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Emir Sanusi Slams Tinubu: “You Removed Subsidy, So Why Are You Still Borrowing 

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By Yusuf Danjuma Yunusa

In an assessment of Nigeria’s current fiscal trajectory, the Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of the petrol subsidy.

Speaking in an interview posted by News Central TV on Friday, the former Governor of the Central Bank of Nigeria, stated that while the removal of fuel subsidy and the liberalisation of the exchange rate were necessary, the timing and lack of fiscal discipline are threatening to erase the potential benefits.

According to the monarch, Nigeria’s practice of supporting foreign refineries while its domestic refining capacity remained dormant was a systemic failure that needed to be addressed.

“I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country. Keeping refineries open abroad while we’re not doing our own,” Sanusi said.

He, however, expressed optimism over the current shift toward domestic production, noting that the country has moved from a heavy importer of petroleum products to an exporter.

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“Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

While backing the policy shifts, the former apex bank chief raised concerns over the timing and the sequence of the reforms.

He said, “Artificial exchange rates, especially when you’re printing money, cannot work. There was going to be a devaluation.

“For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions. Were there other things that should be done that have not been done? These are other issues.”

He argued that liberalising the exchange rate in a “loose monetary environment” contributed to the currency’s rapid depreciation.

“It’s not enough to say, oh, they removed subsidy. You had to. When you get to a point where 100% of your revenue goes into debt service, you cannot continue. Where is the money going to come from?

“However, if you decide to remove subsidy and liberalise exchange rates in an environment of very loose monetary conditions, before you have tightened money supply, the Naira drops to a bottomless pit. That was a timing issue.”

Sanusi went further to challenge the Federal Government’s continued borrowing despite eliminating subsidy payments.

“We’ve removed the subsidy. We’re now spending it. What we should not see is fiscal consolidation. You cannot remove wastages and continue borrowing. I’ve said this before. You need to see the benefits.

“If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?” Sanusi questioned.

Earlier in April, the Federal Government increased its 2026 borrowing plan upward by ₦11.31 trillion, bringing the total projected borrowing for the year to ₦29.20 trillion.

President Bola Tinubu also sought the Senate’s approval on Thursday for a fresh $516 million loan to fund the Sokoto-Badagry Superhighway.

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Army Immortalises Gen. Lagbaja, Names New Army Logistics Complex After Him

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By Yusuf Danjuma Yunusa

 

 

The Nigerian Army has immortalised its late former Chief of Army Staff (COAS), Lieutenant General Taoreed Lagbaja, by naming a newly constructed complex at the Nigerian Army College of Logistics and Management (NACOLM), Lagos, after him.

 

Speaking at the commissioning of the facility in Lagos on Friday, the Chief of Army Staff, Lieutenant General Waidi Shaibu, reaffirmed the Nigerian Army’s commitment to strengthening institutional capacity through modern infrastructure that promotes professional military education, efficient administration and improved personnel welfare in support of national security.

 

According to a statement by the Acting Director of Army Public Relations, Colonel Appolonia Anele, the complex, named in honour of the late Lieutenant General Lagbaja, is designed to enhance the College’s training, administrative and welfare functions by providing a conducive environment for developing highly skilled logistics professionals capable of supporting operational effectiveness across the Nigerian Army.

 

Shaibu described the late Army Chief as an outstanding military leader whose professionalism, integrity, selfless service and unwavering commitment to national service continue to inspire officers and soldiers of the Nigerian Army.

 

He said naming the complex after the late General reflected the institution’s enduring appreciation of his immense contributions to force development, leadership and operational excellence.

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The Army Chief also urged officers, instructors and students of the College to uphold the values exemplified by the late General Lagbaja by remaining disciplined, professional and committed to excellence in the discharge of their responsibilities.

 

He reiterated that sustained investment in training institutions, modern infrastructure and personnel welfare remains central to his command philosophy of transforming the Nigerian Army into a more professional, adaptive, combat-ready and resilient force capable of effectively discharging its constitutional responsibilities within a joint and multi-agency environment.

 

In a separate development, troops of the 65 Battalion apprehended 24 foreign nationals during a coordinated operation in Epe Local Government Area of Lagos State as part of ongoing efforts to rid the 81 Division Area of Responsibility of criminal elements, illegal immigrants and other security threats.

 

According to a statement by the Acting Deputy Director of Army Public Relations, 81 Division Nigerian Army, Lieutenant Colonel Musa Yahaya, the operation followed credible intelligence on the presence of undocumented foreign nationals within the Battalion’s area of responsibility.

 

Acting on the intelligence, troops, in collaboration with members of the Vigilante Group, raided a secluded fenced compound at Imokun in the Odo-Noforija/Poka axis of Epe, where they apprehended 24 foreign nationals comprising 15 males and nine females.

 

Preliminary profiling showed that the suspects are nationals of several West and Central African countries, including Cameroon, Togo, Côte d’Ivoire, the Republic of Benin, Burkina Faso and Guinea-Bissau.

 

Initial investigations were conducted to determine their immigration status, the purpose of their stay in Nigeria and any possible involvement in unlawful activities.

 

Efforts are also ongoing to identify and question the owner of the premises to establish the circumstances surrounding their residence and activities at the location.

 

The statement added that the suspects were handed over to the Nigeria Immigration Service, Lagos State Command, on 16 July 2026 for further investigation, profiling and appropriate administrative action in line with extant immigration laws and regulations.

 

Commending the troops for their professionalism and vigilance, the General Officer Commanding 81 Division, Major General Adebayo Babalola, directed personnel to sustain ongoing operations and intensify efforts to deny criminal elements, illegal immigrants and other security threats any operating space within the Division’s area of responsibility.

 

He also reaffirmed the Division’s commitment to supporting relevant security agencies in maintaining peace, security and public safety across the area.

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Customs Releases N7.61bn for Payment of 4,237 Retirees

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By Yusuf Danjuma Yunusa

The Nigeria Customs Service, NCS, says it has released N7.61 billion to nine Pension Fund Administrators, PFAs, for the payment of retirement benefits to 4,237 retirees.

The Comptroller-General of NCS, Bashir Adeniyi, disclosed this during a dialogue with retirees, where he reaffirmed the service’s commitment to improving the welfare of its retired personnel.

NCS’s Spokesperson, Abdullahi Maiwada, in a statement on Friday in Abuja said the C-G announced that the funds had been disbursed to the PFAs for onward payment into the retirees’ individual accounts.

Mr Maiwada said the meeting followed ongoing efforts to improve pension of retirees following the Federal Government’s decision to review the statutory provisions governing pensions.

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This is includes Section 15(4) of the Pension Reform Act 2014, in line with Section 173(3) of the 1999 constitution, as amended.

He said that according to the breakdown presented at the meeting, Access-ARM Pension Managers accounted for 1,223 beneficiaries, Premium Pension 2,268, Leadway Pensions 403, TrustFund Pensions 156 and FCMB Pensions 144.

Others are Veritas Glanvills Pensions 28, Norrenberger Pensions 11 and Fidelity Pension Managers four, bringing the total number of beneficiaries to 4,237.

Addressing the retirees, Mr Adeniyi underscored the need for the service to remain strong and financially capable of meeting its obligations to serving officers and retirees.

He emphasised that the welfare of officers who had dedicated decades to the NCS was integral to the institution’s future.

The NCS boss urged the retirees to sustain constructive engagement with the service, describing it as necessary to foster mutual understanding.

“I acknowledged your (retirees) concerns and suggestions raised and it is in view of this we called for this dialogue.

“This is to promote better understanding and reduce the effect of rumours and unofficial information on the relationship between the service and its retired personnel,” he said.

The retirees thanked the C-G and his management team for creating a platform for direct engagement.

They also urged the service to sustain the dialogue as part of efforts to strengthen the relationship between serving officers and retired personnel.

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Supreme Court Affirms Final Forfeiture of Properties, $2m Linked to Emefiele

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By Yusuf Danjuma Yunusa

The supreme court has affirmed the final forfeiture of properties and $2.045m linked to Godwin Emefiele, former governor of Central Bank of Nigeria (CBN), to the federal government.

In a unanimous judgment delivered on Friday, the apex court overturned the decision of the court of appeal in Lagos, which had nullified the forfeiture order.

The court held that the court of appeal erred when it overturned the forfeiture order and directed that the matter be reheard by the trial court.

On November 1, 2024, Deinde Dipeolu, judge of a federal high court in Lagos, ordered the permanent forfeiture of monies (including $2.045 million), seven choice landed properties and the two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele, to the federal government.

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The assets were said to be reasonably suspected to have been acquired with proceeds of unlawful activities.

The forfeited properties include two fully detached duplexes of identical structures situated at No. 17b Hakeem Odumosu street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592 sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi drive (formerly Queens drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi drive (formerly Queens drive), Ikoyi, Lagos and a four-bedroom duplex at 12a Probyn road, Ikoyi.

Others are an industrial complex under construction on 22 plots of land in Agbor, Delta state; eight units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal road, Ikoyi, and a duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a bank road, Ikoyi, Lagos.

In June 2025, the court of appeal in Lagos overturned the final forfeiture order issued on assets owned by Emefiele.

Two of the three-member panel of justices of the appellate court set aside the trial court’s judgment and ordered a retrial of the case at the lower court.

In the judgment delivered by Abdulazeez Anka, the court held that it was convinced that the legitimate earnings of Emefiele could acquire the properties.

Anka, however, noted that the appellant, did not contest the forfeiture of the $2,045,000 forfeited to the federal government.

The judge ruled that the money should be forfeited to the federal government.

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