Economy
Taiwo Oyedele: Moody’s Positive Outlook Validates Tinubu’s Reforms
Taiwo Oyedele: Moody’s Positive Outlook Validates Tinubu’s Reforms
The Federal Government has described Moody’s Ratings’ decision to revise Nigeria’s sovereign credit outlook from stable to positive as an external validation of the economic reforms implemented by the President Bola Tinubu administration.
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in a press release posted on his X handle on Saturday.
Oyedele said the latest assessment by the international rating agency reflected the impact of reforms undertaken by the government over the past three years, including the removal of fuel subsidy, exchange-rate reforms and tax reforms.
“Moody’s positive outlook is an important external validation of the difficult but necessary reforms this administration has implemented, from removing a costly and inequitable fuel subsidy to unifying the exchange rate, and the landmark tax reforms,” the minister said.
He added that the reforms were restoring the fundamentals of macroeconomic stability, citing stronger foreign reserves, a resilient external position, moderating inflation and improved monetary policy transmission.
According to the minister, the government’s medium-term objective is to move Nigeria towards investment-grade status.
Oyedele, however, said achieving the target would require sustained improvements in the country’s external position, domestic revenue mobilisation, spending efficiency and debt affordability.
“Our medium-term ambition is to place Nigeria firmly on the path to investment grade. That will require us to sustain the external gains Moody’s has recognised, while making faster progress on domestic revenue mobilisation, spending efficiency, and debt affordability,” he said.
He stressed that the government was not pursuing a better sovereign rating merely for its own sake, but to create conditions that would lower the country’s cost of capital, attract private investment and improve prosperity.
The minister’s reaction came after Moody’s revised Nigeria’s outlook to positive while affirming the country’s long-term foreign and local currency issuer ratings at B3.
The Federal Ministry of Finance said Nigeria’s current account surplus was projected to widen to about 6.1 per cent of GDP in 2026, while gross external reserves had risen to $53.30bn as of August 26, according to Central Bank of Nigeria data.
Moody’s also pointed to stronger-than-expected economic growth, with real GDP growth reaching four per cent in 2025, against an earlier projection of about three per cent.
Headline inflation has also moderated, falling to 15.4 per cent in July 2026 from 25.3 per cent a year earlier, according to the ministry.
Oyedele said the government would sustain the reforms underpinning the improving credit profile, particularly efforts to increase domestic revenue and strengthen public debt management.
The ministry also listed the maintenance of a disciplined and transparent foreign exchange regime, fiscal discipline and structural reforms aimed at supporting non-oil growth and diversifying government revenue among its priorities.
The ministry noted that Moody’s had indicated that Nigeria could secure a further rating upgrade if the improvement in its external position was sustained or if revenue reforms resulted in a durable increase in government receipts.

Taiwo Oyedele
The latest development is another positive assessment of Nigeria’s reform programme by international financial institutions and rating agencies.
PUNCH Online had earlier reported that S&P Global Ratings upgraded Nigeria’s sovereign credit rating to B from B- in May 2026, citing improvements in the country’s external position and economic reforms.
The Federal Government said the latest assessments demonstrated growing confidence in the direction of the Nigerian economy, while acknowledging that further work was required to strengthen public finances and reduce the cost of borrowing.
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Economy
Minister of Defence, NiDCOM Chairman, Others Meets Nigerians in Angola, Reassure Growing Economy and Insecurity Being Tackle
Minister of Defence, NiDCOM Chairman, Others Meets Nigerians in Angola, Reassure Growing Economy and Insecurity Being Tackle
The Minister of Defence, Gen. Christopher Musa (Rtd), has reassured Nigerians in Angola of the Federal Government’s commitment to strengthening national security and addressing the challenges posed by insecurity and instability in the Sahel region.
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Musa gave the assurance during an engagement with members of the Nigerian community in Luanda, Angola, on the sidelines of the 21st Extra-ordinary Session of the Assembly of Heads of State and Government of the African Union (AU).
The engagement was coordinated by the Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, on the sidelines of the AU extraordinary session in Luanda Uganda
The Nigerian delegation to the AU summit was led by Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu.
Speaking to the Nigerian community, Musa acknowledged the security challenges confronting the country, noting that some of them were linked to instability in the Sahel, with its effects spilling across national borders.
He assured Nigerians that the Federal Government was taking comprehensive measures to strengthen Nigeria’s borders and prevent security threats and incursions.
The Minister assured Nigerians in Angola that the administration of President Bola Ahmed Tinubu remained committed to defeating security threats across the country, adding that efforts were ongoing to increase the manpower, equipment and operational capacity of the Armed Forces and other security agencies.
In the same vein, Minister of Interior, Olubunmi Tunji Ojo said “ Nigeria is growing, the economy is growing and Nigeria is on the path of full recovery “
On the request to have a Nigerian passport production centre in Angola, Tunji-Ojo said he will look into their request so as to ease issuance of passport booklets in the country.
Coordinating the meeting, Dabiri-Erewa, appreciated members of the Nigerian community in Angola for their contributions to Nigeria’s development and for continuing to project the positive image of the country abroad.
She reassured the community that the Federal Government values the contributions, concerns and welfare of Nigerians in the Diaspora, stressing that their voices remain important in shaping policies and interventions that affect them.
Dabiri-Erewa also encouraged Nigerians in Angola to continue to remain united, law-abiding and committed to contributing positively to the development of both Nigeria and their host country.
Speaking on behalf of the Nigerian community in Angola, the Secretary of the Nigeria Community Association in Angola, Nnaemeka Francis Obi, commended the engagement and highlighted some of the challenges confronting Nigerians in the country.
Obi specifically called for the establishment of a Nigerian passport office in Angola, noting that access to passport and consular services remains a major concern for members of the community.
He also raised concerns over healthcare challenges faced by Nigerians living in Angola and called for greater attention to the welfare and well-being of Nigerians in the Diaspora.
The engagement provided an opportunity for the Federal Government delegation to hear directly from Nigerians in Angola and reaffirm its commitment to deepening Diaspora engagement, addressing their concerns and ensuring that Nigerians abroad remain an integral part of the nation’s development agenda.

Minister of Defence, NiDCOM
NiDCOM reiterated that the Federal Government, through relevant agencies, will continue to strengthen its engagement with Nigerians across the globe while working towards responsive solutions to issues affecting their welfare and interests.
E-signed
Abdur-Rahman Balogun, mnipr
Director, Media, Public Relations and Protocols
Nigerians in Diaspora Commission (NiDCOM), Abuja.
Eereporter.com
Crime
Ola Olukoyede Charges EFCC’s Media Managers on Emerging Technologies in Information Dissemination
Ola Olukoyede Charges EFCC’s Media Managers on Emerging Technologies in Information Dissemination
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has charged Heads of Public Affairs across the Commission to embrace emerging technologies, particularly Artificial Intelligence (AI), and deploy innovative, strategic and credible communication approaches to effectively tell the EFCC story, counter misinformation and strengthen public confidence in the fight against economic and financial crimes.
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He gave the charge on Friday, August 28, 2026, at the closing ceremony of a Two-Day Executive Master Class on AI, Digital Media, Fact-Checking and Strategic Corporate Communication for Public Institutions, organised for Heads of Public Affairs Departments of the Commission at its Headquarters in Abuja.
Represented by the Secretary to the Commission, Muhammad Hassan Hammajoda, Olukoyede commended the organisers and participants for the success of the Master Class, noting that the rapidly changing communication environment demanded that the Commission’s communication professionals remain ahead of emerging technologies, trends and narratives.
The EFCC boss said the training was particularly timely as the Commission continued to strengthen its engagement with Nigerians and communicate the impact of its activities in the fight against economic and financial crimes. He urged the participants to translate the knowledge acquired into improved performance, stressing that “effective communication is central to public understanding, institutional credibility and sustainable support for the anti-corruption campaign.”
He also stressed that the Commission expected its Public Affairs officers to use the knowledge gained from the programme to develop more compelling narratives, respond intelligently to emerging issues and ensure that the EFCC’s story is told with accuracy, speed and credibility.
Also speaking at the occasion, the Chief of Staff to the Executive Chairman, Commander of the EFCC, CE Michael Nzekwe, spoke glowingly about the contributions of the Public Affairs arm of the Commission to the projection of the EFCC’s image and the advancement of its anti-corruption mandate.
He acknowledged the strategic role being played by Public Affairs officers in explaining the Commission’s work to the public, shaping public understanding of its activities and ensuring that the relevance of the EFCC in the fight against corruption remains visible in the public space. He encouraged the communication team to sustain its professionalism, creativity, and commitment to telling the Commission’s story in ways that resonate with Nigerians.
The Director, Public Affairs Department, Commander of the EFCC, CE Wilson Uwujaren, expressed appreciation to the management of the Commission for sponsoring the training, describing the investment in the capacity development of Public Affairs officers as timely and valuable.
Uwujaren urged the participants to put the knowledge acquired into optimal use, stressing that the true value of any training was measured by its impact on performance. He charged the Heads of Public Affairs Department in the zones to return to their various formations better equipped to deploy emerging communication technologies, fact-check information, develop compelling digital content and communicate the activities of the Commission more strategically.
Giving the vote of thanks on behalf of the facilitators of the programme, the Executive Director of the West Africa Broadcast Media Academy, WABMA, Mike Yawe, described the two-day engagement as an intensive and impactful learning experience. He thanked the EFCC for giving WABMA the opportunity to engage with what he described as a professional and highly interactive team.
Yawe observed that the training went beyond conventional lectures, providing participants with an opportunity to “learn, unlearn, rethink and refine” their approaches to communication.
According to him, one of the major lessons from the training was that “the communication environment has changed, and communicators must change with it.” He noted that Artificial Intelligence was no longer something communication professionals could afford to observe from a distance as it offered opportunities to research faster, generate ideas, analyse information, improve content and achieve better results within shorter periods.
However, he cautioned that technology remained a tool, stressing that human communicators must continue to provide judgement, ethics, context and responsibility in the use of AI.
The WABMA Executive Director commended the quality of participation during the brainstorming sessions, noting that the questions, experiences and perspectives shared by participants demonstrated that the EFCC communication team was thinking deeply about its responsibility to the institution and the Nigerian public. He, however, challenged the participants to take the lessons from the Master Class back to their various offices and put them into practice.
“Use the AI tools responsibly. Verify before you amplify. Think strategically before you communicate. And never compromise the credibility of the institution you represent,” he charged.
He expressed appreciation to the management of the EFCC, the Public Affairs Department , facilitators and participants for making the two-day programme engaging and productive, while expressing hope that the engagement would mark the beginning of a continuing professional relationship between the Commission and WABMA.

Olukoyede
The Master Class provided participants with practical exposure to emerging trends in Artificial Intelligence, Digital storytelling, Fact-checking, Misinformation management, Strategic corporate communication and Contemporary media engagement, with emphasis on their application to public-sector communication.
Resource persons from WABMA took the participants through a gamut of professional tutoring, experience-sharing, life application and global excursion in strategic communication.
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Crime
EFCC under Olukoyede’s Stewardship Recovers ₦1.233Trillion in 34 Months
EFCC under Olukoyede’s Stewardship Recovers ₦1.233Trillion in 34 Months
The Economic and Financial Crimes Commission, EFCC, has broken its monetary asset recovery record in both national and foreign currencies in the 34 months of Ola Olukoyede’s leadership.
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The disclosure was made on Monday, August 31, 2026 when the Executive Chairman of the Commission, Ola Olukoyede, addressed the media on his stewardship.
Available records showed that recovery in naira hit an all-time high of ₦1, 233,612,040,411.11, (One Trillion, Two Hundred and Thirty-three Billion, Six Hundred and Twelve Million, Forty Thousand, Four Hundred and Eleven Naira, Eleven Kobo). In dollars, it hit $684,478,457,32, (Six Hundred and Eighty-four Million, Four Hundred and Seventy-eight Thousand, Four Hundred and Fifty-Seven Dollars, Thirty-two cents). In Pound Sterling, the recovery hit £373,905.78, (Three Hundred and Seventy-three Thousand, Nine Hundred and five Pounds, Seventy-eight Shillings) while it rose to €9,343,803.66 (Nine Million, Three Hundred and Forty-three Thousand, Eight Hundred and three Euros, Sixty-six Cents) in euros.
Out of the naira recovery, approximately ₦397.26billion, representing 33 percent was direct recoveries for the federal government, while ₦836.34billion, representing 67 percent were recoveries made by the Commission on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims. This breakdown, according to Olukoyede, shows that “two out of every three naira recovered, were on behalf of beneficiaries other than the federal government.”
In the area of prosecution, the EFCC’s chair disclosed that “the Commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions between October 2023 and July 2026, stating that this gives a conviction-to-filing ratio of 75.1 per cent. In the first half of 2026 alone, the Commission he said recorded 1,370 convictions from 1,889 filings. These results reflect diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes”.
Speaking further, Olukoyede revealed that data from petitions and case analysis provides an indication of the shifting trends in the financial crime threat landscape. The Commission’s 2024 to 2026 year-to-date category data recorded 46,288 offences across nine major typologies. Advance fee fraud and cybercrime together, represented nearly two-thirds of recorded offences. However, between 2024 and 2025, total recorded offences rose by 24.1 per cent, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.
According to him, “This tells us that the fight against economic and financial crime is not only about grand corruption. Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation.”
The EFCC has continued to pursue complex and high-profile matters without regard to status. Its high-profile case portfolio spans former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials.
The Commission’s specialised enforcement portfolio, he said, further demonstrates the breadth of this work. “Across money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, the Commission recorded 920 cases, with 212 convictions secured and a substantial active pipeline of investigations and prosecutions. Money laundering and unlicensed bureau de change cases account for the largest share of this portfolio. We are also responding to emerging risks in virtual assets and illicit financial flows from the extractive sector,” he said.
While noting that recovery is only truly meaningful when value is returned to the public interest and to the rightful beneficiaries, Olukoyede stated that during the period under review, ₦661.32 billion and US$492.37 million were released to beneficiaries. The naira releases, he said, included about ₦325.35 billion paid directly to individuals and corporate bodies, while ₦335.97 billion was released to various MDA’s, Nigerian Revenue Service and States’ Internal Revenue Services, alongside releases to other public institutions, companies and individuals.
While disclosing that there was a significant revenue-mobilisation dimension to the Commission’s work, the EFCC’s boss stated that “Federal and state tax recoveries amounted to approximately ₦288.1 billion over the period, including about ₦173.2 billion in federal tax recoveries and ₦114.9 billion attributed to States’ Internal Revenue Services, being fiscal value recovered through enforcement of existing obligations, and not through the imposition of new taxes. “In addition, approximately ₦257.2 billion in naira recoveries were recorded for federal ministries, departments and agencies, demonstrating how anti-corruption enforcement can reinforce the revenue capacity of the government,” he said.
He observed that national impact of recovery is perhaps clearest when proceeds of crime are converted into productive social investment, recalling the federal government’s directive in August 2024, for ₦50 billion each to be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from EFCC’s proceeds of crime and further funding of N50billion each for both organisations in 2026 from EFCC recoveries.
He also recalled that former NOK University, forfeited to the federal government was converted to a Federal University of Applied Sciences, Kachia, Kaduna State, with a total of 1,909 students matriculated into the University in December 2025, disclosing further that another private university of high value has also been forfeited to the federal government. According to Olukoyede, “When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.”
He noted that anti-corruption enforcement sanitises the fiscal space, strengthens federal and sub-national revenue, returns working capital to institutions, companies and citizens, supports financial-market integrity, protects the extractive and digital economies and strengthens Nigeria’s international credibility.
Speaking further, he said that “it also produces a deterrence dividend,” stating that every successful prosecution and every asset stripped from criminal enterprise reduces the expected cost of economic crime.”
Beyond cash, he disclosed that the Commission over the period secured the forfeiture of 10,053 tangible assets under interim and final court orders between October 2023 and July 2026. These included 8,198 electronic items, 1,177 real-estate assets, 370 automobiles, 251 plots of land, as well as schools, factories, hotels, shops, oil rigs, barges, machinery and Aircraft. We also recorded the forfeiture of 102 tonnes of solid minerals.
“Proceeds from disposal under final forfeiture orders amounted to approximately ₦12.07 billion and were paid to the Federal Government,” he said.
The anti graft czar also disclosed that the work of the Commission within the period equally contributed to improving the integrity of Nigeria’s financial system. Sustained enforcement in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other higher-risk sectors formed part of Nigeria’s wider national effort to address deficiencies in the anti-money laundering and counter-financing of terrorism framework.
According to him, “Nigeria’s removal from the Financial Action Task Force Grey List in October 2025 was a national achievement, and the Commission’s casework and enforcement activities formed part of that collective effort.”
In the foreign-exchange market, Olukoyede noted that enforcement against unlicensed bureaux de change reinforced the regulatory reforms of the Central Bank of Nigeria, noting that the Commission recorded 234 BDC cases and 73 convictions within the last three years.
“The overarching objective is to support a more formal, transparent and compliant retail foreign-exchange market and close channels vulnerable to illicit finance, speculation and round tripping. This has improved macroeconomic stability with long-term benefits for the average citizen,” he said.
In the area of institutional Reform and Restructuring, he observed that there is consequential improvement in the Commission’s processes and procedures, which partly explain the impact the Commission has made in all the matrices of law enforcement.
Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre.
In addition, the Enugu and Ilorin directorates were commissioned within the period and new directorates, established in Ekiti, Anambra and Katsina states, which has significantly improved citizens’ access to the Commission.
Olukoyede also instituted policies on gifts and hospitality, conflict of interest and exhibit-room security. He re-named and re-structured the Internal Affairs Department as Ethics and Integrity Department to reflect the Commission’s commitment to internal cleansing under his leadership.

Olukoyede
The Commission is also currently investing heavily in digitalization projects. “At the moment, almost 60 percent of our processes and operations have been digitalized. Continuing investment in innovation and digitisation, the new Academy and EFCC 24/7 Cybercrime Rapid Response Centre (E-C2R2) as a strategic response to the growing complexity of cyber-enabled financial crimes and EFCC Radio,” he said.
In general, Olukoyede observed that the past 34 months have been a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad.
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