Economy
Tinubu Lambasts Buhari Over Fall in Naira Value at Forex Market
By Aduragbemi Omiyale
The presidential candidate of the ruling All Progressives Congress (APC) in the February 25, 2023, election, Mr Bola Tinubu, has again criticised President Muhammadu Buhari for weakening the Naira in the foreign exchange (FX) market.
Speaking on Tuesday in Cross River State for his campaign, the former Governor of Lagos State said Mr Buhari’s administration had bastardised the Naira’s value from N200 to a Dollar he met the rate in 2015 to nearly N800/$1 at the moment in the parallel market.
“They (the government of Mr Buhari) moved the exchange rate from N200 to N800 (in the black market).
“If they had repaired it, if they have arrested this, we won’t be where we are today. We will have been greater.
“They don’t know the way, they don’t know how to think, they don’t know how to do [it],” Mr Tinubu, who clinched the party’s ticket for the exercise, said.
This is not the first time the seasoned politician has slammed President Buhari openly.
Recall that a few days before the APC presidential primary in Abuja, he claimed to have helped Mr Buhari chase the opposition Peoples Democratic Party (PDP) from Aso Rock in 2015 after past attempts without success.
He said this in Abeokuta, Ogun State, where he also returned to some days ago to accuse the government of working to frustrate his success at the polls later this month through anti-people policies.
“We will use our PVCs to take over government from them. If they like, let them create a fuel crisis; even if they say there is no fuel, we will trek to vote.
“They are full of mischief, they could say there is no fuel. They have been scheming to create a fuel crisis but forget about it. Relax, I, Asiwaju, have told you that the issue of fuel supply will be permanently addressed,” he said at the campaign rally.
“Whoever wants to eat the honey embedded in a mountain won’t worry about the axe. Is that not so? And if you want to eat palm kernel, you would bring a stone and use it to break it; then the kernel will come out. It’s not easy to…
“Let them increase the price of fuel, let them continue to hoard fuel, only them know where they have hoarded fuel, they hoarded money, they hoarded naira; we will go and vote, and we will win even if they changed the ink on Naira notes. Whatever their plans, it will come to nought,” he said.
By Dipo Olowookere
The local equity market maintained the bullish momentum on Wednesday, further appreciating by 1.69 per cent at the close of business.
The sustained appetite for stocks buoyed the growth reported by the Nigerian Exchange (NGX) Limited yesterday, although the buying pressure was on the energy and banking sectors, which gained 4.24 per cent and 3.15 per cent, respectively.
Business Post observed that selling pressure caused the insurance index to give up 1.33 per cent, the consumer goods industry to lose 0.20 per cent, and the industrial goods counter to shrink by 0.09 per cent.
But when trading activities came to an end, the All-Share Index (ASI) soared by 3,486.03 points to 209,317.41 points from 205,831.38 points, and the market capitalisation surged by N2.281 trillion to N134.773 trillion from N132.492 trillion.
The market breadth index was negative at midweek after the bourse ended with 35 price gainers and 37 price losers, showing weak investor sentiment.
Airtel Africa topped the advancers’ log after it chalked up 10.00 per cent to trade at N2,746.70. Aradel also appreciated by 10.00 per cent to N1,406.90, Ecobank grew by 9.98 per cent to N55.65, Trans-Nationwide Express improved by 9.89 per cent to N5.00, and Fortis Global Insurance jumped 9.82 per cent to N1.23.
Conversely, Austin Laz lost 9.77 per cent to close at N3.60, John Holt depreciated by 9.72 per cent to N13.00, CWG dropped 7.22 per cent to settle at N21.20, Conoil gave up 6.80 per cent to sell for N190.50, and Omatek decreased by 5.48 per cent to N2.07.
Zenith Bank led the activity with 73.3 million shares worth N8.8 billion, Tantalizers traded 56.5 million equities valued at N220.4 million, UBA sold 49.9 million stocks for N2.3 billion, Access Holdings exchanged 38.1 million shares worth N1.0 billion, and Secure Electronic Technology transacted 32.7 million equities valued at N31.7 million.
In general, investors bought and sold 706.4 million stocks worth N41.9 billion in 46,231 deals during the session versus the 569.3 million stocks valued at N32.3 billion traded in 45,777 deals on Tuesday, indicating an improvement in the trading volume, value, and number of deals by 24.08 per cent, 29.72 per cent, and 0.99 per cent, respectively.
By Adedapo Adesanya
Crude oil marginally appreciated on Wednesday as ongoing worries about supply disruptions offset comments by US President Donald Trump that the war in Iran could be over soon.
Brent futures rose 14 cents or 0.1 per cent to $94.93 a barrel, while the US West Texas Intermediate (WTI) futures gained one cent to settle at $91.29 per barrel.
It was reported that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict.
Iran’s Revolutionary Guards declared the strait closed more than 40 days ago, effectively shutting in about 20 per cent of global oil and LNG shipments. Transit through the waterway remains at only a fraction of the 130-plus daily crossings before the war.
Also, the US has enacted a blockade of shipping leaving Iranian ports that its military said has completely halted trade going in and out of the country by sea.
US Treasury Secretary Mr Scott Bessent said the US will not be renewing the waivers that allowed the purchase of some Iranian and Russian oil without facing sanctions.
Finance ministers from almost a dozen countries, led by Britain, called on the US, Israel and Iran to implement their ceasefire in full and said the conflict would weigh on the global economy and markets even if it was resolved soon.
Meanwhile, President Trump threatened to fire Jerome Powell from his separate seat on the US central bank’s Board of Governors if the Federal Reserve chair does not vacate that post as well when his term as chairman ends on May 15.
Analysts worry that involving more politics in interest rate decisions could reduce the Federal Reserve’s ability to control inflation. President Trump wants the US central bank to cut rates, which would reduce consumer costs and could boost economic growth and demand for oil.
The International Monetary Fund (IMF) expects at least a dozen countries to seek new loan programmes to cope with surging energy prices and supply chain disruptions caused by the Middle East war.
Japan said it would establish a financial framework worth about $10 billion to help Asian countries procure energy resources and bolster their stockpiles.
Crude oil inventories in the US decreased by 900,000 barrels during the week ending April 10, according to new data from the US Energy Information Administration (EIA) released on Wednesday. This follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories saw a build of 6.10 million barrels in the period.
By Adedapo Adesanya
The Minister of Finance, Mr Wale Edun, says Nigeria’s crude oil production has risen to 1.8 million barrels a day, contrasting with available production data.
Speaking in an interview with Reuters on Wednesday on the sidelines of the International Monetary Fund and World Bank Group spring meetings in Washington D.C., the Minister said the current oil output would generate fiscal breathing space that will allow the government to support vulnerable households as it ploughs ahead with reforms.
Nigeria, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC), is Africa’s largest oil producer.
Mr Edun said rising crude production was positive for Nigeria’s revenue, foreign exchange and the country’s fiscal situation.
“It gives us that extra fiscal space within which to look at … helping the vulnerable households at this time,” he told the publication, noting that support would be targeted, adding “there is no thought of any return or retardation to broad untargeted subsidies.”
Mr Edun also said the Bola Tinubu-led administration was also committed to continuing its reform programme.
“Nigeria is in a position where the resilience that has been built in the economy is actually very obvious for all to see,” he said.
Despite the 1.8 million barrels per day figure claim, Business Post reports that production data for March 2026 from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that Nigeria attained 1.546 million barrels per day, made up of 1.382 million barrels per day of crude, 42,809 barrels per day of blended condensate and 120,442 barrels per day of unblended condensate.
The average crude production represents 92 per cent of the OPEC quota, which is fixed at 1.5 million barrels per day.
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