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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.
Rivers State Deputy Governor, Prof. Ngozi Odu, has called for renewed commitment, transparency, and collaboration among stakeholders in the health sector in the State.
The deputy governor particularly urged synergy between the Rivers State Contributory Health Protection Programme (RIVCHPP) and the Primary Health Care Management Board towards improved healthcare delivery in the State.
?Prof. Odu made this call during the 2026 First Quarter Review Meeting of the Task Force on Primary Health Care at the Government House, Port Harcourt, on Wednesday.
?She stressed the importance of honesty and urged all parties to be truthful and open in addressing challenges within the system.
?According to her, transparency remains critical to identifying and resolving underlying issues affecting healthcare delivery, noting that “if we are not truthful, we will not cure the disease, but merely cover it up.”
The deputy governor recounted a personal experience at a Primary Health Center where a patient, despite being duly registered under the RIVCIPP scheme with completed biometric capture, was still asked to make payment for services.
According to her, intervention by relevant authorities later confirmed the patient’s eligibility, exposing a communication gap between the scheme and healthcare providers.
Odu warned that such incidents could discourage community members from enrolling in the scheme, thereby undermining its objectives.
“When this happens, we are disenfranchising our people. The message that goes back to the community is that even when you register, you are still made to pay,” she stressed.
?While commending the leadership and staff of the Primary Health Care Management Board, Ministry of Health, Development Partners as well as other supporting units, for their efforts, ty deputy governor stressed that performance should not lead to complacency.
She urged stakeholders to continuously strive for improvement, raise standards, and leave lasting positive impacts within the system.
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The Joint Admissions and Matriculation Board (JAMB) has announced the opening of examination slip printing for candidates registered for the 2026 Unified Tertiary Matriculation Examination (UTME).
JAMB made the announcement yesterday, urging candidates to visit its website to download their slips ahead of the examination.
“Examination Slip Printing is now available. The slip contains details of the venue, date and time of your examination and gives you access to the examination hall,” the board said.
Candidates are to visit jamb.gov.ng and click on “2026 Slip Printing” to print their slips.
The development comes after JAMB dismissed a viral press release falsely claiming the examination had been postponed.
The board described the notice as “malicious and fake” and urged candidates to disregard it.
The 2026 UTME is scheduled to hold from Thursday, April 16, to Saturday, April 25, 2026.
The examination follows a mock test conducted on Saturday, March 28, which recorded technical difficulties at some Computer-Based Test centres.
Of the 224,597 candidates who registered for the mock, 152,586 sat for the test across 989 CBT centres nationwide.
JAMB said over 20 centres were delisted for technical inadequacies.
The board also warned candidates against fraudsters on WhatsApp claiming to facilitate score inflation, describing such claims as “false and criminal”, and threatening cancellation of registration or withholding of results for any candidate found involved.
Over two million candidates, according to JAMB Registrar, Prof. Ishaq Oloyede, registered for this year’s UTME.
News
RSU Unveils Five-Year Strategic Dev Plan …Calls For Collective Commitment To Institutional Excellence
In a decisive step towards redefining its future, the Rivers State University, Port Harcourt, has formally unveiled its Third Five-Year (2026-2030) Strategic Development Plan.
The development plan is a comprehensive roadmap designed to strengthen the university’s position as a leading institution in Nigeria and beyond.
The unveiling took place during a high-level engagement with the Governing Council, Principal Officers and the university congregation, at the Convocation Arena, recently.
Delivering his remarks at the unveiling ceremony, the Pro-Chancellor of the university and Chairman of Council, Hon. Okey Wali, SAN, charged all members of the university community to align their activities with the strategic direction of the institution, emphasizing that the success of the plan depends on collective commitment.
He noted that the plan is not merely a document, but a working framework that requires discipline, accountability and unity of purpose.
According to the Pro-Chancellor, only through coordinated efforts from all stakeholders can the university fully realize its vision.
“I hereby invite the Visitor to the University, donor agencies, friends and well-wishers, and all stakeholders to support and fund the implementation of this strategic plan. We are confident that this plan will take RSU to greater heights in the comity of higher institutions,” he said.
The Vice-Chancellor of the University, Prof. Isaac Zeb-Obipi, described the Strategic Development Plan as a document that would enhance the university’s corporate strengths, mitigate current weaknesses, leverage its corporate opportunities and address perceived existential threats.
“This Five-Year Strategic Plan sets out RSU’s goals, strategic objectives, expected outcomes and impact, including intervention strategies,” he said.
On his part, the Chairman of the Strategic Development Planning Committee, Prof. Emeritus Joseph A. Ajienka, noted that the 2026-2030 Strategic Development Plan represents a bold reaffirmation of the university’s founding ideals of excellence, creativity, innovation and inclusivity, aimed at positioning the institution to respond effectively to contemporary challenges in higher education.
Prof. Ajienka, who is also a member of the Governing Council, disclosed that the plan was developed through an extensive and inclusive consultative process, which he said reflects contributions from Faculties, Departments, Satellite Campuses and Administrative Units.
At its core, the plan seeks to advance the university’s vision of becoming a “unique and uncommon” institution that is structurally and philosophically oriented towards solving practical societal problems and ranking among the top ten universities in Nigeria.
The strategic framework identifies six key challenges confronting the university, including funding constraints, infrastructure deficits, limited research collaboration, and service delivery inefficiencies.
A statement by the university’s Acting Director, Corporate Affairs, Victor G. Banigo, further stated that the university has articulated four broad strategic goals supported by eight targeted objectives.
A central priority of the plan, according to him, is the strengthening of governance and administrative systems, alongside deliberate efforts to expand the university’s funding base. Others include enhanced alumni engagement, strategic partnerships and innovative fundraising initiatives aimed at ensuring long-term financial sustainability.
“Equally significant is the commitment to upgrading physical infrastructure across all campuses. Plans are underway to modernize lecture halls and laboratories, expand student accommodation, improve campus security and deploy advanced ICT systems to support teaching, learning and research.
“Recognizing that human capital is the backbone of institutional success, the university has placed strong emphasis on staff development, recruitment and productivity enhancement. Through targeted training programmes, mentorship initiatives and performance management systems, the plan aims to foster a highly skilled and motivated workforce.
“In addition, the university is poised to deepen its focus on research, innovation and entrepreneurship. By reviewing academic curricula, strengthening industry partnerships and establishing innovation incubation centers, Rivers State University seeks to translate research outputs into practical solutions that address societal needs and drive economic growth,” he said.
The PRO disclosed that the implementation of the strategic plan is projected at ?110 billion, reflecting the scale of transformation envisioned.
“While the university is committed to funding a significant portion internally, additional resources will be mobilized through government support, donor agencies, alumni contributions, and public-private partnerships.
“This multi-channel funding strategy aligns with the university’s broader goal of building a resilient and self-sustaining financial model capable of supporting long-term development,” he explained.
To ensure effective implementation, he said, “the plan incorporates a comprehensive monitoring and evaluation framework, complete with performance and impact indicators. A mid-term review is scheduled within the first two years to assess progress and make necessary adjustments.
“Furthermore, the establishment of a dedicated Strategic Planning Office will provide oversight, coordination and accountability in executing the plan across all units of the university.”
According to the statement, “As the university embarks on this transformative journey, the message from leadership is clear: the Strategic Development Plan is a collective mandate.
“For staff, students, alumni and stakeholders, it represents an opportunity to contribute meaningfully to the growth and advancement of the institution. For the university, it is a pathway to consolidating its legacy while embracing innovation and global relevance.
“With a clear vision, defined priorities and a united community, Rivers State University stands poised to translate this strategic blueprint into measurable progress, advancing knowledge, empowering people and shaping the future of higher education in Nigeria.”