News
Why FG Chose N800/Dollar Exchange Rate For 2024 Budget – Minister

The Federal Government, on Thursday, said it settled for N800 to dollar exchange rate in the 2024 Appropriation Act after considering the average performance of the naira.
It said it avoided basing the foreign exchange benchmark in the 2024 budget on a spot rate, to avoid eventualities and uncertainties.
The Minister of Budget and National Planning, Atiku Bagudu, who spoke with State House correspondents explained that the FG had earlier chosen the projected exchange rate of N750 to the dollar in the 2024 budget which the National Assembly raised to N800 to the dollar,
Bagudu said, “For budgeting purposes, you don’t use the spot rate of anything. Oil prices can go to 120 today, maybe there is a shortage, or maybe there is a collision between two ships that will block a channel.
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“It would be foolish to use that as a reference price, I should take a period maybe six months to one year and say let me observe this average behaviour, so you don’t use spot prices. So even with the exchange rate, it is like that.”
He explained further, “Much as we are hoping that it would soon come below, but at the time you are doing the budget, you will take a view on average performance. And that’s what we took.
“We took an average performance of N750 on the executive side and we proposed it to the National Assembly.”
The minister also said that Tinubu regarded the National Assembly’s decision to raise the rate further considering his respect for institutions and democracy.
READ ALSO: Hope Rises For FG’s N26trn Budget As Oil Price Jumps To $81.11
“So, he respected democracy that even though it was higher than what he submitted, but the institution that says so has the authority to say so and even at the time they say 100 because it’s not an official rate it’s tidal because, with the deregulated market, you no longer have an official rate, it is much lower than even the way the markets are bidding,” the minister said.
The minister noted that the FG is positive that its current measures would soon yield a significant increase in the supply of foreign exchange in the economy.
Bagudu also spoke on the level of borrowing to fund the deficit in the 2024 budget, saying there is a significant difference between 2024 borrowing compared to last year’s.
“In 2023, the budget anticipated a borrowing of close to N14tn. This year’s budget is N9.1 trillion. So we think that is significant.
“Because it’s 2023 took us to about 6.11 per cent of our GDP as borrowing. This one is 3.8 per cent. So the quantum had decreased,” Bagudu added.
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The former Kebbi State Governor said the FG will operate strictly within the dictates of fiscal responsibility law in the new year, which provides for the Central Bank of Nigeria to lend to the government through its Ways and Means window, only 5 per cent of the total budget.
He explained, “We will not go outside the law and borrow from ways and means, what is outside the law. So the fiscal responsibility law says, that every year, the central bank can lend the government up to 5 per cent of its budget for the year.
“So if you go out of that, you’re going outside the lawful limit, and that’s what the minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law.
“And secondly, as much as possible, we will even borrow away from the central bank because sometimes it’s even cheaper to borrow. So, those are the two elements. So the quantum has decreased, then we will go by the book.”
News
Osun, Imo, Kano Lead As INEC Reports 2.3m New Voter Registrations

The Independent National Electoral Commission on Sunday released the new voter registration figures totaling 2,316,232 nationwide, showing wide variation across the states, with Osun topping the list.
INEC reiterated in its notice that “registration is suspended in Anambra State until after the governorship election on 8th November 2025 in line with Section 9 (6) of the Electoral Act 2022,” leaving the state without figures in the latest update.
INEC described the update as part of its ongoing effort to maintain transparency in the continuous voter registration process, stating that the figures represent “completed online and physical registration for Week 12.”
According to the commission, Osun posted the highest total with 185,089 completed registrations, followed by Imo with 143,386. Kano recorded 132,290, while Sokoto reached 123,320.
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Lagos followed at 109,693; the Federal Capital Territory at 106,855, and Borno at 106,376. Kogi registered 91,573; Jigawa, 88,209; Zamfara, 84,268; and Katsina, 80,425. Kaduna recorded 78,282; Kebbi 74,159; Delta 72,311, and Ogun 71,091. Niger posted 69,739; Akwa Ibom 65,446, and Oyo 64,561.
Adamawa recorded 49,853; Kwara, 47,241; and Yobe 46,986. Rivers documented 57,251, placing it above many mid-range states, while Benue had 42,557, and Bayelsa had 38,627. Bauchi recorded 36,166; Ekiti 32,096; Gombe 31,542, and Nasarawa 30,348.
Ebonyi followed with 28,310; Edo with 27,130, and Plateau with 24,077. Taraba recorded 17,803; Enugu 16,304; Ondo 16,012; Cross River 14,559, and Abia 12,297.
READ ALSO:Edo Govt, APC Bicker Over Alleged Shooting, Attack On INEC CVR Personnel
The CVR is scheduled to end in August 2026. Since the exercise began on August 18, 2025, states in the South-West, particularly Osun and Lagos, have consistently led in registration numbers.
Recent updates indicated a rising trend in participation from northern states, driven by intensified mobilisation efforts.
Community-based organisations, religious leaders, and local officials in several northern states have been actively promoting voter awareness and encouraging eligible residents to register.
News
Netizens Seek Probe Of Assassination Attempt On Yerima

Nigerians were last night divided over the report that Navy Lieutenant Ahmad M. Yerima narrowly escaped an assassination attempt in Abuja, with many now questioning whether the incident happen exactly as described.
Initial reports from multiple news platforms claimed Yerima was trailed by two unmarked Hilux vans without number plates, prompting a high-speed chase and a “tactical manoeuvre” that allegedly saved his life.
The report quoted military sources who said the vehicles allegedly followed him from the NIPCO Filling Station off the Line Expressway to Gado Nasco Way at about 6:30p.m.
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The source added that the matter is under investigation and is receiving “the seriousness it deserves,” noting that further details are being withheld so as not to compromise the process.
The development comes days after Yerima, while on duty with other security personnel, engaged in a tense confrontation with FCT Minister Nyesom Wike over a disputed land site in Gaduwa District. The clash, captured on viral videos, sparked widespread public debate and prompted intervention from the Presidency, which subsequently halted the demolition exercise at the site.
But as the story spreads, so do doubts. Critics argue that the details remain vague and rely heavily on Yerima’s personal account, with no confirmed CCTV footage, eyewitness statements, or official security briefings to back the claims. Some security analysts say the descriptions sound “too cinematic,” raising the possibility of misinterpretation or exaggeration.
READ ALSO:Naval Officer In Face-off With Wike Breached The Law — SAN
Adding to the skepticism is the timing of the report, coming just days after Yerima’s viral confrontation with Wike over a halted demolition exercise. While social media users have tried to link both events, officials insist there is no evidence connecting Wike or any political figure to the alleged chase.
Already, military veterans nationwide have criticised Wike for verbally insulting the officer and rejected calls for disciplinary action against Yerima. Spokesman for the Coalition of Retired Veterans, Abiodun Durowaiye-Herberts, warned that ex-service members would “occupy the office and residence of the FCT Minister” if the officer faced any punishment.
Many others want clarity: Was the officer truly targeted, or is this a case of panic amplified by public emotion and online speculation? Investigators are yet to provide answers.
News
FCT Police Reacts To Alleged Assassination Attempt On Naval Officer Yerima

The FCT Police Command has dismissed publications circulating on social media alleging an attempted assassination on Lt. Ahmed Yerima, the naval officer who engaged in a confrontation with the Minister of the Federal Capital Territory, Mr. Nyesom Wike, over a disputed land in Abuja.
In a statement on Monday, the Police Public Relations Officer for the command, SP Josephine Adeh, said no such incident was reported or recorded anywhere within the Federal Capital Territory.
Adeh advised the public to disregard the information as false and desist from spreading unverified claims capable of causing unnecessary panic.
“For the safety of all residents, the Command urges the public to remain vigilant and report any suspicious activity to the nearest Police Division. You may also reach the Command Headquarters through our emergency lines: 08032003913 and 08068587311 for prompt response,” she said.
READ ALSO:Naval Officer In Face-off With Wike Breached The Law — SAN
Meanwhile, the Minister of State for Defence, Hon. Bello Matawalle, Yerima will not be punished for any offence concerning the confrontation with Wike, which was captured in a video.
In an interview with DCL Hausa, monitored in Gusau by The Guardian, the minister dismissed public assertions that the soldier might face disciplinary action, noting the incident was being exaggerated.
The video, which surfaced on Tuesday, showed Wike in a heated exchange with Lt. Ahmed Yerima at a disputed land site in Abuja.
The minister was seen trying to defuse tension between the security operatives and the soldiers present at the location.
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Matawalle explained that the Defence Ministry values mutual respect between civil authorities and the military, adding that the matter has been resolved without any need for punitive measures.
In the video, the FCT Minister was heard demanding to see the approval granted to the landowner, insisting the development must have official authorisation.
In other news, human rights lawyer, Femi Falana, SAN, has tasked President Bola Tinubu to compel the Minister of the Federal Capital Territory, Nyesom Wike, to apologise for using uncomplimentary comments against a serving naval officer, A. M. Yerima, over a disputed piece of land in Abuja.
While saying that the Minister was lucky not to have been shot during his confrontation with the soldier, the senior lawyer, however, stressed that both parties erred in law.
This is even as he faulted the Federal Government’s move to have former Deputy President of the Senate, Ike Ekweremadu, serve the remainder of his prison sentence in Nigeria.
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