News
FX Crisis Pushes Three Nigerian States To Demand $501m Loan Repayment Suspension
The state governments of Ekiti, Cross River, and Ogun have proposed a suspension of their foreign debt repayments worth $501 million due to foreign exchange volatility.
Details of these proposals were highlighted in the minutes of the Federal Account Allocation Committee meeting held in March 2024.
The proposal is part of their efforts to mitigate the heightened debt service burden, which state officials claimed has significantly hampered their ability to service existing debts.
The states have the highest foreign debt stock as of December 2023 due to multilateral and bilateral loans, data from the Debt Management Office showed.
Cross Rivers has the highest at $211.13 million, followed by Ogun at $168.8 million and Ekiti at $121.1 million.
The states’ commissioners of finance said the continued foreign exchange volatility had caused strain on their ability to repay foreign loans.
The commissioners also raised concerns about reduced FAAC’s allocation due to debt repayment and deductions as savings from the monthly allocation.
Akintunde Oyebode, Commissioner of Finance of Ekiti State, observed that there had been significant increases in the amounts deducted from the Statutory Revenue of the states for repayment of foreign loans due to the rising exchange rate.
He suggested the need for extensive discussion on exchange rates concerning multilateral financing to address the issue.
Furthermore, he raised concerns about the amount deducted as savings from the revenue for the month.
He noted that the balances of the Sub-nationals had reduced tremendously as a result.
On his part, the Commissioner of Finance of Cross River State, Michael Odere, expressed fears about the state’s ability to fund capital projects due to reduced revenues.
The Commissioner of Finance of Ogun State, Dapo Okubadejo, called for redirecting the N200 billion previously earmarked savings into the federation account for state redistribution.
“The HCF, Ogun States, on his part, proposed that the N200 billion set aside as savings should be returned to the Federation Account for distribution to the beneficiaries.
“On the issue of multilateral financing, he proposed that a system should be put in place to effectively address issues associated with foreign exchange volatility,” the mitutes disclosed.
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Abuja Court Jails Boko Haram Food Supplier, Hamatu Modu For 40 Years
Justice Binta Fatima Nyako of the Federal High Court in Abuja has sentenced Hamatu Modu, a major food supplier for Boko Haram terrorists, to 40 years imprisonment for his involvement in terrorism activities.
Modu, who confessed in the open court to supplying food items and information to terrorists, was put on trial by the federal government through the Attorney General of the Federation and Minister of Justice.
He was slammed with 4- count charges and instantly pleaded guilty to them.
The Director of the Public Prosecution of the Federation, DPPF, Rotimi Oyedepo, SAN, led the prosecution.
In his judgment, Justice Nyako sentenced him to 10 years on each of the count but due to the plea of the defense counsel, the judge ordered that the 40 years imprisonment should run concurrently, giving the convict opportunity to spend only 10 years.
In another development, Isah Ali, another food supplier also in Borno, was jailed 10 years by Justice Nyako.
His jail term will, however, start three years ago when he was arrested and clamped into detention.
The convict confessed to committing the offence as charged.
Justice Nyako ordered that the convicts be made to undergo rehabilitation and radicalization at the end of their service of the jail terms.
The Federal Ministry of Interior was ordered to determine where the two men will serve their jail terms.
News
Just In: Kebbi Assembly Speaker Muhammad Ankwai Passes Away
The Speaker of the Kebbi State House of Assembly, Muhammad Usman Ankwai has passed away in the late hours of Monday, 6 April 2026.
Ankwai, who represented Zuru Constituency under the All Progressives Congress (APC), was elected Speaker at the inauguration of the 10th Assembly on June 8, 2023.
Details surrounding the circumstances of his death were not immediately disclosed at the time of filing this report.
His death has, however, triggered an outpouring of condolences from fellow lawmakers, political associates, and residents across Kebbi State, many of whom have described him as a dedicated public servant who contributed to legislative development in the state.
Further announcements regarding burial arrangements are expected to be made by his family soon.
News
Scores Of Terrorists Neutralised As Military Foils Major Borno Offensive
Troops of the Joint Task Force (North East) Operation Hadin Kai (OPHK) have neutralized scores of Boko Haram and ISWAP terrorists during foiled attacks across several communities in Borno State.
This was contained in a press statement signed by the Media Information Officer, Headquarters Joint Task Force North East Operation HADIN KAI, Lt. Col. Sani Uba, on Sunday.
The statement reads: “In sustained offensive operations against Boko Haram/ISWAP terrorists, troops of the Joint Task Force (North East) Operation HADIN KAI (OPHK) recorded significant successes, including the neutralisation of insurgents, arrest of suspects and disruption of logistics networks across the theatre of OPHK between 31 March and 4 April 2026.
“In a major operational breakthrough, troops of OPHK under Sector 2, deployed at Geidam, in conjunction with operatives of the Civilian Joint Task Force (CJTF), acting on credible intelligence, engaged terrorist logistics suppliers near Geidam.
“Following a fierce encounter, three terrorists were neutralised while a logistics-laden vehicle was disabled. Recovered items included food supplies, mobile phones and other materials intended for terrorist camps.
“Similarly, troops of OPHK successfully ambushed terrorists attempting to emplace Improvised Explosive Devices (IEDs) along the Konduga–Kawuri axis.
“The troops engaged the insurgents with decisive firepower, triggering an explosion that neutralised two terrorists.
“Weapons and ammunition were recovered during exploitation. In continuation of counter-IED operations, troops have discovered and safely detonated an IED planted along the Ngoshe–Pulka road, thereby preventing potential casualties and ensuring safe movement along the route.
“Troops also recorded notable successes in counter-terrorism operations in Adamawa State.
“In Mubi North Local Government Area, troops of OPHK under Sector 4, in conjunction with local hunters, conducted an offensive operation, leading to the arrest of three Boko Haram/ISWAP members.
“Preliminary investigation revealed that one of them had previously gathered intelligence on troops’ locations and activities.
“The terrorist further confessed to participating in a recent attack where they suffered heavy casualties. All the arrested persons are currently in custody for further investigation. In another development, troops of OPHK operating in Mainok market arrested three terrorist logistics suppliers and recovered livestock, mobile phones and cash, further weakening the supply chain supporting terrorist operations.
“Additionally, troops intercepted a vehicle conveying terrorist elements in Yobe State. Two of the occupants were identified with gunshot wounds linked to earlier engagements with troops.
“The BHT/ISWAP members, along with recovered communication devices, are in custody for further investigation. Further operations across the theatre led to the arrest of BHT/ISWAP informants and collaborators attempting to cross into neighbouring areas, as well as the apprehension of a foreign national at a checkpoint under suspicious circumstances.
“Meanwhile, troops of OPHK have maintained aggressive operations within the Area of Responsibility, effectively denying criminal elements freedom of action. All operations were conducted without incident, while troops’ morale and combat efficiency remain high.
“The Military High Command commends the troops for their resilience, vigilance and utmost professionalism, urging them to sustain the momentum in ongoing operations in the security and economic interest of the North East region,” Uba explained.
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