General
Minister Tasks Editors On Change Agenda
The Minister of Information and Culture, Alhaji Lai Mohammed, has commended the Nigerian Guild of Editors (NGE) for being part of the on-going determined efforts to tackle the various challenges facing the country, especially in the area of the economy.
Speaking at the All Nigerian Editors Conference (ANEC) 2016 in Port Harcourt on Thursday, the Minister however urged the Editors to do more by becoming the Champions of Change.
”Permit me to start my remarks by commending the Nigerian Guild of Editors for the well-thought-out theme for this 2016 Conference, which is ”Economic Diversification: Agriculture as an option for a prosperous Nigeria”. As you are all very much aware, Agriculture is one of the sectors we have identified in our economic diversification programme, aimed at moving the country away from a mono-product, oil-based economy, under our Change Mantra.
”It is therefore delightful that you have chosen to deepen the discourse by the choice of your theme for this conference. Even more impressive is the fact that Editors have taken up the challenge of contributing their quota to the ongoing efforts by this Administration to revamp the economy and return Nigeria to the path of sustainable growth and development,” he said.
Alhaji Mohammed however said the NGE in particular and the media in general must do more by becoming the Champions of Change
”What I am saying in essence is that while the media owes it as a duty to keep Nigerians well informed about the situation in the country, it must do so in context. We are not saying we should continue to lament about missed opportunities, the massive corruption or profligacy of the past, but is it is important for Nigerians to know where and when the rain started beating them, that no provision was made for any umbrella to shield them from the elements, and that indeed genuine efforts are now being made to turn things around.
”One of such efforts is the unprecedented massive investment in infrastructure – roads, railways, power, etc. Road Contractors have been mobilised to sites, many of them long abandoned. Any contractor who is not on site is waiting for the rains to stop, not due to lack of funds. The Administration has kick-started the programme to link all state capitals by rail. All these efforts are creating jobs and putting money in the pockets of Nigerians.
”We must give hope to our people, while also giving encouragement to those who are working non-stop to revamp our economy. In one country that failed to save for the rainy day like Nigeria did, citizens now have to cross to neighbouring countries to get essential commodities. The only reason we have averted such fate here is the committed, honest and disciplined leadership provided by President Muhammadu Buhari, the prudent management of the little resources that are accruing to the country now, thanks to the Treasury Singles Account, the unrelenting war against corruption, the rooting out of ghost workers and the increasing emphasis on agriculture that is sure to massively reduce our scandalously-high food imports in a short while,” he said.
The Minister said Nigeria’s economy is hard hit by the fall in the price of crude oil because the country failed to save for the rainy day, coupled with the fact that the country did not invest in infrastructure
”Nigeria has nothing to rely on to cushion the effects of the lost earnings. Many other oil producing countries and fellow OPEC members are faring better, because they saved for the rainy day. Saudi Arabia, with about one fifth of Nigeria’s population, has in foreign reserves about 600 billion dollars (which is 23 times what Nigeria has in foreign reserves). United Arab Emirates, with less than 10 million people, has 75 billion dollars in foreign reserves. Qatar, with 2.4 million people, has 36 billion dollars in foreign reserves. Even Angola, with just 24 million people, has about 25 billion dollars in foreign reserves.”
”Here in Nigeria, with oil selling consistently for over 100 dollars a barrel for many years, we simply failed to save for the rainy day, with the result that a country with a population of over 170 million today has just 26 billion dollars in foreign reserves. To compound this, the fall in the price of crude is having a ripple effect: the scarcity of forex, which has resulted from the oil price crash, means that industries are struggling to get forex to import raw materials and machinery. With falling imports, the Customs Service, which is another source of revenue, is collecting fewer duties. Taxation is also affected, as industries with no forex to import can neither employ more people nor produce more goods. Then, Nigeria has had to fight an existential battle to root out Boko Haram in the North-east,” he said.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has revealed that credit extended to the government rose by 65.6 per cent year-on-year to N39.6 trillion in April 2026 from N23.9 trillion in April 2025, driven by increased borrowing to finance the 2026 budget deficit.
In its latest Money and Credit Statistics, the apex bank showed that the federal government increased borrowing from domestic investors by 7.4 per cent to N8.1 trillion in the first quarter of 2026 from N7.5 trillion in the same period of 2025.
The CBN data also showed that credit to the private sector rose by 3.25 per cent to N80.6 trillion in April 2026 from N78.06 trillion in April 2025.
Consequently, net domestic credit rose by 17.8 per cent to N120.2 trillion in April 2026 from N102 trillion in the corresponding period last year.
Following the same trend, Nigeria’s broad money supply (M2) increased by 4.8 per cent YoY to N124.98 trillion in April 2026 from N119.2 trillion recorded in April 2025, reflecting improved liquidity in the financial system.
Further breakdown of the money supply components showed that currency outside banks declined by 12.2 per cent to N5.08 trillion in April 2026 from N5.7 trillion in the corresponding period of 2025, indicating increased use of banking channels and electronic payment systems.
However, demand deposits (current accounts) increased by 6.3 per cent to N38.7 trillion from N36.4 trillion during the review period.
Also, quasi-money increased by 3.8 per cent to N81.2 trillion in April 2026 from N78.2 trillion in April 2025. Quasi money includes money in savings accounts, time deposits, treasury bills and other money market instruments.
Narrow money, which includes currency in circulation and current accounts, also grew by 7.09 per cent to N43.8 trillion from N40.9 trillion.
This comes as the federal government plans to borrow N29.2 trillion to fund the gap between the revenue of N68.32 trillion and expenditure of N36.87 trillion, according to the Appropriation Act 2026.
By Adedapo Adesanya
The Lagos State government said it has empowered over 1,000 creatives through the Skill Up Lagos initiative to build sustainable livelihoods for the upcoming artists and accelerate economic growth in the state.
The Special Adviser to the Lagos State Governor on Tourism, Arts and Culture, Mr Idris Aregbe, disclosed this while fielding questions from journalists during the 2026 Ministerial Press Briefing in Alausa, noting that over the last 24 months, his office has empowered more than 1,000 creatives through the Skill Up Lagos Initiative, channelled through the Lagos Cultural Mission.
He explained that the programme creates a structured platform for upcoming artists, designers, performers, and cultural entrepreneurs to acquire skills, gain visibility, and build sustainable livelihoods from their creativity.
‘’This is governance with a human face, investing directly in the people who give Lagos its soul,” Mr Aregbe said.
He said the Cook Lagos, Eat Lagos, a landmark gastronomy initiative, conceived and driven by his office, has helped to redefine how the world experiences Lagos through food.
Mr Aregbe added that, “The Lagos Cultural Mission is the overarching framework through which the Office of the Special Adviser drives cultural diplomacy, arts development, and creative economy programming.
“From international partnerships to domestic cultural celebrations, from art tours to diplomatic engagements, every programme feeds into the singular mission of establishing Lagos as Africa’s cultural capital.
“This initiative places Lagos cuisine on the global tourism map, celebrating local culinary traditions while creating economic opportunities for food vendors, chefs, agro-entrepreneurs, and hospitality businesses.
“Structured across three integrated pillars: Cook Lagos, Eat Lagos, and Grow Lagos. The initiative drives culinary education, food tourism, and agricultural enterprise simultaneously.’’
The Special Adviser said in the year under review, the ancient and beloved Kayo-Kayo Festival of Epe returned in full colour in July 2025, drawing over 1,000 participants in celebration of the community’s cultural heritage, ancestral pride, religious identity, and communal unity.
“The festival stands as one of Lagos’s most authentic cultural expressions, a symbol of resilience and harmony that has endured across generations.
“The Office of the Special Adviser brought fresh energy to the occasion by mobilising travel enthusiasts and tourism influencers to shine a spotlight on Oja Chief, the historic fish market at the heart of the festival.
“In a remarkable community-centred intervention, the office coordinated free fish delivery to the doorsteps of customers, directly boosting the commercial earnings of the women traders at the market and demonstrating the ministry’s commitment to inclusive tourism that uplifts livelihoods.’’
He mentioned that the Beauty in Motherland programme brought a celebration of Africa’s beauty industry at its most ambitious state.
According to him, the Beauty in Motherland positioned the African beauty sector on the global map, drawing over 500 vendors and beauty professionals to an electrifying B2B session that generated real commercial connections and industry momentum.
“The Office of the Special Adviser also proudly supported the extraordinary three-day Beauty Festival and Guinness World Record attempt by Natacha Akide, who achieved the remarkable feat of completing 82 makeovers in 8 hours and 143 makeovers in 24 hours. This was Lagos at its most boundary-breaking.
“The office also threw its weight behind the Adekunle Gold Fuji Album Launch, a cultural moment that bridged contemporary Afrobeats with the classical roots of Fuji music, celebrating the richness of Lagos’s musical heritage.’’
He said in March 2026, the ministry, through the Office of the Special Adviser, celebrated 19 remarkable women who have shaped the arts and cultural landscape of Lagos.
“Each recipient received a formal commendation letter acknowledging their trailblazing contributions to the creative space. This gesture was not ceremonial; it was a deliberate act of governance that uplifts the women who form the backbone of Lagos’s cultural identity,’’ he said.
Mr Aregbe added that one of the most defining features of this office’s approach is its conviction that culture and commerce are not competing forces.
He said under his watch as the special adviser, the ministry built a series of powerful public-private partnerships that use the energy of Lagos culture to drive real economic outcomes for traders, entrepreneurs, and small businesses.
By Adedapo Adesanya
A Federal High Court sitting in Abuja and presided over by Justice Joyce Abdulmalik on Tuesday, May 26, 2026, slated July 6, 2026, for judgment in the final forfeiture of 57 properties linked to former Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami.
The case was brought before the court by the Economic and Financial Crimes Commission (EFCC).
At Tuesday’s proceedings, EFCC counsel, Mr Jubrin Okutepa (SAN), informed the court that the matter of the day was for the hearing of final forfeiture of the properties and other pending applications.
Reacting, defence counsel, Mr Adedayo Adedeji (SAN) drew the attention of the court to 16 Motions on Notice seeking to set aside the interim forfeiture order of the properties by the court delivered on January 6, 2026.
The EFCC opposed the motions with counter-affidavits, urging the court to discountenance the request of the defendant. Some of the defendant’s applications sought an extension of time to show cause why properties listed in the schedule should not be forfeited to the government.
Arguing the applications, Mr Adedeji submitted that, “My lord, we filed an application, dated 21st of April 2026, for extension of time and a counter affidavit to oppose to the applicant’s motion for final forfeiture which was deposed to by Abubakar Malami urging the honorable court to refuse and dismiss the order of final forfeiture as they are not proceeds of crimes but an allegation that is relied on suspicion”
In his response, Mr Okutepa said his client also filed a 77-paragraph affidavit deposed to by Mr Adebayo Daniels, an EFCC operative, which was filed on May 5, 2026, attached with eight exhibits and a written address, in addition to a reply on points of law.
“We rely on all these processes in urging my lord to hold that their application has woefully failed to show cause, and we ask your lordship to grant the request as prayed and forfeit the properties to the Federal Government”.
He further prayed the court to discountenance the request of other respondents opposing the forfeiture applications.
Justice Abdulmalik adjourned the matter to July 6, 2026, for judgment.
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