₦airaland Forum

President Bola Ahmed Tinubu receives Prime Minister of India @narendramodi at the State House Abuja for his State Visit as he also inspected the Guard of Honour.

21 gun Salute in his Honour #ModiInNigeria

pic.twitter.com/Gxb1nVtkus

— President Bola Ahmed Tinubu Media Centre (@PBATMediaCentre) November 17, 2024

Nigeria’s gross external reserves increased by $244 million ( $244,727, 958) from $39,832,802,155 on November 1, to $40,077,530,113 on November 7.

The external reserves stood at $39.07 billion as of September 19, 2024, an increase of 17.4 percent compared with US$33.28 billion in the corresponding period of 2023. That was 8 months of import cover for goods and services and 13 months of imports of goods only.

An elated Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, last week confirmed that Nigeria’s foreign exchange reserves have reached over $40billion, marking their highest level in 33 months.

He made the disclosure during a symposium in Abuja on Thursday, which coincided with the unveiling of the compendium, “Promoting Stability in an Era of Economic Reforms: The Journey So Far”, celebrating the first anniversary of the Bank’s management team.

In his keynote address, Cardoso reflected on the milestones achieved under his leadership, stating that the reforms initiated by the Bank had begun to yield positive results.

The reserves had earlier grown by $7 billion from the beginning of the year to date, according to data from the Central Bank. Data shows that gross balance in the external reserves crossed $40 billion from $33.016 billion at the beginning of the year.


This surge was supported by improved remittances from Diaspora Nigerians and sustained yields attraction in the fixed-income market.

Though the CBN data is not specific about sources, analysts believe accretion came from foreign portfolio investors, remittances and oil deals.

Market expectation of resurgence in economic indicators and reforms have boosted foreign investors’ confidence following the Central Bank clearance of FX backlog early in the year.

According to data from the CBN, the gross balance on the nation’s external reserves reached $40.037 billion this week on the back of sustained FX inflows.

its latest Open Market Operation (OMO) bills auction, foreign investors’ participation boosted total investment bets on the bills. Investors staked about $1.45 trillion on the OMO bills, which some analysts said was basically driven by foreign interest. Foreign reserves hit 33 months high, the last time Nigeria’s external reserves print at similar level was in February 2022 at $40.011 billion.

Despite the surge, the naira remains under pressures across the forex market, raising question on the purpose of a nation keeping external reserves high when the local currency is falling

In a bid to mitigate flooding and boost hydropower generation, the Federal Government, through the Ministry of Water Resources, has allocated approximately N4.4bn to revive three abandoned dam projects across the country, Saturday PUNCH has gathered.

The three dam projects are the Farin Ruwa Multipurpose Dam in Nasarawa State, the Ogbese Multipurpose Dam in Ekiti State, and the Mangu Dam in Plateau State.

The Nasarawa State government initiated the Farin Ruwa Dam project in 2003 to generate 20 megawatts of electricity and stimulate socio-economic development in the northern region.

However, the project was abandoned for nearly two decades due to funding constraints.

According to the former Minister of Water Resources, Mallam Suleiman Adamu, the Federal Government took over the project in 2021, pledging to complete it within 24 months. Nearly three years later, the project remains unfinished.

In May 2024, the current Minister of Water Resources and Sanitation, Professor Joseph Utsev, stated that the government had included the dam project in the 2024 budget, and construction was ongoing.

Data obtained from GovSpend, a civic tech platform that tracks and analyses federal spending, shows that a total of N2.6bn has been allocated for the dam projects in three separate instalments.

Specifically, the Ministry of Water Resources paid N640,165,423 to Wiz China Worldwide Engineering Limited as part of the payment for completing the Nasarawa dam project.

Additionally, in May 2024, the government provided the Chinese company N1,074,622,990, followed by another N905,235,490 on September 4, 2024.

The Ogbese Multipurpose Dam project, initiated in 2009, was designed to provide hydroelectric power, irrigation, and domestic water supply for over 450,000 people in Ekiti State.

According to Utsev, the dam was expected to generate around four megawatts of hydroelectric power for the national grid.

However, it too has suffered from neglect. GovSpend data indicates that on August 13, 2024, the Ministry of Water Resources paid N1,309,634,551 to Barbar Global Services Nigeria Limited for reconstruction work on the Ogbese Dam.

The Mangu Dam project, launched in 2002 by the Federal Government to provide potable water, support irrigation, and potentially generate electricity, was initially scheduled for completion in 2017.

Yet, over 22 years later, the project remains unfinished despite annual funding allocations.

Saturday PUNCH learnt that on September 11, 2024, the government allocated N526,665,108 to Infiouest International Ltd for the completion of the Mangu Dam.

This data revealed that N4,456,323,562 has been allocated to the three abandoned dam projects under the current administration.

During an assessment tour of the Mangu Dam in October 2024, the Director of Dams and Reservoir Operations in the Ministry of Water Resources, Ali Dallah, stated that the Federal Government plans to construct additional dams to address flooding issues across the country.

He explained, “Flooding in Nigeria is primarily due to insufficient dams, which are essential for containing water and preventing downstream flooding. To achieve a reliable and sustainable solution, we need more functional dams.”

Dallah also noted that while countries like the United States have 92,000 functional dams and China has 98,000, Nigeria has only 408 registered dams.

President Bola Ahmed Tinubu says in the 17 months of his administration, Nigeria’s revenue-to-debt service ratio has reduced to 65% from 97%.

President Tinubu made this known on Monday in his address during the swearing in ceremony of seven newly appointed Ministers, held at the Council Chambers of the State House, Abuja.

The President who affirmed that the Nigerian economy is on the horizon despite the enormous task of re-engineering and re-tooling the economy of the nation, added that his administration has never defaulted in paying or meeting both foreign and domestic obligations.

“Economic recovery is on the horizon. We have a good path to realise our dreams, and it is not just only for us; it is for our children and grandchildren despite the challenges to face the job of re-engineering and retooling the economic path of this country,” the president stated.

The Nigerian Leader acknowledged the increasing cost of living while emphasizing that the federal government is currently satisfying the obligation of paying a new minimum wage across the board.

“Yes, cost of living is gone up, I recognise that and we have satisfied the obligation of paying a new minimum wage across the board.

“For us it was a challenge when the nation was servicing its debt with 97 percent of its revenue, but today I can report to you that we brought that one down and it is at to 65% and we have never defaulted in paying or meet all obligations but foreign and domestic,” he said.

Referencing challenges confronting other countries of the world, the Nigerian Leader asserted the firm control of his administration, saying the Nigerian government under his supervision is working hard and navigating the several difficulties posed by the COVID Pandemic.

“We have our head above the water all other countries too around us and across the world are facing challenges. In fact there’s a lot of crime in Europe and America.

“What pandemic has brought to the economics of the world but we are navigating through this and we are working hard,” President Tinubu added.

The federal government has announced that Section 3 and 3B of the 700-kilometre Lagos Calabar Coastal highway will be flagged off for construction by the middle of December this year

David Umahi, minister for Works, revealed this during an inspection tour of the coastal road with members of the National Assembly Joint Committee on Works who came for an on-site assessment of ongoing infrastructure projects in the southwest region.

According to Umahi, the flag- off was initially delayed because it passed through a section where militants operate, which is a problem for the people as they couldn’t get an immediate access to enable them pass through that corridor.

“We had to redesign and then pass through another very difficult terrain where we have mountains of over 30 meters high. We are going to blast it because it’s better to blast the rock than to have heads of the workers blasted. So, it’s also part of the delay. Bear with us and be assured that we’ll do it,” the minister said.



Addressing issues of leaving the gazetted corridor, the Minister explained that the reasons were considered to protect multi-billion naira cable networks, noting that this was the reason the project was diverted from kilometer 16 to 25 which has generated negative reactions from many who do not understand the process.

“When we got to Oko-Aja at Kilometer 15, we discovered that there were a lot of MTN network cables coming from the ocean and instead of going by the designed corridor which was the gazetted corridor 25 years back, we decided to divert.

25 years ago, these cables were not there. But now they are there. We recall that about a month ago, we had a cable challenge that disrupted networks throughout the entire West Africa and we didn’t want to go through that challenge and, of course, the people reported to the President . We sat down with the community and Hi-Tech and decided to divert the coastal road. That’s the major reason,” he said.

The minister also assured the safety of aquatic lives that fall within the Niger Delta region, explaining that the project was moved away from the ocean, some distances so that there could be a friendly habitation with the aquatic animals which is important.

“We are respecting the ecosystem. We are moving away from the ocean some distances away so that we can have a friendly habitation with the aquatic animals and this is very important.

Earlier, the minister had disclosed that a state-of-the-art surveillance control room to monitor the Third Mainland Bridge and the surrounding areas has been established, explaining that the control room would be staffed by security personnel from the Army, Navy, Police, and local security forces.

He added that a dedicated boat and vehicles had been assigned to the facility, allowing for a swift response time of not more than five minutes to any incident.

The minister also revealed that similar high-tech security measures would be implemented on other major highways, including the Lagos-Calabar, Sokoto-Badagry, Trans-Sahara, Abuja-Akwanga-Jos-Bauchi-Gombe, Keffi-Makurdi, Lagos-Ibadan, and Abuja-Kano roads.

Additionally, he announced plans to install solar lighting on all major roads to improve visibility at night and boost economic activity.

Umahi also reported that the first section of the Lagos-Ibadan Expressway was nearing completion and would be concessioned for operation and maintenance.

Meanwhile, Peter Nwebonyi, deputy chief Whip of the Senate, commended the minister’s initiative to establish a CCTV control room to monitor the Third Mainland Bridge and its environs.

He explained that the initiative demonstrates Nigeria’s commitment to progress and development as it will continue to enhance the safety of motorists and pedestrians by deterring criminal activities and preventing vandalism of critical infrastructure such as handrails and street lights.

The senator called on all road users to adhere to traffic laws and regulations to contribute to the overall safety and well-being of the nation.

Osita Ngwu, Senate Minority Whip, commended the government’s infrastructure efforts, highlighting the recent flag-off of the coastal road section in Ondo. He commended government’s focus on not only building infrastructure, but also ensuring its safety and maintenance.

Ngwu commended Umahi for his experience and commitment to infrastructure development, emphasising the Senate’s support for the initiatives and provision of necessary legislative backing.

On his side, Mpigi Barinada, representing Rivers South East Senatorial District, also commended the government’s infrastructure efforts, calling for equity and stressing the importance of transparency and accountability in infrastructure projects. He said that the CCTV control room was a significant step towards this.

Barinada urged a replication of these innovative approaches in the South-East and South-South regions of the country to ensure equitable development.

He called for a strong collaboration between the Senate and the Ministry of Works to ensure effective oversight and budgetary allocation, noting the importance of completing projects to the highest standards.

Akin Alabi, chairman, House of Representatives Committee on Works, assured of parliamentary oversight, restating the commitment of the National Assembly in overseeing government spending, particularly regarding the 2024 budget.

Alabi commended the minister for his efforts in addressing infrastructure challenges and improving project execution. He acknowledged the minister’s approach to dealing with contractors and ensuring that government’s interests are prioritised.

President Bola Tinubu’s administration on Wednesday expressed readiness to partner Bayelsa State Government in its quest to address oil spills and gas flaring in the Niger Delta region.

Tinubu gave the assurance in Abuja at the International Conference on Petroleum Pollution and Just Transition in the Niger Delta with the theme: ‘Advancing the recommendations of the Bayelsa State Oil and Environmental Commission (BSOEC)’ organised by Social Action in collaboration with Ford Foundation and Health of Mother Earth Foundation (HOMEF).

The Bayelsa State Oil and Environmental Commission chaired by a Member of the House of Lord, Hon. John Tucker Mugabi Sentamu, recommended the concerted international action to generate and invest at least US$12 billion over the course of 12 years to repair, remediate and restore the environmental and public health damage caused by oil and gas and to lay the foundations for Bayelsa’s just transition towards renewable energy and opportunities for alternative livelihoods.

Tinubu who was represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, pledged the administration’s “readiness to reduce our ecological impact while supporting economic growth.

He said, “We are committed to reducing and investing in clean technology and enhancing regulatory frameworks to protect the regions rich ecosystem.”

Speaking on behalf of the Minister, Director Upstream, Mr. Busari Kamoru also assured Stakeholders of the administration resolve towards achieving the 2030 gas flare out agenda.

He also pledged the administration’s resolve to “partner with Bayelsa State and we will on getting the report adopt this report as a working document and to ensure that whatever we need to do we will do.

“If we need to change any aspect of the Act that will ensure the full implementation of this report, we will.”

On his part, Governor Diri Douye of Bayelsa State lamented that international oil companies’ unchecked activities have devastated the state’s rivers and soil.

“With regulations like the Associated Gas Re-Injection Act of 1979 and the more recent Flare Gas Regulations of 2018, the penalties imposed on IOCs remain negligible compared to the profit made from continued flaring.

“While international policies in places like Norway, Canada and the EU, impose stringent environmental standards and heavy fines, making it costly to bypass regulations, Nigeria’s federal structure has largely accepted the option of fines over enforcing actual environmental safeguards.

“This preference for penalties over meaningful regulatory enforcement has allowed international oil companies to operate with minimal accountability.

“The fight for the Niger Delta’s environmental survival cannot be reduced to mere shadowboxing; it demands concrete action, unwavering commitment, and collective responsibility.

“Let me be clear: Bayelsa’s contributions to Nigeria are immense. We produce 18 – 20% of the nation’s oil wealth, generating over $10 billion annually.

“Yet, despite this wealth drawn from our land, our people receive crumbs, and none of these companies have seen fit to establish their headquarters on our soil. Not one.

“Meanwhile, their profits flow freely while our people choke sorely on polluted air and wade through poisoned waters.

“Urgent intervention is needed. But we cannot do this alone.

“The magnitude of our challenges requires the involvement of global stakeholders; international alliances, compassionate nations, and responsible organisations willing to stand alongside us.

Governor Douye also called on all the IOCs to relocate their headquarters to Bayelsa, as part of ongoing efforts to ensure that they “contribute meaningfully and directly to the communities from which they extract so much. Not as tourists, with no stake.

“This sense of neglect has already bred militancy. I want to warn, if this persists, a different wave of resistance will rise, one led, not by arms but by minds, by the brilliant, disillusioned youths who demand accountability for their land and future.

“But I still dare to hold the hope for a future where Bayelsa and other oil producing states heal.”

The Bank of Industry (BoI) has announced the opening of its application portal for those seeking to benefit from the federal government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.

This was disclosed on Monday during a joint press conference by the Nigerian Association of Small Scale Industrialists (NASSI) and the BoI.

The BoI representative, Amina Habu Mohammed, said the fund targets 75 million SMSEs at N1 million each at 9% interest rate for a period of three years without collateral.

She said the loan aims at boosting MSMEs in the country and improving the living conditions of the people, adding that the application portal can be accessed online.

National President of NASSI, Dr Solomon Vongfa, described the N75 billion intervention fund as a beacon of hope for countless MSMEs that have been struggling to access affordable credit.

He said, “This landmark programme, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.

“The N75 billion MSME intervention fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.

“The fund will provide technical assistance and capacity-building programs to help MSMEs improve their business practices and enhance their competitiveness.

“As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitising MSMEs about this groundbreaking initiative. We will organise workshops, seminars, and outreach programmes to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partneship with BOI across the 36 states.”