Nollywood actor, Ugezu Jideofor Ugezu, has shared his observations about Nigerian politicians while asking them an important question.

The filmmaker, in a post shared on his Instagram page, said that Nigerian politicians only speak the truth about national matters after leaving office.

Ugezu stated that he fails to understand why this pattern thrives among politicians and questioned if there are demons that blind them after being sworn into office.

He said, “There’s something in Nigerian politics that someone should please explain.WHY IS IT THAT NIGERIAN POLITICIANS WILL ONLY START TALKING SENSE ONCE THEY LEAVE OFFICE? Is it that we have demons in all the government offices that blind them once they get sworn in? Nigeria is in a mess and only sincerity in administration can salvage things.”

Meanwhile, Ugezu recently kicked against Uju Kennedy-Ohanenye’s sack as Minister of Women Affairs.

Recalls President Bola Tinubu terminated her appointment on Wednesday, October 23, alongside five other ministers in his cabinet.

In a post via his Instagram page, Ugezu frowned over Kennedy-Ohanenye’s sack, stating the former Minister was working assiduously for citizens to feel the renewed hope of Tinubu’s administration.

The movie star stated that Kennedy-Ohanenye’s sack would discourage the people who genuinely wanted to transform the country by changing the various departments.

The Supreme Court on Friday, dismissed the suit of the 13 states challenging the constitutionality of the law that established the Economic and Financial Crimes Commission.

The seven-man panel of justices led by Justice Uwani-Abba-Aji, in a unanimous decision, dismissed the suit for lacking in merit.

Details shortly… 

A child born in a resource-rich country (RIC) like Nigeria and other sub-Saharan African countries today is expected to live four years less on average, and is 25 per cent more likely to live in poverty, the International Monetary Fund (IMF) has said.

In a report themed, “Growth in Sub-Saharan Africa is Diverging,” the IMF stated that Sub-Saharan Africa is home to nine of the world’s top 20 fastest-growing economies this year.
 Such startling statistics, however, rarely feature in discussions of the region’s outlook, it said, noting that instead, headline figures typically emphasise the relatively modest average economic performance.
This disconnect reflects a two-track growth pattern, where a significant part of the region underperforms, it said.
According to the IMF, over the past ten years, growth in sub-Saharan Africa’s resource-intensive countries (RICs)—and especially in fuel exporting economies such as Angola, Chad, and Nigeria—has slowed down sharply, falling far below growth in non-RICs (such as Ethiopia, Rwanda, and Senegal).

 Indeed, it noted that incomes in RICs have essentially stagnated, marking a sharp contrast with the decade leading up to 2014, when RICs experienced rapid growth, in line with the region’s strong overall performance.
“The post–2014 divergence between RICs and non-RICs has been driven largely by the combination of two factors.
First, RICs and especially fuel exporters experienced a dramatic decline in their commodity export prices around 2014–15, as the commodity “super-cycle”—a period of sharply rising commodity prices—came to an end. Since then, the terms-of-trade decline has only been partially reversed.

“Second, and critically, the impact of the terms-of-trade shock on RICs was exacerbated by pre-existing structural vulnerabilities, including a poor business environment, limited human capital, weak governance, and poor management of resource revenues,” the report said.

It noted that weak governance, systemic corruption, and an unfavorable business climate take a toll on productivity and output, adding that the effects are most striking when commodity prices fall. “Such weaknesses affect both the resource sector itself and prospects for the economy diversifying into other sectors. For instance, the potential for theft of oil production undermines productive efficiency and diverts precious resources from more productive uses.
“Or weak governance can be a central impediment for private sector investment more broadly. Fuel exporters outside the region, with generally stronger governance, have weathered the commodity price slump far better,” the report said.

According to the IMF, staff analysis confirms that terms-of-trade shocks have a stronger and longer-lasting impact on growth in countries with weak governance.
“We estimate that for every one-per cent worsening in a country’s terms of trade, medium-term growth is around ¼ percentage point higher in countries with smaller governance challenges,” it said.
The report explained that fiscal policy in RICs, including in sub-Saharan Africa, is generally far more correlated with economic shocks, intensifying their effects, compared to other countries.

“For instance, when commodity prices are high, many RICs, particularly fuel exporters, have embarked on costly capital projects that are often poorly planned and implemented, with corresponding sharp reductions in capital spending when commodity prices fall. In addition, many fuel exporters also provide sizable fuel subsidies, the cost of which increases as oil prices rise, limiting their ability to save during booms, while crowding out growth-friendly development spending.

“The average oil-exporting country in sub-Saharan Africa has since 2011 consistently spent all its oil revenues in the year when they accrued,” the report said.
On the way forward, the IMF report argued that reversing the growth divergence is a regional priority, as RICs make up about two-thirds of sub-Saharan Africa’s gross domestic product (GDP) and population.

“It is also a humanitarian priority. Poor growth performance has translated into poor development outcomes—progress in tackling poverty in RICs effectively halted in 2014.
“Compared to children in other parts of the region, a child born in a RIC today is expected to live 4 years less on average, and is 25 percent more likely to live in poverty.

“Reigniting durable growth will require a stable macroeconomic environment. More prudent and consistently implemented fiscal frameworks can help address poor resource management challenges—and also help ensure growth is more resilient going forward. Further, broad-based reforms to address structural weaknesses—strengthening governance, enhancing the business environment, accumulating human capital, and addressing infrastructure bottlenecks—can help countries diversify and grow.
“And for fuel exporters, facing the global green-energy transition, the need to diversify is ever more urgent,” it concluded.

The Federal government has confirmed the repatriation of 148 Nigerians from Niger Republic.

The National Emergency Management Agency (NEMA) which made this known in a statement on Thursday said the returnees were repatriated from Niger Republic on Tuesday.

The statement said they were received by the NEMA Lagos Territorial Office (LTO), alongside other key stakeholders, with support from the International Organization for Migration (IOM).

“The returnees landed at Lagos' Murtala Muhammed International Airport, Cargo Terminal, at approximately 2:15 PM on Skymali flight ER-CTZ, with a total of 148 individuals,” the statement added.

According to NEMA, the repatriated Nigerians include 120 adult males, nine adult females, 10 male children, seven female children, and two infants.

“Due to heavy rain, there was a brief delay in moving the returnees from the aircraft. Once the weather cleared, officials from the Nigerian Immigration Service arrived, and the aircraft handlers provided buses to transport the returnees to the biometric registration center for documentation.

“Other stakeholders present included representatives from NCFRMI, IOM, and FAAN'' the statement noted.

The Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Ahmad has been suspended indefinitely.

According to a statement on Thursday, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), Nyesom Wike, Lere Olayinka, the suspension of Ahmad is with immediate effect.

“Ahmad has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA,” the statement added.

Olayinka did not, however, state the reason for Ahmad’s suspension.

The Governing Council of the Federal University, Lokoja, has approved the dismissal of four lecturers on account of examination misconduct and sexual misconduct.

Our correspondent gathered that the governing council gave the approval at its Second Council Meeting on Thursday.

This is coming on the heels of the investigation following allegations of examination malpractices and sexual harassment levelled against the lecturers last year.

The council, under the leadership of Senator Victor Ndoma-Egba, appreciated the university management for following due process in the investigation that followed the allegations of examination misconduct and sexual harassment against the lecturers.

Ndoma-Egba said, “The council will not tolerate any unethical conduct in the university” and urged the university to quickly process the remaining cases of misconduct pending, especially the one in the Faculty of Science that is trending in the media.

While cautioning staff members and lecturers against all forms of molestation of students, the council said no misconduct would be swept under the carpet.

It also urged the students always to speak out when they are molested.

Ahead of Saturday’s governorship election in Ondo State, the a family member of the late former governor, Rotimi Akeredolu, has endorsed the Social Democratic Party (SDP) candidate, Bamidele Akingboye.

Representing the Akeredolu family, Oluwafemi Akeredolu, emphasized the importance of electing a leader with a genuine commitment to development.

Akeredolu, the younger brother of the late governor, advocated for candidates who prioritize the state’s growth and well-being.

“I am the youngest brother of the late Oluwafemi Akeredolu, same father, same mother. Our family is known for being truthful and decisive. My brother, known as ‘talk and do,’ was a dedicated APC member, but this election is not about the party,” he stated.

He criticized party politics, arguing, “Sometimes, parties pick candidates who are unfit for office. It’s time we vote for individuals based on competence, not party loyalty.”

Akeredolu highlighted Akingboye’s vision for Ondo’s underutilized resources, particularly the Ondo Seaport. He noted that the port, one of the state’s most promising assets, remains undeveloped despite its potential as a major economic driver.

“Ondo State’s seaport is one of the deepest, capable of accommodating large vessels. My brother obtained the port certificate before he passed, but progress has stalled. Now, we’re being promised that it will be handed over to a foreigner. We can’t let that happen. Ondo State needs change, and that’s why we’re endorsing SDP and Akingboye,” he emphasized.

He assured that if elected, Akingboye would begin his term by investing his own resources to advance the state, declaring, “Akingboye will start spending his personal funds on the state immediately. This is a leader who has a vision for the people, not just for himself.”

Naija News understands that Governor Lucky Aiyedatiwa, who took over after Akeredolu’s death, is contesting on the platform of the All Progressives Congress (APC).

The Federal Government on Thursday approved the Medium-Term Expenditure Framework for 2025 – 2027 and Fiscal Strategy Paper.

According to the MTEF, the proposed 2025 budget size is N47.9tn, with new borrowings of N9.22tn, the Minister of the Budget and Economic Planning, Abubakar Bagudu, told State House Correspondents after this week’s Federal Executive Council meeting at Aso Rock Villa, Abuja.

Bagudu announced, “The Federal Executive Council approved a memorandum by the Ministry of Budget and Economic Planning, which was presented by the Director-General of the Budget Office [Mr Tanimu Yakubu] on the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025 – 2027.”

The disclosure comes after weeks of delay as President Bola Tinubu prepares to present the 2025 Appropriation Bill to the National Assembly, his second since assuming office in May 2023.

The MTEF, a critical tool the FG uses to outline its fiscal strategy over three years, establishes macroeconomic assumptions and targets that guide national budgeting.  It also includes projections of key economic variables such as oil prices, exchange rates, inflation, and growth rates.

For the 2025-2027 period, the MTEF sets out parameters, including an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a GDP growth rate of 4.6 per cent.

The FG’s projected aggregate expenditure for 2025 is N47.9tn, with planned borrowing of N13.8tn, equating to 3.87 per cent of GDP.

The minister explained, “For the 2025-2027 period, the MTEF sets out parameters including an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels a day, as well as an exchange rate of N1400 to the dollar and GDP growth of 4.6 per cent.

“It is expected that for 2025, the Federal Government’s budget estimate, the aggregate expenditure is estimated at N47tn, and this includes a borrowing of N13.8tn, which is 3.87 per cent of the estimated GDP.

“The budget size that was approved for presentation to the National Assembly in the MTEF is N47.9tn with new borrowings of N9.22tn to finance the budget deficit in 2025 as well as noting that we need to sustain the commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”

“The figures were only for 2025, even though there are projections for 2026 and 2027 in the document, which have different figures for the oil price benchmark for the two years,” he added.

Bagudu said Thursday’s memorandum sought the council’s endorsement of the MTEF for submission to the National Assembly, a requirement under the Fiscal Responsibility Act 2007.

The MTEF begins with a macroeconomic overview. It notes that despite global economic challenges, the Nigerian economy is on a positive trajectory, showing two consecutive quarters of growth, with a 3.19 per cent increase in real terms in the second quarter of 2024, the budget minister explained.

However, he acknowledged the need to combat inflation, strengthen economic resilience, support vulnerable populations, bolster high-employment sectors, improve the business climate, and effectively implement youth and social investment programmes.

He revealed that the framework, alongside the FSP, also includes a review of the 2024 budget implementation, highlighting progress in revenue collection and expenditure management, though some targets have fallen short. The report also shows that non-oil revenue streams outperform expectations, Bagudu said.

On the 2024 budget performance, he said, “Actual spending as of August 2024 ending was N16.98tn as against the prorated spending target of N23.37tn at the end.

“Of this amount, N7.41tn was for debt service, and N3.7tn for personnel costs including pension. Further, N3.65tn has been released for capital projects. Most of the delays for capital project release have been earlier legacy issues, in the sense that the new procedure for upload requires a lot of capacity building and delayed uploads.”

N28.75tn was earmarked for the 2024 budget. However, it grew to N35.6tn after amendments by the National Assembly added N6.2tn to the pile.

Responding to queries from journalists, the budget minister said the MTEF would reach the National Assembly on Monday, November 18.

“We are submitting it, I believe, tomorrow [Friday] or, at the latest, on Monday. The office of Mr President will forward the Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly,” he stated.

The minister also argued that despite the late approval for the MTEF, the FG will maintain the January-December budget implementation cycle.

He affirmed, “We are confident because we have built a respectable relationship with the National Assembly. We have narrowed the areas of misunderstanding. And because of that mutual respect, Mr President is very transparent with the National Assembly leadership. And the National Assembly appreciates that openness.

“He [President] has instructed all his teams to ensure we cooperate with the National Assembly. For instance, the team led by the Coordinating Minister of the Economy has been mandated not only to wait but also to engage the National Assembly and answer all questions at the committee hearings.

“So, I’m confident because of this combination of factors. With this cooperation, I believe we’ll see an expeditious consideration, and immediately we are aware of the approval, we will finalise the budget because the MTEF precedes the budget preparation.”

The Nigerian National Petroleum Company Limited says it has not stopped the importation of petroleum products into the country.

NNPC spokesperson, Olufemi Soneye, disclosed this in a statement on Thursday.

Soneye said the state-owned petroleum company would still source for products from outside the country when there is a need for that.

Soneye confirmed that the Group Chief Executive Officer of the NNPC, Mele Kyari, said at the Nigerian Association of Petroleum Explorationists conference that the company is not importing fuel anymore but taking from local refineries.

While saying Kyari’s statement was correctly quoted in the news report, Soneye said the GCEO, who spoke extempore for several minutes, was misinterpreted.

He said, “The GCEO’s statement, ’Today, NNPC does not import any product; we are only taking from domestic refineries’, should not be construed to imply that NNPC Ltd is obligated to be the sole off-taker of any refinery or that we will no longer import fuel. While NNPC prioritises sourcing products from domestic refineries, this is contingent upon economic viability. If local supply is cost-effective, it will be preferred, but the same principle applies to other marketers, who will also evaluate total costs when deciding whether to buy locally or import.”

According to Soneye, economic viability will guide NNPC Ltd in its decisions on whether to source refined petroleum from local refineries or import, noting that Kyari has not announced the end of fuel importation.

He added, “It is also essential to note that the authority to grant import licenses resides with the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as mandated by the Petroleum Industry Act. NNPC Ltd does not have control over more than 30 per cent of the market, as stipulated by the PIA, which aims to prevent monopolies.

“The law promotes a free-market system where competition drives efficiency and cost reduction, ensuring that consumers benefit. Domestic refiners must compete on price and value, as patronage cannot be legislated in a deregulated sector.”

He commended the newspaper for accurately reporting that NNPC Ltd was making significant investments in Compressed Natural Gas infrastructure as part of its broader energy security and affordability initiatives.

While speaking at the conference on Monday, Kyari said, “There are too many claimants out there, that the NNPC does not want to sell crude to the refinery in naira as a form of sabotage. Far from it! It makes no difference to us because if you sell crude to the domestic refinery in naira and you buy the product in naira from the domestic refinery, it’s a net zero gain. You lose nothing, you probably gain nothing. Otherwise, whatever you do, you still have to source foreign exchange to import if you have to import. So, if you stop the import and sell in naira, what you are simply doing is just a substitution. It’s a settlement platform and we must commend the President for bringing this initiative.

“What it will do to our country is that the biggest source of FX pressure in our country is the import of PMS. It’s the highest value. That means if you can take that under control, it means that speculation around the naira to the extent of those FX that is required for domestic product supply will be eliminated. That means speculation will go, you would have controlled inflation, and you would have controlled the FX pressure because you would have settled the exchange rate for 50 per cent of your imports. This is a very great initiative. I should commend the President for bringing this initiative,“ he stressed.

In a final push ahead of Saturday’s election in Ondo State, the Oyo State Governor, Seyi Makinde, has said that the election is a litmus test for Nigerians to demonstrate that their hunger and anger can lead to real change.

He stressed that it is incumbent on the people of Ondo State to turn out in large numbers on Saturday to make a bold statement about their desire for good governance.

According to a newsletter released on Thursday night, titled “It’s Time to Make a Bold Statement,” the Oyo governor said that those who value good governance should vote for the Peoples Democratic Party in the election.

Makinde argued that the PDP is the party that can rescue Nigeria and lift it out of its current economic challenges. He pointed out that evidence from PDP-governed states shows the party’s ability to deliver the development needed across the country.

“Let me begin by encouraging everyone in Ondo State to come out this Saturday and make a bold statement in the Ondo State elections. Let all supporters of good governance stand up and say enough of the APC and its lack of people-centred policies. It is time for Nigerians to rally behind the PDP as the party that can help Nigeria overcome the economic challenges it faces.

“I want to remind you that Ondo State is a litmus test for Nigerians to show that their hunger and anger can bring about real change. Tell everyone you know that the PDP is the party that can rescue Nigeria. If you are still undecided, look at all the efforts being made by PDP governors for their people. Just yesterday, we presented our Budget of Economic Stabilisation.

“As always, it was a people-first budget. Based on data from previous years, there is a 7:10 chance of us successfully implementing the items in the budget. So, the people of Oyo State can expect more infrastructure development, more educational projects, and greater economic progress.

“In conclusion, economically, we look forward to better times in 2025. We just have to keep pushing and making the right decisions in the overall interest of our people and our nation,” Makinde stated.