Nigeria's Foreign Reserves Plummet by $1.19 Billion in Just Three Weeks.

Nigeria's foreign reserves have experienced a notable decline, decreasing by $1.19 billion within a mere three weeks under the current APC administration. This information was revealed through data from the Central Bank of Nigeria (CBN), which indicated that the external reserves fell to $39.723 billion as of January 31, 2025, down from $40.877 billion at the close of December 2024. This situation coincides with the Financial Derivatives Company (FDC), led by Bismarck Rewane, projecting a further decline in Nigeria's gross external reserves by 11.47 percent in 2025, estimating it will reach $36.21 billion, and $37.65 billion in 2026, following a peak of $40.9 billion in 2024. FDC analysts also predict that the Dollar/Naira exchange rate will average N1,586 in 2025 and N1,575 in 2026, contrasting with the average exchange rate of N1,615 recorded in 2024. The recent decrease in the nation’s foreign reserves can be linked to several factors, including obligations related to international debt servicing and the CBN's interventions in the foreign exchange market. Reports indicate that President Bola Tinubu’s administration allocated N3.5 trillion for debt servicing between July and September 2024. This information was included in data published by the Debt Management Office (DMO), which also noted that $1.338 billion was designated for external debt servicing during the same timeframe. According to the DMO's report on the country’s total public debt, the exchange rate as of September 2024 was ₦1601 per dollar. This suggests that a total of ₦2.1 trillion (calculated as $1.338 billion multiplied by ₦1601) was expended on external debt servicing from July to September. The country has secured external loans from various sources, including the African Development Bank, the Africa Growing Together Fund, the International Fund for Agricultural Development, and the Islamic Development Fund, among others.

N1600 Toll-gate Fees are Enforced by the Federal Government Along the Abuja-Keffi-Akwanga-Makurdi Highway.

The Federal Government has established toll fees ranging from N500 to N1,600 for vehicles traveling along the Abuja-Keffi-Akwanga-Makurdi Highway. This announcement was made by the Minister of Works, David Umahi, during the inauguration of the Garaku Toll Plaza on Tuesday. The toll rates vary based on the type of vehicle, while certain categories, including security vehicles, diplomatic cars, ambulances, and tricycles, are exempt from these charges. Mr. Umahi was represented by the Minister of State for Works, Bello Goronyo. He noted that the previous administration had entered into a 25-year concession agreement with MS China Harbour Operations and Maintenance Company in 2023, which included tolling provisions. The minister elaborated that the roads were rehabilitated and upgraded through a preferential credit loan from China Exim Bank. It was agreed that a private entity would manage the tolling and maintenance of the road, with the revenue generated being utilized to repay the loan. “The Abuja-Keffi-Akwanga-Makurdi project is the first of nine corridors being concessioned under the Highways Development and Management Initiative (HDMI) Phase 1 to begin operations,” Goronyo stated, as reported by the News Agency of Nigeria. He added, “In the upcoming months, the Federal Government will proceed with the launch and operationalization of the remaining corridors across the six geopolitical zones of the country. “This initiative marks a significant advancement in Nigeria's infrastructure development, enabling the government to address poor road conditions,” he remarked. The minister emphasized that toll collection would provide essential revenue for the maintenance and expansion of President Bola Tinubu's Renewed Hope Road Agenda. He affirmed the Tinubu administration's dedication to establishing a comprehensive and interconnected infrastructure system to foster socio-economic development. The toll fee structure for the Abuja-Keffi-Akwanga-Lafayette-Makurdi Federal Highway has been established as follows: cars will incur a fee of N500; SUVs will be charged N800; minibuses will pay N1000, while multi-axle vehicles, trucks, and buses will face a toll of N1600. Moreover, frequent users of the road, specifically commercial light vehicles as defined by the Federal Highways Act, will benefit from a 50 percent reduction in toll fees. Additionally, authorized vehicles, pedal-powered vehicles, tricycles, motorcycles, and other two or three-wheeled transport modes primarily utilized by economically disadvantaged groups will receive a full exemption from toll charges.

BREAKING: Following an Emergency Meeting, the PDP BOT Acknowledges Hon. Sunday Udeh-Okoye as the National Secretary.

The Board of Trustees of the Peoples Democratic Party convened an emergency meeting on Wednesday, February 5, 2025, in response to the ongoing internal leadership crisis affecting the Party. Following the meeting, the Board of Trustees released a communiqué presented by its Chairman, Senator Adolphus Wabara. The Chairman stated that the emergency meeting thoroughly addressed significant issues within the Party and reached the following resolutions: “The Board of Trustees reaffirms its status as a key organ of the PDP, as outlined in Section 13 (1)(r) of the PDP Constitution (as amended in 2017). “The Board also emphasizes its inherent authority under Section 32 (5)(a) of the PDP Constitution (as amended in 2017), which empowers it to uphold the highest standards of morality in all Party activities by serving as the conscience of the Party, with the authority to reprimand any Party officer whose conduct does not meet established norms. “In exercising its constitutional powers, the Board has received and thoroughly reviewed the report from its committee, led by Barr. Kabiru Tanimu Turaki SAN, regarding the position of the National Secretary of the PDP, particularly in light of the declarative judgment from the High Court of Enugu, which was upheld by the Court of Appeal. “As a result, the Board recognizes Hon. Sunday Udeh-Okoye as the legitimate National Secretary of the PDP, in full compliance with the declaratory judgment of the High Court of Enugu, as upheld by the Court of Appeal, with no conflicting or overriding judgment from any superior court. “The Board instructs the National Working Committee (NWC) to acknowledge and promptly swear in Hon. Sunday Udeh-Okoye as the National Secretary of the PDP, in accordance with the judgment of the Court of Appeal. The Board of Trustees (BoT) calls upon all party organs, key stakeholders, leaders, and members nationwide, as well as all partners and institutions involved in the advancement of democracy, to adhere to the ruling of the Court of Appeal concerning the role of the National Secretary of the PDP. The BoT expresses its appreciation to the PDP Governors’ Forum, the National Working Committee, the South East Executive Committee, and all other party organs for their unwavering commitment to upholding the Constitution and the operational guidelines of the PDP. The BoT conveys its satisfaction with the PDP Governors’ Forum and the National Working Committee (NWC) for their collaborative efforts in designating Thursday, March 13th, 2025, as the date for the highly anticipated National Executive Committee (NEC) meeting of our Party. This meeting is crucial as it serves as a platform for significant discussions that will influence the future of our party and, by extension, the future of Nigeria. The BoT has unanimously expressed a Vote of Confidence in the Chairman of the Board of Trustees, Senator Adolphus Wabara, and the Secretary of the Board of Trustees, Senator Ahmed Makarfi, for their exemplary leadership in guiding the affairs of the BoT and ensuring the stability of the Party. The BoT encourages all party members to maintain unity and collaborate effectively to fortify our party's position and reclaim its rightful leadership role in the country. The Chairman remarked.

ANAMBRA POLL: Vote for Capable Leaders to Take Control of Your Future - Voters are Charged by Ceekay Igara.

The National Vice Chairman of the Labour Party for the South East, Mr. Ceekay Igara, has urged the citizens of Anambra State to take control of their future by making informed decisions regarding their leadership for the next four years through the electoral process. In a press release issued on Wednesday, in anticipation of the forthcoming governorship election in Anambra State, Igara emphasized the importance of voting, encouraging voters to remain at the polling stations to ensure their votes are accurately counted on election day. Additionally, he called upon the Independent National Electoral Commission (INEC) to collaborate with various organizations to facilitate the registration of eligible voters, particularly in marginalized communities, in preparation for the elections scheduled for November 8, 2025. Igara reassured that the Labour Party will conduct its primaries on April 5, selecting candidates who are capable of representing the party and delivering effective governance to the populace. The statement, titled “TIME TO TAKE YOUR FUTURE IN YOUR HANDS,” conveyed the following message: As we approach another election year, it is crucial to make significant decisions that will influence the development of your state. I urge you to actively participate in the electoral process by voting for the candidates and political parties of your choice. The significance of voting cannot be overstated, as it affects both local and national matters. While we advocate for a system that allows online voting to facilitate early registration and make the voting process more accessible, I implore you to come out in large numbers to determine your leadership for the next four years. Furthermore, I encourage the Independent National Electoral Commission (INEC) to swiftly engage with organizations to register eligible voters, particularly in underrepresented areas, to ensure they are prepared for the elections on November 8, 2025. Plan to vote, safeguard your votes, and ensure that you remain until your votes are counted. To all dedicated members of the Labour Party throughout the state, on April 5th, we will determine the candidates who will represent us in the upcoming elections. Once this selection is made, I urge you to fully support them. It is essential to remember that our party stands for the interests of the people; therefore, utilize all available channels to inform the public about the importance of voting. We will actively engage and collaborate with community leaders and influencers to promote voter participation. It is imperative that we address critical issues such as healthcare, education, security, and infrastructure, which are fundamental to the well-being of our constituents. I would also like to encourage the political class to concentrate on campaigns centered around issues rather than inciting division. Anambra is a state for its people; let them decide who their future leaders will be. CEEKAY IGARA National Vice Chairman, South East Labour Party.

Oil Prices Drop Year-Over-Year Due to Market Exit

Oil prices reached their lowest closing level of the year as traders persistently exited the market in the weeks following President Donald Trump’s inauguration. West Texas Intermediate experienced a decline of 2.3%, settling at $71.03 per barrel on Wednesday. This downturn is attributed to Trump's stances on various issues, including military actions in the Middle East and energy tariffs, which have negatively impacted market sentiment. According to JPMorgan Chase & Co. analyst Tracey Allen, the withdrawal of investors from crude and fuel markets resulted in a net outflow of $17 billion during the week ending January 31. “Traders are currently retracting their positions on crude,” stated Joe DeLaura, a former trader and global energy strategist at Rabobank. “We anticipate that crude prices will continue to decline until the next geopolitical event stimulates a price increase.” The decline on Wednesday followed a report indicating that the Trump administration plans to announce strategies to conclude Russia’s conflict with Ukraine by the following week, a development that could mitigate the risk of energy supply disruptions. Additionally, Beijing's measured response to Trump's tariffs has intensified the trade conflict between the two largest economies in the world, further pressuring prices. “Yesterday’s recovery in response to Trump’s ‘maximum pressure’ strategy regarding Iran has proven to be fleeting,” noted Fawad Razaqzada, an analyst at City Index and Forex.com. “The adverse impact of a US-China trade war on demand, coupled with increasing global supplies, is suppressing prices.” While investors generally perceive Trump’s actions as bearish for oil, his positions on the Israel-Gaza conflict and sanctions against Iran may continue to create volatility in the market. On Tuesday, the president issued a directive instructing Treasury Secretary Scott Bessent to implement sanctions and enhance enforcement of existing measures to intensify pressure on Tehran. He also suggested that the US should take control of the Gaza Strip, a proposal that has drawn criticism from Arab nations, including Saudi Arabia, the leader of OPEC+. Oil Prices: WTI for March delivery fell 2.3% to $71.03 a barrel in New York. Brent for April settlement slid 2.1% to $74.61 a barrel.

BREAKING: Former NYSC DG and Others are Abducted by Bandits in Katsina.

A former Director General of the National Youth Service Corps (NYSC), Brigadier General Maharazu Tsiga (retd.), has been abducted by armed assailants in Tsiga village, located in the Bakori Local Government Area of Katsina State. An anonymous informant reported that the assailants invaded Tsiga's home on Wednesday at approximately 11:30 PM, resulting in the shooting of three community members, including the two sons of a neighbor of Tsiga, before taking him and nine others captive. The informant further stated that those injured in the incident are currently receiving care at the Comprehensive Healthcare Centre in the area, although plans are underway to transfer them to the Federal Teaching Hospital in Katsina due to the severity of their injuries. The informant recounted, "During the assault, General Muharazu Ibrahim Tsiga implored the attackers to take whatever they desired, but they refused his plea and proceeded to abduct him along with nine other local residents." When inquired about Tsiga's family, the informant noted, "His family is not present with him. Only a few relatives and his personal security personnel were at the residence during the incident, but the assailants only took him." According to family members, Tsiga has been struggling with an undisclosed illness since his departure from office.

How Almajiri School Children in Zamfara Were Kill-ed by Fire

A tragic incident occurred in the Kaura-Namoda Local Government Area of Zamfara State, where a fire outbreak at an Islamiya school resulted in the deaths of at least 17 Almajiri students. Mannir Haidara, the chairperson of the Kaura-Namoda Local Government, confirmed the occurrence during a telephone interview on Wednesday, stating that further details would be disclosed at a later time. A local resident, Abdulrasaq Bello Kaura, reported that the fire, which ignited on Tuesday night, also left 16 other students injured. He noted that the blaze lasted for approximately three hours. The cause of the fire was attributed to stored sticks, referred to as kara in the Hausa language. Bello explained that the incident took place within a study hall at the Mallam Ghali Tsangaya School, where the presence of corn and millet stalks exacerbated the severity of the flames. “It occurred at Makaranta Mallam Ghali, inside their study hall. There were around 100 students present; after evacuating them, it was believed that no one remained inside,” the source recounted. “It was only upon returning after the fire that they discovered the charred remains of their legs and hands, which were burned beyond recognition.” Bello further mentioned that the 17 deceased students were laid to rest on Wednesday.