
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
₦1.08tn budget for Cooperative College Enugu is another move to defraud Nigerians — Atiku
Former Vice President Atiku Abubakar has described the 2026 Appropriation Act as compromised, following revelations that the Federal Cooperative College, Oji River, Enugu State, was allocated ₦1.08 trillion to execute 2,791 capital projects across the 36 states and the Federal Capital Territory FCT.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress ADC presidential candidate commended Tracka for an independent analysis he said exposed one of the most troubling cases of budget distortion under the Tinubu administration.
Atiku said the disclosure undercuts the Presidency’s insistence that painful reforms, higher taxes and heavy borrowing reflect prudent economic management.
“Nothing exposes the hollowness of that claim more than a budget that turns a federal cooperative college into one of Nigeria’s largest project-implementing agencies,” he said.
He argued that the allocation defies logic, public finance principles and the institution’s statutory mandate, questioning how a college established to promote cooperative education became responsible for roads, drainage systems, solar streetlights, markets, football pitches, dialysis centres, ambulances, water schemes, recycling plants, empowerment programmes and thousands of other projects nationwide.

“Who decided that a cooperative college should become one of Nigeria’s biggest ministries by stealth? Under what law was it transformed into the implementing agency for 2,791 projects? Who nominated these projects, who approved them, who will supervise them, and who will be held accountable?” he asked.
The former Vice President said the revelations undermine the administration’s claim of fiscal discipline, accusing the government of running what he called a medieval financial system.
“In a constitutional democracy, however, the treasury belongs to the Nigerian people, not to the President or his cronies,” he said.
He contended that a government demanding sacrifice from citizens while channeling such a large sum through an institution without the capacity to execute it cannot claim to be managing resources prudently.
“A government that plans to spend ₦1.08 trillion through a cooperative college cannot claim to be fighting waste or promoting fiscal discipline. It looks less like governance and more like a blueprint to defraud Nigerians”, he declared.
News
No tension in Nkanu Land, Says Jim Nwobodo; Clears the air on Enugu Estate land dispute
Former governor Jim Nwobodo has dismissed reports of tension in Nkanu land, clarifying issues surrounding the Enugu estate land dispute and urging the public not to be misled by false narratives.
Nwobodo, a former Governor of old Anambra State and Senator that represented Enugu East at the National Assembly between 1999 and 2003, laughed off a report claiming the presence of “uneasy calm” in his Nkanu community over a land dispute.
The elder statesman and one of the two surviving governors of the 1979-83 set of governors, dismissed the report with a wave of the hand. He described it as part of the orchestrated campaign to smear his name by one Basil Ogbuanu, who is battling a criminal case in court.
Nwobodo, an octogenarian, was reacting to a story published in ThisDay newspapers on Sunday, August 2, 2026, describing how “tension has enveloped Nkanu land in Enugu State as prominent indigenes of the area are sharply divided over the demolition of buildings belonging to a Lagos-based businessman and investor, Dr. Basil Ogbuanu, inside an Estate at the Independent Layout, Enugu.” Nwobodo, who celebrated his 86th birthday in May this year, wondered in which part of Nkanu land such tension existed.
His words: “Anybody talking of tension or uneasy calm in Nkanu, is talking nonsense. That person is a big liar. Nkanu is not somewhere in a cave or some undiscovered place in the earth planet. It is existing as a prominent community in Enugu State. Where is the tension that nobody else has heard of except the one man running from pillar to post in a futile attempt to save himself from the criminal case for which he is now being prosecuted by the police?

“There is absolutely no tension anywhere in Nkanu land. Nobody from Nkanu has ever intervened or spoken to me about Ogbuanu. I challenge Ogbuanu to mention the name of anybody from Nkanu or elsewhere who has spoken to me about the Ogbuanu. That is because of his troublesome character and disrespect for law and order. This barefaced lie about Nkanu land has shown the character of the so-called Pastor.”
The elder statesman, who maintained that Ogbuanu’s problem was self-inflicted, acknowledged that the issue with him started when he (Ogbuanu), began to unravel after purchasing a piece of land from a choice estate located at Independence Layout in the capital city, by going completely against the terms and agreement.
Explaining some of the details of the transaction and the development that followed, the former governor, who expressed regret over the matter, narrated how Ogbuanu, not only secretly went into the estate, before the paperworks were completed by the Enugu State Government, but also attempted to totally deface the ambience.
He said in a statement issued on Tuesday: “This was supposed to be a small estate with specific plan model of the prototype buildings. It was supposed to be a quiet ambience with few high-class residents. From the outset, I told him that the estate was not ready for physical structures yet and that nobody should start building until everything is ready. But this man used tricks on me to sign his papers on the ground that he needed it as evidence to his bank, who lent him money to purchase the land.
“This man did not only secretly move into the land, but guess what he was building – hostels – student hostels – in an environment that was supposed to be exclusive. This was after we had told him from the beginning that the land title required recertification in order to get a Certificate Of Occupancy because in 1975/76 when the land was gotten, the title then was a building lease. It was in1978 that the Land Use Act introduced the issuance of Certificate Of Occupancy.
“Secondly, because an estate has one global Certificate Of Occupancy, the subdivided plots will be issued with subleases, and that can only be done when the Certificate Of Occupancy that is being processed is finally issued. Thirdly, the format and contents of deed of subleases for an estate is quite different from that of a stand-alone plot, and we had reached out to the Ministry of lands and the Ministry of Housing for a format for estates.
“Fourthly, we had arranged for an architectural and layout designs for the estate that would be submitted for approval to the ministry of lands and the Enugu Capital Territory Development Authority (ECTDA), before any plot would be developed.”
Continuing, the former governor said: “As an elder statesman, I have always insisted on following the due process and getting all the required approvals from the relevant ministries before embarking on any construction. But Ogbuanu had a different plan which manifested with his lawlessness and disregard for authorities. We explained all these to Ogbuanu and to others who bought plots of land in the estate. We also made it clear that we would refund the full purchase price to any buyer who would rather not wait for these processes to be completed.
“Few days after our agreement to wait for the C Of O to be processed, Ogbuanu brought a power of Attorney and Deed which was prepared in the old company name, a company that had sold its interest and its title to the land to a different entity. He was told the futility and implication of having a document in the name of an entity that no longer have title to the land. He was reminded of our agreement to either wait for the recertification process with the ministry of lands to be completed or get his money back.
“Basil Ogbuanu told me and my wife that he borrowed money from a Nigerian bank and that the bank had asked him to bring evidence of what he spent the money on. My wife told him that she does not believe that a bank would lend him money without evidence of his net-worth and evidence of what he wants to spend the money on.”
Nwobodo said that Ogbuanu later called on the phone and said he cried all night “because the banks were chasing him and he had ran to me and my wife as parents to please help by giving him evidence for the banks to set him free.”
According to Senator Nwobodo, “When a pastor cried all night, then something serious must be happening. In my usual magnanimity, we agreed to sign his documents, but warned him to return them for the authentic and legal title documents.
“As soon as Basil Ogbuanu got those documents, he disappeared and his next move was to start building illegal structures in the form of hostels and a church – building mass houses in the form of commercial properties in a high brow, low density location. This was without any form of approvals from, the Estate, Ministry of Lands and Enugu Capital Territory Development Authority. We started receiving calls from other people who purchased plots in the Estate, complaining that Basil Ogbuanu was defacing the estate, and they all threatened to abandon their plots and leave the estate.
“They said they were scared of living with a miscreant in the same enclosed compound, especially in a small Estate. We got worried and reported to appropriate authorities, and unknown to us the Capital Territory Authority had, in the course of their usual checks, seen the illegality committed by Ogbuanu and marked it. Based on the barrage of complaints, the Capital Territory Authority visited the Estate again and marked “Remove” on the illegal structures, and that was when the structures were almost at a foundation stage. Ogbuanu ignored the several warnings from the authorities, and continued with his construction of illegal building, in defiance of all government warnings.
“That is the simple story.”
“Concluding, the elder statesman said: “Did Ogbuanu tell the world that I have been telling him from the beginning to come and take back his money, the full payment and that he has been running away? How come out of all the people that bought land in the estate he is the only one complaining? These are the questions Nigerians should ask him, particularly the media houses he has been running to in his desperate bid to smear my name.
“Whoever knows Basil Ogbuanu should tell him that I’m prepared to give him back his money, even if it is in public. Let him come and collect his money. I regret listening to those who persuaded me to have anything to do with him, because I was warned. But even at that, no amount of blackmail can make him build in that estate, and no amount of campaign of calumny will save him from his self-inflicted criminal ordeal.”
News
Police arrest four officers in Imo over viral video of suspect forced into vehicle boot
The Imo state police command says it has arrested four officers captured in a viral video seemingly manhandling and shoving a young man into the boot of a vehicle.
The incident occurred on Sunday, along Human Race Road in Nekede, Imo state.
In a statement, Henry Okoye, spokesperson of the command, said Audu Bosso, commissioner of police in the state, ordered an immediate investigation to establish the circumstances surrounding the incident.
“Preliminary findings revealed that the four personnel captured in the viral video comprised two police officers attached to the Nekede Divisional Headquarters and two Supernumerary Police Officers,” the statement reads.
“They were conducting an operation at a suspected drug trafficking location along Human Race Road, Nekede, during which two suspects were arrested.

“Substances suspected to be Cannabis Sativa were recovered from one suspect, who admitted to selling illicit drugs in the area.”
Okoye said the command condemned the officers’ conduct despite the outcome of the operation.
“Notwithstanding the outcome of the operation, the Imo State Police Command unequivocally condemns the unprofessional conduct of the personnel as captured in the viral video,” the statement added.
“The manner in which one of the suspects was arrested and forced into the boot of a vehicle is unacceptable, inhumane, and completely not in conformity with the Standard Operating Procedures, Code of Conduct, and professional ethics of the Nigeria Police Force.”
The police spokesperson said the case has been transferred to the State Criminal Investigation Department (SCID) for a detailed and impartial investigation.
He added that disciplinary procedures had commenced against the officers involved and that the outcome of the investigation would be made public upon completion.
Okoye said the commissioner of police reassured residents of the command’s commitment to combating crime “while ensuring that all policing operations are conducted professionally, lawfully, and with due respect for the rights and dignity of every individual”.
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