Category: Local

The Central Bank of Nigeria (CBN) injected $4.1 billion into the foreign exchange (FX) market during the first half of 2025, tripling last year’s figure of $1.3 billion, in a bid to stabilise the naira and ease liquidity pressures. The figure, disclosed in CSL Stockbrokers’ H2 2025 Outlook Report, represents a 215% increase year-on-year. Analysts, however, warn that the sustainability of this intervention remains uncertain amid weak oil revenues, limited foreign portfolio inflows, and external financing risks. Nigeria’s gross external reserves fell by $3.67 billion in the same period—from $40.88bn in January to $37.21bn by June—reflecting the cost of these interventions. In contrast, the first half of 2024 saw reserves rise by $1.17bn. Despite this drawdown, the naira showed relative stability. Opening the year at ₦1,535/$, it appreciated slightly to ₦1,530/$ by the end of June, buoyed by the injections. At one point in April, the exchange rate hit ₦1,630/$ amid global trade tensions, prompting the CBN to step up dollar supply. CSL cautioned that without a significant boost in FX inflows from oil exports, remittances, or foreign investment, maintaining this level of intervention may become challenging. Oil export earnings are projected to fall by 20% year-on-year to $36.4bn in 2025. Economists argue that Nigeria’s managed float system still requires active CBN support to prevent volatility. “In the absence of intervention, we would have seen much sharper naira depreciation,” said Adewale Abimbola, a Lagos-based economist. Analysts forecast that the naira could trade within ₦1,500–₦1,600/$ in H2 2025, provided CBN sustains its defence and FX inflows improve. CSL also projects a possible interest rate cut of 100–150 basis points in Q4, as inflation moderates to 22.9% from 31.4% in 2024, though such a move could dampen investor appetite for naira assets. Nigeria’s real GDP growth has been revised to 3.7% for 2025, with fiscal deficit expected to widen to 5.8% of GDP, compared to the official forecast of 3.9%, due to revenue shortfalls. Meanwhile, the naira extended gains on Monday, closing at ₦1,518/$, its strongest level since March 2025, supported by CBN sales and improved FX liquidity.

KATSINA, July 16, 2025 – Former Vice President Atiku Abubakar drew massive attention at the burial of late President Muhammadu Buhari in Katsina on Tuesday, raising fresh debates about the political permutations ahead of the 2027 general elections. Atiku, who attended the high-profile funeral alongside key political heavyweights including former Kaduna State Governor Nasir El-Rufai, former Sokoto Governor Aminu Tambuwal, and several African Democratic Congress (ADC) chieftains, was greeted by a large crowd chanting “Sai Atiku.” The strong display of support has intensified speculation that Atiku is consolidating influence within the ADC ahead of 2027, with many political analysts questioning the chances of Labour Party’s Peter Obi in securing a viable platform for his presidential ambition. Observers note that if Atiku secures the ADC ticket, Obi’s path to the presidency could become significantly more challenging. Some political commentators suggest that Obi should consider negotiating for the vice-presidential slot on a joint ticket with Atiku, rather than risk political isolation. “In Nigerian politics, coalitions and strategic alliances often determine success,” one analyst noted, drawing parallels with Goodluck Jonathan, who rose to the presidency after accepting the VP role under late President Umaru Musa Yar’Adua in 2007. Analysts argue that for Obi, accepting a vice-presidential slot could keep him relevant on the national stage and position him for future leadership opportunities. The unfolding developments indicate that 2027 will likely be dominated by power blocs, mergers, and survival politics, as major contenders begin to align forces across regional and party lines.

The Oluwo of Iwo, Oba Abdulrosheed Akanbi, has praised the burial process of the late Awujale of Ijebuland, Oba Sikiru Adetona, describing it as a landmark step toward restoring the dignity of the Yoruba traditional institution. Oba Akanbi lauded the decision to bury Oba Adetona according to Islamic rites without subjecting his remains to traditional practices such as mutilation, which he likened to “acts done by butchers.” The Awujale, who passed away on Sunday, July 13, 2025, at the age of 91, was laid to rest on Monday in accordance with Islamic customs. Soldiers were deployed during the burial to prevent traditionalists from disrupting the process after Ogun State Governor, Dapo Abiodun, affirmed that the late monarch had clearly expressed his burial wishes. In a statement by his Press Secretary, Alli Ibraheem, the Oluwo commended the Awujale’s family, Governor Abiodun, and the state’s Attorney General, Oluwasina Ogungbade (SAN), for ensuring the monarch’s wishes were honored. He described their stance as a “victory for the Yoruba race.” “The courage demonstrated by the late Adetona’s family, Governor Abiodun, and the Attorney General is commendable and a blessing to restore the glory of Yoruba stools. Any town willing that its king be butchered after death should rather appoint an herbalist or Ogboni as their ruler,” Oba Akanbi said. He stressed that Oba Adetona had set a new standard for how Yoruba monarchs should be buried, emphasizing that traditional rulers should be treated with dignity even in death. “Honour doesn’t die with the king. They should be honoured to the grave and beyond, not butchered like an animal,” the Oluwo stated. Oba Akanbi further advocated that the burial of monarchs should follow the instructions left by the king before death or his family’s decision afterward, condemning the forceful seizure of royal corpses by secret societies. The Iwo monarch reaffirmed his stance against idol worship and traditional cult practices, noting that he had liberated the Oluwo stool from such influences since ascending the throne a decade ago.

GOMBE, Nigeria – July 15, 2025Thousands of mourners across Gombe State gathered on Tuesday to offer Salat al-Gha’ib (funeral prayer in absentia) for former President Muhammadu Buhari, who died in a London hospital at the age of 83. The largest prayer gathering took place outside the Pantami Township Stadium, where Islamic clerics led the faithful in solemn prayers, invoking Allah’s mercy and seeking eternal rest for the late president in Jannatul Firdaus. Speaking at the event, Sheikh Usman Bello praised Buhari’s legacy: “We are here to seek Allah’s mercy for our former president. He served this country with dedication. May Allah forgive his sins and grant him the highest level of paradise.” Many residents expressed a deep sense of loss, despite Buhari’s passing occurring far from home. “He may have passed away in London, but we in Gombe feel the pain. He was a father figure to many of us,” said Ibrahim Adamu, a local trader who attended the prayer with his children. Fatima Yakubu, a student at the Federal University, Kashere, said Buhari’s leadership motivated many young Nigerians to consider public service. “He stood for discipline and integrity. Whether you agreed with all his policies or not, his presence on the national stage was powerful. We pray Allah accepts him and comforts his family.” According to reports from local mosques and community groups, similar prayer sessions were held across various neighborhoods and open spaces in Gombe, all conducted peacefully in an outpouring of respect for the late president. Muhammadu Buhari, Nigeria’s former military ruler from 1983 to 1985 and later a democratically elected president from 2015 to 2023, was known for his austere lifestyle, anti-corruption agenda, and conservative governance style. His death has triggered nationwide mourning, with tributes pouring in from citizens, religious leaders, and international dignitaries.

The Nigerian Senate has refused to reinstate Senator Natasha Akpoti-Uduaghan, despite a Federal High Court ruling declaring her six-month suspension unconstitutional. Akpoti-Uduaghan, who represents Kogi Central, was suspended by the Senate in March 2025 for alleged misconduct. However, in a ruling delivered by Justice Binta Nyako on July 4, the Federal High Court held that her suspension was “excessive and violated her constitutional rights.” Following the judgment, her legal team, led by Senior Advocate of Nigeria Michael Numa, formally notified the Senate of her intention to resume legislative duties on July 15, 2025. The notification was sent via a letter dated July 11 and addressed to the Clerk of the National Assembly. But in a reply dated July 14, the Senate rejected the move, stating there was no explicit court directive mandating her recall. The letter, signed by Charles Yoila, Director of Litigation and Counselling on behalf of the Clerk, stated: “There’s no order made on the 4th day of July, 2025, by Hon. Justice Binta Nyako, for the Senate, President of the Senate or National Assembly to comply with.” The Senate argued that the court merely offered a declaratory judgment, suggesting that the chamber may choose to exercise its power to recall her but was not compelled to do so. Senate spokesperson, Senator Yemi Adaramodu, reinforced this stance, saying: “The judgment did not include any express or mandatory order directing the recall or reinstatement of Senator Natasha Akpoti-Uduaghan.” Despite this, Akpoti-Uduaghan’s legal team insists that the judgment is binding under Section 318 of the 1999 Constitution and demands her immediate reinstatement, citing the court’s finding that the Senate’s action violated her constitutional rights. As of now, Senator Akpoti-Uduaghan remains suspended, with the Senate maintaining that she lacks legal standing to resume her seat pending a formal decision from the chamber. The standoff raises constitutional questions about the limits of legislative authority in the face of judicial intervention.

AKUNGBA-AKOKO, ONDO STATE – The two students of Adekunle Ajasin University, Akungba-Akoko (AAUA), who were declared missing three weeks ago, have been found dead. The bodies of Andrel Eloho Okah, a student in the Department of History and International Studies, and John Friday Abba, of the Department of Economics, were discovered over the weekend in a forested area near the border between Ondo and Ekiti states. The students, both in their second year, had been reported missing by their coursemates after failing to return to campus or attend lectures. A search was launched a week after their disappearance, and the matter was reported to the police. A security source, who spoke to The Nation on condition of anonymity, confirmed the recovery of the bodies. “It’s sad to inform you that the two missing AAUA students have been killed by their suspected abductors. Their corpses were found where they were dumped,” the source said, adding that security personnel were dispatched to retrieve the remains. A student of the university, who preferred not to be named, also confirmed the grim discovery. “It’s true. Their corpses have been found in the bush. The campus is in mourning. There’s a heavy cloud of sadness everywhere,” he said. The Ondo State Police Public Relations Officer, SP Funmilayo Odunlami-Omisanya, said the command is aware of the incident and investigations are ongoing. She promised to provide more details as they emerge. The tragic development has plunged the university community into grief, as colleagues and friends mourn the sudden and violent loss of the two young scholars.

Vice President Kashim Shettima is currently in London to accompany the remains of former President Muhammadu Buhari back to Nigeria for burial, following Buhari’s death on Sunday afternoon. Shettima departed Nigeria around midnight on Sunday and was received in the United Kingdom on Monday morning by Minister of Foreign Affairs, Ambassador Yusuff Tuggar, Borno State Governor Babagana Zulum, and Chief of Staff to the President, Femi Gbajabiamila. President Bola Ahmed Tinubu reportedly dispatched the Vice President with the presidential air fleet to retrieve the late President’s body after learning of his demise. Buhari, who had been hospitalised in the UK for a prolonged illness, passed away quietly at about 4:30 pm on Sunday in a private clinic in London. The former president’s corpse is expected to arrive in Nigeria today (Monday) for final burial rites, which will receive full honours from the Federal Government. In response to the development, President Tinubu has summoned an emergency Federal Executive Council (FEC) meeting to deliberate on the government’s involvement in the burial and other state responsibilities. Buhari, who served as Nigeria’s civilian president from 2015 to 2023, will be buried in accordance with Islamic rites. More details on the funeral plans and national tributes are expected to follow shortly.