News
Price Crude Oil In Naira To Strengthen Currency, Expert Advises FG

A financial expert, Mr Okechukwu Unegbu, has advised the Federal Government to consider pricing the country’s crude oil, in Naira in order to strengthen the local currency.
Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the newsmen in Abuja.
According to him, the country’s crude oil, bonny light, is of the highest quality and most sought after in the international market.
He said that the government could afford to ignore OPEC regulations and start pricing its crude oil independently in Naira, adding that it would not reduce patronage.
“Floating the Naira was a major error that has exacerbated inflationary trend and caused the people so much pain.
“Nigeria should do something about pricing its oil in Naira. We should leave the regulations of the Organisation of Petroleum Exporting Countries (OPEC), and price our oil independently,” he said.
Unegbu also advised the government to ignore most economic prescriptions by the Bretton Woods institutions and produce indigenous solutions to the nation’s economic challenges.
Also, an economist and a past president of Abuja Chamber of Commerce and Industry, Dr Chijioke Ekechukwu, said that the Naira could be strengthened if the country could earn substantial foreign exchange revenue on a daily basis.
Ekechukwu urged the Federal Government to use every possible avenue to increase the country’s export base to earn more forex.
He advised the government to ensure that the country’s crude oil sales met OPEC quota of 1.8 million barrels per day.
He said that the government should ensure that the revenue from crude oil sales came in on a daily basis through the Central Bank of Nigeria (CBN).
“If we sell our exports on a daily basis, we must get the revenue on a daily basis.
“The revenue must come through the CBN, and the apex bank must receive and distribute such revenue almost immediately.
“But if we have inflow coming in as revenue and the CBN is not seeing it, the NNPC is selling but we do not know where the money is going to, there will be shortage of forex.
“We need a situation where we earn forex on a daily basis, and we have excess of it in the market for both the banks and the Bureaux De Change.
“Until we have such a situation and we are able to meet all the demands of importers, the exchange rates will not come down in a hurry,” he said.
According to him, the Federal Government should also initiate a deliberate policy of total curtailing of importation so that what we cannot source locally should not be consumed.
He said that such a step would drastically reduce the demand for the dollar and other foreign currencies.
“It is either there will be a deliberate policy of total curtailing of importation so that whatever we cannot source locally we do not need, so that the demand for foreign exchange will drop, “ he said.
The expert said that the idea of unifying the dual exchange rates and floating the Naira as done by President Bola Tinubu, without a strong export base, had been counter-productive.
He urged the Federal Government to revisit the policy decision.
“Floating the Naira when your balance of trade is heavy on the negative side was ill-advised.
“We were not prepared with enough in our foreign exchange reserves. We did not have enough revenue in foreign exchange to float the Naira.
“If possible, the policy should be reversed so that we can go back to moderating the foreign exchange market, “ he said.
Ekechukwu also advised that payments of fees to foreign universities should be curtailed.
“There should be a deliberate policy to reduce payments to foreign universities, “ he said.
According to a renowned economist, Prof. Ken Ife, if inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation’’ of the economy.
Ike said that the importation section required four billion dollars monthly to import goods and services into the country.
“But because we have excess liquidity in the system, speculators are simply keeping the dollar as a store of value. Excess liquidity is a major challenge to the Nigerian economy.
“People with so much Naira go looking for dollars. They are now betting on the Naira, and the forward bet on the Naira is that it will continue to go down.
“Everybody keeps holding the dollar and using the dollar to trade with the expectation that the Naira will continue to fall.
“If the expectation is that the Naira will appreciate, people will quickly sell their dollars,’’ he said.
The Tide reports that the Naira experienced a free fall after Tinubu unified the dual exchange rates and floated the currency in 2023.
The policy, coupled with the prevailing dollar illiquidity had seen the Naira exchanging for as high as N1,900 to the dollar in February.
However, the currency started gradual appreciation in March, peaking at N1, 100 to the dollar at the parallel market in early April.
This was as a result of the monetary policy tightening by the CBN, and attempt to improve dollar liquidity by selling some treasury bills to foreign portfolio investors,
The Naira, again, started losing steam and becoming weak towards the end of April, and now exchanges at N1,400 to the dollar.
News
Shettima In Ethiopia For State Visit

Vice President Kashim Shettima has arrived in Addis Ababa, Ethiopia, for an official State visit at the invitation of the Prime Minister, Dr. Abiy Ahmed.
Upon arrival yesterday, Shettima was received at the airport by the Minister of Foreign Affairs of Ethiopia, Dr. Gedion Timothewos, and other members of the Ethiopian and Nigerian diplomatic corps.
Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, revealed this in a statement he signed yesterday, titled: “VP Shettima arrives in Ethiopia for official state visit.”
During the visit, Vice President Shettima will participate in the official launch of Ethiopia’s Green Legacy Programme, a flagship environmental initiative.
The programme designed to combat deforestation, enhance biodiversity, and mitigate the adverse effects of climate change targets the planting of 20 billion tree seedlings over a four-year period.
In line with strengthening bilateral ties in agriculture and industrial development, the Vice President will also embark on a strategic tour of key industrial zones and integrated agricultural facilities across selected regions of Ethiopia.
News
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers

The Rivers State Government has called on the people of the state especially farmers to access the ?4billion agricultural loans made available by the State and domiciled in the Bank of Industry.
This is as the State Project Implementation Unit (SPIU) of Rural Access and Agricultural Marketing Project (RAAMP), a World Bank project, took its sensitization campaign to Opobo/Nkoro, Andoni, Port Harcourt City and Obio/Akpor local government areas.
The campaign was aimed at enlightening community dwellers and other stakeholders in the various local government areas on the RAAMP project implementation and programme activities.
The Permanent Secretary, Rivers State Ministry of Agriculture, Mr Maurice Ogolo, said this at Opobo town, Ngo, Port Harcourt City and Rumuodumanya, headquarters of the four local government areas respectively, during the sensitization campaign.
Ogolo said apart from the ?4billion, the government has also made available fertilizers and other farm inputs to farmers in the various local government areas.
The Permanent Secretary who is the Chairman, State Steering Committee for the project, said RAAMP will construct roads that will connect farms to markets to enable farmers and fishermen sell their farms produce and fishes.
He also said rural roads would be constructed to farms and fishing settlements, and warned against any act that will lead to the cancellation of the projects in the four local government areas.
According to him, the World Bank and Federal Government which are the financiers of the programme will not condone such acts like kidnapping, marching ground and other acts inimical to the successful implementation of the projects in their respective areas.
At PHALGA, Ogolo asserted that the city will benefit in the areas of roads and bridge construction.
He noted that RAAMP was thriving in both the Federal Capital Territory, Abuja; Lagos and other states in the country, stressing that the project should also be given the seriousness it deserves in Rivers State.
Speaking at Opobo town, the headquarters of Opobo/Nkoro Local Government Area, the project coordinator, RAAMP, Mr.Joshua Kpakol, said the programme would reduce poverty in the state.
According to him, both fishermen and farmers will maximally benefit from the programme.
At Ngo which is the headquarters of Andoni Local Government Area, Kpakol said roads will be constructed to all remote fishing settlements.
He said Rivers State is lucky to be among the states implementing the project, and stressed the need for the people to embrace it.
Meanwhile, Kpakol said at PHALGA that RAAMP is a project that will transform the lives of farmers, traders and other stakeholders in the area.
He urged the stakeholders to spread the information to their various communities.
However, some of the stakeholders at Opobo town complained about the destruction of their farms by bulls allegedly owed by traditional rulers in the area, as well as incessant stealing of their canoes at waterfronts.
At Ngo, Archbishop Elkanah Hanson, founder of El-Shaddai Church, commended the World Bank and the Federal Government for bringing the projects to Andoni.
He stressed the need for the construction of roads to fishing settlements in the area.
Also, a former Commissioner for Agriculture in the state and Okan Ama of Ekede, HRH King Gad Harry, noted that storage facilities have become necessary for a successful agricultural programme.
Harry also stressed the need for the programme to be made sustainable.
In their separate speeches, the administrators of Andoni and Opobo/Nkoro Local Government Areas, pledged their readiness to support the programme.
At Port Harcourt City, the Administrator, Dr Arthur Kalagbor, represented by the Head of Local Government Administration, Port Harcourt City, Mr Clifford Paul, said the city would support the implementation of the programme in the area.
Also, the administrator of Obio/Akpor Local Government Area, Dr Clifford Ndu Walter, represented by Mr Michael Elenwo, pledged to support the programme in his local government area.
Among dignitaries at the Obio/Akpor stakeholders engagement is the chairman, Rivers State Traditional Rulers Council and paramount ruler of Apara Kingdom, HRM Eze Chike Wodo, amongst others.
John Bibor
News
Tinubu Orders Civil Service Personnel Audit, Skill Gap Analysis

President Bola Tinubu has ordered the commencement of personnel audit and skill gap analysis across all cadres of federal civil servants.
The president gave this directive in Abuja, yesterday, while speaking at the International Civil Service Conference, reaffirming his resolve to achieve efficiency and professional service delivery in the civil service.
“I have authorized the comprehensive personnel audit and skill gap analysis across the federal civil service to deepen capacity. I urge all responsible stakeholders to prioritize timely completion of this critical exercise, to begin implementing targeted reforms, to realize the full benefit of a more agile, competent and responsive civil service,” the president announced.
Tinubu further directed all Ministries, Departments and Agencies (MDAs), to prioritise data integrity and sovereignty in national interest.
He called for the capture, protection and strategic publication of public sector data in line with the Nigeria Data Protection Act of 2023.
“We must let our data speak for us. We must publish verified data assets within Nigeria and share them internationally recognized as fruitful. This will allow global benchmarking organisation to track our progress in real time and help us strengthen our position on the world stage. This will preserve privacy and uphold data sovereignty,” Tinubu added.
President Tinubu hailed the federal civil service as the “engine” driving his Renewed Hope Agenda, and the vehicle for delivering sustainable national development.
He submitted that the roles of civil servants remain indispensable in modern governance, declaring that in the face of a fast-evolving digital and economic landscape, the civil service must remain agile, future-ready, and results-driven.
“This maiden conference is a bold step toward redefining governance in an era of rapid transformation. An innovative Civil Service ensures we meet today’s needs and overcome tomorrow’s challenges.
“It captures our collective ambition to reimagine and reposition the civil service. In today’s rapid, evolving world of technology, innovation remains critical in ensuring that the civil service is dynamic, digital” the President said.
Head of the Civil Service of the Federation, Didi Walson-Jack in her welcome address told the President that his presence and strong words of commendation at the conference has renewed the morale and mandate of public servants across the country.
Walson-Jack described Tinubu as the backbone of driving transformation in the Nigerian civil service, and noted that the takeaways from past study tours undertaken to understudy the civil service in Singapore, the UK and US under her leadership, is already yielding multiplier effects.
Walson-Jack assured Tinubu that her office, in collaboration with reform-minded stakeholders, will not relent in accelerating the implementation of the Federal Civil Service Strategy and Implementation Plan, FCSSIP 25.
She affirmed that digitalisation, performance management, and continuous learning remain key pillars in strengthening accountability, transparency, and service delivery across MDAs.
Walson-Jack reaffirmed that the civil service is determined to exceed expectations by embedding a culture of innovation, ethical leadership, and citizen-centred governance in the heart of public administration.
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