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President Muhammadu Buhari Assent To Defence Research And Development Bureau Act, 2022, And Three Other Bills.

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President Muhammadu Buhari has assented to the Defecnce Research and Development Bureau Act, 2022 passed by the National Assembly, in furtherance of Section 58 (4) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

The Act is to establish the Defense Research and Development Bureau to conduct and coordinate robust research and development in the Armed Forces of Nigeria. The Act provides for a realistic defence policy for basic and applied research on defence items and equipment, initiate and coordinate the scientific, technological, and environmental research activities of the armed forces, provides strategic direction for self-reliance and security needs, evaluate needs and liaise with private and government research institutions on defence and related items and equipment.

The President also gave his assent to three other bills. The bills are:
National Commission for Refugees, Migrants and Internally Displaced Persons Act, 2022; The Act repeals the National Commission for Refugees Act, Cap. N21 Laws of the Federation of Nigeria 2004 and enacts the National Commission for Refugees, Migrants and Internally Displaced Persons Act, 2022 to provide a framework for the management, rehabilitation, return, reintegration, and resettlement of the victims of displacement, migrants, refugees and other persons of concern.

The Nigerian Tourism Development Authority Act, 2022; The Act repeals the Nigerian Tourism Development Corporation Act, Cap. N137 Laws of the Federation of Nigeria 2004 and enacts the Nigerian Tourism Development Authority Act, 2022 to develop and promote Nigeria as a travel and tourism destination.

National Assembly Library Trust Fund (Establishment) Act, 2022; The Act establishes the National Assembly Trust fund for the purpose of research provision of library equipment and related facilities, and enhance the research capacity of legislators and staff of the National Assembly Library.

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Signed: Senator Babajide Omoworare CON
Senior Special Assistant to The President on National Assembly Matters-Senate.

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$23bn net foreign exchange reserves will stablise exchange rate – Expert

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A financial expert, Prof. Uche Uwaleke, has said the current size of Net Foreign Exchange Reserves (NRER) at 23.11 billion dollars will positively impact on the value of the Naira.

Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, is also the President of the Capital Market Academics of Nigeria.

He said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to him, accretion to external reserves puts the Central Bank of Nigeria (CBN) in a stronger position to defend the value of the naira.

“The CBN can leverage rising external reserves to intervene in the forex market whenever it becomes necessary to stabilise the exchange rate,” he said.

He, however, raised concerns that the increase in the nation’s foreign reserves had been largely on account of temporary FX inflows such as Foreign Portfolio Investments (FPIs) and foreign loans.

He said that they represented unsustainable sources of growing external reserves.

“Impatient capital such as FPIs carry a lot of risks and have the potential of destabilising the economy whenever they leave the country.

“Against this backdrop, the government should pay more attention to diversifying the export base of the economy, especially via agriculture and solid minerals.

“The government should also create the enabling environment that attracts sustainable Foreign Direct Investments (FDIs) ,” he said.

NAN reports that the CBN recently revealed that the NFER stood at 23.11 billion dollars at the end of 2024, their highest level in three years.

The apex bank said that the development signalled a major improvement in the country’s external financial position.

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It said that the NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at 3.99 billion dollars at the end of 2023.

According to the CBN Governor, Yemi Cardoso, the improved position was due to substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.

Cardoso cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” Cardoso said.

He said that Gross external reserves also climbed to 40.19 billion dollars at the end of 2024, up from 33.22 billion dollars the previous year.

“Reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a steady uptick in reserves throughout the second quarter,” Cardoso said. (NAN)

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Shelve April 7 Nationwide Protest, Police Warn Organisers

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Police authorities have called on the organisers of a nationwide protest billed for April 7, 2025, to shelve the plan.

The Take-It-Back (TIB) movement had scheduled a nationwide protest for Monday, April 7, 2025, citing several national issues.

However, in a statement on Sunday, the spokesman of the Nigeria Police Force (NPF), Muyiwa Adejobi, described the protest as ill-timed, especially as it coincided with the National Police Day celebration.

“In line with best global practices adopted by nations in celebrating the achievements of its Police institution, the Nigerian Government has taken the bull by the horn by declaring every April 7 as National Police Day,” the police statement read.

“The rationale behind staging a nationwide protest on the same day is however questionable and perceived to be a deliberate attempt and unpatriotic act that is capable of rubbishing and maligning the image of the Nigeria Police and the nation as a whole. The Nigeria Police Force hereby advises the organizers to shelve this planned protest as it is ill-timed and mischievous.”

According to the Nigeria Police Force, the organisers should instead give room for dialogue with the government.

“The Nigeria Police Force under the leadership of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, while reaffirming the commitment of the NPF to adequately carrying out its mandate in accordance with the Law and respect for rights of citizens hereby urges all the organizers of the planned protest as well as individuals who intend to join the protest to pursue dialogue by engaging the proper institution of government to press home their demands,” the police said.

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Atiku, Obi, Others In Talks To Join SDP, Says Ex-Presidential Candidate

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A longlist of notable politicians including former Vice President Atiku Abubakar and ex-presidential candidate of the Labour Party (LP) Peter Obi are in talks to join the Social Democratic Party (SDP).

This is according to the SDP presidential candidate in the 2023 election Adewole Adebayo.

Adebayo said Atiku and Obi’s men are in talks for their principals to team up with the SDP, which recently welcomed a former Kaduna State governor and chieftain of the ruling All Progressives Congress (SDP) into its fold.

“People are joining my party, and we are welcoming them. You can see how active I am in welcoming them. The only little issue we have with some of them is to change the culture where if you have not been in an environment where rules are taken seriously,” the SDP chieftain said on Channels Television’s Sunday Politics.

“Some of them are doing some Boy Scouts, black market operations, we are dealing with that. But we welcome them into the party. All these people you have mentioned, El-Rufai, Atiku Abubakar, even former Governor Peter Obi are coming. A lot of people are coming, and we will welcome them.”

When he was asked to clarify if Obi, a former Anambra State governor, is joining the SDP, Adebayo said, “Supposedly, until somebody joins, we don’t know. But people have told me, and the Financial Secretary (SDP) has also informed me, that they are talking. So we will welcome everybody.

“Surely, when we come in, and we don’t become a tower of Babel; if we come in, follow the rules and allow one person to emerge transparently, clearly, without cheating, without criminality the way we did our convention in 2022, people applauded us transparently, no court case, no crisis, no allegations.

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“If they can stick to our culture and follow the way we do in the SDP and produce a good alternative to Nigerians, we are going to manifestly defeat the APC and retire President Tinubu to Lagos or wherever he chooses in Nigeria.”

Obi, who enjoys the backing of millions of Nigerian youths, came third in the last presidential election after polling about six million votes.

Atiku was second in the poll won by the APC’s Bola Tinubu.

Despite suggestions to the contrary, Obi has repeatedly said he remains in LP, the party that powered his 2023 presidential ambition.

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