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Economy will bounce back soon – FG *Current pains expected – Edun
Nigerians have no need to despair, the Federal Government assured on Tuesday over the parlous state of economy, saying the policies of President Bola Ahmed Tinubu Administration are yielding fruits, and that positive pictures of a complete rebound are already emerging.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Atiku Bagudu, Budget and National Planning, Yemi Cardoso, Central Bank of Nigeria (CBN) Governor (CBN) and Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), all part of the President’s Economic Team, were at the House of Representatives on Tuesday, where they painted a positive picture of the economy.
Not only did the foresee an imminent drop in the high cost of living and inflation, they also spoke on the parlous fate of the Naira, Nigeria’s national currency against foreign currencies, particularly the dollar, saying it was only a matter of time for it to stabilise.
Edun, who said the current challenges in the economy were expected especially after the withdrawal of petrol subsidy, which would have left the country on the path to economic disaster, if sustained, assured that President Tinubu was committed to protecting the poorest and the vulnerable.
Hear him: “Where we are as a nation economically is a much better place than we were on the 29th of May 2023. Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.
“We had expenditure which was wasteful and unsustainable by way of the subsidy. Not just on fuel, but the subsidy on foreign exchange which confused the incentive framework and people were changing cheap dollars in order to make instant profits. Of course, in turning back from that road, as we have heard, there will be dust.
“However, bold measures have been taken and there have been positive results. If we look at the finances of the government today, there have been benefits to the federation account; there has been a reduction in the consumption of petrol by about 20 million litres because there was smuggling apart from wasteful use of petrol.
“Likewise, there have been other benefits which have accrued as a result of the changes that have been made. However, there has been cost. Inflation has increased. The cost of living has spiked and right from the outset, Mr. President committed to making sure that the poorest and most vulnerable were not left behind. That is why the palliatives and the interventions have been rolled out.
“Mr. President made a commitment to confront, to engage and indeed to use state power to subdue the vested interests that had resulted in oil production and sales going down to as low as 1.25 mbpd. We have 1.65 barrels per day and rising. That is the quickest way to give relief. The governor of the CBN said that in 2011 we were virtually at 100 billion dollars a year from oil sales. Now we are on the way back up; 1.65 million bpd and rising.”
Edun, also spoke on the current effort to halt rising inflation, saying: “A large element is food inflation. In fact, food inflation accounts for 33 per cent of the consumer price index. So, when you attack food production, raise food production and bring down the price of food, you bring down inflation. You get the chance to bring down interest rates and there lies the road to investment. I was recently in Nasarawa and met all the stakeholders in the agricultural chain.
“They committed with confidence to a very good dry season harvest. We intervened in that sector, from fertilizer, from grains supply to funding for rice, maize, wheat and cassava to bring 400, 000 hectares under production. So, these are the steps being taken to bring inflation down to stabilize the economy and prepare for investment.
“There will be further intervention on behalf of the poor and vulnerable to assist with the cost-of-living rise, which is the inevitable result of having waited so long to turn the corner. Let us be confident, assured and calm that Nigeria has turned the corner in terms of its economic management and the way forward is up. At the same time, the poor and vulnerable would be assisted at every turn.
“I am happy to inform you that as of yesterday (Monday), the volume of transactions in our markets was over $844 million. This is the first time in many years that it has achieved this level. I acknowledge that despite these commendations, the concerns regarding the cost of living and currency rates remain.
“The urgency of the matter is not lost on us at the CBN and I want to assure you that we are working tirelessly with colleagues from across governments including the leadership of this House to bring lasting solutions.
“Governments around the world must grapple with rising fiscal pressures, necessitating a credible medium fiscal framework to effectively manage debt burdens. On the domestic outlook, we know that the Federal Government anticipates a 3.7 percent real GDP in 2024 slightly surpassing the estimated 3.75 percent in 2023.
“This optimism is backed by key government reforms and the expectation of improved prices and production which are set to drive economic growth. Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent aided by improved agricultural productivity and easing global supply chain pressures.
“A market-driven exchange rate was intended to create a stable macroeconomic environment and discourage currency hoarding. However, short-term volatility attributed to speculation has been an issue. To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the forex market.
“This includes unifying FX markets segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs, enforcing the net open position limits and adjusting the remunerable standard deposit facility cap. We understand the economic costs of these developments, not just for the economy but also as they affect ordinary Nigerians.
“However, these costs are temporary and our decisions would address a lot of fundamental issues bothering Nigeria’s economic landscape. These measures will boost FX inflows, stabilise the exchange rate and minimise domestic inflation. Put simply, the exchange rate is determined by the dynamics of demand and supply for a product or service. In essence, the value of the US dollar is determined by the balance of US dollars entering the country and demand for the US dollar among Nigerians.”
Bagudu, on his part, maintained that the government had been holding a series of meetings aimed at addressing these challenges, adding that the allocation of 39 per cent of the budget to capital projects was strategic, and for now, efforts were geared on revenue collection strategies.
Adedeji, who said the government was working to bring more people into the tax net to enhance revenue generation without increasing taxes, added: “For 2023, the target for the service was set at N10 trillion. Through the efforts of all of us, we achieved N12.3 trillion.
“This came about because of the bold decision taken by Mr. President by rectifying the distortion in our economic parameters, the removal of subsidy and the wonderful work also being led by the central bank in the unification of the exchange rate.
“This has had a serious impact in the last seven months of our collection because of the rates we use and because the waste from subsidy payments were curtailed. So, we have overperformance from both the VAT collection and company income taxes because of those that are dollar-based. We have the target for this year based on the approved budget to collect N19.2 trillion which is 7.2 trillion more.”
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Adeboye, Oyedepo, endorse Trump’s military intervention in Nigeria *Want prompt elimination of terrorism
Enoch Adeboye and David Oyedepo, two of Nigeria’s most prominent church leaders, have given their full endorsement to the decision of the United States to intervene in redeeming Nigeria’s parlous security crisis.
Both Pastors, were particularly grateful to Donald Trump, the US President for taking special interest in the Nigerian situation, by ordering the military actions aimed at stemming the tide of the unrelenting terror attacks by extremists in the country.
Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), and Oyedepo the Senior Pastor and the founder of The Living Faith Church Worldwide, both spoke to a packed audience drawn from a cross section of activists of all races and cadres from across the United States in Washington DC during award night for the POTUS as well as Chris Smith and Riley Moore both, members of the House of Representatives.
Both House members, who have been on the Nigerian case in recent months had upped their ante by tabling a bill seeking to end terrorism in Nigeria by punishing the sponsors, and other activists who have championed the cause of religious freedom in Nigeria.
Adeboye, who earlier dismissed criticism that he had maintained a stoic silence while extremists carried out the killings and kidnaps of Christians and other vulnerable communities across Nigeria, had explained that as an elder religious leader, he embarked on a “spiritual warfare” rather than scream to escalate tension with concomitant reactions.
Stressing that he was not a surprised when the US President intervened having followed events, he warned of dire consequences for the perpetrators of the violence, urging the country not to lower its interests over the escalating security crisis.
At the grand event tagged: Faith Heroes Award Gala, organised by the Save Nigeria Group, U.S.A which had in participation the US-Nigeria Civil Society Coalition at the Hilton Garden Inn, Capitol Hill, Washington, D.C, the RCCG, Pastor, bemoaned the ugly situation, telling his audience: “Terrorism is now at my doorstep.”
He particularly appealed for a global coalition, led by the United States and its Western allies, to help defeat terrorism in Nigeria, while lamenting that the violence that had consumed communities across the country was no longer distant from him.
The appeal came as former United States Ambassador-at-Large for International Religious Freedom, Sam Brownback, and Dr. Katrina Swett, a prominent advocate for human rights, religious freedom and international justice, criticised Nigerian authorities for failing to protect citizens of all faiths from extremist violence.
In an emotion-laden address after receiving an award at the gala, Adeboye, who said terrorism had worsened since the December attacks on terrorist camps in northern Nigeria, added that the United States and other Western powers would need to take more decisive action if peace was to return to Nigeria.
Drawing from Isaac Newton’s first law of motion, Adeboye said Nigeria was trapped by what he described as a structure of untouchables, powerful actors who make the fight against terrorism difficult from within, adding: “There are certain people in my country that, I regret to say, are untouchable, and only God can deal with them. If you want to help us, help us more. No matter who is in office in Nigeria, only God can help us. Use your influence to help us.”
Further expressing pleasure towards Trump and his government’s assistance to Nigeria, he stated that the work was far from being done, stressing that Nigeria needed the combined effort of countries such as the United States, Britain, Australia and other Western allies to help confront terrorist groups and restore peace.
While acknowledging that people of different religions have suffered from terrorist attacks, Adeboye said Christians had become the prime targets of many of the killings. He added that none of the major ongoing attacks could be traced to Christians.
Brushing aside criticisms of not doing enough because much of the violence was concentrated in northern Nigeria, he said the scale of the crisis had moved beyond what any religious leader or local institution could address alone, warning that without external support, Nigeria might not know peace, saying terrorists were emboldened and communities were being overrun.
Adeboye said his church had established an internally displaced persons camp to help victims of terrorist violence adding that victims were being provided food and relief, and that plans were underway to establish a secondary school for young people in the camp, along with skills training for adults.
Lamenting how the crisis, had created an estimated 11 million displaced persons, many of whom had lost homes, livelihoods and access to education, he said he did not support sweeping accusations that the administration of President Bola Tinubu was doing nothing to fight terrorism.
To him, like Trump, Tinubu’s role as commander in chief was to give instructions to the military, while the effectiveness of those instructions depended on execution, explaining how he advised the Nigerian President to meet with the POTUS to demonstrate seriousness in the fight against terrorism before the December military action.
Though Adeboye said he did not agree with all the comments of the US President Trump, he still rated him as the best politician he had ever known, for his decisiveness in action on his promises, adding that this must be brought to bear on the Nigerian situation.
Hear him: “To be a good politician, you must be able to speak two different things from the same mouth. And I like him because when he says, ‘I want to do this,’ you better get ready.
“As he winds down the Iran war, he should complete the good work he started in December against terrorist camps in Nigeria. The terrorists are mocking the faith of their victims. They are asking, ‘Where is their God?’ I have gone to God in agony and deep prayer several times over this crisis.”
Echoing this profound urgency in a powerful keynote address, Bishop David Oyedepo—who extended his apologies for his physical absence but whose words resonated deeply through the hall—declared that Nigeria is “virtually at the brink of collapse.”
The fiery Chancellor of Covenant University threw his weight behind a monumental legislative move unfolding in Washington: the “Nigeria Religious Freedom and Accountability Act of 2026.”
Citing the horrific data compiled within the US Congressional findings, Oyedepo confronted the stark reality of Nigeria’s bleeding landscape. The findings reveal that between 2009 and 2025, an estimated 50,000 to 125,000 Christians have been martyred, with over 19,000 churches destroyed. Shockingly, the report confirms that Nigeria alone accounts for a staggering 72 percent of all Christians martyred worldwide.
Pointing directly to the operations of Fulani-ethnic militias, Boko Haram, and ISWAP, Oyedepo backed the US legislative framework seeking to designate these militant groups as Foreign Terrorist Organizations (FTOs) under international law, referencing the brutal massacres in Benue and Plateau States that claimed over 9,500 lives between 2023 and 2025 alone.
“From the above, you can see that the happenings in our country today call for urgent action from all stakeholders and well-meaning individuals to prevent a situation of total anarchy,” Oyedepo warned.
“The intervention of the United States of America in Nigeria’s affairs is a most welcome one,” Oyedepo noted, expressing deep gratitude to President Trump for his passionate concern. “My heart bleeds as I put down these few lines. We look forward to a nation that will be safe, peaceful, and prosperous again.”
Brownback, a former governor of Kansas who also served in the United States Senate and House of Representatives, said it was painful that Nigeria was still bleeding, making apparent reference to the latest killings of 22 persons in Plateau State by suspected Islamist terrorists.
Warning that Nigeria risked losing the nation if terrorists were allowed to overrun it, he said the United States wanted to help Nigeria defeat terrorism so that Nigerians could fulfil the promise of their country.
He described Nigeria as being “out in the fork” and urged Nigerians and their allies to subdue terrorist networks, including Fulani terrorist groups, and resist any attempt to turn the country into a caliphate.
Swett, who in her remarks, described Nigeria as a country of extraordinary people, saying America must do more to help Nigeria fight terrorism, added: “Yes, the future is in the hands of Nigerians, but America has powerful leverage to do more.”
She expressed satisfaction that the Trump administration was placing Nigeria at the centre of international discussion on religious freedom and terrorism.
Stephen Osemwegie, President of Save Nigeria Group USA and convener of the US-Nigeria Civil Society Coalition, said the mission would not be complete until the entire terrorist network in Nigeria was dismantled.
Hear him: “Terrorism is not a Nigerian or American issue. We need global support to establish global peace. We urge both chambers of the United States Congress to speedily pass H.R. 7457, the Nigeria Religious Freedom and Accountability Act of 2025, and send it to President Trump for signature.”
Also paying tribute to two members of Congress, Christopher Smith of New Jersey’s 4th Congressional District and Riley Moore of West Virginia’s 2nd Congressional District, for their sustained efforts in keeping terrorism in Nigeria on the American policy agenda, he also praised Rev. Ezekiel Dachomo and Leah Sharibu, describing them as symbols of Christian resilience in the face of persecution.
The event, which organisers called “Thank You, America,” brought together religious leaders, Nigerian diaspora advocates and American human rights voices pressing for stronger action against terrorism and religious persecution in Nigeria.
Among those honoured with the Faith Heroes Award was Bishop David Oyedepo of Living Faith Church, who was represented at the event.
For the organisers, the Washington gathering was both a tribute and a warning: a tribute to those they say have stood for persecuted Christians in Nigeria, and a warning that without global intervention, the crisis could further unravel Africa’s most populous nation.
The Gala Night capped off a week of intense advocacy by Save Nigeria USA, which began on Saturday with a massive, roaring Save Nigeria Rally at MacPherson Square, just steps away from the White House.
With 26 civil society groups united under a single banner, the diaspora community has made it clear: they will no longer remain silent while their homeland bleeds. As the echoes of Adeboye’s and Oyedepo’s warnings reverberate across Washington and Nigeria, the pressure now shifts squarely back to Abuja. With the US Congress moving forward on aggressive accountability acts and a US President willing to utilize hard military leverage, Nigeria’s leadership faces an unavoidable ultimatum: secure the nation, or watch the international community take the reins.
Justice Muhammad Nuraddeen Bello of High Court sitting in Sokoto State has sentenced three men, including a foreign national, to death by hanging, after convicting them on charges bordering on terrorism and arms proliferation.
The convicts, Yusuf Muhammad (alias Sallau), a Nigerien; Jabbi Alhaji Yalle; and Kabiru Muhammad, were apprehended on 13th June, 2025, by the Department of State Services (DSS) Counter Terrorism Unit in connection with cross-border criminal activities bordering on arms trafficking and terrorism.
Bello, who found all three defendants guilty as charged and sentenced them to death by hanging, while also ordering the forfeiture of all monetary exhibits recovered from the convicts to the Federal Government, said: “The conviction is the latest in a series of successful prosecutions by the DSS in its sustained operations against terrorism and organised cross-border criminal networks across Nigeria.”
The sentencing is coming about two weeks after the Federal High Court sitting in Abuja sentenced each of the five suspects arrested on May 31, 2026, by the DSS for their involvement in the November 21, 2025, attack on St Mary’s Catholic School, Papiri, Niger State, to 25 years’ imprisonment.
Justice Binta Nyako, had handed down the judgment after the men, including two Nigeriens, pleaded guilty to all four terrorism-related charges, bordering on support for the commission of an act of terrorism, breaching both Section 16 of the Terrorism (Prevention and Prohibition) Act, 2022, and the Firearms Act, were pressed against them.
According to Count One, the men were accused of jointly conspiring to assist a terrorist by agreeing and intentionally playing various roles towards conveying 15 AK 103 rifles as well as about 1,434 rounds of 7.62mm live ammunition from the Diffa region, Republic of Niger, to one Malam Ahmad, a member of the Boko Haram terrorist group based in Borgu, Niger State, and thereby committed an offence contrary to Section 26(1) of the Terrorism (Prevention and Prohibition) Act, 2022.
Primate Elijah Ayodele, is on the verge of coughing out a whopping N10billion, if he fails to offer unrestrained apology to Rabiu Musa Kwankwaso, former Governor of Kano State within the next 24 hours, and retract his claim that the former Minister of Defence is bidding his time to betray Peter Obi, to whom he is to contest the 2027 presidential election as a running mate.
Without doing so, the controversial cleric, should be ready for a major court battle with the vice-presidential candidate of the Nigeria Democratic Congress (NDC), the platform on which the pair is to contest the election.
In a letter indicating a legal action against Ayodele of the INRI Evangelical Spiritual Church over defamatory remarks, Kwankwaso, through Magaji Mato Ibrahim, SAN & Co., his lawyers demanded an immediate retraction and apology from the cleric over the allegations.
Details of the letter, dated June 11, and unveiled through the X platform of the legal team, was based on a viral video recorded during a live-streamed church service, where the preacher made allegations targeting Kwankwaso’s integrity as Peter Obi’s running mate under the NDC.
Quoting the cleric as stating: “KWANKWASO IS A FAKE TO OBI, KWANKWASO WILL BETRAY YOU. KWANKWASO HAS BEEN PAID TO BE VICE PRESIDENT TO OBI AMONG OTHER LIBELOUS COMMENTS WHILE PRETENDING TO BE A PREACHER,” the former governor said the comments were unprovoked, grossly unfounded, and carefully designed to create a rift within the ranks of the political party and its supporters.
Handing Ayodele a 24-hour ultimatum to publish a full and unequivocal retraction across all social media platforms and news outlets with the same prominence as the original video, they also demanded a written undertaking that he would cease and desist from making any further malicious statements against their client, warning that failure to comply, would lead to full legal actions.
The letter stated: “We shall claim substantial damages to the tune of Ten Billion Naira and cost of the action on a full indemnity basis amongst other reliefs.”
Adeboye, Oyedepo, endorse Trump’s military intervention in Nigeria *Want prompt elimination of terrorism
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