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Buhari Defends Nigeria’s Central Bank Chief Emefiele, Says Unorthodox Policies Best for Economy

Nigeria President Muhammadu Buhari, on Tuesday, defended the policies being implemented by Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, saying rather than follow textbook solutions developed in the more advanced climes, which may not be suitable for Nigeria, the apex bank’s head has rightly resorted to “unorthodox” measures in trying to resolve the country’s economic challenges.
In his written responses to Bloomberg’s interview questions, Buhari said the accusations against Emefiele by detractors, including being labelled as “political”, had more to do with the methods he was deploying to try to revamp the Nigerian economy, rather than the substance of the allegations.
The president maintained that every country should have the right to choose its economic model and policies, insisting that the CBN chief is facing criticisms because he is not following traditional methods, which have failed in the past.
Buhari stated, “But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.
“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”
Responding to a question on the independence of the office of the CBN governor, given Emefiele’s alleged interest in the just-concluded presidential primaries of the All Progressives Congress (APC), the president said if there were infractions, the board of the apex bank was better placed to sanction the governor.
He said, “The CBN governor is appointed by the president. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s Board of Directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.”
A critical actor in the federal government’s efforts to boost local food production, the CBN has provided loans to farmers and restricted access to foreign exchange for importers of dozens of products, actions for which it has received flaks.
But Buhari insisted that food price inflation in the country could have been worse if Emefiele had not initiated organised programmes to boost domestic production, stressing that even at that , Nigeria still does not grow enough domestically.
He pointed out that initiatives, such as the Anchor Borrower’s Programme, boosted rice production to nine million metric tonnes in 2021, from around 5.4 million metric tonnes in 2015.
“Even in the years of drought, rice production outstripped pre-2015 levels. Imports have fallen to near zero. We are making progress,” he declared.
On why he had continued to retain subsidy on petrol, the president noted that even most Western countries were currently implementing fuel subsidies.
“Why would we remove ours now? What is good for the goose is good for the gander!” he stressed.
According to him, while the removal of subsidy may look good on paper, the impact on Nigerians would be largely negative and unbearable.
“What our Western allies are learning the hard way is what looks good on paper and the human consequences are two different things,” the president maintained.
Buhari added that while his government had put in motion plans to remove fuel subsidy late last year, after further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable.
While internal production for refined products would help mitigate the effect of subsidy removal, the president projected that capacity would increase markedly later this year and next, as private players and modular refineries come on board.
Buhari posited that he was winning the war against corruption, starting with the Whistleblowing Policy enacted in his first year in office, revealing that hundreds of millions in stolen funds have been returned within Nigeria.
He stated that the monies had now been deployed as social and welfare funds distributed directly to the poorest during the COVID-19 pandemic and the provision of long-delayed infrastructure, such as roads, bridges, rail, and power.
He explained, “As an illustration, monetary recoveries (January-December) 2021 show that more than N152 billion has been recovered. Dollar recoveries for the year amount to over $386 million; GBP more than 1.1 million; Euro, about 157,000; Saudi Riyals about 1.7 million, some more in digital and other currencies.”
In the past, Buhari had said international partners refused to return funds they held for decades to previous Nigerian administrations in the certainty they would simply be re-stolen.
“They changed their approach with us because they knew my administration could be trusted,” he said.
Buhari said that his successor would inherit a far more resilient economy, thanks to investments in infrastructure and policies that he said had bolstered local production.
On security, the president reiterated that the military had recovered all territories previously held by Boko Haram, repeating his often-held position that terrorists no longer hold any territory in Nigeria while their leaders are now deceased.
Buhari said, “In 2015, Boko Haram held territory the size of Belgium within the borders of Nigeria. Today they are close to extinct as a military force. The leader of ISWAP was eliminated by a Nigerian Air Force airstrike in March.”
He stated that jets acquired from the US and intelligence shared by British were not provided to previous administrations. He said these stood as testament to new trust re-built between Nigeria and its Western allies.
The Nigerian leader urged its international partners to take additional steps costing them nothing, by proscribing the Indigenous Peoples of Biafra (IPOB) and designating them as a terrorist organisation.
“Their leadership enjoys safe haven in the West, broadcasting hate speech into Nigeria from London, spending millions lobbying members of the US Congress, and freely using international financial networks to arm agitators on the ground. This must stop,” the president stated.
He added, “My administration is the only in Nigeria’s history to implement a solution to decades-long herder-farmer conflicts, exacerbated by desertification and demographic growth. The National Livestock Transformation Plan, putting ranching at its core, is the only way to deplete the competition for resources at the core of the clashes.
“Governors from some individual states have sought to play politics where ranches have been established; but where they have been disputes have dramatically reduced.”
He further opined that international trade remained rigged against food security in Africa, explaining that while the European Union’s policies are all rhetoric of open trade, their common agricultural policy undermines Africa’s self-sufficiency and grows poverty.
On the rising spate of religion-related killings, especially regarding the question of alleged blasphemy, the president declared that no one has any right to break the law and urged Christians and Muslims to respect each other’s differences.
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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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