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Nigeria’s Forex Market Needs Restructuring—Tinubu’s Aide

The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, has called for a structural reform of Nigeria’s foreign exchange market.
Fasua made the call at a roundtable organised by the National Policy Advocacy Centre (NPAC) of the Abuja Chamber of Commerce and Industry (ACCI) on Tuesday in Abuja.
The theme of the event was “Unification of Foreign Exchange and the Effect of Fuel Subsidy Removal on the Business Community’’.
“I believe we should reform the Bureau De Change (BDC) sector and make it stronger. You cannot manage over 5,000 BDCs selling money on the streets.
“If we can do the structural reforms in the BDCs sector and the banks and supervise them well, the CBN with our reserves can incentivize that sector, allowing people to get money much quicker.
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“And you have to define the illegal market and by then we will be able to find stability,” he said.
Fasua said that Nigeria spends over $45 billion annually importing refined petroleum products, milk, chemicals and fish, among others.
He said: “I hear things like scarcity of forex. What is scarcity of forex, as if the world owes us any forex.
“The world does not owe us any forex. The forex you get is depending on the trade that you do.
“If you look at Nigeria’s import and export profile, over 20 items that we import in Nigeria are in the billions of dollar range.
“Our biggest import, fuel and diesel take about $25 billion to $30 billion every year.
“We have things like cars, which is about four billion every year; sugar, fish, milk one billion each; wheat four billion; chemicals, three billion dollars; pharmaceuticals two billion dollars.”
Fasua listed crude oil and fertiliser as two things that Nigeria exports in the billion dollar range.
“The first is petroleum and gas, you will see a figure like $57 billion, but out of that only 30 per cent is ours, according to Nigeria Extractive Industries Transparency Initiative (NEITI).
“The international oil companies that have the technology that do production own most of that money,’’ he said.
The Director, Policy Advocacy Centre, ACCI, Mr Chidiebere Onwumere, said that foreign exchange unification held promises of increased transparency, improved access to forex and reduced market distortions.
He, however, said that it raises questions about exchange rate stability, inflationary pressures and the cost of imports.
“We must carefully consider how these factors will affect the competitiveness of our industries and the purchasing power of our citizens.
“Fuel subsidy removal, on the other hand, is expected to free up fiscal resources, reduce government spending, and potentially lead to increased investment in critical sectors.
“Yet, it also raises concerns about the immediate impact on transportation costs, inflation, and the welfare of our citizens, especially those in vulnerable communities,’’ he said.
Mr Oscar Onyema, Managing Director, Nigerian Exchange Group (NEG) PLC, said collaborative dialogue was essential in formulating policies that balance short-term challenges with long-term benefits.
Highlighting the effects of both policies on the economy, Onyema said that immediate transition could disrupt businesses and the economy in several ways.
Represented by Mrs Cordelia Ihedioha, Onyema said that businesses that were heavily reliant on imports may face short-term disruptions due to the sudden shift in exchange rates.
According to him, this could result in increased costs for imported raw materials, leading to potential price adjustments for end consumers.
“To mitigate these disruptions, businesses may need to explore alternative sourcing strategies and adjust their pricing models,” Onyema said
Mr Dele Alimi, Director General, Institute of Directors of Nigeria appealed to the Federal Government to take total control of the mineral sector.
He said: “The mineral sector over the years has been poorly handled by previous governments as host communities have been left impoverished by illegal mining activities.”
Alimi described the subsidy removal and unification of the foreign exchange as bold steps by the Federal Government, saying that it was a necessity for economic revival.
He urged more emphasis should be placed on efficiency of governance than cost of governance.
Dr Chijiokr Ekechukwu, Vice President of ACCI, urged the Federal Government to fix the refineries and dvocated alternative sources of energy for cars to cushion the effect of the petrol subsidy removal.
According to him, 60 per cent of cars in the United States run on electricity, adding, “that is where we should be headed for.”
He expressed concern that while the unification of foreign exchange rate brought checks and balances and better accountability, saying, “the high exchange has affected prices of goods and services.
“The inflation rate continues to coast upwards and there is a high cost of production, criminality, low standard of living and unemployment has risen above 33 per cent to 35 per cent.’’
Mr Asishana Okauru, the Director General of the Nigerian Governors’ Forum, represented by Olarenwaju Ajibasile said the cost of governance needed to be channelled to the local sector.
“Pattronising locally made products will bost the local economy,’’ he said.
Olasupo Agbaje, General Manager Economic Regulations, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said that efficiency in the downstream operations was key in sustaining the petrol subsidy removal.
“What we hope for and where we want to be is not just the Nigeria National Petroleum Company Limited (NNPCL) being the sole supplier.
“We want other operators, the private sector coming in and this is one of the objectives of the Petroleum Industry Act,” Agbaje said.
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Out-of-school: Group To Enroll Adolescent Mothers In Bauchi

Women Child Youth Health and Education Initiative (WCY) with support from Malala Education Champion Network, have charted a way to enroll adolescent mothers to access education in Bauchi schools.
Rashida Mukaddas, the Executive Director, WCY stated this in Bauchi on Wednesday during a one-day planning and inception meeting with education stakeholders on Adolescent Mothers Education Access (AMEA) project of the organisation.
According to her, the project targeted three Local Government Areas of Bauchi, Misau and Katagum for implementation in the three years project.
She explained that all stakeholders in advancing education in the state would be engaged by the organisation to advocate for Girl-Child education.
READ ALSO:Maternal Mortality: MMS Tackling Scourge —Bauchi Women Testify
The target, she added, was to ensure that as many as married adolescent mothers and girls were enrolled back in school in the state.
“Today marks an important step in our collective commitment to ensuring that every girl in Bauchi state, especially adolescent who are married, pregnant, or young mothers has the right, opportunity, and support to continue and complete her education.
“This project has been designed to address the real and persistent barriers that prevent too many adolescent mothers from returning to school or staying enrolled.
“It is to address the barriers preventing adolescent mothers from continuing and completing their education and adopting strategies that will create an enabling environment that safeguard girls’ rights to education while removing socio-cultural and economic obstacles,” said Mukaddas.
READ ALSO:Bauchi: Auto Crash Claimed 432, Injured 2,070 Persons In 1 Months — FRSC
She further explained to the stakeholders that the success of the project depended on the strength of their collaboration, the alignment of their actions, and the commitments they forge toward the implementation of the project.
Also speaking, Mr Kamal Bello, the Project Officer of WCY, said that the collaboration of all the education stakeholders in the state with the organisation could ensure stronger enforcement of the Child Rights Law.
This, he said, could further ensure effective re-entry and retention policies for adolescent girls, increased community support for girls’ education and a Bauchi state where no girl was left behind because of marriage, pregnancy, or motherhood.
“It is observed that early marriage is one of the problems hindering girls’ access to education.
READ ALSO:Bauchi: Auto Crash Claimed 432, Injured 2,070 Persons In 1 Months — FRSC
“This organisation is working toward ensuring that girls that have dropped out of school due to early marriage are re-enrolled back in school,” he said.
Education stakeholders present at the event included representatives from the state Ministry of Education, Justice, Budget and Economic Planning and Multilateral Coordination.
Others were representatives from International Federation of Women Lawyers, Adolescent Girls Initiative for Learning and Empowerment (AGILE), Bauchi state Agency for Mass Education, Civil Society Organization, Religious and Traditional institutions, among others.
They all welcomed and promised to support the project so as to ensure its effective implementation and achieve its set objectives in the state.
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OPINION: Fubara, Adeleke And The Survival Dance

By Israel Adebiyi
You should be aware by now that the dancing governor, Ademola Adeleke has danced his last dance in the colours of the Peoples Democratic Party. His counterpart in Rivers, Siminalayi Fubara has elected to follow some of his persecutors to the All Progressive Congress, after all “if you can’t beat them, you can join them.”
Politics in Nigeria has always been dramatic, but every now and then a pattern emerges that forces us to pause and think again about where our democracy is heading. This week on The Nation’s Pulse, that pattern is what I call the politics of survival. Two events in two different states have brought this into sharp focus. In both cases, sitting governors elected on the platform of the same party have found new homes elsewhere. Their decisions may look sudden, but they reveal deeper issues that have been growing under the surface for years.
In Rivers, Governor Siminalayi Fubara has crossed into the All Progressives Congress. In Osun, Governor Ademola Adeleke has moved to the Accord Party. These are not small shifts. These are moves by people at the top of their political careers, people who ordinarily should be the ones holding their parties together. When those at the highest levels start fleeing, it means the ground beneath them has become too shaky to stand on. It means something has broken.
A Yoruba proverb captures it perfectly: Iku to n pa oju gba eni, owe lo n pa fun ni. The death that visits your neighbour is sending you a message. The crisis that has engulfed the Peoples Democratic Party did not start today. It has been building like an untreated infection. Adeleke saw the signs early. He watched senior figures fight openly. He watched the party fail to resolve its zoning battles. He watched leaders undermine their own candidates. At some point, you begin to ask yourself a simple question: if this house collapses today, what happens to me? In Osun, where the competition between the two major parties has always been fierce, Adeleke was not going to sit back and become another casualty of a party that refused to heal itself. Survival became the most reasonable option.
His case makes sense when you consider the political temperature in Osun. This is a state where the opposition does not sleep. Every misstep is amplified. Every weakness is exploited. Adeleke has spent his time in office under constant scrutiny. Add that to the fact that the national structure of his party is wobbly, divided and uncertain about its future, and the move begins to look less like betrayal and more like self-preservation.
MORE FROM THE AUTHOR:OPINION: Wike’s Verbal Diarrhea And Military Might
Rivers, however, tells a slightly different story. Fubara’s journey has been a long lesson in endurance. From the moment he emerged as governor, it became clear he was stepping into an environment loaded with expectations that had nothing to do with governance. His political godfather was not content with being a supporter. He wanted control. He wanted influence. He wanted obedience. Every decision was interpreted through the lens of loyalty. From the assembly crisis to the endless reconciliation meetings, to the barely hidden power struggles, Fubara spent more time fighting shadows than building the state he was elected to lead.
It soon became clear that he was governing through a maze of minefields. Those who should have been allies began to treat him like an accidental visitor in the Government House. The same legislators who were meant to be partners in governance suddenly became instruments of pressure. Orders came from places outside the official structure. Courtrooms turned into battlegrounds. At some point, even the national leadership of his party seemed unsure how to tame the situation. These storms did not come in seasons, they came in waves. One misunderstanding today. Another in two weeks. Another by the end of the month. Anyone watching closely could see that the governor was in a permanent state of emergency.
So when the winds started shifting again and lawmakers began to realign, those who understood the undercurrents knew exactly what was coming. Fubara knew too. A man can only take so much. After months of attacks, humiliations and attempts to cage his authority, the move to another party was not just political. It was personal. He had given the reconciliation process more chances than most would. He had swallowed more insults than any governor should. He had watched institutions bend and twist under the weight of private interests. In many ways, his defection is a declaration that he has finally chosen to protect himself.
But the bigger question is how we got here. How did two governors in two different parts of the country end up taking the same decision for different but related reasons? The answer goes back to the state of internal democracy in our parties. No party in Nigeria today fully practices the constitution it claims to follow. They have elaborate rules on paper but very loose habits in reality. They talk about fairness, but their primaries are often messy. They preach unity, but their caucuses are usually divided into rival camps. They call themselves democratic institutions, yet dissent is treated as disloyalty.
MORE FROM THE AUTHOR:OPINION: Nigerian Leaders And The Tragedy Of Sudden Riches
Political parties are supposed to be the engine rooms of democracy. They are the homes where ideas are debated, leaders are groomed, and future candidates are shaped. In Nigeria, they increasingly look like fighting arenas where the loudest voices drown out everyone else. When leaders ignore their own constitutions, the structure begins to crack. When factions begin to run parallel meetings, the foundation gets weaker. When decisions are forced down the throats of members, people begin making private plans for their future.
No governor wants to govern in chaos. No politician wants to be the last one standing in a sinking ship. This is why defections are becoming more common. A party that cannot manage itself cannot manage its members. And members who feel exposed will always look for safer ground.
But while these moves make sense for Adeleke and Fubara personally, the people they govern often become the ones left in confusion. Voters choose candidates partly because of party ideology, even if our ideologies are weak. They expect stability. They expect continuity. They expect that the mandate they gave will remain intact. So when a governor shifts political camp without prior consultation, the people feel blindsided. They begin to wonder whether their votes carry weight in a system where elected officials can switch platforms in the blink of an eye.
This is where the politics of survival becomes dangerous for democracy. If leaders keep prioritizing their personal safety over party stability, the system begins to lose coherence. Parties lose their identity. Elections lose their meaning. Governance becomes a game of musical chairs. Today you are here. Tomorrow you are there. Next week you may be somewhere else. The people become bystanders in a democracy that is supposed to revolve around them.
Rivers and Osun should serve as reminders that political parties need urgent restructuring. They need to rebuild trust internally. They need to enforce their constitutions consistently. They need to treat members as stakeholders, not spectators. When members feel protected, they stay. When they feel targeted, they run. This pattern will continue until parties learn the simple truth that power is not built by intimidation, but by inclusion.
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There is also the question of what these defections mean for governance. When governors are dragged into endless party drama, service delivery suffers. Time that should be spent on roads, schools, hospitals, water projects and job creation ends up being spent in meetings, reconciliations and press briefings. Resources that should strengthen the state end up funding political battles. The public loses twice. First as witnesses to the drama. Then as victims of delayed or abandoned development.
In Rivers, the months of tension slowed down the government. Initiatives were stalled because the governor was busy trying to survive political ambush. In Osun, Adeleke had to juggle governance with internal fights in a crumbling party structure. Imagine what they could have achieved if they were not constantly looking over their shoulders.
Now, as both men settle into new political homes, the final question is whether these new homes will provide stability or merely temporary shelter. Nigeria’s politics teaches one consistent lesson. New alliances often come with new expectations. New platforms often come with new demands. And new godfathers often come with new conditions. Whether Adeleke and Fubara have truly found peace or simply bought time is something only time will tell.
But as citizens, what we must insist on is simple. The politics of survival should not become the politics of abandonment. Our leaders can fight for their political life, but they must not forget that they hold the people’s mandate. The hunger, poverty, insecurity and infrastructural decay that Nigerians face will not be solved by defection. It will be solved by steady leadership and functional governance.
The bigger lesson from Rivers and Osun is clear. If political parties in Nigeria continue on this path of disunity and internal sabotage, they will keep losing their brightest and most strategic figures. And if leaders keep running instead of reforming the system, then we will wake up one day to a democracy where the people are treated as an afterthought.
Governors may survive the storms. Parties may adjust to new alignments. But the people cannot keep paying the price. Nigeria deserves a democracy that works for the many, not the few. That is the real pulse of the nation.
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Human Rights Day: Stakeholders Call For More Campaigns Against GBV

Panel of discussants at an event to commemorate the International Human Rights Day, 2025 on Wednesday called for more campaigns against Gender-Based Violence, adding that it must start from the family.
The panel of discussants drawn from religious and community leaders, security agents, members of the civil society community, chiefs, etc, made the call in Benin in an event organised by Justice Development & Peace Centre (JDPC), Benin, in collaboration with Women Aid Collective (WACOL) with the theme: Multilevel Dialogue for Men, Women, Youth and Critical Take holders on the Prevention and Response to Gender-Based Violence (GBV).
The stakeholders, who said causes of GBV are enormous, called for more enlightenment and education in the family, community and the religious circle.
Security agents in the panel charged members of the public to report GBV cases to security agents regardless of the sex Involved, adding: “When GBV happens, it should be reported to the appropriate quarters. It doesn’t matter if the woman or the man is the victim. GBV perpetrators should not be covered up, they must be exposed. We are there to carry out the prosecution after carrying out the necessary investigation.”
READ ALSO:World Human Rights Day: CSO Tasks Govt On Protection Of Lives
Earlier in his opening remarks, Executive Director, JDPC, Rev. Fr. Benedicta Onwugbenu, lamented that (GBV) remains the most prevalent in the society yet hidden because of silence from victims.
According to him, GBV knows no age, gender or race, adding that “It affects people of all ages, whether man or woman, boy or girl.”
“It affects people from different backgrounds and communities, yet it remains hidden because of silence, stigma, and fear. Victims of GBV are suffering in silence.”
On her part, Programme Director, WACOL, Mrs. Francisca Nweke, who said “women are more affected, and that is why we are emphasising on them,” stressed “we are empowering Christian women and women leaders of culture for prevention and response to Gender-Based Violence in Nigeria through the strengthening of grassroots organisations.”
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