Politics
Naira Depreciation Sparks-Widespread Distress Among Parents Financing-Education Abroad (Details)
The significant depreciation of the Nigerian naira against major international currencies, particularly the dollar, is causing distress among parents financing education abroad. The naira’s fall is leading to increased expenses, resulting in a sharp rise in the cost of funding children’s education due to unfavorable exchange rates….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
As of Friday, the naira had recovered to 907.11/$ on the official Investors and Exporters’ foreign exchange window, showing a 13.04% appreciation from Thursday’s figure. However, the fluctuation and depreciation of the naira have been ongoing, impacting various sectors, including education.
The falling value of the naira has raised concerns among parents who bear the brunt of the rising costs associated with international education. With the naira becoming the third worst-performing global currency in 2023, parents are grappling with the financial burden of funding their children’s education abroad amid economic instability, political uncertainty, and global market fluctuations.
Manufacturers are also feeling the impact, reporting increased operating costs due to the depreciation of the naira. Additionally, travel agents are expressing dissatisfaction with the volatility in the exchange rate, affecting various aspects of international travel.
Parents, particularly those with children studying abroad, are urging the government to intervene in the foreign exchange crisis to alleviate the financial strain they are experiencing. The situation has led to calls for increased foreign exchange supply and interventions to stabilize the exchange rate.
The depreciation of the naira has implications for various sectors of the economy, and stakeholders are urging the government to address the root causes and implement measures to restore stability to the foreign exchange market.
The African Democratic Congress (ADC) has challenged Abdul’aziz Yari, the Director-General of President Bola Tinubu’s re-election campaign, to account for how citizens have benefited from the ₦15.8 trillion generated through the removal of fuel subsidy and foreign exchange reforms.....KINDLY READ THE FULL STORY HERE▶
In a statement released by National Publicity Secretary Bolaji Abdullahi, the party pointed out that between June 2023 and December 2025, these reforms pumped roughly ₦15.8 trillion into the Federation—split into ₦5.4 trillion for the Federal Government, ₦5.4 trillion for state governments, and ₦3.9 trillion for local councils. Despite these monumental figures and FAAC disbursements soaring to a cumulative ₦47.25 trillion across that three-year window, the ADC argued that ordinary citizens are still buckling under crushing living, food, and transport costs.
The opposition party criticized the ruling administration for boasting about multi-trillion-naira windfalls while households struggle to afford daily meals, noting that monthly FAAC allocations have surged past ₦2 trillion from under ₦1 trillion prior to the subsidy removal. Furthermore, the ADC questioned why roughly 20 states still felt the need to pile on ₦458 billion in new loans during 2025 despite the massive cash influx. Concluding its stance, the party demanded that Senator Yari and the APC prove the tangible results of these funds—specifically pointing to physical infrastructure like schools, hospitals, roads, and mass transit—before expecting Nigerians to grant them another four years in power.
Beginning Monday, August 31, 2026, the Ogun State House of Assembly’s Committee on Finance and Appropriation will kick off its second-quarter performance review of state ministries, departments, and agencies (MDAs) for the 2026 budget.....KINDLY READ THE FULL STORY HERE▶
Based on official details released by the Clerk and Head of Legislative Service, Mr. Sakiru Adebakin, this rigorous review targets the second-quarter performance spanning from January through June. The oversight sessions will take place daily at 10:00 am, running continuously from Monday, August 31, through Tuesday, September 8, 2026.
This oversight initiative forms a core part of the legislature’s constitutional mandate, designed strictly to gauge how effectively government bodies have complied with the State’s 2026 Appropriation Law. By doing so, the assembly aims to guarantee optimal value for public funds across all policy rollouts and infrastructure projects. In preparation for the sessions, all heads of MDAs have been formally instructed to bring the necessary documentation and show up punctually according to their designated schedules.
The African Action Congress (AAC) has pushed back against the decision to merely suspend the prosecution of its 2027 presidential candidate, Omoyele Sowore, until after the upcoming election, insisting instead that the charges be completely dropped.....KINDLY READ THE FULL STORY HERE▶
In a statement signed by National Publicity Secretary Rex I. Elanu and reported by Naija News, the party criticized the legal validity of leaving a criminal trial hanging indefinitely, pointing out that Nigerian criminal procedure doesn’t allow for cases to simply be put on hold. The AAC called on the Attorney-General of the Federation to officially discontinue the matter so it cannot be weaponized politically later, while also demanding the immediate removal of DSS Director-General Tosin Ajayi over alleged political harassment. Furthermore, the party is seeking a formal apology, financial compensation, and the settlement of all outstanding court costs resulting from what it views as a politically motivated trial.
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