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Nigeria’s $42.01bn External Reserves can finance importation of goods, services for Nine months – CBN …Assures Nigerians of better economic fortunes 2025

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The Central Bank of Nigeria declared on Wednesday that the $42.01billion external reserves of the country, can finance importation of goods and services for more than nine months.

This is as the apex bank , assured Nigerians of better economic fortunes in 2025 .

The Governor of the apex bank , Mr Olayemi Cardoso made the declaration during performance index report presentation to the Senate Committee on Banking , Insurance and other Financial Institutions.

According to the CBN governor , ” External Reserves rose from $38.35bilion it was on September 30, 2024 , to $42.01billion as of December 12, 2024 .

The increase in external reserves within the stated period , he explained , was driven largely by receipts from crude oil related taxes and third party receipts in Q3 2024.

” We maintained a current account surplus and saw remarkable improvements in our trade balance .

” Our external reserves level can finance over 9.09months of import of goods and services or 13.91 months only , higher than the international benchmark of 3.0 months and a robust buffer against shocks “, he said .

On cash shortage , the CBN boss , reiterated application of new policy of N150million fine against any branch of Banks caught indulging in illegal distribution of new Naira notes to currency hawkers and unscrupulous elements .

He added that the Nigeria economy will take a better shape in 2025 fiscal year , through policies and measures that had been put on ground .

” Distinguished Senators , as we include this briefing , I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism .

” The gradual stabilization of the forex market , ongoing banking sector recapitalization , positive growth trends in key sectors , especially the services sector , indicate a path toward recovery and stability “, he said .

Apparently impressed with his presentation , the Chairman of the Committee , Senator Adetokunbo Abiru ( APC Lagos East ) , said he deserved a round of applause which however , not allowed in the Senate .

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You Are A Disappointment Umahi Tells Benin- Asaba Expressway Way Concessionaire …you should have been arrested for destruction of public assets

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Works Minister,Engr Dave Umahi in company wiyh Edo state governor, Senator Monday Okpebholo

By Correspondent

Visibly angry with the poor state of work at the construction site of the Benin-Asaba Express way on tuesday , Minister of works, Engineer David Umahi in company of the Edo state governor, Senator Monday Okpebholo lambasted the contractor handling the project when he visited the construction site.

The Minister who was apparently angry at the dilapidated Benin-Asaba Express way could not hide his feelings as he lambasted and lampooned the Concessionaire for a shoddy job executed on the road while thanking the governor of Edo state, Senator Monday Okpebholo for being able to pacify the people who are visibly enraged by the suffering caused by the shoddy construction work.

“Governor, we want to thank you. Without you, there would have been an outbreak of riots in this road because of the shoddy job the Concessionaire has done so far.

” I am very, very disappointed with this concessionaire. I am very, very disappointed, and I offer apologies. I take full responsibility for the misdeed, and for the destruction of public assets, by the Concessionaire

” I have the conditions of contract here with me. The Ministry of Work does not allow anybody to remove the asphalt or the road as the Concessionaire has done on this road. That is against the policy of the Ministry of Works.

I’ve been here with the governor of the state, and at that time, they started removing the asphalt. We frowned at it, and we begged them not to remove the asphalt but yet they did.

” But you should have been arrested for the destruction of public assets. It has nothing to do with concessioning law or anything. And I’m directing all controllers to arrest any contractor or concessionaire that removes asphalt on our route. This road was not like this before we handed it over to you. It was not like this.

” And what jargon are you speaking? You are speaking unintelligently. Telling us about, the traffic build up.

” Did you not see the road very well before you decided to take the contract? You ran through every way to manipulate the process, and you got the job. Now you are complaining because you lack technical competence. You have no knowledge of road construction.

” You don’t know what you are doing. You have no technical competence. You have no technical staff. And now you have brought untold hardship on the people

” A competent contractor would have known what to do.

The Minister equally blamed the government for failure to verify the competence of the contractor before awarding such strategic gateway

“And it’s also the fault of the government because when you are doing concessioning, you have to find out about the technical competence of the so-called concessionaire. You have to find out where the concessionaire had done job before but this was not the case.

The Minister quarried the Concessionaire’s claim of competence and reputation

“You are talking about reputation and integrity. Where else have you done work before , you are learning how to do construction on a federal road.

The Minister however apologized to the Ikpoba Hill residents, the entire people of Edo state and every motorist and all road users for the hardship caused by the Concessionaire explaining that actions would be expedited to remedy the damages done by the Concessionaire describing the action of the contractor as
” provocation at the highest level.

The governor of Edo state, Senator Monday Okpebholo appealed for calm saying that the government would expedite actions to remedy the situation in no distant time.

Also speaking during the road inspection, the chairman of Ikpoba Hill Youths Forum, Comrade Kingsley Osemwingie told the minister that the dilapidated nature of the road is tarnishing the image of the governor of Edo state whom he described as a working governor

Mr Samuel Daramola.
the CEO of the concessionaire handling the Benin- Asaba Expressway who was visibly shaken and embarrassed by the company’s inability to fix the road but rather has tendered it worse off than he met it could not offer any reasonable explanation on his failure and why he excavated the existing asphalt from the long stretch of the road leaving it bare for the rain to completely wash of the road rendering it totally unusable, blamed the heavy traffic flow and torrential downpour for the failure. He however apologized to the people of Edo state adding that he would expedite actions on the repair process to “bring the dividends of democracy closer to the doorstep of the people”

“I will deliver the dividend of democracy to everybody. Even though the road is built completely 100% with private sector money, we are committed to ensuring that this road is concluded in record time, he concluded

A member of the PPP Engineer Izunobi Ebere, ascribed the failure of the road project to lack of working equipment and competence on the part of the Concessionaire.

” This project was handed over to the concessionaire in March 2025
with a mandate to go ahead and expand the road and modernise the road. But the challenges we have with the concessionaire is that they don’t have proper traffic management. When they started the work, there were no signs on the road to tell people where to go, the diversion, and how to do the work in zones, batches.
Now we told them, to put signages on several locations. We visited there more than four times and they have not been able to do that. Another challenge we have with them is the methodology of their work. The methodology of their work is not correct. They are supposed to put the drains well to direct the water out before they start working on the pavement. But they work on the pavement without drainage, thereby causing water to enter and spoil the road.

“Another challenge they have is that they excavate the road and leave it open, a road that has consolidated over 20 years, you leave it open, the underlying layers will enter water. They remove the existing asphalt and expose the underlying layers to water elements. That caused the road to dredge more and is part of the main reason why you are adding gridlocks. They were not able to cover it up and that has been a big challenge. Another thing is all we have done to give them instructions, they do not abide. and as such their work progress is very slow.

“This job is supposed to be completed in 36 months. That is three years. They have done 16 months and they have done only up to 10% of the project. That shows that they are really slow and there is doubt whether they can complete it in record time and this is what is causing all the suffering for the commuters and we do not want it to continue.

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Lifting of USCG Condition of Entry is NOT a Celebration, But a Call for Maritime Correction – PC-NCG:

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By David Owei

Abuja, Nigeria – The Provisional Committee of the Proposed Nigerian Coast Guard (PC-NCG) has welcomed the lifting of the United States Coast Guard’s Condition of Entry on vessels arriving from Nigeria, but cautions that the development should trigger national reflection, not celebration.

In a statement signed by its Director of Communication & Public Affairs, Dr. Piriye Kiyaramo on behalf of the Chief Executive & Accounting Officer, Capt. Noah Ichaba, PC-NCG described the 12-year restriction as “an avoidable, self-inflicted institutional burden” that exposed critical gaps in Nigeria’s maritime security architecture.

“The lifting of the restriction is not an achievement Nigeria should celebrate. It is the correction of a maritime-security failure Nigeria must examine,” Capt. Ichaba stated.
“The real question is not why the restriction was finally lifted. The question is why Nigeria carried it for twelve years.”

It will be recalled that Nigeria was notified on 26 March 2013 of identified maritime-security deficiencies and given recommendations. Following the USCG’s assessment that the deficiencies remained unaddressed, the Condition of Entry was imposed in 2014.

For 12 years, Nigerian-bound vessels faced additional security requirements, scrutiny, documentation, and delays before proceeding to the United States. NIMASA acknowledged that the measures were linked to ISPS Code compliance and had economic consequences.

PC-NCG notes that during this period, Nigeria devoted significant resources, time, and diplomatic attention to managing the consequences of a problem that should have been addressed earlier.

While commending the Federal Government, the Federal Ministry of Marine and Blue Economy, NIMASA, port authorities, terminal operators, and other stakeholders for the corrective work, PC-NCG is calling for a full cost-of-delay assessment.

“How much public money was spent? How many delegations travelled? How much commercial time was lost? Nigerians deserve to know what those twelve years cost,” the statement said.

PC-NCG has urged the Federal Government and National Assembly to undertake a comprehensive National Maritime Security Audit to answer five critical questions: What did the 12-year Condition of Entry cost Nigeria? Why did it take 12 years to resolve? Which maritime functions remain fragmented or unclear? What capacity is required to prevent recurrence? and Where does the proposed Nigerian Coast Guard fit within the architecture?

The Institutional Lesson: Specialisation, Not Duplication
PC-NCG emphasized that the USCG assessment focused not on whether Nigeria has a Navy, but on whether Nigeria’s civil maritime-security system was effective.

“A country can have a powerful Navy and still require specialised institutions for maritime law enforcement, port security, search and rescue, and coastal policing. Having maritime institutions is not the same as having an integrated maritime-security architecture,” Capt. Ichaba said.

PC-NCG reiterated that the proposed Nigerian Coast Guard is not intended to replace the Nigerian Navy, NIMASA, NPA, or NIWA.

“The Navy must not be the loser. But the Navy must not be the obstacle. A strong Coast Guard does not mean a weak Navy. A strong Navy does not mean Nigeria cannot have a Coast Guard. Specialisation is not duplication. Clarity is not competition.”

PC-NCG warned against allowing celebration to silence accountability.
“Do not wait twelve years again. Do not wait for another foreign regulator to identify a weakness. Build capacity before the crisis. The Coast Guard is not a cost to be feared. It is an investment in preventing the next national maritime security failure.”
“No Blue Economy without Blue Security and Blue Justice.”

The Provisional Committee of the Proposed Nigerian Coast Guard (PC-NCG) is a policy and advocacy body working for the establishment of a dedicated civil maritime security and maritime law enforcement institution for Nigeria. PC-NCG promotes institutional clarity, specialisation, and preventive governance in Nigeria’s maritime domain.

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Outgoing SS3 Students of Anua Comprehensive High School Scores Propriator Inyang High, highlighting his impacts in the school ‎

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Chief Linus Inyang


‎By Emmanuel Ikpe

‎Out gone Senior Secondary Students of Anua Comprehensive High School, Anua Offot in Uyo Local Government Area has poured encomiums on the Proprietor of the  school, Chief Linus Inyang over his proactive and positive impact in the school structure since he came on board as the Village Head of Anua Offot.

‎Eteidung Linus Bassey Inyang who was coronated as the village head of the community on the 2nd of May, 2024, came in to meet things in the school unkept, as a man of dignity, he was displeased, and therefore used the mandate and power given to him to turned things around for good in the school, says the students.

‎According to the students, Chief Linus Inyang has changed management of the school, and has increased the staff salary thrice ever since he took over administration of the community and school. They commended him for mounting securities in the school compound and building of new structures for Computer Laboratory and Classrooms.

‎They equally lauded effort of Chief Linus Inyang in renovating old structures in the school and painted them to give the school a new look, and for strategizing with Tegrach Nigerian Limited to control erosion within the school environment.

‎Speaking further, the students noted that efforts of Chief Linus Inyang have yielded positive results and is making the school a better learning environment.
‎”with the help of Eteidung Linus Bassey Inyang, Anua Community Comprehensive High School is no longer; a camp of the cultist, no longer a raping ground, and no longer a field for the Egret, But rather, one of the best schools in Akwa Ibom State”
‎Anua Community Comprehensive High School was founded on the 10th of September 1977 during the regime of Eteidung (Chief) Cyril Essien, under the principalship of Mrs Catherine Essien which later was changed. Then Elder Ubokudom Gideon Etuk took over mantle of leadership as the principal from 2006 to 2012, which was handed over to Mr Gabriel Nsikak Udo and he ruled till 2024, but due to his shady handling of the office, the administration was handed over to Mr Paulinus you Effiong as the present principal of the school under the leadership of Eteidung Linus Inyang, the village head of Anua Offot.

‎With collaboration between the headteacher Mrs Utibeno Ita and staff, both teaching and non teaching, Anua Comprehensive High School has really moved to an enviable heights.

‎The out gone Senior Secondary Students of the leadership include Umoh Effiong Ernest Senior Prefect Boys, Jennifer Angulanne Senior Prefect Girls, Alafine Okon Assistant Prefect Girls, Victoria Ogechi Sanitary prefect, Edet Abasiofon Assistant, Esther Ubong Punctuality Prefect, Akah Favor Chapel Prefect, Glory Asuquo assistant, Bassey Emmanuel Games Prefect Boys, Akpode Favour Games Prefect Girls, Antigha Elijah Labour Prefect Boys and Udoh Emediong Golden Labour Prefect Girls.

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