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External Reserves Drop By $523m In Two Weeks

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Nigeria’s external reserves dropped by $523million to $34.475billion as of March 16 from $34.998billion as of March 1, figures from the Central Bank of Nigeria has revealed.
The reserves, which had continued a downward trend of recent, lost $1.1billion in February, after it dropped from $36.19billion as of February 1 fell to $35.09billion as of February 26.
The CBN had recently stated that Nigeria’s external reserves at $35billion was sufficient to finance the country’s seven months’ imports.
When the reserves had experienced gains in the last quarter of 2020, the CBN disclosed that at $36.46billion, it could finance 8.4 months of import of goods or 6.3 months of import of goods and services.
According to the CBN’s monthly economic report for the fourth quarter of 2020, the performance of the external sector improved in the review quarter, despite the challenges of sluggish global recovery, weakened global demand, soaring second wave of the Covid-19 pandemic and tense political environment in the United States.
It stated that an estimated overall balance of payments surplus of $0.79billion was recorded in the fourth quarter of 2020, from the $0.14billion recorded in the third quarter of 2020.
The CBN stated that the deficit in the current account widened to $5.27billion in the review period, compared with $3.34billion in the previous quarter.
It stated, “A net disposal of $2.5billion was recorded in the financial account, relative to $2.66billion in the preceding quarter.
“The external reserves at end December, 2020, was $36.46billion, compared with $35.67billion at end September, 2020, indicating an accretion of $0.79billion.
“This could finance 8.4 months of import of goods or 6.3 months of import of goods and services.”
The improvement in external reserves stock was attributed, mainly, to foreign exchange reforms undertaken by the bank to block leakages and ensure enhanced inflow of remittances from Nigerians in Diaspora.
According to the CBN, public external debt stock stood at $31.99billion or 7.7 per cent of the Gross Domestic Product at end-September, 2020, which was within the sustainable threshold of 40.0 per cent of GDP.
In the foreign exchange market, the average naira exchange rate at the I&E and the BDC windows depreciated to N389.04/$ and N468.17/$ in the fourth quarter of 2020, from N386.60/$ and N461.94/US$ in the third quarter of 2020, respectively, the CBN stated.

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FG Ends Passport Production At Multiple Centres After 62 Years

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The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.

Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.

He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.

“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.

He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.

“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.

 “We promised two-week delivery, and we’re now pushing for one week.

“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.

He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.

Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.

He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.

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FAAC Disburses N2.225trn For August, Highest In Nigeria

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The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.

This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.

The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.

Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.

The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.

From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.

From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.

Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.

From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.

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KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus

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The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.

The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.

The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the  Polytechnic, recently.

Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.

He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.

This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly,  Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.

The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.

Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.

He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.

The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.

Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.

 

Chinedu Wosu

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