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.

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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

Stepmother Arrested Over Alleged Killing of 9-Year-Old Stepdaughter

The Enugu State Government and the police have launched an investigation into the alleged killing of a nine-year-old girl, Miss Ogechi Amanda John, by her stepmother in the Emene area of Enugu metropolis.

The suspect, Mrs. Ogechi John, who is said to be from Oderiko in Ikwo Local Government Area of Ebonyi State, was arrested by police operatives on Monday morning following the tragic incident that occurred at the family’s residence in Nchatancha, Emene, in Enugu East Local Government Area.

According to neighbours, the incident happened around 3pm on Sunday after the child was allegedly subjected to severe beating by her stepmother. Residents of the area claimed that the late Amanda had suffered repeated abuse and maltreatment over time before her death.

The development has sparked outrage within the community, with residents demanding justice for the deceased child and calling for stronger protection for vulnerable children facing domestic abuse.

Reacting to the incident, the Enugu State Commissioner for Children, Gender Affairs and Social Development, Mrs. Ngozi Enih, described the alleged act as unacceptable and vowed that the state government would ensure justice is served swiftly.

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She stated that the administration of Governor Peter Mbah maintains zero tolerance for child abuse, domestic violence, and crimes against children.

“It is on record that the Governor Peter Mbah Administration has zero tolerance for any form of child abuse, let alone child homicide. So, we swung into action on learning about this tragedy to ensure that the suspect was arrested.

“But it doesn’t end there. We will be pressing for thorough and expedited investigation to ensure that justice is not just done, but done really fast.

“Nobody should take another’s life and certainly not the life of any child in Enugu State. We condemn it in totality,” she said.

Police authorities have yet to officially release the autopsy findings or the exact medical cause of death. However, sources said the suspect remains in police custody while investigations continue.

The case has further renewed concerns over the rising cases of child abuse in Nigeria, especially incidents involving domestic violence and abuse within homes. Child rights advocates have repeatedly called for stricter enforcement of child protection laws and quicker prosecution of offenders.

Security and government sources indicated that the case may soon be transferred for prosecution once investigations are concluded.

Stepmother Arrested Over Alleged Killing of 9-Year-Old Stepdaughter

Tinubu Appoints Retired Maj.-Gen. Fadewa as Homeland Security Adviser

Bola Ahmed Tinubu has approved the appointment of retired Major General Adeyinka Fadewa as Special Adviser on Homeland Security as part of renewed efforts to strengthen Nigeria’s internal security coordination and intelligence framework.

The appointment was officially confirmed on Monday in a circular signed by the Secretary to the Government of the Federation, George Akume, and conveyed through the Permanent Secretary, General Services Office, Dr Ibrahim Kana.

According to the Presidency, the appointment reflects the administration’s commitment to improving national security coordination and enhancing intelligence-driven responses to evolving security threats across the country.

President Tinubu said Fadewa’s appointment was based on his distinguished military service record, strategic security expertise, and long-standing contributions to Nigeria’s security architecture.

The President noted that stronger collaboration among security institutions remains essential in addressing terrorism, banditry, kidnapping, cyber threats, and other emerging security challenges confronting the country.

“His appointment demonstrates our commitment to building a more responsive and coordinated security framework,” Tinubu stated.

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The President also stressed the importance of intelligence-led operations in protecting lives, securing communities, and preserving national stability under the administration’s Renewed Hope Agenda.

Fadewa retired from military service after more than three decades of experience in strategic security operations, defence planning, intelligence coordination, and international security diplomacy.

He previously served as Principal General Staff Officer to the Office of the National Security Adviser between 2015 and 2021, where he played a major role in strengthening inter-agency intelligence cooperation.

One of the major projects linked to his tenure was the establishment of the Intelligence Fusion Centre at the Office of the National Security Adviser. The centre was created to improve information sharing and operational coordination among key security and intelligence agencies nationwide.

The agencies involved include the Defence Intelligence Agency, National Intelligence Agency, Department of State Services, the Nigeria Police Force, and various branches of the Armed Forces.

Security analysts say the appointment comes at a critical time when Nigeria continues to confront complex security threats requiring stronger coordination between intelligence agencies, military institutions, and law enforcement bodies.

The Homeland Security Adviser role is expected to focus on enhancing domestic security planning, intelligence integration, emergency preparedness, and strategic coordination among relevant agencies.

Tinubu expressed confidence that Fadewa would use his experience and professionalism to strengthen homeland security operations and improve national response capabilities.

“I urge him to deploy his experience, professionalism and strategic insight in advancing our national security objectives,” the President added.

The appointment forms part of ongoing reforms aimed at modernising Nigeria’s security framework and improving operational efficiency in combating insecurity across different parts of the country.

Tinubu Appoints Retired Maj.-Gen. Fadewa as Homeland Security Adviser