaspora, with operations beginning August 10, 2026.
The Nigeria Immigration Service (NIS) has deployed a dedicated Passport Intervention Team to the United Kingdom to ease and streamline passport applications for Nigerians living in the diaspora. The initiative, directed by the Minister of Interior, Olubunmi Tunji-Ojo, is part of ongoing efforts to address the challenges Nigerians abroad face in obtaining or renewing their travel documents. The intervention team, comprising personnel from the NIS headquarters in Abuja, arrived in the United Kingdom on Monday, August 10, 2026. The team will work in collaboration with the Nigerian High Commission to facilitate the processing and issuance of pending, new, and renewal passport applications. This deployment follows recent complaints from Nigerians in the UK about delays in passport processing and poor communication at the High Commission, concerns the NIS had earlier addressed by highlighting the availability of its digital platforms.
As part of the exercise, the intervention team will visit designated cities across the United Kingdom to conduct passport enrolment and processing. This approach is designed to bring services closer to eligible applicants in different parts of the country, reducing the burden of travelling long distances to a central location. The intervention is open to three categories of applicants: applicants with pending passport applications who are waiting for processing; new applicants applying for a Nigerian passport for the first time; and holders of passports with less than one year remaining before expiry who wish to apply for renewal. During enrolment, applicants are required to present their completed application forms and proof of payment.
READ ALSO:
- Customs Uncover 399 Rifles, 535 Parts in Massive Tin Can Port Arms Haul
- $79 T-Shirt That Stays Fresh for 30 Days Without Washing? US Company Makes Bold Claim
- ISWAP Executes Four Shura Council Members Amid Deepening Leadership Crisis
The NIS has urged Nigerians in the UK not to proceed to any location until the detailed schedule, including designated cities, dates, venues, and enrolment times, has been officially communicated. “Applicants are therefore advised not to proceed to any location until the relevant schedule has been officially communicated and to monitor the official communication channels of the Nigerian High Commission in the United Kingdom for further details,” the NIS stated. The NIS also advised applicants to rely only on information released through authorised government platforms.
The NIS has clarified that all its digital passport application channels, including the Contactless Passport Application System, will remain fully operational throughout the intervention. The Contactless Passport Application System, which was launched in the UK in February 2025, allows eligible Nigerians to renew their passports without visiting a centre for biometric enrolment through the NIS Mobile application. The home delivery service for passports will also continue to be available to applicants. This digital system has been particularly valuable following the introduction of the NIS Mobile app, which addressed the challenge of securing appointments for biometric enrolment at the High Commission. The app has undergone several upgrades based on user feedback, and the NIS has confirmed that previous technical glitches have been resolved.
For enquiries or complaints regarding the UK intervention, applicants can contact the NIS through the following channels: email at passport.london@immigration.gov.ng or the WhatsApp-only line at +234 916 087 8000. The NIS reaffirmed its commitment to providing efficient, transparent and responsive passport services to Nigerians both at home and abroad.
Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog
-
Sports1 day agoAfter Cameroon Heartbreak, Falcons Battle Banyana Thursday for World Cup Lifeline
-
Politics2 days agoOsun 2026: Police arrest commissioner over APC rally gunshots as Adeleke alleges political intimidation
-
Entertainment2 days ago“Don’t Paint What Doesn’t Exist”: Kamo State Addresses Funke Akindele Speculation
-
Business1 day agoXenophobia: MTN, Stanbic IBTC, other South African firms face pressure in Nigeria
-
Politics2 days ago“We Are the Victims, Not Adeleke” — APC Candidate Denies Violence Claims as Osun Election Nears
-
Entertainment3 days agoP-Square’s Eldest Brother Henry Alleges Mother Opposed Jude Managing Duo
-
metro3 days agoEdo Spiritualist Arrested for $1,100 Sextortion of Indian Woman – EFCC
-
Politics23 hours agoAregbesola: I’ve never slept with another woman since marriage