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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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Foreign

China Reaffirms Commitment to Supporting Nigeria’s Fight Against Terrorism

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China has restated its readiness to continue supporting Nigeria in the ongoing fight against terrorism and efforts to maintain national stability.

Chinese Ambassador to Nigeria, Yu Dunhai, gave the assurance after a meeting with the National Security Adviser, Nuhu Ribadu, on Thursday.

In a statement shared via X, the ambassador said China “firmly supports” the Nigerian government’s development strategies that align with the country’s realities and long-term goals.

Dunhai also emphasized that China remains opposed to any external interference in Nigeria’s internal affairs “under the pretext of religion and human rights.”

The meeting further strengthened diplomatic ties between both nations, with discussions centered on security collaboration and sustainable development.

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News

U.S. Revokes Wole Soyinka’s Visa, Restricting His Entry Into the Country

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Nobel laureate Professor Wole Soyinka has disclosed that the United States government has revoked his visa, effectively barring him from entering the country for now.

Speaking at a media briefing on Tuesday at Kongi’s Harvest Gallery, Freedom Park, Lagos Island, Soyinka said he was notified of the development through an official letter from the U.S. Consulate dated October 23, 2025.

He explained that he decided to make the matter public to inform organizations and individuals expecting him in the U.S. not to proceed with any travel-related plans.

> “I have no visa; I am banned, obviously, from the United States. And if you want to see me, you know where to find me,” Soyinka said, expressing shock at the decision. “I don’t have any criminal record or even a misdemeanour that could warrant such an action. I keep asking myself—have I ever misbehaved toward the United States?”

According to Soyinka, the letter from the Non-Immigrant Visa (NIV) Section of the U.S. Consulate stated that the revocation was in accordance with U.S. Department of State regulations but gave no specific reason for the decision.

His revoked visa was a B1/B2 category, typically granted for business and tourism purposes.

Earlier in September, PM News reported that Soyinka had declined a request from the U.S. Consulate to attend a visa re-interview, saying he initially believed the notification letter was fake or a scam.

Despite the development, Soyinka emphasized that he bears no animosity toward U.S. authorities, adding that his previous interactions with American diplomats had always been cordial.

He concluded by noting that he would continue to seek clarification on the matter but does not regard the revocation as a personal attack.

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Politics

“Successive Governments Abandoned My Projects” — Jonathan

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Former President Goodluck Jonathan has expressed regret over the abandonment of projects he initiated as governor of Bayelsa State after assuming office as Vice President in 2007.

Jonathan, who spoke on Wednesday at the inauguration of the Best Western Plus Hotel in Yenagoa, said he had begun the construction of one five-star and two three-star hotels during his tenure as governor, but the projects were neglected by succeeding administrations.

He lamented that many state governments waste public funds because new leaders often refuse to continue with projects started by their predecessors.

Recalling his administration’s efforts to develop the hospitality sector, Jonathan said the idea was to promote tourism and attract international visitors to Bayelsa State.

“When I took over as governor, there were no quality hotels to accommodate guests. We awarded contracts for the Tower Hotel and two three-star hotels to encourage tourism and improve the local economy,” he said. “Unfortunately, when I left office, those projects were abandoned.”

The former president said the development hindered Bayelsa’s growth and deprived the state of opportunities to generate revenue and jobs through tourism and investment.

Governor Douye Diri, who also spoke at the event, commended the hotel’s owner, Dr. Harcourt Adukeh, for his vision and contribution to the state’s economic development, describing the project as a major boost to Bayelsa’s hospitality industry.

The newly inaugurated Best Western Plus Hotel, an affiliate of the global Best Western brand, features modern facilities and overlooks the scenic Oxbow Lake, positioning Yenagoa as an emerging destination for tourism and business in the Niger Delta.

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