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‘Last Time FX Rate Was Stable Was A Decade Ago’ – Wale Edun Speaks On The Economy

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Wale Edun, minister of finance and coordinating minister of the economy, says the last time the foreign exchange (FX) rate was stable, and interest rates were affordable, was a decade ago.

Edun spoke about the state of the economy at a press briefing in Abuja on Friday.

He said a weak, depreciating exchange rate, as well as security concerns, resulted in an economy “that is not growing and that is not lifting our Nigerians out of poverty”.

“If we think back to when was the last time when the economy was stable, when it was growing, when inflation was low, when the exchange rate was stable, and when interest rates were affordable; that period was about a decade ago,” he said.

The minister said “economic growth was about 6 percent around 2013 to 2014”.

The increase, according to Ebun, was due to the worldwide commodity boom that began around 2010.

“Oil prices were high; volumes were high,” he said.

“Nigeria earned and the government earned into its coffers over $80 billion per annum, compared to the figure now of around $25 billion. So you can see the difference.

“And what that points to is that there was a time when government had enough foreign exchange. It had enough naira revenue to meet its obligations and to provide the funding for growth of the economy.

“It had enough foreign exchange such that when people came in to invest and they needed to import raw materials, import machinery, government could provide the wherewithal.”

‘GOVERNMENT SHOULD ALLOW PRIVATE FUNDING’

This, the minister said, indicates that if the government does not have the funds, it must facilitate and allow private funding.

He advised the government to accommodate other sources of funding, such as foreign direct investment, as well as domestic investment by Nigerians in all areas.

“And we saw some of that in Lagos. When Mr. President was governor of Lagos, he opened up the power sector to private investment, the road sector to private investment infrastructure, waste management, even cemeteries to private investment, because government did not have the funds,” he said.

“And they were those who were willing and able to provide jobs and grow the economy by making those investments.

“So, that is a pointer to the fundamentals of the president’s strategy, private investment and worldwide, there are huge flows of foreign direct investment, once you give investors the right conditions.

“Specifically, where are we headed, President Bola Ahmed Tinubu has pointed out, in priority areas where he is going to take Nigeria. And his key priorities are to improve the lives of Nigerians by providing food security, by ending poverty.”

Edun said the president is concerned about job creation, access to capital, particularly consumer credit that makes foods affordable to the average Nigerian; and utilising human resources by focusing on inclusivity — women and youth.

In this manner, he said, everyone has an opportunity to contribute to the growth of the economy and society.

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.

 

Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.

 

The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.

 

Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.

 

In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.

 

Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.

 

The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.

 

This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.

 

According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).

 

The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.

 

“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.

 

The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.

 

Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.

 

The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.

 

“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.

 

The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”

 

It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.

 

JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.

 

 

 

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