NEWS
IMF Lauds Nigeria’s Economic Reforms amid Signs of Durable Recovery

By Tony Obiechina, Abuja
Reversing years of economic volatility, the International Monetary Fund’s latest Article IV Consultation affirms a new reality: Nigeria is making meaningful progress following a series of significant structural reforms to restore financial discipline and credibility.
The IMF commended Nigeria’s authorities for bold and politically difficult policies that have “Improved macroeconomic stability and enhanced resilience. ”A critical pillar of Nigeria’s economic reset has been the restoration of central bank independence.After years of excessive fiscal influence for deficit financing, the Central Bank of Nigeria (CBN) has curtailed the use of the “Ways and Means” facility – an emergency funding channel that ballooned beyond statutory limits.As of April 2025, these advances have been cut by nearly 90 percent, demonstrating what the IMF called the “discontinuation of deficit monetisation” and a step to “strengthen central bank governance to set the institutional foundation for inflation targeting.”The CBN’s commitment to price stability is yielding tangible results. Headline inflation, which peaked above 40 percent, dropped to 22.9 percent in May 2025. The IMF noted that the Central Bank is “appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched.”IMF Applauds FX Reforms.As stated in the IMF Executive Board Assessment, the Fund also “praised reforms to the foreign exchange market that supported price discovery and liquidity.”The CBN, under the leadership of Governor Olayemi Cardoso, dismantled the long-standing multiple exchange-rate regime, replacing it with a “willing-buyer, willing-seller” framework supported by a digital trading platform (B-Match).The results have been transformative. As the IMF noted, “gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows.”The FX premium, or gap between official and parallel markets, has fallen from over 60 percent to below 3 percent. FX inflows have surged to $6.9 billion in Q1 2025, and external reserves climbed to a peak of $40.9 billion at the end of 2024, providing over eight months of import–well above benchmark thresholds. “Reforms to the FX market and foreign exchange interventions have brought stability to the naira,” the IMF noted.In January 2025, Nigeria successfully returned to the Eurobond market, its first issue in four years, reflecting, as the IMF noted, “strengthened investor confidence” and “a resumption of portfolio inflows.”The Fund “recognised actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital,” as stated in the IMF Executive Board Assessment. It also “welcomed the authorities’ efforts to boost financial inclusion and promote capital market development.”The CBN’s recapitalisation plan will see banks’ minimum capital raised significantly by March 2026. This move is designed to ensure banks can absorb future shocks, deepen credit access, and support the planning for a$1 trillion Nigerian economy.At the same time, Governor Cardoso’s team is expanding access to banking services for previously excluded demographics through digital platforms and financial literacy programmes, such as the Women’s Financial Inclusion Initiative (Wi-Fi).‘Strong Foundation’As stated in the IMF Executive Board Assessment, the Fund “welcomed progress made in strengthening the AML/ CFT framework”, Anti-Money Laundering and Combating the Financing of Terrorism. It “stressed the importance of resolving remaining weaknesses to exit the FATF grey list,” a designation for jurisdictions under increased monitoring by the Financial Action Task Force due to gaps in their anti-financial crime regimes.Further significant challenges remain. Inflation, though declining, remains a burden. Infrastructure deficits, insecurity, and fiscal slippages could derail progress. The Fund “highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events.”Recent reforms “should help establish a strong foundation for sustained and inclusive growth,” the IMF noted. “Fiscal and monetary tightening and exchange rate reforms contributed to improved macroeconomic balances.”The IMF also noted that in light of the challenges posed by an evolving global economic landscape, “nimble policymaking is needed to navigate this fast-moving and volatile environment. Strong policy coordination and communication are key.”Reflecting on the IMF report, Governor Cardoso commented: “At a time of global uncertainty, this assessment reaffirms that responsible, forward-looking policy choices matter. It affirms that Nigeria is regaining credibility, anchoring expectations, and laying the foundation for inclusive, long-term growth. It is both an encouragement to stay the course, and a reminder that resilience and prosperity require continued discipline and vision.”
NEWS
Minister Describes Death of Leon Usigbe as Monumental Loss

By Johnson Eyiangho, Abuja
Minister of Information and National Orientation, Mohammed Idris has described the death of Dr Leon Usigbe, the Abuja Bureau Chief of the Tribune Newspaper, as a monumental loss to the Newspaper, journalism profession and to the entire nation.The Minister said with the death of Usigbe, Nigeria has lost one of its finest media minds — a man whose intellect, courage, and clarity of purpose earned him the respect of colleagues, government officials, and the public alike.
In condolence message on Saturday, Idris said he received news of the death of Tribune Newspaper Bureau Chief with profound shock and deep sadness.”Dr. Usigbe was an outstanding journalist, a highly cerebral professional, and a shining light within the Nigerian media landscape. His work was defined by integrity, depth, and an unflinching determination to the public good. As a pen-wielding advocate for democracy and national development, he brought intellectual rigour, insight, and balance to his reporting. In him, the Fourth Estate had a true patriot who used his craft to foster accountability and nation-building.”I recall with particular sorrow his eloquent and thought-provoking contributions during the regular Ministerial Press Briefing Sessions convened by the Federal Ministry of Information and National Orientation in Abuja, as well as at the Press Briefings in the Presidential Villa. His interventions consistently elevated the quality of discourse and helped bridge the gap between government and the media — all in service of a more informed and engaged society,” Idris said.On behalf of the Federal Ministry of Information and National Orientation, and himself , the Minister extended his heartfelt condolences to the management and staff of Tribune Newspaper, the government and people of Edo State, where he hailed from, as well as to his family, friends, and professional associates. He prayed the God Almighty to comfort those the late Bureau Chief left behind and to grant them the fortitude to bear the irreplaceable loss, saying “May his soul rest in perfect peace.”NEWS
Unique Secondary School Expands Outreach, Honors Ogbodo, Launches Scholarships

By David Torough, Abuja
Unique Secondary School Makurdi (USSM), a leading private educational institution in Benue State, continues to make significant strides in academic excellence and community impact.
In a bold move to increase accessibility and reward excellence, the school has unveiled a new examination centre in Oju Local Government Area, launched a scholarship scheme for families with multiple children in the school, and honoured a distinguished alumnus, Dr.
Mark Ogbodo, by naming a recreational facility after him.The newly inaugurated Dr. Mark Ogbodo Park was officially commissioned on July 24, during a colourful ceremony held at the school’s New GRA campus in Makurdi.
The event drew an impressive turnout of students, staff, parents, alumni, and dignitaries.
Chairman of Unique Schools and co-founder of USSM, Engr. Felix Atume led the commissioning, describing it as a tribute to dedication and impact.
Dr. Ogbodo, an author and founder of Lydia Memorial Hospital, Ugbokolo, was visibly moved by the honour.
In a social media post after the event, he wrote: “Who am I to deserve this great honour? What impact have I made on USSM? These thoughts flooded my mind as I stood speechless in awe.”
He praised the school leadership, particularly Principal Mr. Samuel Ortsega, and the Parent-Teacher Association (PTA) for the recognition.
Also unveiled at the event was a scholarship programme aimed at easing the financial burden on families with more than one child enrolled at USSM.
The initiative was met with excitement and gratitude from parents in attendance. Furthermore, the newly established Oju exam centre was widely applauded for eliminating the long travel often required for external examinations, especially for students living in remote areas.
Founded on September 1, 1998, by Engr. Atume and Mrs. Juliana Atume, a noted philanthropist, USSM has built a strong reputation for nurturing students through academic rigor and character development.
Originally a day school, it added a boarding facility in 2007 to cater to growing demand. Situated in a serene environment, the school provides a secure and conducive atmosphere for learning.
USSM is part of the larger Unique Schools family, which began with Unique Nursery and Primary School in 1995.
The secondary arm offers a comprehensive curriculum infused with entrepreneurial and vocational training in areas such as catering, fashion, cosmetology, and design—preparing students with practical skills for life beyond the classroom.
The school boasts modern infrastructure, including science laboratories, an ICT centre, a digital library, spacious classrooms, quality boarding facilities, a healthcare unit, and the expansive Engr. Felix Atume Hall. Recreational amenities include courts for basketball, volleyball, tennis, a football pitch, and indoor games like chess and scrabble.
In keeping with global trends, USSM has embraced digital innovations such as an online result-checking system and is planning an enhanced presence on social media.
The school runs a three-term calendar and prepares students for key national examinations including BECE, WAEC, and NECO.
Ambitious plans are underway to launch Unique Technical College, which will focus on technical and vocational education.
As the evening of July 24 transitioned into a celebratory dinner in honour of the 2025 graduating class, guests—including PTA members, parents, alumni, and staff—shared heartfelt goodwill messages. The PTA Chairman described the event as “unparalleled in the school’s history.”
Through initiatives like the Oju centre, new scholarships, and the celebration of alumni impact, Unique Secondary School Makurdi continues to set the benchmark for holistic and community-rooted education in Benue State.
Foreign News
Zelensky Announces New Draft Law on Anti-corruption Bodies after Protests

Ukrainian President Volodymyr Zelensky said he has approved the text of a draft law guaranteeing the freedom of two anti-corruption bodies in Ukraine – days after nationwide protests broke out over changes curbing their independence.
Kyiv’s Western partners had also expressed serious concerns over the legislation.
On Thursday, Zelensky seemed to backtrack, saying the new bill was intended to safeguard the independence of Ukraine’s National Anti-Corruption Bureau (Nabu) and Specialised Anti-Corruption Prosecutor’s Office (Sap), and to protect them from Russian influence.
He said the text of the bill was “balanced”, but did not provide any details.
The law passed earlier this week brought Nabu and Sap under the control of the prosecutor general, who is appointed by the president.
At the time Zelensky justified his decision to curtail the bodies’ powers by citing Russian influence. The day before, Ukraine’s security services had carried out searches and arrests targeting alleged Russian spies at the agency.
The passing of the legislation instantly sparked the largest protests since the start of Russia’s full-scale invasion in February 2022 in several cities across Ukraine, with many worrying the law would severely undermine the Nabu and Sap’s authority and effectiveness.
Thousands of people gathered in streets and squares across Ukraine, holding placards calling for the legislation to be vetoed.
Several commentators accused Zelensky of democratic backsliding. Their concerns were further exacerbated when Ukraine’s Western partners signalled their displeasure with the bill.
Ukraine has official EU candidate status and a spokesman for European Commission chief Ursula von der Leyen previously warned Kyiv that the rule of law and the fight against corruption were “core elements” of membership to the bloc.
On Thursday, the Commission said it “welcomed” the Ukrainian government’s decision to take action against the bill.
“We are working [with the Ukrainian government] to make sure that our concerns… are indeed taken into account,” the spokesman said.
Nabu and Sap were created in 2014-15 as one of the requirements set by the European Commission and International Monetary Fund to move towards a relaxation of visa restrictions between Ukraine and the EU.
Writing on Facebook, opposition MP Oleksiy Goncharenko noted Zelensky said that “the independence of anti-corruption institutions must be guaranteed.”
“First we take it away, and then we say that it must be guaranteed. So why was all this necessary?”
In his message on social media on Thursday, Zelensky did not acknowledge the protests or the backlash but said it was “important that we respect the position of all Ukrainians and are grateful to everyone who stands with Ukraine.”