News
Oronsaye: Rejig Of Agencies Won’t Lead To Job Cuts — FG Insists
Following job loss anxiety over the implementation of Steve Oronsaye’s report, Minister of Information and National Orientation Mohammed Idris yesterday said the Federal Government would not retrench workers.
He said the merger of some parastatals was meant to ensure efficiency in the civil service and save cost.
Idris, who spoke at the Ministerial Press Briefing Series in Abuja, said some of the merged or scrapped agencies had been redundant or had outlived their usefulness.
He said: “The consideration of Steve Oronsaye’s report is to improve efficiency in the Civil service. This does not mean that the government intends to retrench workers.
“The whole idea is that the government wants to reduce cost and also improve efficiency in service delivery.
“It does not necessarily mean that the government is out to retrench or throw people to the labour market. That is not the original intention.”
He highlighted the rationale behind the merger of some of the departments and agencies.
He said: “Only two days ago, the President approved a revolutionary approach towards reducing the cost of governance through the implementation of the much-talked-about Oronsaye Report – 12 years after the report was submitted to the then President, Dr. Goodluck Jonathan.
“This is a clear demonstration of Mr. President’s unwavering commitment to fiscal prudence and responsible governance by championing a comprehensive review of the government‘s commissions, agencies, and parastatals.
“In recognition of the need to rationalise the size and scope of government, the President has taken decisive action to merge certain agencies and scrap others that are redundant or have outlived their usefulness.”
Idris insisted that the government did its homework before coming up with its decisions on Oronsaye’s report.
He added: “The merger of some agencies and parastatals and the scrapping of others are not decisions taken lightly.
“It followed careful consideration and strategic planning to ensure that essential services are not compromised and that the needs of our citizens are adequately addressed while putting the interests of the nation first and foremost.
“Through the implementation of the report, President Tinubu aims to achieve significant cost savings by eliminating duplication of functions, streamlining administrative processes, and optimising resource allocation.
“This proactive approach will enable the government to operate more efficiently while maintaining the quality and delivery of services to the Nigerian people.
“It is worth noting that these measures are not undertaken in isolation but they are part of a broader strategy to reform and modernise government institutions by leveraging technology, promoting innovation, and fostering a culture of performance and accountability across all sectors.”
Idris said Nigeria has begun to reap the benefits of the reforms being spearheaded by President Tinubu, citing some fundamental economic growth being recorded since May 2030,
According to him, the country recorded GDP growth of 3.46 per cent in the fourth quarter of 2023 as against 2.54 per cent recorded in the third quarter of 2023.
“Capital importation rose to 66 per cent in the fourth quarter of 2023, reversing a 36 per cent decline in the third quarter.
“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy.
“The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy,” he said.
The minister said the revitalised oil sector has started posting positive results.
He said: “It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.
“The government’s concerns over the nation’s unemployment rate have led to the deployment of some mechanisms aimed at addressing the issue holistically.
“The President has also given a directive for the design of a Social Security Unemployment Programme to cater for the unemployed graduates.
“This is in addition to setting up of a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship.
“As the government rejigs the National Social Investment Programme, the direct payments to N25,000 to 15 million households will resume immediately.”
The minister emphasised the enormous burden of insecurity, which has led to certain proactive steps being taken.
“The government is equally tackling insecurity headlong and more success stories are coming in daily. Without any doubt, we are winning the war against insecurity.”
“These are indeed a testament to the bold initiatives taken by Mr. President to reflate the Nigerian economy and return it to the path of growth and sustainable development,” Idris added.
Following job loss anxiety over the implementation of Steve Oronsaye’s report, Minister of Information and National Orientation Mohammed Idris yesterday said the Federal Government would not retrench workers.
He said the merger of some parastatals was meant to ensure efficiency in the civil service and save cost.
Idris, who spoke at the Ministerial Press Briefing Series in Abuja, said some of the merged or scrapped agencies had been redundant or had outlived their usefulness.
He said: “The consideration of Steve Oronsaye’s report is to improve efficiency in the Civil service. This does not mean that the government intends to retrench workers.
“The whole idea is that the government wants to reduce cost and also improve efficiency in service delivery.
“It does not necessarily mean that the government is out to retrench or throw people to the labour market. That is not the original intention.”
He highlighted the rationale behind the merger of some of the departments and agencies.
He said: “Only two days ago, the President approved a revolutionary approach towards reducing the cost of governance through the implementation of the much-talked-about Oronsaye Report – 12 years after the report was submitted to the then President, Dr. Goodluck Jonathan.
“This is a clear demonstration of Mr. President’s unwavering commitment to fiscal prudence and responsible governance by championing a comprehensive review of the government‘s commissions, agencies, and parastatals.
“In recognition of the need to rationalise the size and scope of government, the President has taken decisive action to merge certain agencies and scrap others that are redundant or have outlived their usefulness.”
Idris insisted that the government did its homework before coming up with its decisions on Oronsaye’s report.
He added: “The merger of some agencies and parastatals and the scrapping of others are not decisions taken lightly.
“It followed careful consideration and strategic planning to ensure that essential services are not compromised and that the needs of our citizens are adequately addressed while putting the interests of the nation first and foremost.
“Through the implementation of the report, President Tinubu aims to achieve significant cost savings by eliminating duplication of functions, streamlining administrative processes, and optimising resource allocation.
“This proactive approach will enable the government to operate more efficiently while maintaining the quality and delivery of services to the Nigerian people.
“It is worth noting that these measures are not undertaken in isolation but they are part of a broader strategy to reform and modernise government institutions by leveraging technology, promoting innovation, and fostering a culture of performance and accountability across all sectors.”
Idris said Nigeria has begun to reap the benefits of the reforms being spearheaded by President Tinubu, citing some fundamental economic growth being recorded since May 2030,
According to him, the country recorded GDP growth of 3.46 per cent in the fourth quarter of 2023 as against 2.54 per cent recorded in the third quarter of 2023.
“Capital importation rose to 66 per cent in the fourth quarter of 2023, reversing a 36 per cent decline in the third quarter.
“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy.
“The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy,” he said.
The minister said the revitalised oil sector has started posting positive results.
He said: “It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.
“The government’s concerns over the nation’s unemployment rate have led to the deployment of some mechanisms aimed at addressing the issue holistically.
“The President has also given a directive for the design of a Social Security Unemployment Programme to cater for the unemployed graduates.
“This is in addition to setting up of a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship.
“As the government rejigs the National Social Investment Programme, the direct payments to N25,000 to 15 million households will resume immediately.”
The minister emphasised the enormous burden of insecurity, which has led to certain proactive steps being taken.
“The government is equally tackling insecurity headlong and more success stories are coming in daily. Without any doubt, we are winning the war against insecurity.”
“These are indeed a testament to the bold initiatives taken by Mr. President to reflate the Nigerian economy and return it to the path of growth and sustainable development,” Idris added.
News
Just In: Tinubu’s 2027 Re-election Bid Begins As Faleke Picks Up Official Forms
James Faleke, a member of the House of Representatives and founder of the Tinubu Support Group (TSG), has officially picked up the All Progressives Congress (APC) presidential nomination forms for President Bola Tinubu’s 2027 re-election bid.
The forms, which include the Expression of Interest and Nomination forms, were obtained on April 28, 2026, following a payment of ₦100 million. This move effectively kicks off the President’s campaign for a second term.
The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.
The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.
The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.
INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026.
More details later…
News
USD To NGN: Current Exchange Rates For April 28, 2026
The Nigerian Naira maintained a steady yet cautious position against the US Dollar as the market opened for trading today, Tuesday, April 28, 2026.
Financial analysts are observing localised fluctuations in liquidity across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market segments.
Official Market (NFEM) Activity
In the early trading hours of the official window, the Naira showed resilience, trading at approximately 1,360.19 NGN per 1 USD. This follows a trend of minor adjustments as the FMDQ Securities Exchange records ongoing transactions from institutional buyers and sellers. The rate has seen slight volatility since the market opened, moving from an initial 1,359.23 NGN to its current level as demand and supply forces seek a daily equilibrium.
The Central Bank of Nigeria continues to monitor the official window closely, ensuring that the transparency of the “willing buyer, willing seller” model supports price discovery while mitigating drastic shocks to the local currency.
Parallel Market Trends
The informal parallel market continues to operate at a premium, reflecting the immediate retail demand for the greenback. In major cities such as Lagos, Kano, and Port Harcourt, currency dealers are quoting the Dollar between 1,480 NGN and 1,495 NGN.
The gap between the NFEM and the parallel market remains a focal point for economic observers, as it often indicates the level of unmet demand in the official sectors. Traders in the parallel market suggest that small-scale importers and individual travelers are the primary drivers of the current activity in the informal sector this morning.
Factors Affecting Today’s Rate
Today’s market performance is being influenced by several key macroeconomic factors. Global oil prices remain a significant driver, providing the necessary foreign exchange reserves to support the Naira. Additionally, internal market liquidity is being shaped by the clearance of corporate foreign exchange backlogs and seasonal demand for international payments.
As the day progresses, participants expect the market to remain within the current range unless there is a significant intervention or a shift in global market sentiment. Stakeholders are advised to keep track of the closing rates later today to gauge the definitive performance of the Naira for the midweek trading period.
News
2027: Sanwo-Olu Officially Endorses Obafemi Hamzat As Successor
Lagos State Governor Babajide Sanwo-Olu has officially endorsed his deputy, Dr. Obafemi Hamzat, as his preferred successor for the 2027 governorship election.
The announcement was made on Monday, April 27, 2026, during a meeting at the Lagos House, Marina, where Hamzat formally declared his intention to run.
In the past few weeks, Hamzat has received widespread endorsement from political and community leaders across the state during his various consultative visits.
Recall that the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, had expressed support for Hamzat’s governorship bid.
Also, the Chief of Staff to the President, Femi Gbajabiamila; Senator representing Lagos East, Tokunbo Abiru; and former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and other stakeholders have endorsed Hamzat’s gubernatorial bid.
Details shortly…
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