Economy
State Governors Deny Stealing LG Funds.

....KINDLY READ THE FULL STORY HERE▶
ABUJA — Governors struggled last night to extricate themselves from President Muhammadu Buhari’ accusation that they loot local government funds.
But governors who reacted to the President’s point-blank accusation yesterday, said they were not among those diverting local government funds.
Those who reacted include Benue State governor, Samuel Ortom; David Umahi of Ebonyi State; AbdulRahman AbdulRazaq of Kwara State; Solomon Lalong of Plateau State; Dapo Abiodun of Ogun State and Nyesom Wike of Rivers State
Efforts to get other governor to react at press time last night, however, did not yield results.
Reacting yesterday, Benue State Government distanced itself from the allegation by the president, saying Governor Samuel Ortom was the first to embrace LG financial autonomy and couldn’t have been involved in stealing LG funds.
Special Adviser to the Governor on Media and Publicity, Mr. Terver Akase, said: “If other states are stealing local government funds, it is not in Benue.
“Governor Samuel Ortom does not steal local government funds because he is a transparent governor. Recall that when the Federal Government started sending money directly to local governments, he was the first who embraced it.
“When the judiciary was to be given autonomy, he was the first to accept it. He is someone, who has no skeletons in his cupboard.
“If that allegation is true in other states, it is not the same in Benue State because our governor is transparent and he believes in the rule of law. He allows government agencies to operate as provided by law.
”That is why he has conducted more elections for the local governments than any other time in the history of the state. He has allowed democracy to be entrenched at the local government level.
”As we speak, we have elected local government chairmen and councillors in place. He does not interfere in the running of the local governments. So, that allegation does not obtain in Benue State.
“I am not saying the President is wrong but what I am saying is that it does not happen in Benue State. Our governor does not pilfer, embezzle or steal local government funds.”
Kwara doesn’t come under that tag, says Governor Abdulrazaq’s aide.
On his part, Rafiu Ajakaye, Chief Press Secretary to Governor AbdulRahman AbdulRazaq of Kwara State, said the state doesn’t come under the radar of the President’s comment.
He said: “Mr. President’s comments on the subject matter; to my understanding, have some measures of specificity. It was not a blanket statement. To that extent, we decline comment as Kwara doesn’t come under the tag. Thank you, sir. “
Such accusation does not apply to us – EBONYI GOV
Reacting in a similar manner, Special Assistant to Governor David Umahi of Ebonyi State on Media and Strategy, Mr. Chooks Oko, said the allegation by President Muhammadu Buhari doesn’t apply to Ebonyi State, considering the quantum of projects executed under the present administration in the state.
He said: “The quantum of development going on in Ebonyi will leave no one in doubt that such accusation does not apply to my governor.
“We have won several awards from the World Bank on fiscal prudence, accountability and transparency and they clearly stand Umahi out as one who uses allocations for what they are meant for.”
Plateau treats LGs fairly, gives them free hand to operate – GOVT
Also reacting, Plateau State government denied treating local government unfairly, saying Governor Simon Lalong always gave the local government a free hand to operate.
State Commissioner for Information and Communication, Dan Manjang, said: “The local governments on the Plateau are the first in the country to enjoy autonomy.”
Buhari’s accusation does not apply to Rivers
Similarly, Chris Finebone, Rivers State Commissioner for Information and Communication, said: “I can’t say to what extent the President could defend the allegation. What I’m hundred per cent sure of is that his accusation does not apply to Rivers State.
“I hear some governors dip hands into LG funds, but in Rivers, the governor, rather augments LG finances to keep them solvent, so that they can regularly pay teachers salaries and benefits to their staff as at when due. That has been the tradition under Governor Nyesom Wike,” he said.
We don’t tamper with LG funds-OGUN GOVT
Contacted yesterday, the Ogun State Commissioner for Information and Strategy, Mr Waheed Odusile said: “This is not applicable to us in Ogun State, we don’t tamper with local government funds.”
Economy
Govt Calls on International Oil Companies to Increase Investments for Energy Growth

The Federal Government of Nigeria has called on International Oil Companies (IOCs) to increase their investments in the country’s oil and gas sector, emphasizing the favorable investment climate created by the nation’s fiscal policies.....KINDLY READ THE FULL STORY HERE▶
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, made the appeal during the Cross Industry Group (CIG) meeting in Florence, Italy, organized by IOCs operating in Nigeria. The meeting aimed to address challenges, expectations, and strategies to enhance Nigeria’s contribution to regional energy needs across Sub-Saharan Africa.
In a statement released by his Special Adviser, Nneamaka Okafor, the minister highlighted that the President Bola Tinubu administration had implemented investment-friendly policies, including incentives for deep water investments. Lokpobiri stressed that while IOCs face challenges related to engineering, procurement, and construction (EPC) contractors, these obstacles can be overcome if IOCs make strong, strategic investment decisions.
“The ball is in the court of the IOCs and other operators to make the investment decisions that will drive increased production and sustainability in the sector,” the minister said, emphasizing the government’s role in creating an environment conducive to investment.
Furthermore, Lokpobiri called for support from IOCs for local refining efforts, noting the government’s push to bring more refineries online, which will require a steady supply of crude oil. He also reiterated the government’s commitment to enforcing the “drill or drop” provisions of the Petroleum Industry Act (PIA), aiming to ensure that idle assets are developed or redistributed to willing investors.
The minister’s remarks also encouraged collaborative measures such as resource sharing and farm-outs, particularly for underutilized assets, to promote production. He warned that the government would reclaim assets that remained underdeveloped for decades.
In response, Osagie Osunbor, Chairman of the Oil Producers Trade Section (OPTS), praised the minister for engaging directly with industry players and affirmed the government’s commitment to creating a favorable investment environment.
The Federal Government remains steadfast in fostering a thriving oil and gas industry and expects IOCs to match this commitment by making tangible investment decisions that will contribute to Nigeria’s energy security and economic growth.
Economy
Dollar to Naira Exchange Rate Today: Black Market Rates for March 31, 2025

The black market exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) for today, March 31, 2025, has been released.....KINDLY READ THE FULL STORY HERE▶
According to reliable sources at the Bureau De Change (BDC), the exchange rate at the Lagos Parallel Market, commonly referred to as the black market or Aboki FX, shows that traders are buying dollars at ₦1,560 and selling at ₦1,580 as of Sunday, March 30, 2025.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market rates. Instead, the CBN advises individuals who wish to engage in forex transactions to approach their respective commercial banks.
For comparison, the official CBN rate for the dollar today shows a highest rate of ₦1,542 and a lowest rate of ₦1,520. However, exchange rates may vary depending on the provider or location.
Foreign exchange rates in the black market often differ from the official rates set by the CBN, influenced by factors such as demand and availability. As a result, forex traders and individuals looking to convert dollars to naira are advised to verify rates before making transactions.
Stay informed with the latest updates on the dollar to naira exchange rate and other economic news.
Economy
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