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The Federal Govt has Announced a Nine-month Grace Period for Citizens to Deposit Dollars Without Facing Any Penalties.

Ikechukwu Emmanuel

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In a significant development for Nigeria’s financial landscape, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced a new policy aimed at facilitating the repatriation of foreign currency held outside the banking system. During a press briefing following the National Economic Council meeting, Edun revealed that Nigerians possessing dollars outside of formal financial institutions will have a nine-month grace period to bring these funds back into the banking system. Notably, individuals complying with this directive will not face legal liabilities or financial penalties during this timeframe.

This policy comes at a crucial time when the National Economic Council is addressing various economic challenges facing the nation. In his address, Edun provided updates on key financial accounts, noting that the Excess Crude Account currently stands at $473,754.57, while the Natural Resources Fund is recorded at ₦26,105,837,627.67, and the Stabilization Account holds ₦36,299,452,763.62.

Furthermore, the Minister highlighted the government’s ongoing economic relief measures, which have reportedly benefited 25 million Nigerians through various federal social protection initiatives. These initiatives encompass digital outreach, microenterprise loans, and targeted support across sectors such as power, agriculture, manufacturing, health, and compressed natural gas (CNG).

Edun also acknowledged that fluctuations in the foreign exchange market are contributing to rising costs, driven by demand and supply dynamics. He assured that details of the new program will be released imminently, a collaboration between the federal government and the Central Bank, which is set to commence on October 31 and run for the stipulated grace period.

This initiative reflects the government’s commitment to stabilizing the economy and enhancing the financial inclusion of Nigerians by integrating previously unbanked foreign currency into the formal financial system. As the implementation of this policy unfolds, stakeholders will be keenly observing its impact on Nigeria’s economic recovery efforts.

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Police arrest Bauchi man accused of poisoning motorcyclist and stealing his bike.

Ikechukwu Emmanuel

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Operatives of the Bauchi State Police Command have arrested a 27-year-old man, Isiyaka Badamasi, for allegedly poisoning a commercial motorcyclist in an attempt to steal his motorcycle.

According to a statement issued on Thursday by the command’s spokesperson, SP Nafiu Habib, Badamasi and his alleged accomplice, Ma’aruf Sani, reportedly offered a 21-year-old motorcyclist a sweet containing a harmful substance. The victim, who resides in the Yelwa Tudun area of Bauchi, allegedly became intoxicated after consuming it.

The suspects were said to have attempted to dispossess him of his Bajaj Boxer motorcycle. However, the victim raised an alarm after sensing danger, attracting members of the public who apprehended Badamasi. Sani, both of whose residents are reportedly from Na’ibawa in Kano State, escaped and is currently the subject of a police manhunt.

The victim was taken to Gamuwa Primary Health Care Centre, where he remains on admission and is responding to treatment.

The Commissioner of Police, Sani-Omolori Aliyu, has ordered the transfer of the case to the State Criminal Investigation Department for further investigation. The command also urged residents to remain vigilant and reaffirmed its commitment to protecting lives and property across the state.

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Lojay: My uncle told me I would never succeed in music.

Ikechukwu Emmanuel

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Nigerian singer Lojay has revealed that he faced significant opposition when he decided to pursue a career in music, including doubts from members of his family.

Speaking during a recent livestream with content creator Gilmore, the “Monalisa” hitmaker recalled that one of his wealthy and influential uncles, who is now involved in politics, told him he would never succeed in the music industry.

“I have an uncle who is now in politics. I won’t mention his name, but he is very rich and popular. When I wanted to start music, he told me I would never blow,” Lojay said.

Despite the discouragement, the singer remained committed to his ambition and used the criticism as motivation. He expressed satisfaction that his perseverance had eventually produced positive results.

Lojay also encouraged his fans to remain confident in their dreams and avoid allowing negative opinions to define their ambitions.

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Benue Police Deny Withdrawal of Mobile Personnel from Ayilamo.

Ikechukwu Emmanuel

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The Nigeria Police Command in Benue State has dismissed reports alleging that Mobile Police personnel were withdrawn from Ayilamo community in Logo Local Government Area.

In a statement issued by the Command’s spokesperson, DSP Orchia Aondogwu, the report was described as unfounded and baseless. He stated that Mobile Police personnel remained deployed in Ayilamo alongside the Divisional Police team and other tactical units.

Aondogwu also said additional military personnel had been deployed to reinforce security in the area, urging the public to disregard the report.

However, the traditional ruler of Ayilamo, Mue Ter, Chief Torkoer Samuel, contradicted the police account. He claimed that the Mobile Police personnel left the community on Wednesday with their equipment and Armoured Personnel Carriers.

The conflicting accounts have raised questions about the current security situation in Ayilamo and the extent of military presence in the community.

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