
News
Buhari spent $1.5bn monthly to defend Naira, borrowed massively to cover costs
The Presidency on Sunday pushed back on claims that Nigeria is going through the worst economic crisis in a generation caused by the policies of President Bola Tinubu, pointing out that the administration inherited the problems.
In a rejoinder to a New York Times (NYT) article titled “Nigeria Confronts Its Worst Economic Crisis in a Generation,” published on June 11, the presidency highlighted the causes of the economic woes and the efforts by the present administration to stem the tide.
According to the rejoinder written by Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy and made available to correspondents on Sunday, fuel subsidy regime had gulped $84.39 billion between 2005 and 2022 while the Nigeria National Petroleum Company Limited (NNPCL) amassed trillions of naira in debts for absorbing the unsustainable subsidy payments.
The rejoinder asserted that last the administration had spent the sum of $1.5 billion monthly to defend the naira. It said with the past administration servicing debts with up to 97 percent of its revenues amid serious infrastructure deficit, it resorted to massive borrowing to cover costs.
The presidency stated the NYT reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.
According to it, most significant about the report is that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration.

It said the report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments. The presidency added: “To be sure, President Tinubu did not create the economic problems Nigeria faces today. He inherited them.
“As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela. This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.
“For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens. The state oil firm, NNPC, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books.
“By the time President Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023. The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure.
“The previous government had resorted to massive borrowing to cover such costs. Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.
By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank.
What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.
“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.
“After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year.
“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors. When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake.
“With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.
“The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.
“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.
“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice.
“The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture. With all the plans being executed, inflation, especially food inflation, will soon be tamed.”
The presidency was of the view that Nigeria is not the only country in the world facing a rising cost of living crisis.
“The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.
“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon,” it pointed out.

News
How Businessman Lucky Adimike was stabbed to death by his son – Sources
Businessman Chief Lucky Adimike, also referred to as Lucky Godwin Adimike, was allegedly stabbed to death by his 19-year-old son in Abuja.
The incident is said to have happened after an argument at their home in Guzape.
A report says the son, who was reportedly keeping late nights and returning from a night club allegedly stabbed him multiple times and is currently in police custody while investigations continue.
The police reportedly confirmed that a homicide investigation is ongoing.
The incident allegedly happened at his residence in Guzape, Abuja.
He was described as a businessman and electrical dealer.
Sources claimed there was an argument between him and his son, reportedly a nightcrawler, in which he scolded him to be more serious with his studies and life instead of roaming aimlessly, spending lavishly and getting into substance abuse.

The disagreement allegedly also involved money, lifestyle expectations, and accusations about business funds.
Police reportedly found him injured after a distress call and later confirmed him dead at the hospital.
The Nigeria Police Force reportedly said several people, including a relative, were taken into custody while investigations continue.
Why youth corps member stabbed billionaire father dead -Associate
Friday, May 15, 2026, will linger in the memories of family members of the late multi-billionaire business tycoon, Chief Godwin Adimike, as the day he was allegedly killed by his 21 -year-old son.
Chief Adimike, popularly known as Egonaejeije Na Awka-Etiti, was killed in the early hours of that fateful day at his Number 3, Hassan Adamu Street, Guzape home in the Federal Capital Territory (FCT), Abuja.
Findings revealed that Adimike, a native of Awka Etiti in Anambra State, a major figure in Nigeria’s electronics and import business, was renowned for his strong presence and influence at the Alaba International Market in Lagos.
Having built a vast business empire over the decades, he was widely respected as one of the leading merchants in the popular market.
Findings revealed that Adimike was killed by his son, a member of the National Youth Service Corps (NYSC), on that night following a heated argument at their Guzape home.
When our correspondent visited the Guzape home of the deceased on Friday, the premises were cordoned-off with security operatives still carrying out forensic analysis in his apartment.
One of his close friends resident in Abuja and pleaded anonymity told our correspondent that Adimike owned houses in Lekki, Lagos and in Guzape and Maitama, Abuja, frequently shuttling between the two cities for his business interests.
He explained that the news of the incident reached the union after reports emerged that the businessman was allegedly stabbed three times by his son, who had returned from a club before the confrontation.
He said: “We received news that one of our members, one of the big boys in the market, was involved in a tragic incident. He is an importer, a major dealer, and also involved in real estate.
“He travelled to Abuja to see his first son who is working there as a youth corps member and also manages some of his father’s real estate business.
“Godwin shuttles between Abuja and Lagos because of his business.
“We were told that his son went to a club and later returned to his Guzape home, one of the estates he manages for his father.
“Apparently, a heated argument ensued after the son confronted his father about being unfair with money, citing how some of his friends’ fathers, who are not as wealthy, buy cars for their children.
“Following the confrontation and an argument over mismanagement of business funds, the son allegedly stabbed his father three times in different parts of the body as seen in the body of the deceased.
“The boy is currently in police custody in Abuja, and the wife of the deceased has also been invited for questioning”.
Adimike belongs to the Electrical Dealers Association of Nigeria (EDAN).
A neighbour, who also pleaded anonymity, said: “It was my husband that his son called at about 1am that day that he should come and see his father on the floor.
“When my husband got to their apartment, because we have six flats here, our own is the first while Adimike’s own is the second. My husband got there and saw Adimike on the floor, and he was the one that called the police. The son did not call the police.
“That day, the son was with two ladies and another of his friends.”
Another neighbour described the incident as unfortunate, saying: “That night to the following morning, there is a dog in the neighborhood that barks whenever there is a stranger.
“But that day, the dog did not bark, and this tells a lot about the situation.
“My prayers are that the police should do their investigation and come out with results. This is not funny.”
Details of the incident remain sketchy as investigations are ongoing. The motive behind the incident is yet to be established by the police.
The death of Adimike has left many people in deep shock and mourning. A man widely known for his generosity, kindness and support for the less privileged, whose name echoed across Awka-Etiti and beyond because of his philanthropic lifestyle.
Another close friend said: “What an abomination and painful tragedy. A man known for helping widows, supporting the church, empowering people and touching lives positively did not deserve such an ending.
“This heartbreaking incident is a reminder that anger, lack of self-control and family conflicts can destroy lives within seconds.
“It is also a painful lesson that wealth, fame, and influence cannot replace peace at home.
“The entire Awka-Etiti community, friends, business associates and loved ones are mourning the fall of a great iroko tree.”
Many people who knew him described him as a humble and cheerful giver whose doors were always open to the needy.
During the COVID-19 period, he reportedly distributed food items and cash worth millions to members of his community in Awka-Etiti, showing his heart for humanity and the welfare of others.
It will be recalled that the FCT Police Command on Tuesday issued a statement confirming the incident and the arrest made.
FCT Police Public Relations Officer, SP Josephine Ade, said the police had commenced investigation into the death of Adimike, whose body was discovered following a distress call from concerned persons.
Reacting to the incident, Adeh said the police responded to the report and discovered the victim lying injured in a pool of blood at his residence.
Adeh said he was immediately rushed to Karu General Hospital where doctors on duty confirmed him dead.
“Following the incident, the police swung into action and arrested five suspects, including a relative of the deceased, as part of ongoing investigations.
“The Commissioner of Police, FCT Command, Ahmed Muhammed Sanusi, ordered a discreet investigation into the circumstances surrounding the death.
“The Command urged residents to remain calm and cooperate with investigators by providing any useful information that could assist the investigation,” Adeh said.
As of Friday, Adeh told our correspondent that investigation was still ongoing. “I would not want to disclose any information now till we conclude our investigation. This is a very serious case,” he said.
While all of these are unfolding, the family members issued a statement over the circumstances surrounding his death, frowning at growing speculations and unverified claims over the tragedy.
In a statement issued on Wednesday and signed by the Adimike Family, a copy of which was obtained by THE NATION, the family cautioned the public against what it described as misinformation, speculation and false narratives circulating across social media and some news platforms regarding the gruesome killing of the businessman.
The family said many of the claims being circulated about the circumstances surrounding Adimike’s death were speculative, misleading and unsupported by facts emerging from the ongoing police investigation.
“The Adimike Family of Awka Etiti, Anambra State, wishes to strongly caution the public against the growing wave of misinformation, speculation and false narratives being circulated across social media and certain news platforms regarding the tragic circumstances surrounding his death,” the statement said.
The family stressed that contrary to widespread reports, no official determination had been made regarding the identity of the perpetrator or the brains behind the killing.
“As of this moment, no official determination has been made regarding the identity of the perpetrator(s), and the family considers it irresponsible and deeply hurtful for individuals and platforms to spread unverified allegations and assign blame without evidence,” the statement added.
The family further appealed to members of the public and media organisations to avoid sensational reporting and allow law enforcement authorities to conclude investigations professionally.
“The family respectfully appeals to the public and media organisations to refrain from sensationalism, allow the police to conclude their investigations professionally, and keep the family in prayers during this difficult period,” it stated.
News of Adimike’s death had sparked widespread reactions after reports emerged alleging that the prominent businessman and philanthropist was killed inside his Abuja residence following a domestic altercation.
However, the family’s statement appears to push back against what it described as premature conclusions while police investigations continue.
Our correspondent also saw a viral audio sound of the deceased’s wife crying and saying in Igbo language that she is being accused of killing her husband.

News
DISCLAIMER: NDC disowns John Paul Anih
…Says he’s neither Enugu State Chairman, nor represents NDC
The attention of the National Working Committee (NWC) and entire leadership of the Nigeria Democratic Congress (NDC) has been drawn to the nefarious activities of a certain John Paul Anih who is purporting to be the Enugu State Chairman of NDC, there by impersonating the authentic and legally recognised Enugu State Chairman, in the person of Engr. Ibuchukwu Obeta.
Apart from impersonating our state Chairman, the said Mr. John Paul Anih, we learnt also conducted a kangaroo state Congress where he allegedly installed himself as state chairman. He has also approached a court in Enugu, seeking to compel NDC to recognise him as our state Chairman for Enugu State.
Mr. John Paul Anih did not stop at that. While his case is yet to be heard, he went ahead to forge and reproduce copies of the NDC Expression of Interest Forms which he sold to unsuspecting prospects.
The NDC hereby warns unsuspecting members of the public that Mr. John Paul Anih does not represent the NDC in any category whatsoever, and whoever transacts any business with him on behalf of the NDC does so at his/her own risk.
Earlier today, we learnt that John Paul Anih has also seized the opportunity of the ongoing screening of aspirants by the party and set up what he called an aspirant screening Committee for Enugu State, which he is using to further defraud and extort some gullible politicians.
For the avoidance of doubt, the National leadership of the NDC has set up screening committees to screen aspirants for the state houses of assembly across the 36 states of the Federation. The three-man team for Enugu State comprises the following:

Hon. Sylvester O. Nwankwo – Chairman
Barr. Ifeanyi Emmanuel Agbom- Secretary
Ngene Helen Funmilola – Member
Any other person outside of the above mentioned, purporting to be a member of the Enugu State House of Assembly aspirants screening Committee is a fraud and should be treated as such.
We reiterate that John Paul Anih is a fraud, does not represent the NDC, and is not by any stretch of the imagination, the Enugu State Chairman of NDC.
Signed:
Osa Director Esq.
National Publicity Secretary,
Nigeria Democratic Congress (NDC)

News
Supreme Court restrains FG from controlling waterfront lands in states, voids parts of NIWA Act
The Supreme Court has delivered a landmark constitutional judgement limiting the federal government’s powers over lands adjoining inland waterways across the country, declaring portions of the National Inland Waterways Authority (NIWA) Act unconstitutional.
In a major victory for Lagos State in Suit No. SC/CV/541/2025, the apex court held that Sections 12 and 13 of the NIWA Act are invalid to the extent that they empower the federal government to regulate and control lands adjoining waterways for purposes unrelated to navigation, maritime activities and fishing.
In addition to Lagos, other states that joined the suit against the federal government were Bayelsa, Akwa Ibom, Ogun, Cross River, Kaduna, Enugu, Ebonyi, Ekiti, Benue, Rivers, Osun, Oyo and Anambra.
Lagos State’s legal team was led by the State’s former Governor, Babatunde Raji Fashola SAN, alongside Olasupo Shasore SAN, and Muiz Banire SAN, while the federal government was represented by Akin Olujinmi SAN.
The court affirmed that state governments retain constitutional authority over adjoining lands used for non-navigational purposes, thereby restricting the federal government and the NIWA from exercising sweeping control over such areas.
The seven-member panel of the court, led by Justice Mohammed Lawal Garba, also issued a perpetual injunction restraining the federal government from dealing with lands adjoining waterways within Lagos State and other states of the federation for non-navigational purposes.

The matter was determined by a panel comprising Justices Garba, Emmanuel Akomaye Agim, Chidiebere Nwaoma Uwa, Haruna Simon Tsammani, Stephen Jonah Adah, Abubakar Sadiq Umar and Mohammed Baba Idris. Justice Umar, read the lead judgment.
Although the court was unanimous on most issues, the decision recorded a 5-2 split on the constitutionality of Sections 10 and 11 of the NIWA Act.
Justices Agim and Idris dissented on some aspects of the decision, maintaining that Lagos State ought to have succeeded on additional reliefs relating to federal control over waterways.
Lagos State had approached the Supreme Court under its original jurisdiction, challenging the constitutional validity of several provisions of the NIWA Act.
The state argued that the National Assembly exceeded its constitutional authority by enacting provisions empowering the federal government and NIWA to exercise control over lands adjoining waterways within states.
Specifically, Lagos contended that Sections 10, 11, 12 and 13 of the NIWA Act conflicted with Sections 4 and 315 of the Constitution, the Land Use Act, and Items 36 and 64 of the Exclusive Legislative List.
The state further argued that the federal government could not validly exercise powers over inland waterways that had not been designated as international or interstate waterways by the National Assembly.
Lagos also maintained that the federal government lacked constitutional authority to regulate lands adjoining waterways for purposes unrelated to navigation.
The state sought multiple declarations and orders nullifying the disputed provisions and restraining federal authorities from exercising control over adjoining lands within its territory.
Before delving into the substantive issues, the Supreme Court first considered preliminary objections filed by the federal government and other defendants challenging the jurisdiction of the court. The objections were dismissed for lacking merit.
The court subsequently proceeded to determine the constitutional questions raised in the suit.
One of the key issues addressed by the court was whether the case had already been settled in the earlier dispute between NIWA and the Lagos State Waterways Authority (LSWA).
The defendants had argued that the doctrine of res judicata applied because the issues had been determined in the earlier NIWA v. LSWA decision.
However, the Supreme Court rejected the argument, holding that the present suit was distinguishable from the earlier case and therefore not barred.
That finding cleared the way for the court to fully examine the constitutional validity of the disputed provisions of the NIWA Act.
In its substantive findings, the court held that Sections 12 and 13 of the NIWA Act went beyond the constitutional powers granted to the National Assembly.
The apex court ruled that while the federal government possesses authority over navigation, maritime activities, fishing and international waterways, those powers do not extend to general control over lands adjoining waterways within states.
The court held that the National Assembly acted ultra vires by attempting to regulate adjoining lands for purposes outside navigation-related activities.
Accordingly, the court declared Sections 12 and 13 unconstitutional to the extent of their inconsistency with the Constitution.
The court specifically held that the federal government cannot rely on those provisions to deal with lands adjoining waterways for non-navigational purposes.
The judgment is expected to have far-reaching implications for waterfront development, land reclamation, urban planning, environmental regulation and revenue generation in Lagos and other coastal states.

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