Nigeria Has Pulled Back From Economic Collapse — Emir of Kano, Muhammad Sanusi II Hails the CBN Reforms.

Former Central Bank of Nigeria (CBN) Governor, Sanusi Muhammadu Sanusi, has praised the current leadership of the apex bank for what he described as a “remarkable turnaround” in Nigeria’s monetary and economic stability.

Speaking on recent economic developments, Sanusi said he had “nothing but positive words” for the CBN’s policies, noting that the institution had successfully stabilized the exchange rate and curbed the reckless monetary expansion that once threatened the economy.

“We came from a period of very high instability due to loose monetary policy and uncontrolled growth in money supply,” Sanusi stated. “In the last one year, the central bank has worked hard to mop up excess liquidity. Yes, interest rates are high, but the result is evident, we’ve stabilized the naira and pulled back from the brink of total economic collapse.”

The former governor highlighted key economic improvements, including declining inflation, which he noted had fallen to around 20 percent, and a steady rise in foreign reserves now exceeding $40 billion.

Sanusi also pointed out that Nigeria’s economy recorded growth of over 3 percent in the first quarter and more than 4 percent in the second quarter of the year, outpacing population growth for the first time in years.

He described these gains as evidence that the CBN’s policy tightening and reform efforts are beginning to yield tangible results, restoring investor confidence and setting the economy on a path toward long-term stability.

EFCC Blames Yahoo Boys for Visa Woes.

The Economic and Financial Crimes Commission (EFCC) has warned that the surge in internet fraud is leading to stricter visa restrictions for innocent Nigerians seeking to travel abroad.

Chairman Olanipekun Olukoyede emphasized that crimes like cyber fraud and money laundering damage Nigeria’s global reputation and hinder economic development.

Key Points
EFCC Chairman Olanipekun Olukoyede linked internet fraud to stricter visa restrictions.
He warned that "yahoo-yahoo" erodes Nigeria's international image.

The crime drains billions of naira from the national economy.
Olukoyede urged youths to channel their creativity into productive ventures.

He stated that "digital footprints never disappear" for those involved in fraud.

The commission is intensifying its crackdown on cybercrime.
Other agencies also raised concerns about drug abuse and pipeline vandalism.

Beyond arrests and convictions, the EFCC’s alert underscores how cybercrime inflicts collective punishment on innocent citizens and stains national integrity.

Peter Obi Spotted in Textile Factory as He Resumes Public Engagements

Social media has been buzzing after Labour Party (LP) chieftain and former Anambra State governor, Peter Obi, was spotted inside a clothing factory.

The photos, shared on his official X account on Tuesday, September 9, 2025, came shortly after Obi had earlier announced he would be taking a short break from public engagements.

In the images, Obi was seen interacting with people in the factory, noting that his visit was aimed at supporting the business of someone he recently met.

Sharing the post, Obi emphasized the importance of small and medium-sized enterprises (SMEs) in driving economic growth:

“Studies have consistently shown that SMEs are the backbone of any economy, especially for developing nations. Globally, the textile and apparel industry is valued at $1.7 trillion and employs over 300 million people. Nigeria is yet to fully tap into this.”

His post quickly attracted mixed reactions from users on X, with many applauding his continued advocacy for local businesses and grassroots economic development.

FG Rolls Out ₦50,000 Cash Grant For Business Owners Nationwide.

The Federal Government has introduced a new support package for small business owners through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

The initiative provides financial aid of ₦50,000 to micro enterprises operating at the local government level across the country.

The programme, known as the Conditional Grant Scheme (CGS), was created to help very small businesses stay afloat, expand, and contribute to job creation in their communities.

Beneficiaries are expected to use the money to strengthen their operations and employ at least one additional person, thereby boosting grassroots economic growth.

The scheme covers a wide range of projects including technology upgrades, market expansion, capacity building, and other activities that can improve business competitiveness.

Selected entrepreneurs will also undergo monitoring and evaluation to ensure proper use of the funds.

According to SMEDAN, the grant targets women, youths, people with disabilities, senior citizens, and other groups, with women and youths making up the largest share of beneficiaries.

Interested business owners can apply through designated online portals and government offices by submitting proper documentation and project proposals as required in the guidelines.

This new initiative follows the federal government’s ongoing effort to ease access to funding for small businesses and support economic development at the local level.

FG Secures $25.35m Kuwait Loan to Address Out-of-School Children in Kaduna.

The Federal Government has obtained a $25.35 million concessionary loan from the Kuwait Fund for Arab Economic Development to support efforts aimed at tackling the high number of out-of-school children in Kaduna State.

The loan forms part of a larger $62.8 million blended financing package involving multiple international development partners. The funds will be used to implement the Reaching Out-of-School Children programme, an ambitious initiative targeting vulnerable groups including girls, children with disabilities, and internally displaced persons.

This was disclosed in a statement on Tuesday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga. The project aims to enrol over 100,000 children, construct or rehabilitate more than 200 schools, and boost teacher capacity and learning conditions in underserved communities across Kaduna State.

The loan agreement, signed by the Federal Government on behalf of the Kaduna State Government, reflects a broader strategy to enhance inclusive and quality education in one of Nigeria’s most education-challenged regions.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun—represented by Minister of State for Finance, Dr Doris Uzoka-Anite—emphasised the government’s focus on transparency, accountability, and tangible impact in education investment.

He stressed the need for every dollar spent to deliver measurable results, especially in regions with high out-of-school populations. Edun also praised Kaduna State for its proactive approach and collaboration with development partners. He expressed optimism that the initiative could serve as a model for other states.

Governor Uba Sani, in his remarks, reiterated Kaduna’s commitment to education and revealed that the state had already met its $1 million counterpart funding obligation. He added that Kaduna had raised its education sector allocation to 26% in the 2025 budget, underscoring its focus on human capital development.

FG won’t stop building needed infrastructure for economic development – Tinubu

President Bola Tinubu has said that the Federal Government will not stop building the needed infrastructure for the economic development of Nigeria.

Tinubu said this in Lagos on Thursday when he commissioned a number of strategic roads designed to open up key corridors for trade, agriculture, and regional integration.

These include the reinforced concrete access road to the Lekki Deep Sea Port, the Kano–Kongolam Road (Section II: Kano–Kanwar–Danja–Hadejia), the Yakasai–Zalli Road, and several others across Northern Nigeria.

“These roads are more than concrete, steel, and asphalt. They are investments by your government in mobility, jobs, and Nigeria’s long-term economic competitiveness,” Tinubu said.

“David Umahi (Minister of Works), I like the remarks of the Blue Economy Minister where he said that they will always support your rescoping nationwide, well, we have seen the results of rescoping.

“We are not in pain, we are in joy, we are truly ready to reengineer our finances towards infrastructural development, which is the backbone of any industrialisation, economic development and job creation of any nation.

“No Sin in Borrowing”: Presidency Defends Nigeria’s Debt Strategy

In a recent statement, the Nigerian Presidency has asserted that borrowing is a necessary instrument for driving economic development. Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that when loans are utilized responsibly, borrowing should not be viewed negatively. He stated, “It is not a sin to borrow. Even developed nations like the United States of America and the United Kingdom borrow beyond their GDP. The issue is not borrowing; it is what you do with the borrowed funds.” 

This clarification comes amid discussions surrounding President Bola Tinubu’s recent request to the National Assembly for approval of fresh external and domestic loans amounting to ₦34.15 trillion. The administration maintains that such borrowing is essential for funding large-scale development projects, such as highways and infrastructure, which are pivotal for economic growth. 

The Central Bank of Nigeria (CBN) has previously echoed similar sentiments, stating that borrowing is part of fiscal responsibility. CBN Governor Godwin Emefiele noted, “Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt’s quantum and the debt usage.” 

However, concerns persist regarding Nigeria’s rising debt profile and the nation’s ability to service these debts. Critics argue that while borrowing can be a tool for development, it must be managed prudently to avoid long-term economic challenges. 


#NigeriaEconomy
#GovernmentBorrowing
#DebtManagement
#EconomicDevelopment
#InfrastructureFunding

Strengthening African Unity: Tinubu Congratulates New AfDB President — According to NewTelegraph

President Bola Ahmed Tinubu has extended heartfelt congratulations to Dr. Sidi Ould Tah on his election as the ninth President of the African Development Bank (AfDB) Group, according to NewTelegraph.

In his message, President Tinubu praised Dr. Tah’s leadership and reaffirmed Nigeria’s unwavering commitment to advancing regional economic development across the African continent. He described the AfDB as a pivotal institution in Africa’s journey toward inclusive growth, sustainable development, and economic resilience.

Dr. Sidi Ould Tah, who succeeds Dr. Akinwumi Adesina, brings a wealth of experience in economic policy and international cooperation. His election marks a new chapter for the bank as it continues to support infrastructure, industrialization, and innovation across African economies.

President Tinubu expressed confidence in Dr. Tah’s ability to lead the bank with integrity, vision, and purpose, adding that Nigeria looks forward to collaborating closely with the new leadership to unlock Africa’s full economic potential.

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#Tinubu #AfDBPresident #DrSidiOuldTah #AfDB2025 #AfricaDevelopment #NigeriaInAfrica