Cameroon election: World’s oldest leader, Biya, poised to win eighth term

 

 

 

Cameroon’s Paul Biya, already the world’s oldest head of state, is the favourite to win Sunday’s presidential election, handing him an eighth term in power in the central African country.

 

A fractured opposition of 11 candidates is standing against the 92-year-old in the vote, whose credibility and fairness rights groups have called into question.

 

Most of the 7.8 million Cameroonians called to the ballot box can remember no leader other than Biya, who has held onto power with an iron fist since 1982.

 

Questions over the state of his health have only grown louder since he entered his 10th decade. Should Biya win, he would be nearly 100 by the end of his eighth term.

 

Though the opposition hopes to entice voters with promises of a new face and an end to the cost-of-living frustrations of the long Biya epoch, its most credible candidate, Maurice Kamto, had his candidacy barred by the courts.

 

Theophile, an artist in the economic capital Douala, branded the vote a “scam”.

 

The 24-year-old had hoped to vote for Kamto, who came second to Biya in the 2018 election.

 

“As long as the system remains in place, there is nothing that can be done. There has to be a change,” he told AFP.

 

Others value the veteran’s decades of experience in a country where half the population is under the age of 20.

 

“I say Paul Biya still has something to offer,” said Giovanni, a 20-year-old student in Douala.

 

“Even though some of his promises haven’t been kept, I’m counting on him. He’s a wise man with a wealth of experience and a long track record.”

 

– ‘Determination intact’ –

 

The longtime president was noticeably absent from the campaign trail.

 

He had taken a trip this month to Switzerland, his favoured destination for overseas jaunts, fuelling fresh speculation over the state of his health.

But he made a rare outing on Tuesday, holding a rally at a stadium in the town of Maroua in the Far North region, a key electoral battleground with 1.2 million registered voters.

 

It was his first public appearance since May.

 

“My determination to serve you remains intact,” he told the crowd in a 25-minute speech, which touched on youth, women and infrastructure.

 

Though his entourage expected nearly 25,000 people at the event, AFP reporters present estimated only a few hundred showed up.

Biya became Cameroon’s second president since independence in the 1960s in the 1984 election, when he ran unopposed and won 100 per cent of the vote.

 

He had already taken over two years earlier when his predecessor Ahmadou Ahidjo resigned suddenly.

 

He was re-elected in similar style in 1988 but after the introduction of multi-party politics only narrowly overcame challenger John Fru Ndi in 1992 by a four-per cent margin.

 

Biya turned to a mix of repression, regional alliances and overtures to his former rivals to curtail threats to his rule, Arrey Ntui, the International Crisis Group’s senior analyst for Cameroon, said.

 

His strategy bore fruit: he was re-elected with 93 per cent of the vote in 1997, 71 per cent in 2004, 78 per cent in 2011 and 71 per cent in 2018.

 

– ‘Protect the vote’ –

 

Human rights groups have spent years condemning Biya’s stranglehold on Cameroon’s institutions and election process.

 

“The electoral charade is unlikely to signal any potential change in the immediate future but rather the consolidation of the status quo,” said David Kiwuwa, who heads the School of International Studies at Nottingham University’s campus in China.

 

With four-in-10 Cameroonians living under the poverty line in 2024, according to the World Bank, economic fears have long loomed large in voters’ minds.

 

The high cost of living, as well as the lack of drinking water, quality schooling and healthcare, have long frustrated Cameroonians.

“I keep hoping for a better Cameroon where young people can find work,” Boris, a computer engineer in the coastal city of Buea, told AFP.

 

“I imagine a day when Cameroon looks like Paris, with accessible and affordable education, where we can drive safely on our roads.”

 

Yet those recurring complaints, widely shared on social media, have not led people to take to the streets in protest.

 

Several citizens’ associations have set up networks of observers at polling stations to “protect the vote” by counting ballots independently.

 

The government has slammed these as attempts to “manipulate public opinion” and “produce skewed results”.

 

The vote will be held in the shadow of a deadly conflict between separatist forces in Cameroon’s English-speaking regions and the government.

 

During the last vote in 2018, turnout was particularly low in anglophone Cameroon, where the fighting is fiercest.

 

AFP

Key reactions to Israel-Hamas ceasefire deal

 

 

World leaders on Thursday welcomed the announcement of a ceasefire and hostage-release deal between Israel and Hamas, which could help end the two-year war in Gaza.

 

Palestinian Territories

 

Palestinian president Mahmud Abbas said he hoped that the deal “would be a prelude to reaching a permanent political solution”, leading to the establishment of an independent Palestinian state.

 

United Nations

UN Secretary General Antonio Guterres called for all hostages to be released “in a dignified manner” and for a permanent ceasefire to be secured.

 

“The fighting must stop once and for all,” he said, urging the immediate, unimpeded entry of humanitarian aid into Gaza.

 

World Health Organisation

 

The Director-General Tedros Adhanom Ghebreysus called the announcement a “big step towards lasting peace”.

 

The WHO “stands ready to scale up its work to meet the dire health needs of patients across Gaza, and to support rehabilitation of the destroyed health system”, he added.

 

“The best medicine is peace,” he said.

 

Egypt

 

The foreign ministry called the deal after indirect talks between Israel and Hamas in the Egyptian Red Sea resort of Sharm El-Sheikh “a pivotal moment in the war in Gaza”.

 

Saudi Arabia

 

Saudi Arabia said it hoped the deal would “lead to urgent action to alleviate the humanitarian suffering… achieve a full Israeli withdrawal, restore security and stability, and initiate practical steps to achieve a just and comprehensive peace based on the two-state solution”.

Turkey

President Recep Tayyip Erdogan singled out his US counterpart Donald Trump for praise, thanking him for demonstrating “the necessary political will to encourage the Israeli government toward the ceasefire”.

 

European Union

 

European Commission chief Ursula von der Leyen and the head of the European Council, Antonio Costa, both praised the diplomatic efforts of the United States, Egypt, Qatar and Turkey and called it an opportunity for lasting peace.

 

EU foreign policy chief Kaja Kallas called the deal “a significant breakthrough”.

 

Among European leaders, Trump ally Prime Minister Giorgia Meloni of Italy called it “extraordinary news”, while French President Emmanuel Macron said he hoped it would pave the way for a “political solution”.

 

Germany’s Chancellor Friedrich Merz said the developments were “encouraging” and he was “confident” of a solution this week.

 

Spain’s Prime Minister Pedro Sanchez, one of Europe’s most vocal critics of Israel’s offensive in Gaza, said the civilian population should now be supported and “the atrocities experienced… never repeated”.

 

Ireland, which has also strongly criticised Israel’s military response, said the deal, “if grasped by all, can finally end the unconscionable human suffering”.

 

“It can stop the dreadful bombing, silence the guns, end the famine and genocide, and allow a surge of humanitarian aid into Gaza,” deputy prime minister Simon Harris said.

 

UK

 

Prime Minister Keir Starmer praised the “tireless” diplomatic efforts of mediating countries and called the deal a “crucial first step”.

 

“This agreement must now be implemented in full, without delay, and accompanied by the immediate lifting of all restrictions on life-saving humanitarian aid to Gaza,” he added.

 

China

 

Foreign ministry spokesman Guo Jiakun said Beijing hoped for a “permanent and comprehensive” ceasefire in Gaza as soon as possible, adding: “China advocates adhering to the principle that ‘Palestinians should govern Palestine’.”

Atiku backs Sowore’s campaign for Nnamdi Kanu’s release

 

 

A former Vice President, Atiku Abubakar, has called for the immediate release of the detained leader of the Indigenous People of Biafra, Nnamdi Kanu, describing his continued detention as a “stain on Nigeria’s belief in the rule of law.”

 

Atiku made this known in a post shared on his X handle on Thursday, expressing full support for the campaign launched by human rights activist and the 2023 African Action Congress presidential candidate, Omoyele Sowore, demanding Kanu’s release.

 

He wrote, “The continued detention of Mazi Nnamdi Kanu remains an open sore on our nation’s conscience and a stain on our belief in the rule of law. Defying court orders that granted him bail is an abuse of power and an assault on justice.

 

“I, therefore, lend my voice in full support of the campaign led by @YeleSowore for his immediate release or due prosecution. We fail as patriots if we allow Kanu’s case to fester as yet another wound this nation refuses to heal.”

Sowore, on Wednesday, had urged South-East governors, lawmakers, traditional rulers, and religious leaders to join the planned demonstration for Kanu’s release.

 

He disclosed that he had contacted several prominent Igbo leaders, including Anambra State Governor, Prof. Chukwuma Soludo; Abia State Governor, Dr. Alex Otti; Senator Enyinnaya Abaribe; and Labour Party’s 2023 presidential candidate, Peter Obi, to join the movement.

 

The activist also revealed that he reached out to Atiku through his team, noting that the former vice president’s support would give significant weight to the campaign.

“I have tried reaching out personally to Dr. @alexottiofr, Prof. Charles Chukwuma Soludo @CCSoludo, and Mr @PeterObi (through his team) today. Alex Otti and Soludo neither took my calls nor responded to my messages. They promised to tell Mr. @PeterObi about our plans, although he is currently travelling.

 

“I also reached out to Alhaji @Atiku through his team, while Senator @SenatorAbaribe said he would return my call. I spoke with Obinna Agwuocha of the House of Representatives. He was receptive and encouraging.

 

“The Abia State House of Assembly members informed me that they plan to travel to London next week and then return directly to Abuja for further action. They mentioned they intend to visit the Attorney General of the Federation first to lodge a complaint; they didn’t anticipate a “placard” protest. I told them, That’s fine; what matters most is that we agree on a unified date for action.

 

“This is not the time for hesitation. If we genuinely believe that @MaziNnamdiKanu deserves freedom, then every leader of conscience must act, now, not later,” he wrote.

 

Kanu had remained in the custody of the Department of State Services since his re-arrest in 2021 following his controversial extradition from Kenya.

 

Despite multiple court rulings ordering his release, including an October 2022 Court of Appeal judgment that discharged and acquitted him of all charges on the grounds that his extradition violated international laws, the Federal Government has yet to comply.

 

The IPOB leader faces charges bordering on terrorism, treasonable felony, and incitement before the Federal High Court in Abuja, all of which he has consistently denied.

ASUU faults FG’s last-minute appeal as ‘too late’

 

 

The Academic Staff Union of Universities has faulted the Federal Government’s last-minute appeal for the union to suspend its proposed warning strike, saying the intervention came “a little too late.”

 

ASUU President, Prof. Chris Piwuna, stated this on Thursday while speaking on Channels Television’s The Morning Brief, accusing the government of failing to act promptly on the union’s long-standing demands.

 

“The problem we have with this government and this Ministry of Education is that they are slow in responding to our demands,” Piwuna said.

 

He recalled that the union had given the government three weeks to address its grievances after a previous meeting in Sokoto, but received no communication during that period.

Piwuna stated, “We went for a meeting in Sokoto, and at that time we were about to embark on a strike action.

 

“They gave us three weeks, we accepted the three weeks, but we never heard a word from them until the three weeks elapsed — not a word from them, courtesy to even say, ‘Oh gentlemen, we think we are running short, three weeks is around the corner, we are unable to meet with you on so-and-so date.’ Nothing, until we threatened action.”

 

Piwuna said the government only reached out two working days before the proposed strike, appealing for it to be suspended.

“Yesterday, they appealed to us not to embark on action. Our 2009 agreement — which is still being renegotiated after eight years — remains undone. We have not concluded on it, and two working days before a strike action, you come to appeal to us. I think the appeal has come a little too late,” the ASUU President added.

 

Meanwhile, Piwuna insisted that the union would proceed with its planned industrial action at the expiration of its ultimatum on Sunday unless the government takes urgent steps to address its demands.

 

He said, “Their ultimatum expires on Sunday, and after that, there will be a warning strike unless something substantial comes out from the government. So, in the next 48 hours, we expect to receive something substantial from the government.

 

“Then, we can go back to our members and ask, ‘Do you think this is sufficient for us to hold on?’ and we will do what our members ask us to do.”

 

ASUU had directed its branches to prepare for a two-week warning strike expected to begin on October 13.

 

The latest standoff between ASUU and the Federal Government comes despite ongoing negotiations aimed at averting another round of industrial action in the nation’s tertiary institutions.

 

On Wednesday, the Minister of Education, Dr Tunji Alausa, disclosed in Abuja that the government had entered the final phase of talks with ASUU and other unions to resolve lingering disputes over welfare, funding, and the implementation of the 2009 ASUU-FGN Agreement.

ICYMI: Innovation minister Nnaji resigns amid allegations

 

 

The Minister of Innovation, Science, and Technology, Geoffrey Nnaji, has resigned from President Bola Tinubu’s cabinet amid controversies surrounding his academic records and allegations of certificate forgery.

 

Nnaji, who was appointed in August 2023, announced his resignation in a letter to the President on Tuesday, expressing appreciation for the opportunity to serve.

 

Confirming the development in a statement on Tuesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said, “President Bola Ahmed Tinubu has accepted the resignation of Geoffrey Uche Nnaji, the Minister of Innovation, Science, and Technology, following some allegations against him. President Tinubu appointed Nnaji in August 2023.

 

“He resigned today in a letter thanking the President for allowing him to serve Nigeria. Nnaji said he has been a target of blackmail by political opponents. President Tinubu thanked him for his service and wished him well in future endeavours.”

Nnaji’s resignation comes amid a lingering controversy over alleged certificate forgery and questions surrounding his academic qualifications from the University of Nigeria, Nsukka.

Nnaji and the Enugu State Government had traded words over allegations that he presented forged certificates.

 

The dispute intensified after the Federal High Court in Enugu rejected Nnaji’s bid to stop the University of Nigeria from releasing his academic records.

 

The court had ruled that the institution was within its rights to release the minister’s academic details in response to a freedom of information request, a decision that fuelled further public scrutiny.

 

Nnaji, however, maintained that he was being blackmailed by political opponents determined to tarnish his reputation.

ICYMI] 2026 World Cup qualifier: Osimhen, Lookman, others arrive South Africa

 

 

 

At least 17 Super Eagles players, including star forwards Victor Osimhen and Ademola Lookman, have arrived in Polokwane, South Africa, as Nigeria intensifies preparations for Friday’s crucial 2026 FIFA World Cup qualifying clash against Lesotho.

 

The players joined camp on Tuesday, a day after the technical crew and backroom staff arrived to officially open the team’s base.

 

Among those already in camp are William Troost-Ekong, Wilfred Ndidi, Bruno Onyemaechi, Terem Moffi, Moses Simon, Calvin Bassey, Alex Iwobi, Samuel Chukwueze, Frank Onyeka, and Tolu Arokodare.

Also present are returnee defender Semi Ajayi and goalkeepers Stanley Nwabali, Adebayo Adeleye, and Amas Obasogie, who have all linked up with the coaching staff ahead of full team training sessions.

 

Nigeria currently sit third in Group C of the CAF World Cup qualifying series with 11 points from eight matches. The Super Eagles must win their remaining two fixtures and hope for favourable results from South Africa and Benin Republic to keep their qualification hopes alive.

 

The three-time African champions will face Lesotho on Friday in Polokwane in what is expected to be a decisive, must-win encounter.

SSANU, NASU mobilise for Thursday protest

 

 

 

The Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Educational and Associated Institutions have declared a one-day protest for Thursday over the Federal Government’s failure to meet their demands.

 

Acting under the Joint Action Committee, both unions have directed all their branches to hold joint emergency meetings on Wednesday to mobilise members for protest activities.

 

These will include marches on campuses, placard displays, and press briefings.

 

The decision followed a comprehensive review of government actions at JAC’s meeting on October 6, after several ultimatums had expired without resolution.

Among the contentious issues are the alleged inequitable disbursement of the N50bn earned allowances; delays in renegotiating the 2009 FGN/NASU/SSANU agreements; non-payment of two months’ outstanding salaries; arrears of 25 and 35 per cent salary increments; and non-remittance of third-party deductions for May and June 2022.

 

JAC had earlier issued a seven-day ultimatum to the government on September 15, later extending it by another 14 days — which expired on Monday, October 6.

 

In a circular dated October 6 and titled “Commencement of Protest Actions”, signed by NASU General Secretary, Prince Peters Adeyemi, and SSANU National President, Comrade Mohammed Ibrahim, the unions directed full participation by all members.

The memo read in part, “Following the inauguration of the Joint Consultative Committee by the Honourable Minister of Education to look into the demands of JAC of NASU & SSANU, the committee met twice — on Friday, 19th September 2025, and Monday, 6th October 2025 — with little progress, as our demands remain unresolved despite the extension of the ultimatum.

 

“In light of this development, the National JAC hereby directs branch leadership in universities and inter-university centres nationwide to convene a joint congress on Wednesday, 8th October 2025, to mobilise for a massive and effective one-day protest on Thursday, 9th October 2025.”

 

It added that all members in both federal and state-owned universities “are expected to strictly comply with this directive,” stressing that unity and adherence were essential for success.

 

SSANU President, Mohammed Ibrahim, recently accused the government of insincerity, warning that the unions could declare an indefinite strike if their demands remain unmet.

 

“Ours will not be the ‘mother of all strikes’; it will be the grandfather of all strikes,” Ibrahim said. “When SSANU or NASU strikes, you know what it means. We must take our destinies in our hands.”

 

He lamented the poor welfare of non-academic staff in universities, describing them as “the worst hit financially, economically, and psychologically.”

 

Like the Academic Staff Union of Universities, both SSANU and NASU have been at loggerheads with the Federal Government over staff welfare and funding issues.

2027: Tinubu supporters warn Jonathan as kinsmen condemn lawsuit

 

 

A pro-President Bola Tinubu group in Ondo State, the Progressive Network for Tinubu, on Tuesday declared that President Tinubu has no serious opposition ahead of the 2027 presidential election.

 

The group also warned former President Goodluck Jonathan against returning to the race, saying doing so would “end in embarrassment.”

 

This follows social media reports suggesting that Jonathan is warming up to contest the 2027 poll under a yet-to-be-revealed political party.

 

Amid this rumour, a legal practitioner, Johnmary Jideobi, on Monday, filed a suit at the Federal High Court in Abuja, seeking a perpetual injunction to restrain Jonathan from contesting the 2027 presidential election.

Speaking on Tuesday during the inauguration of local government structures across the 18 local government areas of Ondo State, the PNT Director-General, Mr. Olumide Obadele, said beyond legal hurdles, Jonathan should uphold his reputation as a statesman by staying away from the 2027 race.

 

According to him, opposition parties, including the Peoples Democratic Party and the African Democratic Congress, are “on life support,” and any candidate contesting on their platform, including Jonathan, cannot defeat President Tinubu.

 

Obadele dismissed claims that the All Progressives Congress was jittery over Jonathan’s rumoured ambition, saying constitutional and legal constraints make his participation nearly impossible.

 

He said, “I can tell you that Jonathan will not run at the end of the day. The Constitution is clear about it, and there’s no need to twist it. If he insists, he will only end up embarrassed and rubbished.”

 

Obadele described the 2027 presidential election as “a done deal” for the APC, insisting that none of the existing opposition parties has the structure or clout to unseat President Tinubu.

 

“Political parties such as the PDP, Labour Party and ADC are in the ICU and lack the organisation and national appeal needed to challenge the ruling APC. I do not think any opposition party in Nigeria today can say it wants to run against Asiwaju. For me, 2027 is a done deal,” he said.

 

On the group’s mobilisation efforts for the President, the PNT convener said the group was working to expand grassroots participation, particularly in Ondo State, where only about 28 per cent of registered voters participated in the last general elections.

 

He lamented the growing voter apathy among elites who prefer to engage politics on social media rather than at the polls, saying civic engagement and political education were now the focus of PNT’s activities.

 

“Our goal is to awaken the remaining 70 per cent of voters who stayed home during the last polls. We’re engaging communities, civil groups and youth organisations to enlighten them about Asiwaju’s leadership and achievements. We want Yoruba land to stand solidly behind him,” he said.

Meanwhile, civil society organisations in Delta State have condemned the lawsuit against Jonathan, describing it as politically motivated and an abuse of judicial process.

The Director-General of the Young Nigerian Rights Organisation, Mr. Victor Ojei, called for the immediate dismissal of the suit, which he described as “a politically motivated distraction and a gross abuse of judicial process.”

 

In a statement made available to The PUNCH on Tuesday in Asaba, Ojei expressed concern over what he called “a growing pattern of weaponising the courts for political persecution.”

 

He said, “The suit, which seeks to bar Dr. Jonathan from contesting the 2027 presidential election, is not only legally baseless but also morally wrong and contrary to the spirit of democracy.

 

“Dr. Jonathan’s assumption of office in 2010 followed the tragic passing of President Umaru Musa Yar’Adua — a constitutional transition rather than an election. His initial tenure was incomplete and constitutionally distinct from a full presidential term.

 

“The framers of our Constitution did not intend for such a lawful succession to be counted as an ‘elected term.’ Any argument to the contrary is a distortion of both fact and law.”

 

Ojei further argued that the case suffers from a fundamental defect of locus standi, as the plaintiff lacks the legal standing to bring such an action.

 

“The individual who filed the suit neither represents any institution of state nor has suffered any direct injury that warrants judicial intervention. It is a speculative petition driven by political interests rather than constitutional principles,” he added.

 

The organisation stressed that democracy thrives on inclusion and the right of every citizen to participate, not on preemptive exclusion based on personal or partisan motives.

 

“To attempt to silence a citizen’s political right before he has even declared interest in the race is not only unconstitutional but a dangerous precedent for our democracy,” the statement added.

 

The group urged the judiciary to safeguard its integrity by resisting political manipulation, stressing that the courts are “the last hope of the common man, not a playground for political adventurers.”

 

It, therefore, called on the Federal High Court to dismiss the case without hesitation.

Tinubu seeks N’Assembly’s nod for $2.3bn fresh loan

 

 

 

President Bola Tinubu has again written to the National Assembly, seeking approval for a fresh external borrowing of $2.3bn.

 

This is in addition to a plan to issue a $500m sovereign Sukuk, which will mark Nigeria’s debut in the international Islamic finance market.

 

The request, contained in a letter read on the floor of the House of Representatives by Speaker Tajudeen Abbas on Tuesday, complies with Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003.

 

The borrowing plan seeks legislative approval for external financing to implement the 2025 Appropriation Act, refinance maturing Eurobonds, and expand Nigeria’s debt instruments to include Islamic finance products.

Tinubu noted that “the 2025 fiscal framework anticipates $9.27bn in new borrowings to address the budget deficit, of which $1.84bn is earmarked for external sources at an assumed exchange rate of N1,500 to the dollar.”

 

He explained that the external borrowing would be sourced through various instruments, including Eurobonds, syndicated loans, bridge financing, or direct loans from multilateral institutions — in order to optimise cost and manage risk effectively.

 

A key element of the plan is the refinancing of Nigeria’s $1.118bn Eurobond, issued in 2018 at a coupon rate of 7.625% and due in November 2025.

 

“This is a standard practice in debt capital markets,” the President wrote. “Refinancing through Eurobonds or syndicated loans will guarantee debt sustainability and boost investor confidence.”

 

Tinubu maintained that refinancing maturing obligations was part of routine debt management and vital for maintaining Nigeria’s fiscal credibility.

 

The President’s letter also revealed a plan to issue a $500m sovereign Sukuk internationally, a move aimed at deepening Nigeria’s presence in the Islamic finance market.

 

The initiative follows the success of domestic Sukuk issuances, which have raised N1.39tn since 2017 to fund critical infrastructure projects such as major road construction.

According to Tinubu, the international Sukuk would help narrow Nigeria’s infrastructure funding gap while diversifying its investor base.

 

The government is also exploring a credit enhancement guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, a member of the Islamic Development Bank Group, to strengthen the offering.

 

“If the ICIEC credit guarantee is utilised, 25% of the proceeds will be used to repay relatively expensive debt obligations, while the balance will finance pre-identified infrastructure projects,” the President said.

He assured lawmakers that the Federal Ministry of Finance and the Debt Management Office would engage reputable transaction advisers to secure the best pricing and terms amid volatile global market conditions.

 

Tinubu further expressed confidence in Nigeria’s reputation as a consistent and credible issuer in international capital markets, noting that the proposed transactions would reinforce investor trust and ensure prudent fiscal management.

 

The new borrowing request comes as Nigeria grapples with the twin challenges of financing a large budget deficit and managing a complex debt portfolio.

 

As Africa’s largest economy, the Federal Government continues to balance its drive for infrastructure-led growth with the need to maintain debt sustainability.

 

The 2025 budget includes plans to raise $9.27bn in new loans, with $1.84bn coming from external sources.

 

Analysts say the government’s growing reliance on a mix of domestic and foreign funding reflects a pragmatic response to rising inflation, currency volatility, and high global interest rates.

 

Nigeria’s success with domestic Sukuk issuance has demonstrated the potential of Islamic finance to fund tangible development projects. Expanding this strategy to global markets could enhance the country’s credit profile and reduce dependence on traditional borrowing methods.

 

The proposed involvement of the ICIEC guarantee is also expected to lower borrowing costs by improving Nigeria’s credit rating, making the new Sukuk more attractive to global investors. Allocating a quarter of the proceeds to retire expensive debts, observers note, reflects a cautious and strategic approach to managing the nation’s debt structure.

CBN reaffirms commitment to monetary stability

 

 

The Central Bank of Nigeria has assured Nigerians that its ongoing policies and reforms are targeted at restoring price and monetary stability amid rising inflation and economic hardship.

 

Speaking at the CBN Fair in Uyo, Akwa Ibom State, on Tuesday, the CBN governor, Olayemi Cardoso, said some of the apex bank’s monetary measures were already yielding results, citing the easing of inflationary pressures and relative stability in the foreign exchange market.

 

Cardoso, represented by the acting Director of Corporate Communications, Hakama Ali, noted that the exchange rate unification policy had reduced volatility and cleared more than $7 billion in verified forex backlogs.

 

He added that the B-Match forex trading system had strengthened market integrity and improved price discovery.

 

The governor highlighted other initiatives, including bank recapitalisation to strengthen the sector’s resilience, the introduction of non-resident BVN to link Nigerians abroad with local banking services, and the Nigeria Payments System Vision 2028 to accelerate digital transformation and deepen financial inclusion.

He also mentioned the 75 per cent CRR on non-TSA public sector deposits, aimed at improving liquidity management and curbing inflationary pressures.

 

“Some of our monetary policies have started yielding positive results. This can be seen in the steady ease of inflation and current stability in the foreign exchange market,” Cardoso said.

 

He further urged Nigerians to respect the national currency, cautioning against spraying, mutilating, or counterfeiting the Naira.

 

Earlier, CBN Uyo Branch Controller, Njideka Nwabukwu, said the fair was designed to sensitise the public on the bank’s policies while creating a feedback platform to improve service delivery.

 

She pledged the branch’s commitment to supporting Akwa Ibom’s economic aspirations through financial literacy campaigns and stakeholder engagement.

 

On Monday, the PUNCH reports that naira maintained its upward momentum last week, closing at ₦1,465/$ at the official market.

 

The rally was driven by weaker U.S. economic data that softened the dollar, alongside stronger foreign exchange inflows that eased demand pressure.

At the parallel market, the currency also appreciated by 3.8 per cent week-on-week to ₦1,460/$.

 

This narrowed the gap between the official and parallel market rates to ₦5.68/$1, compared with ₦34.34/$1 the previous week.

The Nigerian Railway Corporation generated N1.95 billion from transporting 929,553 passengers through the rail system in the first quarter of 2025, the National Bureau of Statistics has reported.

 

The figure is disclosed in the Rail Transportation Data Q1 2025, published by NBS on October 5 and announced via its X handle on Tuesday.

 

The report indicates a significant boost in NRS’s passenger and revenue figures for the first quarter of 2025.

 

“In Q1 2025, a total of 929,553 passengers travelled through the rail system, relative to 675,293 reported in the corresponding quarter of 2024, indicating a growth rate of 37.65%.

 

“The volume of goods/cargoes transported stood at 181,520 tons compared to 160,650 tons recorded in Q1 2024,” the report read.

 

In terms of revenue generation, NBS said, “N1.95 billion was received from passengers during the reference period, showing an increase of 37.36% from the N1.42 billion recorded in the same quarter of the previous year.”

 

It added that N657.03 million was received from goods and cargoes conveyed, up by 8.19% from N607.32 million in Q1 2024.

 

“In addition, Other receipts amounted to N115.68 million, indicating an increase of 355.39% in Q1 2025 from the N25.40 million received in Q1 2024.”

PUNCH Online reports the growth may be attributed to ongoing infrastructure investments, including the operational Lagos-Ibadan rail line, which has been a key driver of the sector’s expansion since its launch in 2021.

 

Recall that the rail sector’s contribution to Nigeria’s GDP rose by 18.65% in Q1 2025, underscoring its growing economic significance.

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