News
Moghalu says economy better under PDP, presidency faults claim
The Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, and a former Deputy Governor, Central Bank of Nigeria, Kingsley Moghalu, on Wednesday, traded blame on the state of the nation’s economy under the administrations of the ruling All Progressives Congress and opposition Peoples Democratic Party.
Moghalu had claimed in a series of tweets via his X handle on Wednesday that the nation’s economic state, which had experienced a downward trajectory in the past 40 years, only saw the light of the day “briefly” under the administration of former President Olusegun Obasanjo.
Moghalu added that the improved economy was also observed during subsequent PDP-led governments of the late Umaru Yar’Adua, and Goodluck Jonathan.
The former CBN deputy governor, who served from 2009 to 2014, added that from 2015 till date, Nigeria has fallen under a “completely incompetent economic management.”
The tweet read, “Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014). Ever since, especially from 2015, we fell under completely incompetent economic management and have not recovered.”
The political economist called on the Federal Government to lay a “real foundation for longer-term economic transformation,” while stating that “80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious..”
Moghalu noted that the presidential palliatives initiative is not a good economic tool to curb poverty, and consequently improve wealth distribution.
“Palliatives (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created,” he stated.
Moghalu, a former presidential candidate of the Young Progressives, also criticised the appointments of the nation’s economic management team, stating, “Real economic thinking is not happening, so economic transformation can’t follow. Like it or not, individuals in certain positions matter. Sanusi and Ngozi Okonjo-Iweala made a huge difference in their roles. That’s because they had capacity. Their appointments went above politics of cronyism. The results, which is what matters more than sound and fury at the end of the day, followed.”
The tweet concluded, “May we recover one day. Like it or not, appointments have real consequences.”
Reacting to the tweets later in the day, President Bola Tinubu’s aide, Ajayi, admitted that the Obasanjo-led administration from 1999-2007 truly paved the way for some economic reforms, yet “Nigeria didn’t see any progress in infrastructural development” that would have a “direct bearing on the quality of life.”
Ajayi wondered how Moghalu and some others claimed that their era in government was the “golden era of competence” in the nation’s economic management.
Ajayi lamented how Moghalu and his former principal, Sanusi, at the CBN, couldn’t explain the whereabouts of the missing $20 billion in oil revenue, adding that “hundreds of millions of dollars were looted under various guises yet Moghalu wants us to believe that that period was the gold standard in economic management in Nigeria.”
“That period till 2015 was a period of trillions of unpaid salary and pension arrears. A period when contractors were owed hundreds of billions with thousands of abandoned and uncompleted projects,” Ajayi stated.
The presidential aide also noted that since 2015, the nation enjoyed key reforms and changes under the ruling APC government, part of which were the payments of owed salaries and pensions, “massive investments in critical economic infrastructure,” and the “reconstruction of 13,000 kilometres of roads across the country out of 33,000 kilometres of Federal roads in 8 years of President Buhari.”
Ajayi claimed that during the handover of government from Jonathan to the immediate past president, Muhammadu Buhari, on May 29, 2015, Nigeria’s Gross Domestic Product “declined from 7% growth rate to 2% and Nigeria was already primed for recession which eventually happened with collapse of crude oil price.”
“It should be said too that every indices of measuring economic growth significantly declined from 2010- May 2015, a period when Moghalu was Deputy Governor at CBN,” he added.
Ajayi lamented that Nigeria’s foreign reserve dropped about 52 per cent “from the height of $60 billion to $29 billion when Moghalu was part of the ‘competent leaders’ in government and Excess Crude Account dropped from $20 billion to $2 billion at the time crude oil sold for $100 per barrel for straight 4years from 2011-2014.
“The period between 2010-2014 was when Nigeria made most money from crude oil in history yet nothing to show for it.”
News
16-Year-Old Osasere Okundaye Becomes Nigeria’s Youngest Chartered Accountant
In a remarkable feat that has captured national attention, 16-year-old student Osasere Okundaye has emerged as Nigeria’s youngest chartered accountant, shattering the previous record set in 2022.
Okundaye successfully completed the professional examinations of the Institute of Chartered Accountants of Nigeria (ICAN), earning widespread acclaim as a shining example of youthful excellence and determination. Her achievement comes at an age when many peers are still navigating secondary education or early university studies.
Minister of Youth Development Ayodele Olawande congratulated the young prodigy, describing her accomplishment as an inspiring milestone. “I heartily congratulate Miss Osasere Okundaye on her outstanding achievement of becoming Nigeria’s youngest Chartered Accountant at just 16 years of age,” the minister said, highlighting her hard work and resilience as a symbol of the potential within Nigerian youth.
Okundaye’s success surpasses the record previously held by Jonathan Adewale (also known as Ojo Jonathan Adewale), who qualified as a chartered accountant at age 17 in 2022. Her qualification has sparked pride across the country and renewed focus on empowering young Nigerians in professional fields.
While full ICAN membership typically requires additional practical experience (usually three years), Okundaye’s completion of the rigorous exams marks a historic breakthrough. Details about her educational background and the journey to this achievement are still emerging, but her story is already motivating aspiring accountants and students nationwide.
This milestone underscores the growing narrative of exceptional young talent driving Nigeria forward in various sectors. Congratulations poured in from across social media and media outlets, celebrating Okundaye as a beacon of hope for the nation’s future.
News
JUST IN: Vigilante Groups Rescue Kidnapped NECO Students in Borno State
Local vigilante groups have successfully rescued several students of the National Examinations Council (NECO) who were abducted in Borno State, security sources confirmed on Monday.
The students were reportedly kidnapped while traveling or residing in the area for examination purposes. Details of the exact number rescued and the circumstances of the abduction remain limited, but eyewitness accounts indicate that vigilante fighters acting on intelligence engaged the kidnappers, leading to the release of the captives without major casualties reported among the students.
A community leader in the affected area praised the swift response of the vigilantes, stating that their deep knowledge of the local terrain played a crucial role in tracking the abductors. “These boys and girls were on their way to pursue their education. We thank God and our local defenders for bringing them back safely,” he said.
Borno State has faced persistent security challenges, including banditry and insurgent activities that have occasionally targeted schools and students. The rescue operation highlights the growing reliance on community-based security networks in complementing efforts by the Nigerian military and police in the region.
Authorities are yet to issue an official statement on the incident, but sources say efforts are ongoing to reunite the rescued students with their families and provide necessary medical and psychological support. Investigations into the kidnapping are also underway to apprehend those responsible.
This latest incident comes amid broader concerns over the safety of students in northern Nigeria during examination periods.
News
EFCC Charges Former Port Harcourt, Warri Refinery MDs with Money Laundering
Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has filed separate money laundering charges against the immediate past Managing Directors of the Port Harcourt Refining Company (PHRC) and the Warri Refining and Petrochemical Company (WRPC).
The accused are Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery, and Jimoh Olasunkanmi Yisawu, former MD of the Warri Refinery. The charges stem from the alleged diversion and laundering of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.
According to court documents and investigations by PREMIUM TIMES, the EFCC accused the former officials of abusing their positions by receiving and laundering large sums of money through third parties in connection with controversial turnaround maintenance contracts.
The probe forms part of a broader investigation into alleged fraud involving billions of dollars linked to the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. EFCC sources have indicated that the total amount under scrutiny runs into billions, with earlier recoveries reported at ₦38.66 billion alongside other properties.
The charges include multiple counts of money laundering, with Dikko and Yisawu allegedly involved in diverting public funds meant for critical refinery upgrades. This comes amid ongoing scrutiny of officials from the Nigerian National Petroleum Company Limited (NNPCL) and contractors involved in the projects.
The development is the latest in a series of actions by the EFCC targeting alleged corruption in Nigeria’s oil sector, where massive investments in refinery rehabilitation have yielded limited operational improvements despite significant expenditures.
As of the time of filing, court proceedings for the arraignment of the former MDs were underway. The EFCC has not yet issued an official statement on the matter.
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