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Swear-In Jonathan As Acting President –Ohanaeze
The Secretary General of the apex Igbo Social Cultural Organization, Ohanaeze Ndigbo, Chief Nduka Eya , has called for immediate swearing-in of Vice President Goodluck Jonathan as acting president of Nigeria pending the full recovery of president Umaru Musa Yar’Adua.
Chief Eya, who made the call Wednesday while speaking to newsmen on the state of the nation at the Secretariat of Ohanaeze in Enugu, also urged the National Assembly to peruse into the constitution and invoke any section that empowered it to swear in the vice president in the event of incapacitation or long absence of the president.
The Ohanaeze chieftain disclosed that the frail voice of president Umaru Yar’Adua during his interview with BBC was a serious indication that the president was still sick, insisting that the country could no longer continue to exist without a leader.
Using the forum to fault the recent plenary session of the National Assembly over the long absence of the president, Chief Eya insisted that the lawmakers came into the “show very late despite the sensitive nature of the matter”
He called on the National Assembly to summon President Yar’Adua’s physicians with a view to knowing when their patient would be discharged, adding that “I don’t know why some people are playing politics with the health of the president when the constitution is very clear. The senate came into the show very late, where have they been since? The Senate intervened very late considering the sensitive nature of the matter”, he insisted.
Continuing, chief Eya further said “I listened to the statement of the president on BBC, his voice was very frail. So how long will the country wait till his doctors discharge him? How long will Nigeria continue to wait without a leader? The man is still ill. The National assembly should as matter of urgency summon Yar’Adua’s doctors to know when he will be discharged . The constitution made it clear that the vice should take over in acting capacity if the president stays outside for long. I don’t know why they are playing politics with this”.
According to him, the constitution made it clear that there should be no vacuum ., by implication, when the president is out, the vice president acts , stressing, I don’t know why the vice president should not take over or are some political hawks trying to force him to do certain things when he has not been sworn-in, to pave way for his impeachment?”
He regretted that the nation was gradually drifting to a turbulent situation over the president’s health, warning that protests and counter protest over long absence of the president was not the best for the country.
On the forthcoming governorship election in Ananmbra State , the Ohanaeze scribe advised the Independent National Electoral Commission INEC, to conduct a free and fair election, warning that Ohanaeze would not tolerate imposition of any candidate on the people of the state.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.