Economy
Corruption Derailed CBN Gov, Emefiele – Sen Girei
Senator Abubakar Girei, a stalwart of the ruling All Progressives Congress (APC) in Nigeria, has alleged that former Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele allowed himself to be derailed from the core values of his office when he decided to engage in corrupt practices.
He also expressed optimism that with the way President Bola Tinubu started his government with the bold, courageous and decisive steps, Nigeria is on the path to economic and social recovery.
Girei who spoke with Correspondent Yagana Ali in Yola also called on the Tinubu led government to put strong palliatives in place to cushion the negative effects of the subsidy removal on the toiling Nigerian masses.
Excerpts:
As a son of Adamawa State how did you receive the appointment of one of the sons of the soil, Malam Nuhu Ribadu as the National Security Adviser (NSA) to President Bola Ahmed Tinubu?
I felt elated, animated and energized when the announcement was made because I know that behind that singular decision, lies a strong resolve and political will of ending the scourge of social and other forms of insecurity in the land. In Nigeria, no one needs to be told the antecedents of Malam Nuhu Ribadu as far as work ethics, discipline moral standing and courage are concerned. If there is anyone in Nigeria that has the courage and will to address the security imbroglio facing the country, that man is Nuhu Ribadu.
Such act of appointing the right people into the right positions gives us the hope that unlike in the past, Tinubu came with the clear intension of resolving our numerous socio-economic challenges. With such mindset, it is my humble belief that Tinubu is the messiah Nigeria is earnestly waiting for at this critical point in our nation’s history.
I will say with all sense of modesty that Ribadu will not disappoint Tinubu and Nigeria. And I assure the president, the people of Adamawa State, in fact I dare say Nigerians, will give Ribadu 100% support to succeed in this important national assignment.
In the same vein, I must also give the president a big kudos for selecting his new Service Chiefs and other appointments he made so far. I personally know some of them and I can assure you they are men of valour, timber and caliber who will do this nation proud, I have the instincts that the menace of social insecurity will soon be over in the country.
Nigeria’s economy is currently in a comatose state with high inflation, crippling interest rates, high unemployment and huge debt portfolio amongst many other challenges. A number of analysts have posited that the country is at a tipping point economically. Do you think Tinubu has the capacity to rejuvenate the ailing economy?
Tinubu is a man who came to the job well prepared. The president is a man who will never hide under excuses to evade discharging his responsibility. In fact, as a world class financial expert, Tinubu knows the economic challenges bedeviling Nigeria very well. He has already started attacking some of the challenges behind our economic dislocation and very soon Nigeria’s economic landscape will change for the better.
It is my hope that the president will assemble a team of experts and people with unquestionable character, integrity and reputation in his subsequent appointments. These experts should invest adequate time to intensively understudy the challenges facing Nigeria and give them serious thoughts and come up with far reaching solutions for the benefit of the country.
We can’t afford to fiddle at this very crucial time because Nigeria is on the verge of the precipice and the slightest error of judgement may become the lethal dose that will set us tipping. We must therefore, rally behind the president in his resolve to proffer lasting solutions to our security, economic and other challenges.
The major challenges stunting our development as a nation are corruption and lack of political will to enforce rule of law. I urge the president to accord seriousness in monitoring and evaluating his appointees. Goals should be set alongside timelines, anyone who fails to measure up should be shown the way out. The president should also ensure that measures are put in place to stamp out corruption or to at least lessen it because no serious achievement could be made if political appointees are not held accountable.
The subsidy quagmire was as old as Nigeria itself as various administrations alluded to their failures to deliver to the subsidy conundrum. Do you think with the subsidy removal Nigeria will get it right this time around?
This is what I referred to as the boldness of President Bola Ahmed Tinubu. Since he came, unlike any other administration he has removed the petrol subsidy which has lingered for time immemorial, suspended CBN governor, Emefiele, suspended EFCC Chairman, Bawa and harmonized the exchange rate as well as other very significant actions he took in a very short space of time.
With this kind of courage, I believe the president will make a lot of inroads in a short time. But I will not fail to say that some of these courageous policies also have their flipsides especially on the lives and livelihood of Nigeria’s toiling masses. Even before the introduction of these policies, life for an ordinary Nigerian is a mishmash of agonies and pains. Already, there is crippling inflation, high unemployment rate, massive insecurity, and dearth of infrastructure which is responsible for the staggering poverty levels we had as over 133 million out of the 200 million Nigerians according to studies, are currently subjected to multidimensional poverty.
What is your take on the arrest of the suspended CBN Governor, Emefiele?
The suspended CBN governor has long outlived his usefulness. Emifiele has only succeeded in bastardizing the economy as President Bola Ahmed Tinubu rightly said during his visit to France recently. The inglorious reign of Emefiele has nearly brought Nigeria to its knees because of a regime of unprecedented mismanagement, abuse of office, looting of our treasuries and high-handedness that took place.
He almost ruined our naira through massive printing of our currency, introduction of a regime of multifaceted exchange rates and at a point even contested for the presidency and lately came up with the naira swap policy which caused massive havoc to Nigerians.
The suspended CBN governor has also bastardized the agricultural sector and completely abandoned his role as the CBN governor and turned himself to a farm manager. Because of that, the real agricultural practice was relegated to the background. He corruptly introduced all sorts of contraptions through which massive larceny took place.
We have federal ministry of agriculture, states ministries of agriculture, we also have agricultural development authorities, we have river basin development authorities and we have bank of agriculture. But in his desire to fritter away tax payers money, Emefiele abandoned all the existing institutions meant to administer the agricultural sector and introduced those contraptions I mentioned earlier in his desire to shortchange Nigerians.
If the CBN governor has involved the bank of agriculture in channeling the massive resources he spent in funding his pet contraptions to the peasant farmers as is being done, Nigeria would have become a hub of food exportation to other countries. The suspension and arrest of Emefiele is a right step in the right direction. The government should go further to dissolve the new outfits Emefiele created and merge them with long standing institutions.
What is your take on the election of the new leadership of National Assembly?
As we all know, the national assembly is the bastion of democracy. Our democracy is completely hinged on the legislative arm of government. It is the only institution that guarantees the sustainability of democracy. Judiciary and executive arms are very important too, but the most important arm is the legislative arm.
The NASS has elected its leaders in a free and fair atmosphere even though with some guidance as dictated by the circumstances we find ourselves. My call is for the winners of the election to be magnanimous in victory and to carry his fellow contestant as equal partners in the progress of that important arm of government. I will also call on those who lost the election to accept the outcome in good faith. My call on the leadership to be magnanimous in victory is based on the ugly experience of 1999 of which I was an actor. Because of the failure of the then Senate President Evans Enwerem to carry Sen. Chuba Okadigbo along, the senate from the beginning to its end was embroiled in crisis which snowballed into the disgraceful fall of Enwerem.
I’m optimistic the new leadership of the senate, will be able to provide the leadership needed to ensure peace and stability of the 10th National Assembly and to also carry out its oversight functions effectively.
How confident are you in the abilities of Tinubu to deliver the goods?
I have absolute confidence that Tinubu will deliver on his mandate because the President has demonstrated that many years ago even before he became the Governor of Lagos State. Tinubu was among the close allies of Abiola who supported him to win the annulled June 12 election of 1993. We all know what he did when he became the Governor of Lagos State. In 1999 everybody was afraid to go to Lagos State because of the activities of the ‘Area Boys’ and other security concerns.
In his first term, he completely rid Lagos of the activities of the Area Boys and all other security concerns hence turning Lagos to a model city. In his second coming, he turned around the economic fortunes of the state despite the unnecessary altercation with President Olusegun Obasanjo that led to the withdrawal of the allocation of the state for several months. Today Lagos is more economically viable than many countries and that clearly shows that Tinubu has the antecedents to succeed even at a higher level because Lagos state is a real example of the complexity and heterogeneity of the Nigerian State.
Economy
Imo records over $1m from non-oil exports in 2025 – NEPC
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
Economy
NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.


