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By AfreecanImage News Desk The Chairman of the Alliance for Economic Research and Ethics, Dele Oye , has warned that millions of low-income Nigerians are being trapped in a cycle of poverty by high-interest digital loans and rising living costs, urging regulators to take urgent action to protect vulnerable consumers. In a statement titled "The Mathematics of Marginalisation: Decoding Nigeria's Poverty Premium," Oye argued that Nigeria's economic system disproportionately penalises poor citizens, forcing them to pay more for essential goods, healthcare, housing and access to credit. Digital Loan Apps Under Scrutiny Oye expressed concern over the rapid growth of digital lending platforms that charge annual interest rates exceeding 300 per cent , describing the practice as exploitative. He called on the Central Bank of Nigeria (CBN) and other regulatory agencies to introduce interest rate caps on digital loans and strengthen consumer protection laws to curb predat...

  By AfreecanImage News Desk The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, demanding full disclosure and accountability over ₦211 trillion recorded in the company's 2023 audited financial statements. The suit, marked FHC/ABJ/CS/1427/2026 , seeks an order of mandamus compelling NNPCL to release all documents, records and information relating to the transactions classified as "Sundry Receivables" and "Accrued Expenses." Breakdown of the Amount in Dispute According to SERAP, the 2023 audited financial statements show: ₦107.6 trillion recorded as Sundry Receivables . ₦103.4 trillion recorded as Accrued Expenses . The organisation argues that the financial statements did not provide enough information to allow Nigerians or other stakeholders to properly scrutinise the transactions. What SERAP Wants the Court to Order ...

  By AfreecanImage News Desk The Budget Office of the Federation has released a detailed explanation addressing public concerns over the appropriation made for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PEAC/PFIPC). According to the Office, although funds were appropriated by the National Assembly, none of the money was ever released or spent because the legal and financial conditions required for public expenditure were never fulfilled. Director-General of the Budget Office, Tanimu Yakubu , explained that an appropriation only authorises government to make budgetary provision for expenditure. It does not automatically translate into cash release, salary payments, procurement, or operational spending. Multiple statutory approvals and financial controls must first be completed before any public funds can legally leave the Treasury. Appropriation Did Not Become Expenditure The Budget Office stated that the PEAC/PFIPC was recog...

  ABUJA, Nigeria July 23, 2026   President Bola Ahmed Tinubu has approved a major expansion of the Nigerian Army, increasing its operational structure from eight to twelve divisions and authorising the recruitment of 28,000 additional personnel in what the Federal Government describes as a significant step toward strengthening national security and improving military readiness across the country. The approval forms part of the administration's broader efforts to modernise the Armed Forces, improve operational efficiency, and enhance Nigeria's capacity to respond to emerging security threats, including terrorism, banditry, kidnapping, and cross-border crimes. Army Expansion to Strengthen National Security According to the State House, the expansion represents one of the most significant military restructuring initiatives in recent years. The Federal Government said the new force structure is designed to: Improve command and control across military formations. Decent...

           ABUJA, Nigeria  July 23, 2026   President Bola Ahmed Tinubu has said Nigeria is receiving increasing international recognition as a result of his administration's economic reforms, expressing confidence that the country's economy has moved beyond its most difficult period and is now on a path toward sustainable growth and stability. The President made the remarks while receiving a delegation from Aseyori Tinubu , a research group under the leadership of Nigeria's Permanent Representative to the United Nations, Ambassador Jimoh Ibrahim, at the State House in Abuja. Tinubu Says Reforms Are Changing Nigeria's Global Image President Tinubu stated that the economic reforms introduced by his administration have attracted global attention and renewed confidence among foreign investors and multinational companies. According to the President, the reforms are gradually repositioning Nigeria as a more competitive investment destination while c...

  By AfreecanImage News Desk ABUJA, Nigeria  President Bola Ahmed Tinubu has declared that Nigeria is entering what he described as a "golden era" of economic recovery, attributing the country's improving economic outlook to the consistent implementation of reforms and the support of state governors. Speaking while receiving a delegation of political, traditional and community leaders from the North-East at the Presidential Villa in Abuja, the President said recent economic reforms were beginning to yield positive results, laying the foundation for long-term growth, stability and national prosperity. The delegation was led by Borno State Governor, Prof. Babagana Umara Zulum , and included governors from the North-East, traditional rulers, ministers, lawmakers, former service chiefs and elder statesmen. Tinubu Says Economic Reforms Are Delivering Results President Tinubu maintained that his administration's bold economic policies have stabilized key sectors of t...