News
FG Targets $10bn In Crude Accounts
Coordinating Minister for the Economy, Dr Ngozi
Okonjo-Iweala, said in Tokyo on Sunday that Nigeria’s Excess Crude Account
would be built up to $10 billion by early 2013.
Okonjo-iweala made this known while briefing newsmen on the
Nigerian economy at the Annual Meeting of the World Bank and the International
Monetary Fund (IMF).
“I strongly feel and I have shared with the governors, with
Mr. President and vice-president who fully support that the Excess Crude
Account must be built up to $10 billion.
“We should strive to do that in the next few months and we
keep that as buffer.’’
According to her, if the account is built up to $10 billion
dollars and it is not touched for a while, it will serve as buffer.
She noted that there was the need to increase the nation’s
external reserve, considering the population of the country.
“Our reserves are not huge, we are just building backup;
it’s not my place, it is the monetary policy that manages it, but I have
discussed with the CBN governor that we need to build up our reserve to $50
billion, if we can.
“That will be the desires of the fiscal authorities, so I
don’t consider us with the size of the economy and population we have.
“Look at Algeria, their reserve is nearly $200 billion, for
a country much smaller than Nigeria,’’ she said.
On infrastructure, she noted that the country needed about $10 billion yearly to tackle its infrastructural challenges adding that Nigeria would draw from the World Bank’s loan offer with a go-ahead from the National Assembly.
She noted that Nigeria would not draw from the international
monetary resources at the moment to tackle the infrastructure challenges.
“We are trying to put our borrowing to really direct it to
infrastructure, as you know we have gone to other sources, the Word Bank is
helping us with power, so is the African Development Bank.
“Those are very concessional resources. The problem we have
right now is that the meetings from the World Bank; they are indicating that if
we do not pass through external borrowing plan, where we have $1.2 billion,
that has been approved.
“They are very sympathetic to us, they will like Nigeria to
use that money but if the money stays there and it’s not approved for use, they
will have to move it and give it to other countries.’’
Okonjo-Iweala noted that the loan to be taken would be given
at zero interest rate, a 40-year repayment period and 10 years of moratorium
and only 0.7 per cent commitment charge.
She said that the money would be used for power, water and
health care among others, adding that Nigeria could only benefit from the loan,
if the National Assembly approved.
Meanwhile, the Central Bank of Nigeria, Governor, Sanusi
Lamido Sanusi said in Tokyo yesterday that the bank would soon stop the selling
of cash to bureaux de change.
“70 per cent of the dollars that people buy from bureaux de
change are not for transactions outside Nigeria, they move dollars from one
part of the country to the other, in fact, from one part of Abuja to another
part.
“In a briefcase, you can carry $100,000, that’s N50 million.
“We are coming up with policies; we are going to have to
stop selling cash to BDC and credit their accounts.
“If you want to pay for medical bills abroad, you give
hospital account; if you want to pay school fees, do transfer like everybody
else; if you want to travel, do travelers cheques or get money on your card.’’
He said that at the moment, the dollar was becoming
Nigeria’s second national currency, becoming a source of worry to the apex bank
and even to President Goodluck Jonathan.
Sanusi noted that part of the reason why the bank moved to
restructure the Naira was to tackle the genuine need of high net-worth cash
users.
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.