-
Nigeria’s External Reserves Hit $54.08 Billion, Highest Level in Nearly 18 Years
Nigeria’s external reserves rose to $54.08 billion as of September 3, 2026, the highest level since December 2008. The figure represents an increase of more than $8.5 billion since the start of the year and about $12.5 billion year-on-year.
Reserves Rise on Higher Foreign Exchange Inflows
The increase has been linked to improved oil-related inflows and other foreign exchange receipts. The stronger reserves position gives the country greater capacity to meet external obligations and support the naira.
Analysts are watching whether the accumulation will continue into the final quarter, as higher reserves can help strengthen exchange-rate stability and investor confidence.
-
Auditor-General Flags ₦33.75 Billion Cash Transfers to 3.29 Million Households
The Auditor-General for the Federation has raised concerns over the verification of ₦33.75 billion in electronic cash transfers made to 3,295,207 vulnerable households across 35 states in 2023.
Auditors Demand Evidence of Beneficiary Payments
The 2024 annual report said payment vouchers lacked complete beneficiary details, while required Remita statements needed to reconcile recipients with the National Social Register and National Beneficiary Register were not provided.
Auditors warned of the risk of payments reaching ineligible or fictitious beneficiaries and possible loss of public funds.
The report recommended that the National Programme Manager account for the money before the Public Accounts Committees and provide evidence that the funds reached the intended beneficiaries.
-
House of Representatives Dissolves All Ad Hoc Committees
Speaker of the House of Representatives Tajudeen Abbas has ordered the dissolution of all ad hoc committees of the 10th House, effective August 28, 2026.
PFIPC Probe Among Affected Committees
The directive, conveyed through a circular by the Clerk of the House, cited the expiration of the time allotted for the committees to complete their assignments and submit reports.
Among the affected panels is the committee investigating the inclusion of the purported Presidential Foreign Intervention Promotion Council in the 2026 Appropriation Act.
Chairmen were directed to submit outstanding documents and records to the Clerk’s office for safekeeping, raising questions over the status of incomplete investigations.
-
Peter Obi Says He
Is Ready to Die Protecting Votes Ahead of 2027
Peter Obi, presidential candidate of the Nigeria Democratic Congress, has said he is prepared to die defending citizens’ votes and democracy during the 2027 general elections.
Obi Urges Nigerians to Protect Their Votes
Speaking at a town hall meeting in Port Harcourt, Rivers State, Obi urged Nigerians not to be intimidated at polling units and called for greater coordination to ensure that election results count.
He referred to alleged irregularities surrounding the 2023 elections and the IReV portal while urging voters to resist attempts at voter suppression.
Obi said attempts to manipulate the electoral process would face stronger resistance if citizens remain determined to protect their votes.
-
Atiku Criticises Government Over Unverified ₦33.75 Billion Cash Transfers
Former Vice President and African Democratic Congress presidential candidate Atiku Abubakar has criticised the Federal Government over the reported inability to fully verify ₦33.75 billion in cash transfers to vulnerable households.
Atiku Demands Investigation Into Palliative Funds
Reacting to the Auditor-General’s findings, Atiku said the amount represented an average of about ₦10,258 per household and questioned whether the money reached genuine beneficiaries.
He called for a full investigation and recovery of any unaccounted funds, while criticising the government’s broader approach to social intervention programmes.
The comments add to opposition pressure on the administration over transparency and accountability in poverty-alleviation programmes.
-
Nigerians Spent ₦1.2 Trillion on Electricity Bills in Six Months
Nigerians paid approximately ₦1.2 trillion in electricity bills over a six-month period, according to recent industry data, highlighting the scale of household and business spending on power.
DisCos Push Revenue Collection Amid Billing Concerns
The collections reflect efforts by electricity distribution companies to improve billing and revenue recovery despite persistent concerns over supply reliability and metering.
Many customers continue to report estimated billing and service disruptions, while unpaid electricity bills remain a major concern for the sector.
Regulators and industry stakeholders are monitoring measures aimed at expanding metering and reducing commercial losses.
-
D’Tigress Suffer Second Consecutive Defeat at 2026 FIBA Women’s World Cup
Nigeria’s D’Tigress suffered a 71-67 defeat to Hungary in their second Group B match at the 2026 FIBA Women’s Basketball World Cup in Berlin on September 5.
D’Tigress Face Must-Win Match Against France
The defeat followed Nigeria’s opening loss to South Korea, leaving the African champions without a win at the tournament. Amy Okonkwo led Nigeria’s scoring with 17 points as the team mounted a late rally that fell short.
Hungary secured its first World Cup victory in 28 years after producing better shooting and interior play.
D’Tigress will face France on September 7 in a must-win match as Nigeria seeks to keep its hopes of reaching the knockout stage alive.
-
Uber Winds Down Operations in Nigeria After 12 Years
Ride-hailing company Uber has ceased operations in Nigeria effective September 2, 2026, ending a 12-year presence that began with its launch in Lagos in 2014.
Rising Costs Challenge Ride-Hailing Market
Uber said the decision followed a review of its business priorities and investment focus. The company said the move was limited to Nigeria and Uganda and does not affect its other African markets.
Rising fuel costs, currency volatility, inflation and competition have placed pressure on operators and drivers.
The exit is expected to increase demand for remaining ride-hailing platforms while renewing debate over the challenges facing foreign digital businesses in Nigeria.
-
Naira Holds Near ₦1,321 Per Dollar as Reserves Strengthen
The naira traded at about ₦1,321 per dollar on the official market in early September 2026, maintaining recent gains and positioning the currency for its strongest annual performance since 2018.
Official Naira Rate Remains Stronger Than Parallel Market
The parallel market remained higher at about ₦1,405 per dollar, while improved foreign exchange liquidity and rising external reserves continued to support the official market.
Analysts attributed the naira’s performance to policy reforms, higher oil-related inflows and tighter monetary management.
Market participants are monitoring Central Bank interventions, oil prices and reserve accumulation for further direction.
-
Troops Rescue 36 Abductees in Week-Long Military Operations
The Defence Headquarters has reported that troops rescued 36 abductees and neutralised several terrorist leaders during operations conducted across the country over a one-week period.
Military Steps Up Operations Against Terrorists
The operations involved coordinated air and ground missions targeting insurgents and bandits in affected areas. Troops also recovered arms and disrupted criminal networks during the operations.
Defence authorities said intelligence-driven operations and inter-agency collaboration contributed to the reported gains.
Further operations are expected as security agencies continue efforts to tackle insurgency, banditry and abductions.
