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Finance Ministry to Take Over CBN’s Finance Development Function

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By Yusuf Danjuma Yunusa

In a significant policy shift, the Federal Ministry of Finance will now assume responsibility for national development finance activities, a role previously managed by the Central Bank of Nigeria (CBN). This move aims to establish a clearer, more sustainable framework for mobilizing long-term investment into the country’s priority sectors.

The transition fills a strategic gap left nearly two years ago when the CBN halted its direct funding of development programs, which had constrained financing for critical areas like infrastructure, energy, and agriculture.

Unveiling the new strategy, the Minister of State for Finance, Doris Uzoka-Anite, announced that the ministry will issue comprehensive guidelines for a forward-looking development finance model. She positioned Domestic Development Finance Institutions (DFIs)—such as the Bank of Industry and the Nigerian Export-Import Bank—as central pillars in achieving Nigeria’s growth and investment ambitions.

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“Given the scale of Nigeria’s growth targets and the need to mobilize an estimated N246 trillion in patient capital by 2036, the government recognizes DFIs as essential partners,” Uzoka-Anite stated. “They will de-risk priority sectors, bolster investor confidence, and catalyze large-scale private capital.”

DFIs will provide long-term financing, concessional instruments, technical expertise, and risk-sharing to sectors where private investment has lagged despite strong potential. Key focus areas include infrastructure, energy transition, agribusiness, healthcare, climate-resilient industries, and digital public infrastructure.

The minister outlined a dedicated strategy to enhance the capacity and impact of domestic DFIs, among which are: enhanced capitalization, governance reforms, risk-sharing mechanisms, and treasury & policy alignment.

The ministry plans to leverage both domestic and international partnerships to accelerate capital mobilization and project delivery. Uzoka-Anite emphasized aligning all financing with climate resilience, financial inclusion, and sustainability goals in line with global standards.

“Nigeria’s reform momentum, policy clarity, and execution discipline create a credible platform for DFIs to deploy capital at scale with measurable impact,” she added.

This reassignment of responsibility follows the CBN’s strategic withdrawal from direct intervention financing. Shortly after his appointment, Governor Olayemi Cardoso announced the bank would cease funding development programs, refocusing on its core monetary mandates. In December 2023, the CBN formally suspended new loans under all existing intervention schemes while continuing to recover previously disbursed funds.

The Federal Government has affirmed its commitment to maintaining policy consistency and institutional coordination to ensure the success of this new DFI-led approach.

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VP Shettima Vows Overwhelming Force Against Terrorists After Borno Attack

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By Yusuf Danjuma Yunusa

Vice President Kashim Shettima has vowed that the Federal Government will end insurgency in the North-East with “decisive and overwhelming force”.

This followed recent attacks in Borno State that resulted in casualties among security personnel and civilians.

Shettima, in a statement on Saturday by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, declared that the government will not be intimidated by the attacks, which included abductions in Ngoshe and coordinated assaults on military formations.

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“We remain one nation, tied to a common destiny. The sanctity of human life is non-negotiable.

“This madness will be brought to an end, not with empty words, but with the decisive and overwhelming force of the Nigerian State,” the Vice President stated.

He disclosed that the government is deploying additional tactical assets and intelligence-driven reinforcements to affected areas in response to the attacks.

“The events of the past few days are a painful reminder of the shadow that persists, but let it be known: we choose light over shadow, and hope over despair.

“Our difference as a nation is the distance between the ruin of anarchy and the promise of order,” Shettima said.

The Vice President revealed that President Bola Tinubu had been briefed on the attacks and directed swift and total mobilisation of the security architecture.

“The Federal Government will not tolerate any sanctuary for those who seek to displace our people or occupy an inch of Nigerian soil,” he stated.

The recent attacks targeted military formations in Konduga, Marte, Jakana, and Mainok, with insurgents briefly overrunning some positions before reinforcements arrived. In Ngoshe, residents were abducted by the terrorists.

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Presidency Claims Insecurity Is Not Getting Worse As Terrorists Abduct Hundreds of Nigerians

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By Yusuf Danjuma Yunusa

Daniel Bwala, Special Adviser to President Bola Ahmed Tinubu on Policy Communication, has said insecurity in Nigeria is not worsening.

Nigeria has in recent times witnessed renewed terrorist activities, including the abduction of school children in Niger, Kebbi States, attacks on mosques and churches, and other violent incidents that have affected communities across the country.

On Wednesday, suspected Boko Haram/ISWAP terrorists abducted more than 100 women and children in an attack on Ngoshe community in Gwoza Local Government Area of Borno State.

The terrorists also killed the chief imam of the town, some community elders and soldiers during the assault which occurred shortly after Muslims broke their fast on the ill-fated day.

Speaking on Al-Jazeera’s Head to Head with Mehdi Hassan at Conway Hall in London, Bwala said the Nigerian government was doing its best to contain the situation.

He noted that for the first two years of the President’s administration, Nigeria experienced substantial peace.

“I acknowledge the fact that we have insecurity in Nigeria, and until the hoax narrative of the ‘Christians genocide,’ we began to see back-to-back attacks in the country. For the first two years of the present administration, we experienced substantial peace in Nigeria.

“There is no country in the world today that is completely free from insecurity. There are parts of London where you cannot go in the evening.”

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On renewed terrorist attacks in some parts of the country, Bwala stated that Nigeria was cooperating with different countries to stem the tide of insecurity affecting it.

“That is one of the reasons the President travelled to Turkey, where we reached a bilateral agreement to deal with insecurity. That is also why we are cooperating with the United States of America and other countries of the world. The reason is that, since 9/11, terrorism has been a global phenomenon, and every country is involved in it.

“I can’t say it is getting worse. As a government, we are working day and night to deal with the situation.

“I don’t agree to the fact that it (insecurity) is getting worse.” he insisted.

Bwala accused Western media of portraying Nigeria and Africa negatively. Using a glass of water to illustrate his point, the presidential aide said while the western media would see it as half empty, Nigerians would view it as half full.

“Before the President took office, we knew the situation in Nigeria. When he decided to take bold steps to place the country on a better trajectory, we were well aware of the fact that it was going to incense lots of people.”

He highlighted government efforts to confront terrorism, including, according to him, the arrest of Boko Haram and Lakurawa leaders six months before the US President Donald Trump’s statement on insecurity and redesignation of Nigeria as a country of particular concern.

“Six months before that, we arrested leaders of Boko Haram and Lakurawa, and prior to that, we eliminated a number of terrorists. The US State Department commended Nigeria for that. The US Embassy recognised these efforts even before Trump’s statement.

“We declared national emergency on insecurity six months before Donald Trump’s statement. That was around April or May 2025.”

Answering questions around rising spate of kidnappings in the country, Bwala, however, admitted that the situation has become a crime economy.

“I acknowledge that insecurity related to kidnappings has become a crisis economy, but much more than that, I know of our government’s efforts in dealing with that insecurity.

“If one understands Nigeria’s geography and the nature of insecurity, one will understand that we are confronting a complex, hydra-headed problem.

“Regarding the kidnapping of children, the government has implemented the Safe Schools Initiative, relocating students from remote, insecure areas to state capitals so they can access the education they need safely.” he added.

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Labour Party Returns to Its Roots: A Chance for Reform and Grassroots Mobilization

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After months of legal and political contest, the Labour Party appears to be returning to the control of its founding base Nigeria’s organized labour movement and grassroots supporters. Party insiders told reporters that the shift marks “a re‑alignment with the original vision of the Labour Party as a workers’ platform.”

The Labour Party was originally established with strong backing from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) of Nigeria. According to labour historians, the party was designed to provide workers, professionals, and ordinary citizens with a political platform that represents their interests.

However, analysts note that the party’s recent surge in popularity attracted many political actors, creating internal struggles over leadership and direction. The dispute eventually reached the Supreme Court of Nigeria, which on 5 April 2025 ruled that political parties must operate according to their constitutions and internal democratic principles. Legal experts described the judgment as “a landmark decision reinforcing party discipline.”

Labour leaders say the ruling represents an opportunity to rebuild the party around its original ideology of social justice and people‑centered governance. Speaking in Kano, Comrade Abbas Ibrahim, Assistant Secretary of the NLC Kano Council, emphasized that “this is a chance to restore the Labour Party’s founding mission as the political voice of Nigeria’s working people.”

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Stakeholders argue that to prevent future hijack, the party must strengthen internal democracy, ensure transparent primaries, and create institutional roles for labour organizations in its decision‑making structures. According to party officials, clear membership verification and strong disciplinary measures will also be necessary to discourage opportunistic infiltration.

Beyond internal reforms, Labour Party leaders believe the real task is rebuilding grassroots structures across the country. In a statement, senior officials explained that mobilizing trade unions, youth groups, professionals, and community networks will be key to transforming the party into a strong mass movement.

Political observers caution that the coming months will determine whether the party can consolidate its base and maintain its identity as a genuine workers’ platform. One analyst noted that “the Labour Party’s survival depends on whether it can balance its grassroots appeal with the pressures of national politics.”

For many supporters, the moment represents more than a leadership victory. As Comrade Ibrahim put it, “At last, the Labour Party has returned to its roots, underscoring the need for persistent reform, visibility, and mobilization to guard against political hijack. A stitch in time saves nine.

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