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Naira fall: Senator warns CBN against artificial measures

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Senator Ned Nwoko
Senator Ned Nwoko

Naira fall: Senator warns CBN against artificial measures

Senator Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that are capable of artificially forcing the Naira to gain value against dollar and other currencies.

Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made available to the News Agency of Nigeria (NAN), in Abuja on Saturday.
He advised them to concentrate on tackling the main issues responsible for the Naira depreciation, saying there was no short-cut to success.

He said the quest for economic freedom and the strength of the nation’s currency was an ongoing journey.
Nwoko also said the continuous revisit of previously implemented policies and consideration of new ones were imperative.

He also said the value of a sovereign nation’s currency was the cornerstone of respect and collaboration among nations, while reiterating that Nigeria must stimulate Naira demand.

According to him, as a nation that exports crude oil and other commodities globally, it is imperative that all transactions on these items be conducted exclusively in Naira.

“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.

“Moreover, the foreign reserve policy warrants reassessment. The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.

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“Unlike other nations like the United States, Britain, France, and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.

“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.

According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the nation’s population.

“Therefore, the notion that foreign reserves are indispensable for trade balance equilibrium falls short upon scrutiny”, he said.

The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures.

“Rather, it can be attributed to the decline in refined oil imports following the production and distribution of refined petroleum from the local refinery – the Dangote refinery.

“Now envisage if other heavily consumed products were locally produced instead of imported. The success would be monumental and conspicuous,” he added.

In January, in a statement, he had preferred crucial measures to be adopted by the federal government CBN to combat dollarisation and stabilise the Naira.

Nwoko said that since the dissemination of that statement, various measures have been implemented to bolster the value of the Naira.

“However, the efficacy of these measures is yet to manifest fully, as the root cause of Naira devaluation remains unaddressed.

“Until we confront the underlying issues head-on, our efforts against dollarisation will be in vain,” he said.

Naira fall: Senator warns CBN against artificial measures

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Agbedi Emerges House Minority Leader as Reps End Leadership Tension

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Agbedi Emerges House Minority Leader as Reps End Leadership Tension
Hon. Frederick Agbedi

Agbedi Emerges House Minority Leader as Reps End Leadership Tension

The House of Representatives has confirmed a new leadership team for its minority caucus, ending weeks of political tension and internal disagreements among opposition lawmakers.

Hon. Frederick Agbedi of the Peoples Democratic Party (PDP), representing Sagbama/Ekeremor federal constituency of Bayelsa State, emerged as the new Minority Leader during Thursday’s plenary in Abuja.

Speaker Tajudeen Abbas announced the decision while reading a formal letter from the minority caucus, also confirming Hon. Abdulsamad Dasuki (ADC, Sokoto) as Deputy Minority Leader, and Hon. Mansur Soro (APM, Bauchi) as Minority Whip.

Abbas said: “Today, the body of principal officers is complete… we congratulate the three members and wish them well.”

The leadership change followed the resignation of former Minority Leader Hon. Kingsley Chinda, who left the PDP after winning the APC governorship primary in Rivers State, creating a vacuum that triggered intense lobbying.

Tensions escalated when Hon. Ikenga Ugochinyere, initially nominated by the G-60 opposition bloc, withdrew his candidacy following a controversial amendment to the House Standing Orders.

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The amendment, sponsored by Hon. Babajimi Benson, introduced a requirement that principal officers must have completed at least one full four-year term in the House, effectively excluding first-term lawmakers.

Before the plenary, G-60 lawmakers staged a brief protest in the chamber, chanting “No announcement, no sitting,” insisting on their preferred leadership arrangement. The protest later subsided.

Ugochinyere, in a withdrawal letter read on the floor, said the decision followed changes to the House rules and was made in the interest of institutional order and unity within the caucus.

During the announcement, Speaker Abbas confirmed the consensus nomination of Agbedi and his deputies, noting that the House would work with the new leadership to achieve its legislative agenda.

Agbedi, a seasoned lawmaker who has represented his Bayelsa constituency since 2011, is expected to coordinate opposition activities in the chamber ahead of the 2027 general elections.

The new minority leadership team will oversee opposition engagement in a House dominated by the ruling All Progressives Congress (APC), with responsibilities including legislative scrutiny and policy oversight.

Agbedi Emerges House Minority Leader as Reps End Leadership Tension

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Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

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Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

The Federal Government has received 270 Nigerian citizens who returned from South Africa under an ongoing voluntary return and reintegration programme coordinated by relevant government and humanitarian authorities.

The returnees arrived at the Murtala Muhammed International Airport, Ikeja, Lagos, on Thursday after completing mandatory registration, documentation, and screening processes required for participation in the initiative.

Officials confirmed that the exercise was jointly facilitated by government agencies and partner organisations to ensure the safe, orderly, and dignified return of Nigerian citizens willing to come back home.

In a statement issued by the Lagos Operations Office of the National Emergency Management Agency (National Emergency Management Agency), the agency said its officials, alongside other stakeholders, were on ground at the airport to receive the returnees and coordinate immediate humanitarian support.

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The statement, signed by the Head of Operations, NEMA Lagos Operations Office, Mr Mohammed Olatunde, noted that the return programme is designed to support Nigerians abroad who voluntarily choose to return, particularly in situations involving economic hardship, safety concerns, or difficult living conditions.

According to him, the returnees had duly registered for the programme and completed all required screening procedures before departing South Africa, ensuring compliance with established migration protocols.

On arrival in Lagos, the returnees were assisted through immigration clearance and profiling procedures, after which arrangements were made for their onward movement to different parts of the country.

Olatunde explained that the Federal Government provided transportation support to help ease their movement from Lagos to their respective destinations across Nigeria.

He further disclosed that medical personnel and emergency response teams were stationed at the airport to provide immediate attention to any returnee requiring healthcare services upon arrival.

Reaffirming NEMA’s role in the operation, he said the agency remains committed to humanitarian coordination, emergency response, and the welfare of Nigerians returning from abroad under organised frameworks.

He added that the initiative reflects ongoing collaboration between Nigerian authorities and international partners aimed at ensuring the safe reintegration of returnees into their communities.

Authorities also noted that the programme includes post-arrival support measures, which may involve referrals for psychosocial support, transportation assistance, and reintegration guidance to help returnees resettle productively.

Officials stressed that the voluntary return initiative is part of broader migration management efforts and diplomatic engagements designed to support Nigerians abroad while ensuring their dignity and safety.

The arrival of the 270 returnees comes amid continued concerns over xenophobic tensions in South Africa, which have previously affected foreign nationals, including Nigerians, prompting periodic evacuation and return programmes.

Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

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BREAKING: House of Reps Passes State Police Bill

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BREAKING: House of Reps Passes State Police Bill

BREAKING: House of Reps Passes State Police Bill

The House of Representatives has passed the constitutional amendment bill seeking to establish State Police in Nigeria, marking a significant milestone in the country’s efforts to tackle rising insecurity through decentralised policing.

Lawmakers approved the bill during plenary on Thursday as part of the ongoing review of the 1999 Constitution, paving the way for one of the most far-reaching security reforms in Nigeria’s democratic history.

The proposed legislation seeks to amend the Constitution to allow states to establish and operate their own police services alongside the Nigeria Police Force (NPF). At present, policing is exclusively controlled by the Federal Government, with the Nigeria Police Force serving as the country’s only constitutionally recognised police institution.

The passage of the bill comes amid increasing calls for State Police as Nigeria grapples with persistent security challenges, including banditry, terrorism, kidnapping, communal clashes and other violent crimes across various regions.

Supporters of the proposal argue that a decentralised policing structure would improve intelligence gathering, enhance community policing and enable faster responses to security threats at the local level. They also believe governors and local authorities are better positioned to understand the unique security concerns within their states.

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The Deputy Speaker of the House of Representatives and Chairman of the House Committee on Constitution Review, Benjamin Kalu, had previously described the establishment of State Police as a critical step toward strengthening Nigeria’s security framework.

According to proponents, the current centralised policing system has become overstretched due to the country’s growing population and increasingly complex security landscape.

The push for State Police in Nigeria has gained momentum in recent months following consultations involving the Presidency, state governors, security agencies, lawmakers and civil society organisations.

President Bola Tinubu’s administration has repeatedly expressed support for discussions around policing reforms, with many governors also backing the proposal as a means of improving security at the grassroots level.

However, the initiative has continued to spark debate among stakeholders.

While advocates maintain that state-controlled police formations would improve security and accountability, critics have raised concerns that state governments could misuse such forces for political purposes, particularly during elections and periods of political tension.

To address these concerns, lawmakers have indicated that constitutional safeguards, oversight mechanisms and operational guidelines would be incorporated into the framework to prevent abuse and ensure professionalism.

Despite its passage by the House of Representatives, the bill has not yet become law.

As a constitutional amendment, it must still secure concurrence from the Senate and be approved by at least two-thirds of the 36 State Houses of Assembly before it can be transmitted to President Bola Tinubu for assent.

If eventually enacted, the legislation would fundamentally reshape Nigeria’s policing system and represent one of the most significant constitutional reforms since the return to democratic rule in 1999.

The latest development is expected to reignite nationwide conversations on security sector reforms, federalism and the devolution of powers within the Nigerian federation.

BREAKING: House of Reps Passes State Police Bill

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