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Youth Council Blames Emefiele For Naira Fall
The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.
The Naira had within last week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.
Emefiele had alleged that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors, including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, and reduction in foreign direct investments.
Reacting, President of the NYCN, Comrade Solomon Adodo, said that the CBN Governor’s explanation for the free-fall of the Naira was disingenuous and unpatriotic.
The group accused Eme?ele of completely failing to concentrate on his core mandate of price stability as the apex bank’s governor.
It pointed out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country, accusing him of working at cross-purposes with President Muhammadu Buhari’s objective of reducing poverty and growing the economy.
The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the o?cial exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the o?cial exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and in?ation.
“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ con?dence to restore production and reap the bene?ts of today’s improved oil prices.
“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Eme?ele.
“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in signi?cant crude oil output losses of over 600, 000 barrels per day.
“We ?nd it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.
“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.
“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations a?ecting the economy. These a?ect the NNPC’s remittances to the Federation Account.
“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy pro?le is signi?cantly in?uenced by CBN foreign exchange management.
“It is, however, worth noting that the NNPC has recorded signi?cant gains on production ramp-up including attaining ‘?rst oil’ production from the Anyala – Madu Fields and most recently Ikike ?elds which cumulatively boost national oil production by almost 80, 000 barrels per day.
“Furthermore, NNPC’s e?orts towards attaining additional combined production of over 100, 000 barrels from ?elds like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the e?ects of COVID-19 pandemic.
“History shows that Mr. Eme?ele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism ?nancing as well as politicians.
“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the ?ag carrier of the United Arab Emirates (UAE), has reduced its ?ight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue”.
Calling for the CBN Governor’s sack, the group added that Emefiele is clearly a bad workman who blames every other person for his inability to deliver.
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Eme?ele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.
“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eeme?ele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-de?ned periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank,” it said.
NYCN further expressed optimism that the NNPC’s transitioning into a limited liability entity, in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays, as the company is now exempted from TSA, among others.
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NAF, US Officials Meet To Fast-Track Delivery Of Attack Helicopters
Officers of the Nigerian Air Force have met with senior officials of the United States Government and representatives of Messrs Bell Textron to fast-track the acquisition of 12 AH-1Z attack helicopters.
The meeting took place during a Programme Management Review meeting led by the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, from 5 to 6 January 2026 in San Diego, California, United States.
A statement by the NAF spokesperson, Ehimen Ejodame, yesterday, said the meeting focused on assessing the status of the helicopter acquisition and measures to ensure the timely delivery of the 12 AH-1Z platforms.
According to the statement, Aneke said the review was aimed at strengthening programme oversight, accountability and adherence to agreed timelines and budget.
“In a strategic move to enhance the operational capacity of the Nigerian Air Force, the Chief of the Air Staff, Air Marshal Sunday Aneke, led a Programme Management Review meeting with senior United States Government officials and representatives of Messrs Bell Textron from 5 to 6 January 2026 in San Diego, California, USA.
“The engagement focused on fast-tracking the acquisition of 12 AH-1Z attack helicopters, a critical capability enhancement aligned with the CAS’s Command Philosophy of building and sustaining a highly motivated, professional, and mission-ready force capable of delivering decisive airpower effects in synergy with surface forces for the attainment of national security objectives, ” the statement partly read.
Aneke expressed appreciation to the United States Government and Messrs Bell Textron for their continued cooperation, professionalism, and transparency in the execution of the helicopter acquisition programme.
He noted that the structured review reflects the NAF’s deliberate emphasis on programme discipline, accountability, and results.
“We deeply value the professionalism and openness demonstrated throughout this process, and we remain fully committed to working closely with our partners to ensure the timely and successful delivery of these platforms,” the CAS stated.
The CAS further emphasised that the acquisition of the AH-1Z helicopters represents more than a platform upgrade, describing it as a reflection of the enduring defence cooperation between Nigeria and the United States.
According to him, the programme underscores a shared responsibility for regional and global security, built on mutual trust, shared values, and a common vision for peace and stability.
“This partnership speaks to our collective resolve to confront evolving security challenges through collaboration and sustained capability development,” he added.
Reaffirming the NAF’s sense of urgency and commitment, Air Marshal Aneke assured the US team that his administration would take all necessary measures to ensure the helicopters are delivered in the shortest possible time.
He also charged the programme management team to work smartly and proactively to complete production on schedule and within budget.
“Timelines and standards must be met concurrently. We must remain focused, innovative, and solutions-driven,” the CAS stressed.
The CAS expressed profound gratitude to the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Tinubu, for his unwavering support to the Nigerian Air Force.
He noted that the acquisition of the AH-1Z helicopters would significantly enhance the NAF’s combat capability, operational efficiency, and mission readiness, thereby strengthening the Service’s ability to deliver decisive airpower in support of national security and stability.
He added that the advanced capabilities of the helicopters would enable the Nigerian Air Force to conduct highly precise operations, minimise collateral damage, and provide timely and effective support to ground forces, ultimately saving lives and protecting property across affected communities.
The CAS reassured Nigerians of the NAF’s unwavering commitment to eliminating terrorist and criminal threats with professionalism, restraint, and accountability, while sustaining public trust and confidence in the Service’s operations.
Recall that Nigeria’s purchase of 12 AH-1Z attack helicopters was first approved by the United States government in April 2022, when the U.S. State Department, through the Defence Security Cooperation Agency, cleared a possible Foreign Military Sale of the helicopters and related equipment to the Government of Nigeria.
According to Military Africa, the formal production and delivery contract for the 12 AH-1Z helicopters, valued at $455 million, was awarded to Bell Textron on 12 March 2024 by the U.S. Department of Defence.
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Fast-Track Approval Of NDDC N1.75trn Budget, Group Begs N’Assembly
The Niger Delta advocacy group, the 21st Century Youths of Niger Delta and Agitators with Conscience (21st CYNDAC), has called on the National Assembly to expedite consideration and approval of the 2025 budget of the Niger Delta Development Commission (NDDC) to enable the Commission accelerate its development programmes across the region.
In a statement issued yesterday by its Coordinator, Izon Ebi, the group said swift passage of the budget would empower the Managing Director and Chief Executive Officer of the NDDC, Dr. Samuel Ogbuku, to fully implement his renewed developmental strategy and extend projects to all target communities in the Niger Delta.
The group recalled that the NDDC, on December 30, 2025, presented a ?1.75 trillion budget proposal for the 2025 fiscal year to the Senate and the House of Representatives.
Explaining the proposal, Ogbuku had noted that the 2025 budget is about nine per cent lower than the ?1.985 trillion proposed and appropriated for the 2024 fiscal year.
He said the ?1.75 trillion estimate comprises ?776.5 billion as Federal Government contribution, ?752.8 billion from oil companies, ?109.4 billion as revenue brought forward from 2024, ?53.67 billion as recoveries from Federal Government agencies, and ?8.35 billion as internally generated revenue.
The group praised Ogbuku’s leadership, describing him as having transformed the NDDC into “a beacon of renewed hope” for the Niger Delta region.
The group said it was impressed by what it called Ogbuku’s charismatic leadership, grassroots engagement and developmental drive, which it noted align with President Bola Tinubu’s Renewed Hope Agenda.
According to the group, Ogbuku’s consultations with traditional rulers and stakeholders across the Niger Delta have helped identify priority needs of communities, strengthened collaboration in the fight against crude oil theft and contributed to a noticeable decline in criminal activities in the oil and gas sector.
The statement also highlighted the Commission’s partnership with the World Health Organization (WHO) on health insurance and medical outreach programmes, improved monitoring and supervision of projects, and the deployment of solar-powered streetlights across communities, which it said has enhanced security and economic activities at night.
The group urged lawmakers to act swiftly on the budget, stressing that timely approval would further boost development, peace and stability in the Niger Delta.
It also announced that it had conferred on Ogbuku the award of “Extraordinary Leader of 2025 in the Niger Delta Region.”
News
Arrest Arise TV Crew Attackers Or Face Boycott, Journalists Tell Rivers Police
Port Harcourt based media practitioners under the aegis of Port Harcourt Press, have urged the Rivers State Police Command to arrest and prosecute all suspects involved in the recent attack and harassment of Arise TV crew in Port Harcourt.
The media practitioners, at a World press conference in Port Harcourt, described as dangerous the continuous harassment of journalists by various political actors in the ongoing political crisis in the State.
The text of the briefing which was read by a former State Commissioner for information and Communications and federal lawmaker in the State, Hon. Ogbonna Nwuke, described as condemnable the attack on the Arise TV crew by suspected political thugs in Port Harcourt, while conducting an interview with Dr Leloonu Nwibubasa, a former commissioner in the State.
According to him, “That harrowing event of Friday, January 2, where the Arise TV crew were brutally attacked by armed men in a hotel in Port Harcourt while conducting interview with Dr Leloonu Nwibubasa, former Honourable Commissioner for Employment Generation and Empowerment, smacks of nothing but act of intimidation, threat to both the Nigerian media and human lives especially in the forceful carting away of broadcast equipment.”
The group further noted that the attack was not only an insult on the press freedom but on the larger society.
The group regretted the inability of the Police to arrest and bring to book the perpetrators of the act till date, warning that it may be forced to boycott police activities if those involved are not arrested and brought to book.
“From all indications, the police appear to be playing to the gallery. While the broadcast equipment were reportedly recovered, no definite arrest have been made. This body, therefore, demands an urgent and thorough investigation of this matter and those find culpable brought to justice within two weeks.
“Failure to address this issue with the urgency it requires and not carrying out satisfactory actions as required in their prosecution will attract sanctions such as withdrawal of coverage of all police activities in Rivers State by media organisations and journalists as we stand in solidarity with the NUJ,” the group warned.
John Bibor
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