ECONOMIC MANAGEMENT TEAM MONITORS US GLOBAL TARIFF WAR.
As global markets reel from U.S. President Donald Trump’s new wave of tariffs, Nigeria’s Economic Management Team (EMT) says it is evaluating scenarios to advise the federal government on potential policy responses, including a possible adjustment to the 2025 budget.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, speaking in Abuja, said Nigeria could face ripple effects through falling oil prices rather than direct tariff impacts. Nigeria’s exports to the U.S. — mostly oil and minerals — have generated a trade surplus over the last three years, but Edun stressed the need for vigilance amid global volatility.
With the naira sliding to N1,629/$1 at the official market and N1,565/$1 on the parallel market, the Central Bank’s $197 million intervention on Friday failed to halt depreciation. Meanwhile, Wall Street experienced its worst three-day stretch since the COVID-19 pandemic, with the S&P 500 plunging over 10%. Trump remains defiant, threatening more tariffs against China and insisting no pause will be granted in the ongoing trade war.
FG TO FLAG OFF SOUTH-EAST, SOUTH-SOUTH SEGMENTS OF COASTAL HIGHWAY
The Minister of Works, David Umahi, announced on Monday April 7th that the federal government will next week officially flag off construction on the South-East and South-South portions of the Lagos-Calabar Coastal Highway. The project is expected to transform national infrastructure and drive regional development.
According to the minister, the Akwa Ibom section will be flagged off on April 14, followed by the Akwa Ibom State spur on April 15 and the Trans-Sahara Road spur in Ebonyi on April 16. He described the highway as a “game-changer” that will enhance tourism, agriculture, and trade, featuring CCTV surveillance and environmentally conscious construction.
He dismissed claims that the project negatively impacts private properties as “irresponsible and delusive,” reiterating the administration’s resolve to deliver on infrastructure promises under the Renewed Hope agenda.
TINUBU REAFFIRMS COMMITMENT TO POLICE WELFARE AS NIGERIA MARKS FIRST NATIONAL POLICE DAY
President Bola Tinubu has reaffirmed his commitment to the welfare, training, and equipping of the Nigeria Police Force, underscoring that the government is determined to ensure that police personnel remain ahead of those who threaten the nation’s peace and security. The president made the declaration during the maiden edition of the National Police Day (NPD), held on Monday, April 7, 2025, at Eagle Square in Abuja.
Addressing the occasion through Vice President Kashim Shettima, Tinubu announced the institutionalization of April 7 as National Police Day. The event was designed to honor the sacrifices of fallen officers and celebrate the bravery of serving personnel. The president emphasized the administration’s focus on comprehensive police welfare and reform, which includes plans to improve housing, healthcare, education for police families, and salaries.
Tinubu highlighted the government’s determination to equip the police with modern tools and technology to enhance their ability to combat crime effectively. He also praised Inspector-General of Police Kayode Egbetokun for driving reforms within the police force. “We remain committed to the welfare of our police officers,” Tinubu said, “and to providing the necessary resources for their professionalism and protection.”
The National Police Day celebration featured a parade and the presentation of awards to officers who demonstrated outstanding service. High-profile attendees included federal and state officials, service chiefs, and the families of police officers, all of whom gathered to honor the contributions of Nigeria’s law enforcement personnel.
MINISTER PUSHES FOR NYSC REFORM
Minister for Youth Development, Ayodele Olawande, has called for an extensive reform of the National Youth Service Corps (NYSC), proposing a National Internship Scheme aimed at better equipping corps members with the skills necessary for the modern economy. Olawande made the call on Monday during the 2025 NYSC Annual Management Conference held in Abuja.
In his address, Olawande argued that the current system needs an overhaul to ensure that corps members are empowered and can contribute meaningfully to Nigeria’s development. He specifically proposed integrating more initiatives in agriculture, rural healthcare, and skills-based projects into the NYSC program. “We must make Corps Members more useful to society,” Olawande said, advocating for a system that provides valuable, practical skills aligned with the country’s economic needs.
Brigadier General Olakunle Nafiu, Director General of the NYSC, echoed the minister’s calls, noting that this year’s theme, “Transforming the NYSC Scheme to Meet the Yearnings of Contemporary Nigerian Graduates and Society,” reflects growing demands for a shift in the NYSC approach. Nafiu praised President Tinubu’s recent approval for updated corps allowances and acknowledged the continued support from First Lady Oluremi Tinubu for the NYSC initiative.
LOCAL GOVERNMENT AUTONOMY HITS ROADBLOCK AS STATE GOVERNORS SABOTAGE DIRECT FUNDING PLAN
Nearly nine months after Nigeria’s Supreme Court granted financial autonomy to the country’s 774 local government areas (LGAs), the road to full implementation remains rocky, with state governors now reportedly engaging in covert and overt acts of sabotage to prevent the direct disbursement of federal allocations to local councils.
In a ruling hailed at the time as a victory for grassroots democracy, the apex court directed that local governments receive their monthly allocations from the Federation Account directly into accounts maintained at the Central Bank of Nigeria (CBN), thereby bypassing the long-criticized joint account system controlled by state governments. But in practice, this court victory has stalled, mired in political resistance, bureaucratic logjams, and what appears to be a coordinated effort to preserve the status quo.
A federal implementation panel had directed the CBN to open accounts for each of the 774 LGAs, setting the stage for the first real test of local government financial independence in decades. But a flurry of resistance has emerged from state houses across the federation. Multiple local government chairmen, speaking anonymously out of fear of retaliation, revealed that some governors have gone as far as threatening sanctions against council heads who attempt to comply with the federal directive.
One chairman from a South-East state disclosed that his governor outright rejected a proposal from LG chairmen offering to remit 50 percent of their allocations if allowed to open CBN accounts. “We even tried to strike a deal,” the chairman said, “but the governor still refused. He wants full control of the funds.”
Another chairman from the South-West cited bureaucratic bottlenecks, noting that while the CBN had asked for only a two-month statement of account, many LGAs couldn’t meet the requirement because their governors currently manage their finances. “The funds are centrally controlled. We don’t even have a working financial history to submit,” he said.
The fallout from this standoff has national implications. A meeting of the Federation Account Allocation Committee (FAAC) Technical Sub-Committee recently revealed that only Delta State had submitted account details for its local governments. Officials from the Ministry of Justice and the Office of the Accountant-General have continued talks on resolving the impasse, but the process has made little progress.
The investigations found that many governors are advocating for LGAs to open accounts with commercial banks instead of the CBN, where state executives can continue to exert control. A source close to a recent meeting with President Bola Tinubu said governors lobbied the President to allow such a compromise. However, the President’s stance on the matter remains unclear.
While some attribute the pushback to political self-interest, others blame it partly on the CBN’s conditions. Yet in Nasarawa State, a rare counter-example has emerged. There, local government workers say they have cooperated fully with the federal government. “All LG accounts have been opened,” said Adamu Sharhabilu, Chairman of the Nigeria Union of Local Government Employees (NULGE) in Nasarawa. “But as of today, no local government in the state has received any direct allocation.”
Despite the state’s seemingly supportive stance, allocations continue to be paid into joint accounts managed by the State Ministry for Local Government and Chieftaincy Affairs. A local government chairman in the same state disputed official claims of progress. “The Federal Government should send the money directly to our accounts as the Supreme Court ordered. We are still stuck,” he said.
In Kwara State, the story is no different. NULGE Chairman Seun Oyinlade confirmed that no council had opened an account with the CBN. Across the country, many local government officials appear uninformed or left in the dark about where the process stands.
The fear among council chairmen is that the longer the delay persists, the greater the likelihood that the autonomy ruling will be eroded through executive inaction and political interference. The longer-term consequence, observers warn, is the continued weakening of Nigeria’s third tier of government, leaving communities without the ability to directly manage their development needs and public services.
POWER SECTOR FRAGMENTATION DEEPENS AS INDUSTRIES, UNIVERSITIES MOVE OFF NATIONAL GRID
As Nigeria’s national power grid continues to suffer from frequent collapses and unreliable electricity delivery, a growing number of private institutions—ranging from industrial firms to academic campuses—are securing regulatory approval to generate their own electricity and break away from the national supply chain.
In a new quarterly report, the Nigerian Electricity Regulatory Commission (NERC) disclosed that six companies and one university have recently been granted licences to generate and distribute up to 30 megawatts (MW) of power independently. This includes a 10 MW captive generation permit awarded to Nile University in Abuja, marking a continued exodus of bulk electricity users from the
embattled grid.
Also on the list are Ro-Marong Nigeria Limited (4.4 MW) in Lagos, Quantum Paper Limited (7 MW) in Ogun State, and Psaltry International in Oyo State (1.1 MW), among others. Daybreak Power Solutions received an off-grid licence to generate 2.63 MW. These permits allow the entities to generate electricity solely for their own consumption—known as “captive power”—and not for sale to third parties.
The permits are issued pursuant to Section 165(1)(m) of the Electricity Act 2023, which supports decentralised energy systems and mini-grid concessions to serve designated geographic zones. In 2024’s fourth quarter alone, NERC issued 24 mini-grid permits with a combined capacity of 5.5 MW and five additional registration certificates for smaller systems.
Prado Limited was authorised to operate 24 mini-grid systems across Benue, Nasarawa, Niger, Ondo, and Kano States. Cross Boundary Energy, meanwhile, received five permits to distribute power in Kogi State.
The trend reflects a significant shift in how Nigeria’s energy users—particularly its industrial and commercial sectors—are responding to a failing grid. As of September last year, about 250 manufacturers and academic institutions had abandoned their DisCos (distribution companies) to generate up to 6,500 MW of their own electricity—outstripping the country’s current average national grid output of about 5,500 MW.
According to Minister of Power Adebayo Adelabu, industries are choosing more expensive captive power generation over grid-supplied electricity because of deep-seated trust issues. “It’s more expensive, yes—but at least it’s reliable,” he said.
NERC echoed that sentiment in its latest report, stating that voltage fluctuations on the grid—spikes, brownouts, flickers, and dips—have damaged industrial equipment and eroded confidence in grid stability. These disruptions, the regulator said, are prompting industrial consumers to abandon the system entirely.
“To guarantee the quality of electricity delivered to end users, the Grid Code specifies a nominal system voltage of 330 kV with a ±5% tolerance. Deviation beyond these limits has cost industries billions in losses,” the report noted.
NERC said it continues to work with the Transmission Company of Nigeria and other stakeholders to stabilise the grid, but progress has been slow. With more users now going off-grid and producing their own power, experts warn of a looming crisis in the national energy market, one where public utilities lose their most lucrative customers and spiral into further decline.
The regulator’s strategy, for now, appears to be one of adaptation—enabling decentralised solutions through licensing and oversight—rather than pushing for a radical overhaul of the national grid.
INEC DENIES CLAIMS OF CHAIRMAN’S REMOVAL
The Independent National Electoral Commission (INEC) has dismissed as false circulating claims that its Chairman, Prof. Mahmood Yakubu, has been removed from office by President Bola Tinubu. A viral WhatsApp message, which lacked credible attribution, falsely stated that Prof. Yakubu had been replaced by Prof. Bashiru Olamilekan, alleging that the President had already made the appointment.
In response to an inquiry from Vanguard, Mr. Rotimi Oyekanmi, the Chief Press Secretary to the INEC Chairman, swiftly debunked the claim, stating, “Please disregard this. It is not true.”
Yakubu, who is nearing the completion of his second term, is expected to step down later this year. According to the established procedure for appointing an INEC Chairman, the President nominates a candidate and submits the nominee’s details to the Department of State Services (DSS) for vetting. After the vetting process, the President presents the nominee’s name to the National Council of State for an advisory review. Finally, based on the Council’s feedback, the President forwards the nomination to the Senate for screening and confirmation.
The commission’s denial comes as part of an effort to curb the spread of misinformation that could lead to unnecessary public confusion.
