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New CBN Gov, Cardoso Vows To Shoot GDP To $1trn In 8 Years
The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years.
Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of the apex bank.
Those confirmed as deputy governors are: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello
He assured that the ratified board will adopt a number of strategies including short term and medium terms goals to repair the economy.
According to him, to achieve stability in Nigeria’s exchange rate, measures must be put in place towards ensuring a healthy balance of payment and diversification of the economy.
“When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim.
“We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data,” he said.
According to him, the immediate thing to look out for if confirmed as CBN Governor is to address operational issues which are the unsettled obligations of the CBN.
He opined that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate, saying they would do everything possible to ensure that they work closely on the fiscal side and ensure the issue of deficit financing does not become a problem.
He further pointed out the need for a strategy known to players, adding that these immediate steps will ease restrictions in the country’s business environment.
Cardoso added that removal of oil subsidy, tightening up tax payment, among others, are part of measures to stabilize the economy.
“There’s the need to significantly revamp data gathering capacity of the CBN to help in evidence-based decision making by the regulatory house.
“We have to ramp up production of food, that is the aspect the fiscal side will handle and we’ll work very closely with the fiscal side on this, and on energy to make sure that happens quickly.
“The way money has gone in Nigeria on its own has an effect on inflation. And we have seen studies that suggest that money supply has impacted on inflation in the country.
“We also have to work very closely with the fiscal side to ensure that we work on deficit financing,” the former Commissioner for Lagos State Ministry of Economic Planning and Budget said.
The new CBN team equally pledged to ensure a collaborative working relationship with the fiscal policy regulators so as to ensure that things don’t get heated up in the polity.
According to him, there will be a change of mindset in the CBN to promote compliance, maintaining that the apex bank under him will work with the Senate for consultations and adherence to the CBN Act.
Cardoso further underscored the need to do things right, insisting that the bank will not be hijacked by anybody.
“We will not knowingly or unknowingly disobey the law. We are going to endure a culture of compliance in the bank. We are not going to tolerate people not complying. That tone would be fully set from the top,” Cardoso added.
He pledged to bring the best, most qualified advisers, and that the new CBN bank will promote a culture of openness to get the best results.
Also responding to questions from lawmakers, Philip Ikeazu, a Deputy Director, said the new CBN board will “strengthen corporate governance and ensure proper drive of economic policy to maintain price stability and promote a healthy forex.”
He called on the upper chamber to support the apex bank to drive export of locally manufactured goods, and promote corporate governance.
This is just as he commended the federal government for blocking leakages in the economy, and for stopping the fuel subsidy regime.
The CBN team also affirmed that the regulatory body has “strayed significantly over the years”, and that it was committed to returning back on track, and ensuring open and transparent communication with Nigerians.
They assured restoring the dignity of the Central Bank, just as they expressed hope to double economic growth over a 10 year period, as well as expanding the capacity of the economy to produce more “Dangotes and Otedolas.”
During the exercise, the lawmakers bemoaned the woes bedeviling the country’s economy, as they expressed fears at the involvement of the regulatory bank in sectors outside the mandate of the Central Bank Act.
The Senate President, Godswill Akpabio, while addressing the Committee of the Whole, frowned at the involvement of the CBN in construction of classrooms, among others.
He emphasized the need for an apex bank that is focused on providing sound policy and monetary directions for the economy.
Akpabio also regretted that the bank under the former board lost its focus and veered into politics “with money that belongs to Nigerians.”
“No where in the world is a currency changed within one week. But the CBN changed the Naira in 11 days just to sabotage the elections, and because some politicians told him that you can contest for election after all you have money with you,” the Senate President added.
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Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity
Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.
In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.
According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.
He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.
Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.
He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.
”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.
“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.
“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.
“May Allah bring peace back to our nation.”
News
Court Clears Senator Ireti Kingibe To Remain Active In ADC
The Federal High Court in Abuja rejected an ex-parte application seeking to bar Senator Ireti Kingibe from participating in the activities of the African Democratic Congress (ADC).
Justice Peter Lifu declined the request from Wuse Ward leaders, ruling that such an order could not be granted without first hearing from the senator.
Instead, the judge ordered the ward leaders said to be loyal to the Minister of the FCT, Nyesom Wike, to put the senator on notice to appear in court to join issues with them on their grievances.
Justice Lifu in a ruling on Thursday held that discretion in such a request for prohibition from party activities and in political matters must be exercised judicially and judiciously.
The judge said justice would be met in the case of the plaintiffs only when the side of the defendant is heard on its merit, along with that of the plaintiffs.
Consequently, the judge ordered that Senator Ireti Kingibe should be served with all court processes by the plaintiffs to enable her become aware of the suit and to prepare her defense.
The judge fixed April 20, 2026, for the plaintiffs and the serving senator to appear before him for hearing of all applications in the matter.
Those who sued the senator in the suit marked FHC/ABJ/ CV/539/2026 are Okezuo Godfrey Anayo and Isaiah Ojonugwa Samuel, on behalf of themselves and ward members as plaintiffs. The senator is the sole defendant.
In their ex-parte application, Kingibe representing the FCT in the Senate was said to have been suspended on March 10, 2026 by her Wuse Ward executives following allegations of anti-party activities and disregard of your cnstitution of the ADC.
In the ex- parte application filed on their behalf by a Senior Advocate of Nigeria, SAN, Kolawole Olowookere, the aggrieved ADC members in Wuse Ward applied for an order of interim injunction restraining Kingibe from parading herself as a member of party, pending the hearing and determination of their motion on notice for interlocutory injunction.
They also asked the judge to restrain the senator from performing any function, attending meetings or performing activities reserved for ADC members or representing the party in any activities.
Besides, the Ward Executive Committee had asked that she be restrained from further interfering with the administration of the ward, ward register and other activities.
The suit was predicated on five grounds among which are that Mrs Kingibe was placed on suspension due to anti-party activities, gross misconduct and confiscation of the ward statutory records.
They argued that the suspension followed due process as enshrined in the ADC constitution and ratified by the two thirds majority of the EXCO members.
They averred that despite the communication of the suspension to Kingibe, she has continued to hold parallel meetings, issue press statements as an ADC member, and using her security details to intimidate the executive committee.
“Her actions constitute flagrant disregard to the internal mechanism of the party,” the plaintiffs stated.
Meanwhile, a lawyer, Abubakar Marshall who claimed to be representing the senator, announced that he had filed a preliminary objection against the suit. He added that it was served on M. S. Garba, who stood for the plaintiffs at Thursday’s proceedings.
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COAS Shaibu Hits Jos To Restore Peace, Public Confidence
The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.
The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.
Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.
According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.
The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.
“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.
He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.
The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.
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