
News
FG plans fresh cash transfer scheme for 75 million Nigerians
The Federal Government on Tuesday said it had reinstated the suspended social investment programme, disclosing the scheme would provide direct payments to 75 million Nigerians in 50 million households to reduce the suffering of citizens, especially vulnerable groups.
It stated that the cash transfer programme was overhauled to tackle fraud.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this at the ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.
On January 12, Tinubu suspended all the programmes administered by the National Social Investment Programme Agency for six weeks, as part of a probe of alleged malfeasance in the management of the agency and the scheme.
The president also suspended Betta Edu as the minister of Humanitarian Affairs and Poverty Alleviation on January 8. Edu’s ministry supervises the operations of the NSIPA.

The intervention programmes affected include the N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.
On March 13, the House of Representatives asked the federal government to resume the implementation of the suspended social investment initiatives.
To revamp the programme, Tinubu approved the establishment of a Special Presidential Panel, led by Edun to carry out an intensive review and audit of the existing financial frameworks and policy guidelines of the social investment programmes.
Giving an update on the steps taken by the committee at the briefing, the finance minister stated that the government had decided to restart the programme to provide succour for poor Nigerians.
Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.
“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”
Food inflation
The National Bureau of Statistics in its April CPI report, said Nigeria’s 33.69 per cent inflation rate was largely driven by food inflation which stood at 40.53 per cent in April, 2024.
Nigerians have continued to lament the steady rise in the prices of goods and services partially fuelled by the removal of petrol subsidies.
But, the minister said with 30 per cent of the world affected by issues of food security, agriculture would play a critical role in addressing global food insecurity.
He stated, “Food security is a worldwide issue, affecting 30 per cent of the world’s active population, and Nigeria is no exception. As I mentioned earlier, agriculture is critical, and success in this area is crucial. Efforts are being redoubled, with N200bn provided by the Ministry of Finance towards an intervention program.
“Just today (Tuesday), we met with the social investment prudential panel and development partners to discuss the President’s emergency plan for food security. We talked about advancing this issue and providing food, nutrition, and security, and this area will receive more attention in the coming weeks. The economy is growing at 2.98 per cent in the first quarter of this year, higher than the population growth rate and last year’s growth rate. Agriculture has the potential to help move the economy forward and reduce inflation.”
Speaking further, the minister stated that the federal government had initiated direct payments to contractors, suppliers, and vendors engaged by the government, evidently aiming to curb corruption in business dealings.
He explained that this measure would guarantee the prudent and accountable expenditure of the nation’s wealth.
Edun also revealed that the government was set to roll out an Economic Emergency Plan that would be implemented in the next six months. The plan, he explained, would help stabilise the economy and set the country on the path of growth.
He explained, “A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably. The government has played a role in helping states in attracting cheap funding and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.
“The government is committed to counterbalancing the negative effects of economic reforms with interventions across the social spectrum. Infrastructure is key to growing the economy, building employment, and creating multiplier effects throughout the economy. A fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian and we are working to attract cheap funding for states and process projects at the community level.”
He added, “And as it was mentioned earlier, the pivot thing to CNG is a government policy not just for vehicles but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.
“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments. We expect $7bn worth of investment that has been sitting on the sideline to now come; similarly, in other sectors.
“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”
Speaking on economic reforms, the finance minister announced that Nigeria has sufficient resources to pay its debts, both domestically and internationally, without strain.
According to him, this is a significant improvement from the previous situation where the government struggled to pay its way through implementing technological change procedures.
The minister said the revenue of the Federal Republic “has been totally revamped, rejuvenated, and increased substantially” due to the implementation of macroeconomic reforms and the restart of the social investment program.
He said, “We met a situation where the government did not have enough money. The government was not able to pay its way through implementing technological change procedures, which does not just require the skill of the workforce but also the political will.
“However, we are now in a situation where the revenue of the Federal Republic of Nigeria has been revamped, related and increased substantially. What did mean is that the government can now pay its way the government is paid is debt service without resulting to Ways and Means, particularly into debt service, the obligations domestically are now being paid.”
This has put the government in a comfortable position to service its debts and meet its financial obligations.
Edun also highlighted the improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.
This, combined with the paying up of a $200m shareholding with the Islamic Development Bank, has built confidence and allowed Nigerians to take their rightful place at the table.
“The process that has been put in place is one that we are mandated not just by Mr President, but even the National Assembly passing the 2024 budget insisted that Nigeria’s money that was in the hands of parastatals agencies, or other enterprises needed to be brought in properly and that has been done which puts the government now in a comfortable situation as we would like to where we pay our way domestically internationally.
“There is a whole host of debt that we met. We owe Islamic Development Bank $200m in shareholding, this is not in terms of loans but in terms of shareholding, our subscriptions. These were things that did not allow the confidence to be built and did not allow Nigerians to have that pride of place when they sit at a table when they travel and they owe money. All these are things of the past now,” he said.
The minister emphasised the importance of infrastructure in growing the economy, building employment, and creating multiplier effects throughout the economy.
A fund has been set up to provide institutional long-term support to support housing construction and low-interest mortgages for the average Nigerian.
He added that the companies that exited Nigeria were not to be blamed on the current government.
He said, “Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more, he said.
“For the economy we have inherited, we have pointed out how seriously all obligations, both international and domestic, are being paid. This is being done because the revenue, which the company covers on behalf of Nigerian workers, is being diligently brought in. It is being monitored, collected, and accounted for. As I leave here, I am a member of the National Minimum Wage Committee and Tripartite Committee, and I chair the subcommittee on implementation documentation of the last minimum wage.
“In assessing and analysing the implementation of the 2019 award, we came across people in the private sector, particularly nationals in the south, who asked, ‘Why are you not rescaling?’ Please go and look at the law; it is not a scale, it is a minimum, and it is not mandatory to be anything other than that minimum. We hope to quickly bring discussions to a conclusion on this matter. This is one of the items on our minds, as this is a minimum wage for both the private and public sectors, and it is the law of the land. We need to be guided by discussions, stations, and expectations.
“Mass transit vehicles are being produced, and I have even driven one of them, which will provide us with, for example, a bus that used to be fueled for 50,000 naira will now be fueled with 15,000 naira. That is the kind of change and improvement that is on the way.” (The PUNCH)
News
Man Arrested Over Alleged Rape, Killing of Young Girl in Imo
A man reportedly from Uburu in Ebonyi State has been arrested in Ikpeze, Okigwe Local Government Area of Imo State, over the alleged rape and killing of a young girl from the Onuoha family.
According to reports, the suspect allegedly raped the girl before killing her and dumping her body in a nearby bush.
The incident has sparked concern among residents, with many calling for a thorough investigation to establish the circumstances surrounding the young girl’s death and ensure that justice is served.
The identity of the suspect and other details surrounding the incident have yet to be fully disclosed.
As of the time of filing this report, the Imo State Police Command had yet to issue an official statement on the incident.

Further details are expected as investigations progress.
UPDATE: Young Woman Umuora Mmesoma, Reportedly Killed by Ex-Boyfriend in Anambra, Buried
Meanwhile, Umuora Mmesoma, a young woman reportedly killed by her former boyfriend in Uga, Anambra State, has been laid to rest.
Mmesoma was reportedly declared missing on Friday, October 16, 2026, before her body was later discovered.
According to accounts circulating on social media, her former boyfriend, identified as Chima, allegedly killed her following the end of their relationship.
The suspect reportedly confessed to the crime, claiming that he killed Mmesoma in his house, placed her body inside a bag and dumped it at another location.
Her burial has left family members, friends and loved ones mourning the tragic loss of a young life.
Business
Binance Halts Withdrawals After Reported $6.3bn Crypto Hack
Binance, the world’s largest cryptocurrency exchange, has temporarily suspended deposits and withdrawals following a major security breach reportedly involving about $6.3 billion in digital assets.
The exchange said its preliminary investigation indicated that an attacker may have gained unauthorised access to its systems through a compromised laptop belonging to an engineer.
In a statement released on Thursday, Binance disclosed that it was working with blockchain intelligence firms, cryptocurrency issuers and law enforcement agencies to investigate the incident and recover the affected assets.

“The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with $3 billion frozen on-chain so far,” the company said.

Binance explained that its initial findings suggested the attacker had compromised a DevOps engineer’s laptop, potentially enabling access to a service container through which unauthorised withdrawal transactions were submitted.
However, the exchange said it had found no evidence that private keys, which provide access to cryptocurrency wallets, had been exposed.
The company subsequently suspended deposits and withdrawals while its security team conducted checks and worked to contain the incident.
“Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe,” Binance said in a post on X.
North Korean Hackers Suspected
Blockchain intelligence firm TRM Labs has linked the incident to TraderTraitor, a cybercrime operation associated with North Korean hackers.
If the reported losses are confirmed, the incident would rank as the largest cryptocurrency theft on record, surpassing the $1.5 billion cryptocurrency theft from the Bybit exchange in 2025, which was attributed to North Korean hackers.
However, investigations into the Binance incident are ongoing, and the full circumstances surrounding the attack have yet to be conclusively established.
The incident has renewed concerns about the vulnerability of cryptocurrency platforms to cyberattacks, particularly those involving compromised employee devices and unauthorised access to internal systems.
Tether, Circle Freeze Funds
Major cryptocurrency companies have moved to limit the potential losses by freezing digital assets believed to be connected to the incident.
Tether Chief Executive Officer Paolo Ardoino said the company had frozen approximately $1.5 billion in USDT, its dollar-linked stablecoin.
Circle, the issuer of another major stablecoin, also reportedly froze about $800 million in assets amid reports of a potential security breach at Binance.
Binance said the amount of frozen funds could increase as investigators and industry partners continue tracing transactions across different blockchain networks.
The exchange is working with relevant stakeholders to identify the movement of the affected assets and prevent further transfers where possible.
Bitcoin, BNB Prices Fall
The reported security breach triggered a negative reaction in the cryptocurrency market, with major digital assets recording significant declines.
Bitcoin fell by approximately four per cent to $77,229 in the hours following reports of the incident.
BNB, the native token of the blockchain ecosystem developed by Binance, also dropped by about 7.5 per cent.
The price movements reflect investor concerns about the potential consequences of a major security incident at a leading cryptocurrency exchange.
Binance, which was established in 2017, reportedly holds approximately $140 billion in digital assets, making its security arrangements and ability to protect customer funds significant to the wider cryptocurrency industry.
CZ Says Customer Funds Should Be Covered
Binance co-founder and former chief executive, Changpeng Zhao, popularly known as CZ, also commented on the incident.
Although he stepped down from management of the exchange in 2023 following a settlement with United States authorities over anti-money-laundering compliance failures, Zhao said he expected customer funds to be protected.
As a shareholder, he expressed confidence that users would not ultimately bear the financial losses associated with the incident.
Binance has also indicated that it would cover eligible customer losses using its own resources, including its Secure Asset Fund for Users (SAFU), an emergency fund established to provide an additional layer of protection for customers.
The company’s final assessment of the losses and the extent of customer exposure will depend on the outcome of the ongoing investigation.
Polymarket Reports Separate Security Incident
The Binance incident emerged just hours after Polymarket, a popular prediction market, reported a separate security issue involving one of its third-party service providers.
Polymarket temporarily suspended trading after discovering that the provider had been compromised, potentially exposing some users to unauthorised activity involving their accounts.
The platform said it had referred the matter to law enforcement and promised to compensate affected users.
The two incidents have raised fresh questions about the security of cryptocurrency trading platforms and the risks associated with third-party technology providers.
In recent years, cryptocurrency exchanges and decentralised finance platforms have repeatedly been targeted by hackers seeking to exploit vulnerabilities in software, digital wallets and internal security systems.
Crypto Industry Faces Growing Security Threats
The reported Binance breach comes amid continuing concerns over cryptocurrency theft and the growing sophistication of cybercriminal operations.
According to blockchain analytics firm Chainalysis, North Korean-linked hackers stole approximately $2 billion in cryptocurrency in 2025, representing a 50 per cent increase from the previous year.
In another major incident, hackers reportedly stole about $280 million from the Drift cryptocurrency exchange in April.
The latest developments have highlighted the importance of stronger cybersecurity controls, effective monitoring of employee devices, rapid detection of suspicious transactions and cooperation between cryptocurrency companies and law enforcement agencies.
For Binance, the immediate priority remains containing the incident, tracing the affected funds and establishing the full extent of the losses.
The company is expected to release a detailed technical report after completing its investigation and verifying the facts surrounding the breach.
News
Tinubu Arrives in Saudi Arabia for Umrah, Set to Return Next Week
President Bola Ahmed Tinubu has arrived in Saudi Arabia to perform Umrah, the Islamic lesser pilgrimage, as part of a religious visit to the Kingdom.
Tinubu arrived at the King Abdulaziz International Airport in Jeddah on Thursday evening, where he was received by Nigeria’s Ambassador to Saudi Arabia, Yakubu Gambo, and the Saudi head of royal protocol, Ahmad bin Thafir.
The President is expected to proceed to Makkah, the holy city where Muslims from across the world gather to perform the religious rites associated with Umrah.
According to the travel schedule, Tinubu is expected to return to Nigeria next week after completing the pilgrimage.
Umrah is a voluntary Islamic pilgrimage that can be undertaken at any time of the year, unlike Hajj, which takes place during a specific period in the Islamic calendar. The religious exercise involves a series of rites performed in Makkah and is regarded by Muslims as an opportunity for spiritual reflection, repentance and seeking Allah’s blessings.

The visit marks another religious journey by the President since assuming office on May 29, 2023.
Tinubu previously visited Makkah in November 2023, shortly after participating in the Saudi-African Summit in Riyadh, the Saudi Arabian capital. During that visit, he also performed Umrah and sought divine guidance for his administration and the affairs of Nigeria.
His latest trip comes as his administration continues to grapple with major national issues, including economic reforms, the cost of living, security challenges and efforts to stimulate investment and economic growth.
Although the visit is primarily religious, it also highlights the President’s continued engagement with Saudi Arabia, an important partner for Nigeria in areas such as energy, trade, investment and religious affairs.
Since taking office, Tinubu has undertaken numerous foreign trips involving bilateral meetings, multilateral summits, investment engagements and diplomatic visits across several continents.
The frequency of presidential foreign travel has also generated public discussion about the costs, benefits and outcomes of overseas engagements, particularly at a time when Nigerians are concerned about economic hardship and the need for improved living standards.
The Presidency has consistently maintained that international engagements are intended to strengthen Nigeria’s diplomatic relations, attract investment and advance the country’s economic and strategic interests.
Tinubu’s return next week is expected to mark the conclusion of the religious visit, after which he is expected to resume his presidential responsibilities in Nigeria.
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