Economy
Clearing $3.4bn IMF Loan Boosted Nigeria’s Credibility Globally: Information Minister
Clearing $3.4bn IMF Loan Boosted Nigeria’s Credibility Globally: Information Minister
Clearing $3.4bn IMF loan boosted Nigeria’s credibility globally: Information minister. Mohammed Idris, minister of information and national orientation, says the full repayment of Nigeria’s $3.4 billion COVID-19 loan from the International Monetary Fund (IMF) has enhanced the country’s credibility on the global stage.
On May 8, TheCable reported that Ngera had cleared the $3.4 billion COVID-19 loan.
Speaking on Monday after the federal executive council (FEC) meeting presided over by President Bola Tinubu in Abuja, Idris said Tinubu directed the repayment of the facility in line with his view of government as a continuum.
He added that the move has strengthened investor confidence in Nigeria’s ability to meet its debt obligations.
“President Tinubu, as usual, sees government as a continuum. He directed that the government should exit that debt, and I can report to you today that Nigeria has indeed exited from that IMF facility,” Idris said.
“This move has boosted our credibility globally. It reassures foreign investors of Nigeria’s capacity to meet its debt obligations and improves our rating across international financial platforms.”
The minister acknowledged scepticism over the announcement but insisted the repayment was real and complete.
“I saw some cynicism in some quarters questioning whether this is true. I can confirm it: the debt has been paid in full,” he added.
FEC APPROVES NEW PROCUREMENT THRESHOLDS
He also said the council approved new procurement thresholds to reduce delays in public service delivery.
“Council, upon the approval of the President, has directed the Bureau of Public Procurement to communicate new thresholds on the procurement of goods and services,” Idris said.
“This adjustment is long overdue and will reduce the number of approvals required by the Council, speeding up government processes.”
The minister said details would be circulated to all ministries, departments, and agencies (MDAs) to improve operational efficiency.
Idris also stressed the government’s commitment to expanding private sector involvement in driving national economic growth, especially in infrastructure projects like road development.
He said ministries, especially the ministry of works, have been directed to work more closely with private sector players who are willing to invest their funds.
“There is an increasing need for people in the private sector to participate actively in our economic growth here as a nation,” he said.
“We have seen an increased appetite among private sector players to come in and contribute their own quota towards infrastructure development.”
FG MOVES TO CRIMINALISE THEFT OF INFRASTRUCTURE
Addressing security of public infrastructure, the minister said the government is taking steps to clamp down on the theft and illegal trade of government assets, particularly metal components from roads and bridges.

Information Minister
“There is an increased activity that the government has noted where people go, especially in the cover of the night, remove some of these government assets, iron metals and scraps, and then go to sell them to other individuals who in turn now recycle them and bring them back to the market,” he said.
He said while laws exist, the Tinubu administration is considering tougher measures and has directed the attorney-general of the federation to review current legislation.
“The federal government is already mulling the possibility of criminalising this,” he said.
“Of course, we already have some of these laws in existence, but we are looking at them in depth, and the attorney general of the federation has been directed to look at that.”
The minister described the situation as a threat to national development and called for urgent legislative intervention.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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