metro
Nigeria’s economy reacts to CBN’s $6.83bn surplus
Nigeria’s economy reacts to CBN’s $6.83bn surplus
The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of 6.83 billion dollars for the 2024 financial year.
In a statement issued by Hakama Sidi-Ali, Director of the CBN’s Corporate Communications Department, the apex bank described the development as a decisive turnaround from the deficits of 3.34 billion dollars in 2023 and 3.32 billion dollars in 2022.
Sidi-Ali attributed the improvement to wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
“The current and capital account recorded a surplus of 17.22 billion dollars in 2024, underpinned by a goods trade surplus of 13.17 billion dollars.
“Petroleum imports declined by 23.2 per cent to 14.06 billion dollars, while non-oil imports dropped by 12.6 per cent to 25.74 billion dollars.
“On the export side, gas exports rose by 48.3 per cent to 8.66 billion dollars, and non-oil exports increased by 24.6 per cent to 7.46 billion dollars,” she said.
She further noted that remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to 20.93 billion dollars.
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“International Money Transfer Operator inflows surged by 43.5 per cent to 4.73 billion dollars, up from 3.30 billion dollars in 2023, reflecting stronger engagement from the Nigerian diaspora,” she added.
According to her, official development assistance also increased by 6.2 per cent to 3.37 billion dollars.
“Nigeria recorded a net acquisition of financial assets totalling 12.12 billion dollars.
“Portfolio investment inflows more than doubled, increasing by 106.5 per cent to 13.35 billion dollars, while resident foreign currency holdings grew by 5.41 billion dollars, indicating stronger confidence in domestic economic stability,” she said.
Although Foreign Direct Investments (FDIs) declined by 42.3 per cent to 1.08 billion dollars, Sidi-Ali said the overall financial account still posted notable gains.
She noted that the country’s external reserves rose by 6.0 billion dollars to 40.19 billion dollars by year-end 2024, strengthening its external buffer.
“Marked improvement in data integrity – notably, net errors and omissions narrowed significantly by 79.5 per cent to negative 5.10 billion dollars in 2024, down from 24.90 billion dollars in 2023.
“This reflects substantial improvements in data availability and capture, representing a major advance in data accuracy, transparency, and overall reporting integrity,” she stated.
Sidi-Ali said the 2024 BOP surplus underscored the effectiveness of Nigeria’s ongoing reform agenda.
She cited the liberalisation and unification of the foreign exchange market, disciplined monetary policy for inflation control and Naira stability, and coordinated fiscal and monetary measures as key drivers of enhanced competitiveness and investor sentiment.
Meanwhile, CBN Governor Yemi Cardoso described the turnaround in the country’s external finances as a clear sign of effective policy implementation and strong commitment to macroeconomic stability.
“This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike,” Cardoso said.
Nigeria’s economy reacts to CBN’s $6.83bn surplus
(NAN)
metro
Disputed FCT land: FCTA faults claimants’ documents, says no approval granted
Disputed FCT land: FCTA faults claimants’ documents, says no approval granted
Officials of the Federal Capital Territory Administration (FCTA) have taken responsibility for the confrontation between FCT Minister, Nyesom Wike, and a naval officer, Lt. A.M. Yerima, at a disputed site in Plot 1946, Gaduwa District, Abuja.
The incident, which went viral in a video showing naval personnel blocking the Minister from accessing the site, stemmed from a development linked to former Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo (rtd).
Speaking after the FCT Executive Committee meeting, the Director of the Department of Development Control, Tpl Mukhtar Galadima, apologised to the Minister and the public, expressing regret over the circumstances that escalated into a tense standoff.
“It is with a sense of commitment, emotion and regret that we address this press conference on the incident that happened on Tuesday, 11th November, 2025, at the Gaduwa District,” Galadima said.
He explained that officials discovered ongoing construction on October 17 within the Southern Parkway corridor but were met with threats from armed naval officers when they requested approval documents. The documents eventually presented, he said, included only a 2007 letter of intent issued by the Department of Parks and Recreation—far from a recognised development approval.
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Galadima said he appealed repeatedly to officers on site to produce valid approvals and later invited the Minister when the presence of armed men suggested imminent danger.
“Seeing armed men strategically positioned, ready to shoot, I sent a distress call to the Honorable Minister to come for an on-the-spot assessment. And on getting there, that ugly incident happened,” he said. “I sincerely apologize to the Minister and to all Nigerians for what happened.”
He stressed that the development was illegal under the FCT Act of 1976 and the Urban and Regional Planning Law of 1992.
The Director of Lands Administration, Chijioke Nwankwoeze, also clarified that the claimants had no statutory title to the property, noting that the 18-year-old letter of intent they relied on neither conferred ownership nor granted approval to build.
He said the letter contained strict conditions—such as submission of a detailed technical proposal within 21 days and completion of development within one year—none of which were fulfilled. He further noted that no lease agreement was issued, and no development occurred on the site by the required 2008 deadline.
“Beyond not having title, in Abuja you cannot build anything without approval of the plans you submitted,” Nwankwoeze stressed, adding that the structures were erected illegally after all related documents had long been withdrawn.
The officials reaffirmed that the enforcement action was necessary to uphold Abuja’s development standards and the rule of law, while acknowledging the disruption caused by the episode.
Disputed FCT land: FCTA faults claimants’ documents, says no approval granted
metro
Regina Daniels: Abuja hospital disowns leaked medical document
Regina Daniels: Abuja hospital disowns leaked medical document
Serenity Royale Hospital has distanced itself from a medical report circulating online and allegedly linked to Regina Daniels, the estranged wife of Senator Ned Nwoko.
In a statement issued by the management of the Abuja-based facility, the hospital said the document did not originate from it and urged the public to disregard the report, which purports to detail a “mid-term home detox” programme.
“DISCLAIMER! Our attention has been drawn to a post (on an alleged MID TERM HOME DETOX REPORT) being circulated online in the name of Serenity Royale Hospital with respect to Mrs Nwoko Regina,” the statement read.
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“We wish to state clearly that the publication and circulation of the said post containing classified information did not emanate from us and respectfully request the public to disregard same.

“We remain committed to high standard medical practice with huge commitment to ensuring medical confidentiality. Thank you, Management, Serenity Royale Hospital.”
The viral report had claimed the actress tested positive for several substances, including marijuana, cocaine and high levels of alcohol, as part of an alleged detoxification exercise.
However, the hospital’s disclaimer has cast doubt on the authenticity of the document, reinforcing its stance on protecting patient privacy and upholding professional ethics.
Regina Daniels: Abuja hospital disowns leaked medical document
metro
Ex-PDP ward Chairman abducted in midnight raid in Kwara community
Ex-PDP ward Chairman abducted in midnight raid in Kwara Community
A former chairman of the Peoples Democratic Party (PDP) in Boriya–Shiya Ward of Baruten Local Government Area, Kwara State, Abubakar Sabi Sise, has been abducted by suspected kidnappers.
Sise, who is also a well-known trader in the area, was reportedly taken from his residence in Boriya during a midnight attack on Thursday.
According to Barutem TV, the assailants stormed the house around 12 a.m., firing several shots into the air before forcing their way into the compound. Sources said one of Sise’s sons returned home late and unknowingly walked into the incident. The gunmen allegedly compelled him to summon his father and open the door.
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Once inside, the attackers took only Alhaji Sise, leaving other family members unharmed.
Residents said spent shells and live rounds were found around the house at daybreak, indicating heavy gunfire during the operation. They described the attack as brief but frightening, noting that the kidnappers left within minutes.
Local vigilante operatives were immediately alerted and have since launched a search of surrounding areas in an attempt to locate the victim and apprehend the suspects.
The incident is the second kidnapping in the area in less than two months. On September 17, a businessman was abducted from his home in Shiya, a neighbouring community a few kilometres from Boriya.
As at the time of filing this report, the whereabouts of Sise remain unknown.
Ex-PDP ward Chairman abducted in midnight raid in Kwara Community
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