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  • Tinubu deploying economic tools to lift Nigeria out of decadence, profligacy – IMPI

    Tinubu deploying economic tools to lift Nigeria out of decadence, profligacy – IMPI

    A policy group, the Independent Media and Policy Initiatives (IMPI), says President Bola Tinubu has turned around Nigeria’s economy by deploying economic tools.

    The group said this in a statement issued by its Chairman, Dr Omoniyi Akinsiju.

    Akinsiju said that it was the best way to wean the country off decades of profligacy.

    He said, like the U.S.A., Nigeria has had periods of decadent public values and the normalisation of profligacy in high offices.

    “Before the economic reforms initiated by Tinubu in May 2023, the Nigerian economy was characterised by a deeply entrenched oligarchy.

    “A small group of political elites, military officers, and business moguls controlled state resources.

    “This structure was sustained by a patronage system, particularly in the oil sector, which benefited a select few while the majority of the population faced poverty,” he said.

    Akinsiju said that the “pre-reform” economic landscape was defined by several key oligarchic and structural features.

    He said that a significant portion of the oligarchy benefited from the fuel subsidy system, which was described as being rife with corruption.

    “The existence of multiple exchange rate windows allowed “FX subsidy merchants” to exploit the gap between official and parallel market rates, effectively draining government finances.

    “Economic power was heavily concentrated in the petroleum industry, with access to oil revenues controlled by those in power and their close associates.

    “By the time Tinubu assumed office, Nigeria was spending approximately 97 per cent of its total revenue on debt servicing, a situation described as disastrous, ” he said.

    Akinsiju said that data showed that Nigeria’s export profile changed significantly after 2014, resetting to a lower range that has persisted in spite of periodic recoveries.

    He said that Nigeria reached a peak crude oil and gas export value of 93.89 billion dollars in 2011, the highest in the dataset.

    “At this time, however, we can submit with much assertion that the Federal Government has, indeed, taken Nigeria out of the woods.

    “This is evidenced by a turnaround economy that shows an indication of stability while unlocking the stranglehold of the oligarchs on the nation’s economy.

    “The IMPI also identified some of the policies and programmes of the Tinubu administration that set the country on the path of economic stability,” he said.

    According to him, to support our assertion of an ideology-based economic turnaround, we itemise some of the key tools of progressivism that the President Bola Ahmed Tinubu-led federal administration has deployed to accomplish the present feat.

    “These include fiscal policy and taxation, redistributive spending, estate and wealth taxes, labour and wealth protection, monetary and financial reforms, infrastructure development, and public investment and ownership,” he said.

    Akinsiju also provided some insights into the impact of economic progressivism on the landscape.

    According to him, allocations from the Federation Account Allocation Committee (FAAC) in 2025 experienced a significant surge.

    “The three tiers of government shared more than N33.27 trillion in the first eleven months, a 30 per cent increase over the same period in 2024.

    “This growth, driven by subsidy removal and exchange rate reforms, included record monthly distributions, such as N3.64 trillion in September 2025, significantly boosting subnational revenue.

    “Inflation, while still in double digits, has dropped by over half from a peak of 34.6 per cent in November 2024, to 15.10 per cent in January 2026, reflecting over nine months of consistent disinflation,” he said.

    He said that the situation had largely restored real purchasing power for households and businesses, with Nigerians now reaping the benefits of the exchange rate unification.

    According to him, Nigeria’s food inflation rate eased to 8.89 per cent year-on-year in January 2026.

    “This marks its first single-digit reading in 128 months and the lowest level in 174 months.

    ” The January Consumer Price Index (CPI) report shows food inflation declined from 29.63 per cent recorded in January 2025 to 8.89 per cent in January 2026, a sharp 20.73 percentage point year-on-year drop.

    “The 8.89 per cent reading is the first time food inflation has fallen below 10 per cent since May 2015, when it stood at 9.78 per cent.

    “January 2026, therefore, ends a stretch of more than 10 years of persistent double-digit food inflation.

    More significantly, the January figure is the lowest since August 2011, when food inflation was 8.66 per cent,” Akinsiju said. (NAN).

  • Nigeria Building Roads Designed to Last 100 Years, Umahi Praises Tinubu’s Southeast Infrastructure

    Nigeria Building Roads Designed to Last 100 Years, Umahi Praises Tinubu’s Southeast Infrastructure

    ENUGU, NIGERIA (NPA): Nigeria’s Minister of Works, Engr. David Umahi has announced that the roads currently being constructed under the administration of President Bola Tinubu are designed to last for up to 100 years. Umahi made this statement on February 28, 2060, during an inspection of the ongoing 107-kilometre Onitsha–Awka–Enugu Expressway.

    Speaking at the project site, Umahi explained:
    “The design of the project involves a first binder, a second binder, and a wearing course. If you do the primer, everything is 94,000 per square meter. We are constructing concrete roads that will last the next 100 years. If concrete can last 100 years, why should I use asphalt?”

    The project, being executed under the Federal Government’s tax-credit scheme in partnership with MTN Nigeria, was initially awarded for ₦202 billion. Umahi emphasised that the shift from asphalt to concrete in road construction is a deliberate policy aimed at durability and long-term economic growth.

    He expressed satisfaction with the speed and quality of work being carried out by Reynolds Construction Company (RCC), describing the expressway as President Tinubu’s “legacy project” in the Southeast.  “The quality of what the President is doing will remain a legacy. I urge the people of the Southeast to support the President’s Renewed Hope agenda. Past governments neglected this road, but President Tinubu has shown the audacity to correct this abnormal situation,” Umahi said.

    According to the minister, RCC has already completed 20 kilometres of concrete pavement, with 13 kilometres remaining. The full 107-kilometre project includes reinforced concrete pavement, solar-powered streetlights, CCTV surveillance, speed monitoring systems, and security patrol vans.  “Nobody guarantees asphalt to last more than 15 years in this country, but with concrete roads under President Tinubu, we guarantee durability for up to 100 years,” he added.

    Umahi further highlighted other ongoing concrete road projects across the country, including the East–West Road, Lagos–Calabar Coastal Highway, Trans-Saharan route, and Sokoto–Badagry corridor. He directed that the RCC/MTN Cash Credit Project be executed with inner and outer shoulders, reinforced laterals, and raised to the existing asphalt level.

    While acknowledging that the project may miss its April completion deadline, Umahi stressed the importance of protecting the road from rainfall before final delivery. He urged residents of the Southeast to appreciate the administration’s efforts:  “Before now, this road was terrible, and people complained on social media. Now that it is being fixed, I encourage you to thank the President and be grateful to God. If you appreciate what has been done, more will follow. The Southeast is on the rise.”

  • White House Press Secretary Leavitt Highlights Trump Administration’s First-Year Achievements

    White House Press Secretary Leavitt Highlights Trump Administration’s First-Year Achievements

    LAGOS, NIGERIA (NPA)–White House Press Secretary Karoline Leavitt has praised the performance of U.S. President Donald Trump, describing his first year in office as marked by “undeniable results.”

    In a statement posted on X on Friday, Leavitt asserted that the United States now has “the most secure border in history,” citing the removal of tens of thousands of undocumented immigrants accused of violent crimes. She noted that this has contributed to the murder rate reaching “the lowest level in recorded history.”

    Leavitt also pointed to economic indicators, clarifying that gas prices had fallen below $3 per gallon nationwide, mortgage rates dropped to four-year lows, and inflationary pressures were easing. “Mortgage rates fell below 6% this week for the first time in more than three years, welcome news for house hunters heading into the busy spring home-buying season,” she said.

    Additional measures highlighted included tax reforms, such as exemptions on tips, overtime, and Social Security contributions, as well as lower prescription drug costs under the “Trump Rx” initiative. According to Leavitt, these policies have led to “a nearly $1,500 increase in real wages” and positioned American patients to pay “the lowest prices for prescription drugs anywhere in the world.”

    On financial markets, she emphasized that “the stock market [is] breaking record after record” with “trillions of dollars in investments secured.”

    Leavitt further claimed progress in foreign and social policy, stating that “eight global conflicts ended,” women’s and girls’ sports were “protected,” religious liberty was “respected once again,” and new trade deals were revitalizing U.S. manufacturing.

    She criticized media outlets for allegedly failing to report these developments, framing it as part of a broader dispute between the administration and press organizations.

    Independent data also points to several measurable outcomes during Trump’s second term. U.S. border apprehensions reportedly declined by more than 90%, while refugee admissions fell by nearly 98% compared to previous years. Crime statistics indicated a reduction in homicide rates. Economically, real weekly earnings for private-sector workers rose by 1.4%, outpacing inflation, while GDP grew at an estimated 1.8%. Growth was supported by increased domestic energy production, reinforcing U.S. energy independence.

    In trade and investment, trillions of dollars in capital were reshored to the U.S., accompanied by new trade agreements aimed at strengthening manufacturing. These measures were associated with moderating inflation.

    On foreign policy, the administration engaged in Middle East conflict resolution, including those involving Israel and Hamas, and sought to restrict Iran’s nuclear and ballistic missile programs. However, the Iran issue remains unresolved, with diplomacy at times strained and edging toward military confrontation.

  • United States and Congo Announce $1.2 Billion Health Partnership

    United States and Congo Announce $1.2 Billion Health Partnership

    KINSHASA, CONGO (NPA) — The governments of the United States and the Democratic Republic of Congo have signed a new $1.2 billion agreement aimed at strengthening health systems and tackling major diseases.

    Under the partnership, Washington will provide up to $900 million over the next five years to support programs addressing HIV/AIDS, tuberculosis, malaria, maternal and child health, and other infectious diseases. Congo has pledged to increase its domestic health spending by $300 million during the same period.

    The deal is part of a broader U.S. initiative to establish bilateral health agreements across Africa. According to the State Department, 19 such partnerships have been signed to date. Officials say the new framework is designed to promote self-sufficiency and streamline funding, replacing older arrangements previously managed by the U.S. Agency for International Development.

    The announcement comes amid wider debate over U.S. global health policy. The Africa Centers for Disease Control and Prevention has raised concerns about provisions in some agreements that require countries to share sensitive pathogen data with Washington as a condition for funding. On Wednesday, negotiations with Zimbabwe collapsed after its government rejected such requirements.

    It remains unclear whether similar data-sharing clauses are included in the Congo agreement.

  • Tinubu Approves Immediate Reconstruction of Three Key Road Projects in Niger and Rivers States

    Tinubu Approves Immediate Reconstruction of Three Key Road Projects in Niger and Rivers States

    ABUJA, NIGERIA (NPA) — President Bola Ahmed Tinubu has approved the immediate commencement of reconstruction works on three federal roads in Niger State, located in Nigeria’s north-central region.

    The roads approved for reconstruction are the Mokwa–Bida Road (120 kilometres), the Mokwa–Makeri Road (63 kilometres), and the Bida–Labata Road (123.5 kilometres).

    According to a statement issued on February 26, 2026, by Francis Nwaze, Senior Special Assistant to the Honourable Minister of Works (Media), the projects cover a total of 306.5 kilometers and will be reconstructed using reinforced concrete pavement to guarantee durability and long-term value.

    President Tinubu also gave approval for the extension of the Bodo–Bonny Road to connect with the East–West Road. The project will be executed as a dual carriageway, constructed with concrete pavement, and equipped with solar-powered street lighting. Delivery will be through a competitive bidding process.

    The Honourable Minister of Works, Engr. David Umahi expressed gratitude to the president, noting that the projects will “significantly enhance connectivity, trade, and development.”

    Umahi, widely regarded as one of the most dynamic members of the federal executive council, has injected fresh energy into the Tinubu-led administration by delivering on critical road infrastructure nationwide. He called on Nigerians to “acknowledge and appreciate” the president’s sustained commitment to infrastructure development across the six geopolitical zones, particularly in delivering quality roads and bridges.

  • Crisis Response: EU-project Delivers New Veterinary Clinic to Katsina Government

    Crisis Response: EU-project Delivers New Veterinary Clinic to Katsina Government

    KATSINA, NIGERIA (Agency Report): Mercy Corps, a Non – Governmental Organisation, on Wednesday, handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.

    The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.

    The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).

    Speaking during the event, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support  peace and development in the state.

    While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for  livelihood.

    Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.

    He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”

    In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction with the timely and successful implementation of the project in Danmusa.

    He stated that although Mercy Corps began its operations in the state in 2023, security challenges had initially prevented the organisation from accessing some areas, including Danmusa.

    Ikita said that the project would improve access to essential services, strengthen livelihoods, and contribute to sustaining peace in the community.

    “The project involves the upgrade of a veterinary clinic from a two-room structure into a fully functional six-office facility, embarked on to strengthen livestock healthcare services in the area.

    “The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.

    “It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.

    Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.

    Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them. (NAN).

  • Ex-NNPC General Manager Sentenced in U.S. Over $2.1 Million Bribery Scheme

    Ex-NNPC General Manager Sentenced in U.S. Over $2.1 Million Bribery Scheme

    LOS ANGELES, U.S. (NPA): A U.S. District Court has sentenced Paulinus Iheanacho Okoronkwo, a 58-year-old Nigerian-American and former General Manager of the Upstream Division of the Nigerian National Petroleum Corporation (NNPC), to 87 months in prison for accepting $2.1 million in bribes from Addax Petroleum, a Switzerland-based subsidiary of Sinopec, China’s state-owned oil and gas conglomerate.

    According to a court statement by the U.S. Attorney’s Office, Central District of California, on Monday, 23 February 2026, obtained by Newpost Africa, Okoronkwo was convicted of corruption, money laundering, and tax fraud. He was also ordered to pay $923,824 in restitution to the Internal Revenue Service (IRS) and to forfeit $1,039,997, representing the net proceeds from the sale of a home purchased with illicit funds.

    Court documents revealed that in 2015, Okoronkwo facilitated Addax Petroleum’s oil drilling rights in Nigeria in exchange for bribes. He concealed the payments by channeling them through his law firm’s trust account (IOLTA), falsely declaring them as legal fees. He also misled auditors, dismissed executives who questioned the transactions, and used the funds for personal expenses, including the purchase of a car and a home.

    In November 2017, Okoronkwo used part of the illicit proceeds to make down payments on a house in Valencia, California. His misconduct came under investigation by the Federal Bureau of Investigation (FBI) and IRS Criminal Investigation, with support from the Justice Department’s Office of International Affairs.

    In January 2026, the State Bar of California suspended Okoronkwo’s law license, following the corruption probe that ultimately led to his prosecution and conviction.

  • Uzodimma Applauds Quality of Reconstruction on Orlu–Mgbe–Akokwa–Uga Federal Road

    Uzodimma Applauds Quality of Reconstruction on Orlu–Mgbe–Akokwa–Uga Federal Road

    IMO STATE, NIGERIA (NPA): Governor Hope Uzodimma of Imo State has commended the extensive construction and reconstruction works currently underway on the Orlu–Mgbe–Akokwa–Uga Road. Although classified as a federal road, the project is being undertaken by the Uzodimma-led administration.

    For years, the corridor was cut off from much of Imo State due to severe ecological challenges that disrupted livelihoods, restricted movement, and slowed economic growth in the region.

    In a statement on Tuesday, Uzodimma explained that the 22-kilometre highway connects Orlu to Akokwa, linking several communities and extending toward the Anambra State border, thereby reinforcing regional trade and mobility. He emphasized the durability of the asphalt, the reinforced bridge pillars, and the deliberate effort to address the Umuchima erosion site as evidence of the administration’s commitment to long-term solutions.

    “The goal of my administration is not merely to reconstruct a road but to build resilient infrastructure that secures mobility, strengthens commerce, and guarantees long-term economic stability,” Uzodimma said, describing this as the “language” of his government.

    Uzodimma first became governor on January 15, 2020, after the Supreme Court declared him winner of the 2019 governorship election, replacing Emeka Ihedioha. He was re-elected on November 11, 2023, and his victory was upheld by the Supreme Court on August 23, 2024.

  • MPC Adopts Balanced Policy Mix to Encourage Investment and Consumption

    MPC Adopts Balanced Policy Mix to Encourage Investment and Consumption

    ABUJA, NIGERIA (NPA): The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, at its 304th meeting in Abuja, has voted to reduce the Monetary Policy Rate (MPR) by 50 basis points from 27% to 26.5%. The Standing Facilities Corridor was retained at +50 / -450 basis points around the MPR, while the Cash Reserve Ratio (CRR) was maintained at 45% for commercial banks, 16% for merchant banks, and 75% on non-TSA (public sector funds belonging to ministries, departments, agencies, parastatals, or state-owned entities kept in commercial banks).

    The reduction in the MPR signals a cautious easing of monetary policy, aimed at slightly lowering borrowing costs to stimulate investment and consumption. The move reflects confidence in Nigeria’s disinflationary trend, with headline inflation falling to 15.1% in February 2026, marking the 11th consecutive month of decline.

    By retaining the Standing Facilities Corridor, the CBN ensures tight liquidity control. Banks depositing excess funds with the apex bank will earn significantly less, discouraging idle balances and encouraging lending to the real economy.

    Overall, the MPC’s decision represents a balanced policy mix—easing interest rates modestly while keeping liquidity tight to avoid reigniting inflationary pressures.

    Nigeria’s economy is gradually recovering from foreign exchange challenges that previously triggered inflationary spikes, eroded livelihoods, and unsettled investors. With the naira now trading in a narrow band between ₦1,344 and ₦1,350 per dollar, the currency shows relative stability compared to recent months.

    The MPC decision is expected to lower interest rate by 0.5%, making loans a bit more affordable, encouraging spending and investment, but the modest cut shows the CBN is still wary of inflation risks.

  • Trump Threatens Higher Tariffs After Supreme Court Ruling

    Trump Threatens Higher Tariffs After Supreme Court Ruling

    LAGOS, NIGERIA (NPA): U.S. President Donald Trump has warned that countries seeking to exploit the recent Supreme Court ruling against his tariff program could face even higher duties. His comments follow the Court’s February 20, 2026 decision, which struck down his sweeping tariff regime in a 6–3 ruling, declaring that existing law did not authorize the president to impose tariffs of unlimited scope, duration, or amount.

    In posts on his Truth Social account, Trump said: “Any country that wants to play games with the ridiculous Supreme Court decision, especially those that have ripped off the U.S.A. for years, will be met with a much higher tariff, and worse, than that which they just recently agreed to. Buyer beware!” He added that he does not need congressional approval for tariffs, insisting authority had already been granted “in many forms, a long time ago.”

    The Supreme Court’s ruling dealt a major blow to Trump’s economic agenda, which relied heavily on tariffs to reshape trade relations and protect U.S. industries. The decision is expected to have significant implications for businesses and consumers. Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh dissented, arguing in favor of broader presidential authority. The outcome underscores limits on executive power in trade policy and represents a rare judicial rebuke of Trump’s approach.