News
FG seeks $10bn to stabilise exchange rate as naira tumbles
The Nigerian Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market.
On Tuesday, the naira fell to an all-time low of 1,850 per dollar at the parallel market.
President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday.
The Ministry of Finance Incorporated organised the event with the theme “Championing Nigeria’s Economic Prosperity”.
In a statement on Tuesday, the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha explained, “The Federal Government set a goal to raise at least $10bn in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital would significantly increase returns.
He noted that these improved returns will then be directed towards “crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty and stimulating sustainable economic development and job creation for the youth”.
Meanwhile, it was learnt that exchange rate volatility continued across the country on Tuesday despite the heavy presence of security personnel at the Wuse Zone 4 currency market in Abuja.
Currency traders in Abuja quoted the buying price of the dollar at 1,820/$ and the selling price at 1,850/$, leaving a profit margin of 30.
A bureau de change operator, Ibrahim Taura, predicted that the rates might reach an all-time low of 2,000/$ if proper measures were not put in place.
“The police filled everywhere in the market today but that still didn’t change everything. Today’s rate finished at 1,850/$ and I will buy it at that rate right now because there is demand,” he stated.
Another operator said he could only buy at the rate of 1,700/$, adding that the market was not suitable for good business.
However, the naira appreciated by 1.48 per cent to 1,551/$ at the official market, following an improved forex turnover of $117.32m.
This came after the local weakened for three consecutive days at the Nigerian Autonomous Foreign Exchange.
The country has been battling with a lingering forex shortage due to a decline in oil production and foreign inflows.
According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of 1,701/$ and a low of N1,100 before closing at N1,551/$ on Tuesday.
In June 2023, the Central Bank of Nigeria floated the naira after unifying all segments of the forex market, which has resulted in significant devaluation of the local currency
Also joined as contemnor is the Medical Director, Federal Neuropsychiatric Hospital, Enugu, Dr Unaogu Ngozika.
The duo are said to have disobeyed an order of court which ordered the immediate reinstatement of Prof Monday Igwe as the Medical Director.
A judgement of the National Industrial Court, Abuja Division, had nullified the appointment of Dr. Unaogu as the Medical Director of the Hospital and ordered the reinstatement of Prof. Monday Igwe as the Medical Director following the declaration that the earlier termination of his appointment is null and void.
Recall that Justice E. D. Subilim of the National Industrial Court, Abuja, had on 11th December 2025, delivered a judgment in which he ordered the reinstatement of Prof. Monday Igwe to office as the Medical Director after he declared the earlier termination of his appointment as null and void and also nullified the later appointment of Dr. Unaogu Ngozi.
The court found that the termination of Prof. Monday Igwe’s appointment did not follow laid down disciplinary procedure.
It also held that the appointment of Dr. Unaogu Ngozi during the pendency of the suit in which she was a party rendered it a nullity.
However, several months after the judgement was served on the Defendants, they have refused to comply with the judgment orders.
Lawyer to the plaintiff, Mr. Michael O. Okorie, Esq, had told the court that Ngozi Unaogu “has continued to perform the functions of office, including awarding contracts, bank transactions, staff appointments and other official functions despite her appointment having been declared a nullity with the legal effect that contractors and bankers dealing with her are doing such at their own peril, especially as the said judgment has not been stayed by any order for stay of execution.”
Okorie has consequently filed and served Form 48-Notice of consequence of disobedience of court orders-against the Minister of state, Federal Ministry of Health and Social Welfare and Unaogu, the Medical Director.
According to the lawyer, “the Minister of State is the supervising minister who issues/conveys/signs appointment letters to the Medical Director of the Hospital on behalf of the President.
“It is time for the Minister of State to reassess his legal team at the Ministry so that they do not end up misleading him into running foul of the law which he has sworn to protect as public servant.”
Meanwhile, court documents obtained by our correspondent show that the contempt proceeding was initiated pursuant to Order IX, Rule 13(1-3) of the Judgment (Enforcement) Rules, Section 72 of the Sheriff and Civil Process Act, 2004, Order 63 of the National Industrial Court of Nigeria (Civil Procedure).
“TAKE NOTICE that unless you obey the directions contained the order of the National Industrial Court, Abuja Division delivered on the 11th December, 2025 which declared null and void the termination of appointment of the Applicant, Prof. Monday Igwe, nullified the appointment of DR. UNAOGU NGOZICHUKWU NNEKA as the MEDICAL DIRECTOR, FEDERAL NEUROPSYCHIATRIC HOSPITAL, ENUGU, ENUGU STATE, and ordered the re-instatement of Prof. Monday Igwe as the Medical Director of the FEDERAL NEUROPSYCHIATRIC HOSPITAL, ENUGU, ENUGU STATE, and also, ordered the payment of the arrears of salary to Prof. Monday Igwe, you will be guilty of contempt of Court and will be liable to be committed to prison. A copy of the said order of court earlier served on you is hereby annexed for your on-the-spot reference.
“This Court has been informed that as at today, Tuesday, 14th April, 2026 that DR. UNAOGU NGOZICHUKWU NNEKA has continued to perform functions of the office of the MEDICAL DIRECTOR, FEDERAL NEUROPSYCHIATRIC HOSPITAL, ENUGU, ENUGU STATE while Prof. Monday Igwe has not been reinstated to office in utter disregards to the subsisting orders of this Honourable Court which execution has not been stayed,” the court notice already served on the alleged contemnors read.
Dr Unaogu and her lawyers could not be reached by The Advocate at the weekend to ascertain why she has not vacated the office of the Medical Director as ordered by the Industrial court in Abuja.
which ordered her to vacate the Medical Director of the hospital has not been
By LUCY OSUIZIGBO-OKECHUKWU
Brig.-Gen. Uche Nnabuihe has raised concern over low enlistment from the South-East, revealing Anambra recorded only 117 applications out of 38,000 nationwide.
Nnabuihe led an Army delegation to sensitise youths in Awka, noting the figure was recorded on April 7, before a nationwide awareness campaign began.
He said the exercise aimed to encourage more youths from Anambra and the South-East to join the 91 Regular Recruits Intake before the May 27 deadline.
“We observed with concern that out of 38,000 applications received nationwide, only 117 came from Anambra as of April 7.
“This sensitisation is to correct that imbalance and encourage our youths to take advantage of opportunities in the Nigerian Army,” he said.
Nnabuihe urged eligible youths to apply, noting the Army offers a structured career path and opportunities for national service.
Lt.-Col. Ogbemudia Osawe said training infrastructure had expanded, with new institutions in Abakaliki and Osogbo to accommodate incoming recruits.
Osawe listed benefits, including career progression, regular pay, continuous military education, specialised training, and exposure to diverse cultures.
He added personnel enjoy welfare packages, free medical care for families, pensions, gratuities, and opportunities for international assignments.
Permanent Secretary, Anambra Ministry of Youths, Ifeatu Emodi, commended the initiative, describing military enlistment as crucial for South-East youths.
Emodi said declining interest among youths stemmed from misconceptions and misinformation about the Army.
Traditional ruler, Igwe Michael Okeke-Uche of Enugwu-Agidi, praised the Army’s welfare structure and urged youths to enlist for better regional representation.
The News Agency of Nigeria (NAN) reports the sensitisation held at the Ministry of Youths in Awka, attracting a cross-section of young people. (NAN)
By IHECHINYERE CHIGEMERI-UWOM
Gov. Alex Otti of Abia has expressed deep shock and sorrow over the death of a U.S.-based Nigerian physician, Dr Uzoma Nwaubani, who was in the state for a medical mission.
Otti, in a condolence message signed by him and issued on Friday in Umuahia, said that he received the news of her passing with shock, describing her as a dedicated and compassionate medical practitioner.
The News Agency of Nigeria (NAN) reports that the State Government in collaboration with the Association of Nigerian Physicians in the Americas (ANPA) organised a five-day free medical outreach that held from April 13 to April 17.
The governor noted that the late Nwaubani was a member of the association and had returned to Nigeria with her husband and daughter, a final-year medical student in the United States, to provide free medical services to residents of Abia.
He said that while participating in the ongoing medical outreach, she developed a medical emergency and was immediately taken to a hospital.
According to him, a team of ANPA and local medical experts worked together to provide urgent critical care in a bid to save her life.
“Despite the gallant efforts of the highly skilled medical team to resuscitate her, she could not make it,” Otti said.
The governor extended his condolences to the family of the deceased, her loved ones, and members of ANPA, adding that the state government was already in communication with her family and the leadership of the association.
He promised that the government would provide the necessary support to the bereaved family and ANPA during the period of mourning.
Otti also commended the family of the late doctor and ANPA for allowing the medical mission to continue in spite of the loss.
He reaffirmed his administration’s commitment to prioritising the health and well-being of residents and visitors to the state.
The governor prayed for the repose of the soul of the deceased and for strength for her family to bear the loss. (NAN)
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