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Nigerian Senate urges CBN to Relax Forex Policy

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He gave this charge during a meeting with the Managing Director of the International Monetary Fund, IMF, Christine Lagarde, disclosing that small businesses were being made to suffer unnecessarily as a result of the policy.

He called on the apex bank to introduce a more flexible foreign exchange regime and reduce the present restrictions on the autonomous market, which does not allow business men bring in foreign exchange or utilise what they have in their accounts.

The Senate President had equally canvassed a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele, during which he implored him to consider the effects of the present forex regime on small businesses which were dying, following dwindling crude oil revenue.

Saraki also told Lagarde that “The IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF.”

He explained that his office had received numerous complaints from small business owners, complaining that their businesses were being threatened by the huge bottlenecks now involved in doing business.

“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.

“The Nigerian legislature strongly believes that having a collaborative working relationship with the Executive Branch of government brings development closer to the people.

“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.

“The purpose of our Legislative Agenda is to enable us focus our lawmaking in areas that will help create jobs, expand our infrastructure base and make our economy work for the benefit and happiness of the majority of our people.

“Pivotal to the attainment of this objective is the state of the Nigerian business environment. In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, the Senate President said.

The Senate President used the occasion to call on the Central Bank of Nigeria (CBN) to ensure that in reacting to recent developments in the economy, it does not devalue the Naira for the mere sake of devaluation.

 

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Politics

‘I’ve Bragged To U.S., EU Partners That Nigeria Will Implement State Police To Tackle Insecurity’ — Tinubu

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President Bola Ahmed Tinubu has reiterated his administration’s commitment to implementing state police as a key strategy to tackle Nigeria’s worsening insecurity, revealing that he has already communicated this resolve to international partners in the United States and the European Union.

According to the President, insecurity remains one of the biggest challenges confronting Nigeria, and addressing it requires bold structural reforms beyond conventional federal policing. Tinubu stated that the current centralized policing system is overstretched and inadequate for a country as large and diverse as Nigeria, making decentralised policing an urgent necessity.

He explained that state police would allow for better intelligence gathering, quicker response times, and security solutions tailored to local realities. By empowering states to take greater responsibility for security within their territories, the federal government believes crimes such as banditry, kidnapping, and communal violence can be tackled more effectively.

Tinubu also noted that discussions around state police are ongoing, involving consultations with state governments, the National Assembly, and other key stakeholders. He emphasized that proper legal frameworks, accountability mechanisms, and safeguards would be put in place to prevent abuse of power.

The President’s statement signals a renewed push for constitutional reforms that have long been debated in Nigeria. Many security experts and political leaders have argued that state police could strengthen internal security, while critics have raised concerns about potential misuse by state actors.

By openly assuring international partners of Nigeria’s intention to implement state police, Tinubu appears determined to move the conversation from debate to action, positioning the reform as a cornerstone of his administration’s security agenda.

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Douye Diri Orders Autopsy To Reveal Cause Of Bayelsa Deputy Governor’s Death

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Bayelsa State Governor, Douye Diri, has ordered a full autopsy to determine the exact cause of death of the state’s Deputy Governor, bringing clarity to an incident that has left the government and residents in deep shock.

The directive, announced shortly after the tragic development, underscores the governor’s commitment to transparency and due process. By mandating a medical examination, the state government aims to dispel speculation, address public concerns, and establish the facts surrounding the deputy governor’s sudden passing.

As condolences continue to pour in from across the country, Governor Diri urged Bayelsans to remain calm and respectful while investigations are ongoing. He assured the public that the findings of the autopsy would be communicated appropriately, as the state mourns the loss of a key leader and reflects on the legacy of service left behind.

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Goodluck Jonathan Reportedly Stranded in Guinea-Bissau After Sudden Military Takeover

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Former Nigerian President Goodluck Jonathan is reportedly stranded in Guinea-Bissau following the military’s announcement of a takeover on Tuesday.

Jonathan, who travelled to the country as part of an international election observation mission, was expected to oversee the release of official results before the unexpected shift in power disrupted all movement. Sources say he and other foreign observers are currently unable to leave as security restrictions tighten across the capital.

The situation has sparked concern among regional stakeholders, with diplomatic channels said to be monitoring developments closely. So far, neither Jonathan nor Nigerian authorities have issued an official statement on his safety or plans to return.

The unfolding political tension in Guinea-Bissau continues to draw global attention, especially as the fate of the election results remains unclear.

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