Tinubu’s Policies End Era of State Bailouts, Boost FX Reserves to $49.4bn – Uzodimma - Newstrends
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Tinubu’s Policies End Era of State Bailouts, Boost FX Reserves to $49.4bn – Uzodimma

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Uzodimma Approves N300m Support for Imo Law Students, South African Returnees
Governor of Imo State and Chairman of the Progressive Governors’ Forum, Hope 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.

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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

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Despite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages

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Despite Tegbe's 72-Hour Promise, Nigerians Still Battle Power Outages
Minister of Power Joseph Tegbe

Despite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages

Nigeria’s electricity generation has risen to 4,020.41 megawatts (MW), up from about 3,500MW, but the improvement has yet to translate into reliable power supply for households and businesses across the country.

The development comes amid growing frustration over prolonged power outages, particularly in Lagos and other states, despite assurances by the Minister of Power, Joseph Tegbe, that electricity supply would improve within 48 to 72 hours.

Data from the Nigerian Independent System Operator (NISO) showed that generation increased on Monday, November 9, 2026, following disruptions linked to maintenance at the Egbin Power Station, gas supply constraints and damage to critical transmission infrastructure.

The increase followed the Federal Government’s intervention to restore damaged transmission infrastructure and return affected generating units to operation. However, electricity consumers continued to report inadequate supply, highlighting the gap between improved generation figures and the actual amount of electricity reaching homes and businesses.

According to the reported figures, electricity generation reached a peak of 4,253.6MW on Sunday before standing at 4,020.41MW on Monday. The Afam VI power plant contributed the largest share at 519MW, followed by the Shiroro hydroelectric plant with 445MW and the Azura-Edo plant with 438MW.

However, the Egbin Power Station, which has an installed capacity of 1,320MW, was generating only 108MW at the time of the reported assessment.

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The combined electricity allocation to the 11 distribution companies (DisCos) stood at approximately 3,195MW by late Monday afternoon, with Abuja DisCo receiving 581MW, Ikeja Electric 467MW and Eko Electricity Distribution Company 458MW.

The Minister of Power, Joseph Tegbe, had earlier attributed the worsening electricity situation to planned maintenance at the Egbin Power Station, inadequate gas supply to some thermal power plants and the vandalism of critical transmission infrastructure.

In an update issued on Friday, November 6, Tegbe explained that maintenance activities and gas supply constraints had reduced the volume of electricity available on the national grid, forcing operators to introduce load shedding in some areas.

He also disclosed that the vandalism of key transmission lines had restricted alternative routes for delivering electricity, particularly to Lagos.

The minister subsequently apologised to Nigerians over the disruptions, acknowledging the difficulties experienced by households, businesses and public institutions.

He said the government was working with generating companies, the Transmission Company of Nigeria (TCN), NISO and electricity distribution companies to restore affected facilities and improve supply.

Tegbe had promised that the first affected generating units would return to operation within 48 to 72 hours, while repairs to damaged transmission infrastructure would be accelerated.

In a further update on Monday, the minister announced that the vandalised Benin-Egbin 330-kilovolt transmission line had been repaired and returned to service.

According to him, the restoration increased electricity supply to the Lagos electricity complex to more than 1,000MW, bringing it back to the level recorded before the disruption.

Tegbe said electricity had been restored to several previously affected areas in Lagos, Ogun, Oyo, Kwara and the Federal Capital Territory, although some locations were still awaiting full restoration.

He also disclosed that the government was working to repair another important transmission route, the Osogbo-Ikeja West 330kV line, which has reportedly remained out of service for about 18 months.

The line could deliver an additional 400MW to Lagos when restored. However, about six transmission towers along the route have been vandalised, making repairs difficult because of the swampy terrain.

The minister said the government expected the restoration work to be completed by the end of November.

Despite the recent disruptions, Tegbe has expressed confidence that Nigeria could achieve more stable electricity supply within the next three to five years.

He said the Federal Government was considering a proposed $2 billion east-west super grid designed to strengthen the country’s transmission infrastructure and increase its capacity to 19,000MW.

The proposed project is expected to connect several locations, including Funtua, Gwagwalada, Ikot Ekpene, Benin, Epe and Ilorin.

Tegbe said the government had commenced the procurement process and expected the project to improve the resilience of the national electricity network.

He also stressed the need to address longstanding infrastructure problems, noting that some electricity equipment was between 40 and 50 years old.

Meanwhile, he maintained that the government was working to improve electricity supply through better coordination among generation, transmission and distribution operators.

The latest development highlights the continuing challenges in Nigeria’s electricity sector, where improvements in generation do not automatically guarantee adequate supply to consumers because of limitations in transmission and distribution infrastructure.

For millions of Nigerians, the major concern remains whether the increased generation figures and government interventions will translate into more consistent electricity supply.

 

Despite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages

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Edo APC Chieftain Hacked to Death by Son Over Alleged Prophecy

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Julius Bello, popularly known as De Lord Ogata
Edo APC Chieftain Hacked to Death by Son Over Alleged Prophecy

A chieftain of the All Progressives Congress (APC) in Edo State, Julius Bello, popularly known as De Lord Ogata, has reportedly been hacked to death by his son following claims that a prophet blamed him for the younger man’s financial struggles.

Bello, who was the APC Ward Three Chairman in Fugar, Etsako Central Local Government Area, was allegedly attacked with a sledgehammer by his son, identified as Irobudo, on Sunday, November 8, 2026.

The incident reportedly occurred shortly after the suspect returned from Lagos over the weekend.

According to reports, the suspect struck his father on the head with the weapon, inflicting fatal injuries.

Family sources linked the attack to an alleged prophecy that reportedly portrayed Bello as being spiritually responsible for his son’s prolonged poverty and inability to make financial progress.

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The claims were said to have fuelled resentment against the deceased before the fatal attack. However, the alleged prophecy and its connection to the killing have not been independently verified, and the police have not established it as the motive.

The Edo State Police Command confirmed the killing and said an investigation had commenced.

The command’s spokesperson, Eno Ikoedem, disclosed that the suspect was still at large as of Monday, November 9, while police operatives were working to apprehend him.

According to the police, investigations would establish the circumstances surrounding the killing and the events that preceded the attack.

The incident has thrown Bello’s family and residents of Fugar into mourning, particularly because the suspected attacker is his own son.

The killing has also raised concerns about the potential consequences of unverified spiritual accusations when they fuel suspicion, hostility and violence within families.

The police investigation is expected to establish the full circumstances of the incident, determine the motive and bring the suspect to justice.

Edo APC Chieftain Hacked to Death by Son Over Alleged Prophecy

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INEC Flags 268 Voter Records Over AI-Generated Photos, Begins Cleanup Ahead of 2027 Elections

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2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded

INEC Flags 268 Voter Records Over AI-Generated Photos, Begins Cleanup Ahead of 2027 Elections

 

ABUJA, Nigeria – The Independent National Electoral Commission (INEC) has commenced the removal of questionable records from Nigeria’s preliminary Register of Voters after its biometric verification system flagged 268 entries over suspected artificial intelligence-generated photographs and other irregularities.

The development comes amid growing public concerns over the credibility of the voters’ register ahead of the 2027 general elections, following the discovery of suspicious photographs, duplicate registrations and names of deceased persons in the preliminary database.

INEC’s Director of Information and Communication Technology, Lawrence Bayode, disclosed the development during an interview on Channels Television’s Sunday Politics, explaining that the commission’s Automated Biometric Identification System (ABIS) had identified 268 records requiring further examination.

Bayode said the commission had begun reviewing the affected entries and removing those confirmed to be irregular.

He also explained that some registration officers allegedly exploited their authorised access to introduce questionable records into the database.

According to him, some of the irregularities involved the misuse of a special registration option designed for persons with disabilities who have incomplete or missing fingers.

However, the INEC official clarified that not every photograph enhanced with artificial intelligence would lead to the exclusion of the affected voter.

He distinguished between genuine photographs improved with AI-powered applications on mobile phones and images generated entirely by artificial intelligence, stressing that only confirmed fraudulent images would be removed.

The controversy followed INEC’s publication of its preliminary Register of Voters online on October 26, which triggered public outrage after screenshots showing suspicious photographs and other questionable entries circulated on social media.

Some of the disputed records reportedly included entries from parts of Edo State, prompting questions about the commission’s registration and verification procedures.

INEC Chairman, Professor Joash Amupitan, subsequently confirmed that the commission was examining the questionable records and would take corrective action based on verified findings.

The commission has maintained that the preliminary register is not the final certified document, explaining that the verification and public scrutiny exercises are intended to identify inaccuracies and irregularities before certification.

INEC has scheduled December 15, 2026, for the certification of the final Register of Voters after completing the necessary verification, adjudication and data-cleanup processes.

The commission has also encouraged Nigerians to participate in scrutinising the register and report suspicious entries to help safeguard the credibility of the electoral process ahead of the 2027 general elections.

 

INEC Flags 268 Voter Records Over AI-Generated Photos, Begins Cleanup Ahead of 2027 Elections

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