The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has reiterated that the apex bank will not revert to financing the federal government’s fiscal deficit.

The statement was made during the 60th Annual Bankers’ Dinner in Lagos, attended by top bankers, political leaders, and financial regulators.

Fiscal deficit financing allows the government to borrow directly from the CBN to cover budget shortfalls under strict conditions.

During the previous administration, the government reportedly drew N30 trillion in CBN overdrafts, of which about N23 trillion was later converted into a long-term bond.

Cardoso described that period as “reckless ways and means” and confirmed that the CBN has closed the door on such practices.

“Despite provisions in the CBN Act, we will not return to funding fiscal deficits,” Cardoso said.

The governor also highlighted the bank’s commitment to price stability and single-digit inflation, stressing that the current double-digit rate is unacceptable.

Headline inflation has declined from over 34% last November to 16.05% last month, the lowest in recent years, partly due to changes in the Consumer Price Index (CPI) base year and basket.

Looking ahead, CBN models predict continued disinflation into 2026, while the country’s external reserves have grown above $46 billion as of mid-November.

Cardoso noted that recent reforms have laid the groundwork for sustainable economic growth, emphasizing that progress is the result of “difficult choices, courage, and patience.”

Other speakers at the event reinforced the message of resilience and growth. Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), highlighted human capital development and initiatives to retain talent in the financial sector.

Oliver Alawuba, Chairman of the Body of Bank CEOs and Group Managing Director of UBA, emphasized the role of increased credit to the private sector in consolidating economic growth.

He also noted that banks are prepared for cash adequacy and seamless digital transactions during the upcoming festive season.

Air Peace, Nigeria’s largest airline, has instituted legal action against Latvia-based ACMI and charter services provider, SmartLynx, accusing the company of violating the terms of their aircraft lease agreement.

The development comes weeks after Air Peace publicly alleged that SmartLynx abruptly withdrew three wet-leased aircraft without prior notice, an action the Nigerian carrier said resulted in significant flight disruptions, including delays and cancellations across its network.

According to a statement from Air Peace management, the airline’s financial losses arising from the incident have now reached $38,042,843.84.

The airline alleged that SmartLynx obtained several advance payments under false pretenses.

The statement reads in part:
“During the lease period, SmartLynx deliberately misled Air Peace, collecting advance payments on the assurance that it would operate the agreed block hours.

“However, SmartLynx knew months before receiving these funds that it had no intention of fulfilling the prepaid block hours. Despite this knowledge, it continued to demand and receive payments fraudulently.”

It added that the situation prompted the airline to begin court proceedings, resulting in a court order issued against SmartLynx on November 12, 2025.

In a related development, SmartLynx Airlines announced on Monday that it has shut down operations.

The company stated that a review by its new management revealed that its financial condition and long-term viability were no longer sustainable.

The U.S dollar is trading at ₦1,446.9 today in the official Nigerian Foreign Exchange Market (NFEM).

In the parallel (black) market, however, the dollar is exchanging for approximately ₦1,476.

This leaves a price gap of about ₦29.1 between the two markets, highlighting the ongoing divergence between official and informal forex channels.

Analysts attribute the spread to sustained high demand within the parallel market, coupled with tight dollar liquidity and restricted access for many individuals and small businesses.

The official market, on the other hand, has remained relatively steady, supported by regulatory interventions and formal inflows.

For travellers, import-dependent businesses, and those receiving remittances, the market chosen, official or parallel, still significantly affects the value obtained when converting dollars to naira.

It was Thomas Edison, a renowned American thinker, who once said that waste is worse than loss.

He further argued that a time would come when every person who lays claim to ability would constantly keep the question of waste before them.

This assertion vividly captures the current situation in Enugu State, where Governor Peter Ndubuisi Mbah’s administration has distinguished itself through a level of prudent financial management that many observers describe as transformative.

At a time when waste, leakages, and the misallocation of public funds have become widespread concerns in governance, Mbah’s disciplined and transparent approach to resource management has set a refreshing standard.

This aligns with the view of another great Chinese philosopher, Confucius, who said that “he who will not economise will have to agonise.”

Governor Mbah’s commitment to accountability has not only reshaped the operations of government but has also created an environment where every naira is made to count.

Without doubt, this has redefined governance in Enugu State and strengthened public confidence in leadership.

Apparently, by reducing waste drastically, the state government has been able to redirect previously lost or misused funds into meaningful developmental projects that directly affect the daily lives of the people.

Under Mbah’s watch, financial decisions are guided by data, needs assessment, and long-term value rather than political considerations.

This has ensured that projects are not only initiated but are also completed and maintained, reflecting a sense of responsibility to both present and future generations.

Projects such as the revitalization of the Presidential Hotel, the completion of the International Conference Centre, the construction of the International Hospital, the comprehensive rehabilitation and reinforcement of Parklane/ESUT Teaching Hospital, the massive road reconstruction efforts across both rural and urban areas, the revitalization of moribund or underperforming industries, the revival of the state transport system, including the establishment of Enugu Air and the construction of modern bus terminals,alongside many other projects across Enugu State that are too numerous to mention, would not have been possible without prudent management of resources.

Undoubtedly, prudent financial management is central to effective administration as it ensures that limited public resources are allocated wisely.

When a government manages its finances efficiently, it can provide critical services without overburdening the public through excessive borrowing or unnecessary multiple taxation.

This kind of stewardship supports continuity, stability, and sustained development. It creates room for strategic planning, timely execution of projects, and the resilience needed to withstand economic shocks.

Obviously, the benefits of such careful management are evident in the provision of basic amenities.

With waste reduced and resources freed up, the government has been able to invest more in improved water supply, road infrastructure, healthcare facilities, education, and security.

These services, which form the backbone of a functioning society, require consistent funding and long-term planning.

Because public funds are now used responsibly, the amenities being provided are not only more reliable but also more sustainable. They are built to last, maintained regularly, and designed to serve communities equitably.

Implicitly, the people of Enugu State have felt the positive impact of this meticulous approach to governance in several ways.

Communities that previously lacked essential services are now experiencing improvements, whether in safer roads, functional schools, cleaner urban environments, or increased job opportunities through government projects.

The transparent and accountable system has also boosted trust between citizens and the government, encouraging greater public participation and cooperation.

In conclusion, Governor Peter Mbah’s prudent management of state resources has become a powerful tool for development in Enugu State.

By eliminating waste and focusing on value-driven governance, he has laid the foundation for a more efficient and people-oriented administration.

The good people of Enugu State are the ultimate beneficiaries of this approach, enjoying better amenities, enhanced services, and a renewed sense of hope in what responsible leadership can achieve.

Indeed Tomorrow is Here.

I had seen them many times, those gleaming CNG buses gliding past my office on their steady run to and from Abakpa.

They moved with a certain quiet authority, a sign of something changing in the rhythm of our public transportation.

I often watched them from afar, curious but unhurried. Until the day I had to make a quick dash to Nsukka.

I set out in my car, mind fixed on the long road ahead, when just before Nowas Junction, one of the buses loomed into view.

It was making that familiar swing toward Abakpa. Something in me stirred, a nudge, a little travel itch, and without thinking too deeply about it, I followed.

At the terminal, I was guided to the public parking bay, where several private cars sat neatly arranged.

The scene looked almost like a small airport, with buses lined up, engines humming softly, passengers milling around with purpose. Everything moved with a calm, collected order.

Inside the ticketing point, I was introduced to the now-famous _Ije Card_. Five hundred naira (₦500) for a card that would permanently be mine, and just ₦1,200 for the trip to Nsukka.

I was told I could load only the fare or top up for future trips. The traveler in me chose the latter.

The attendants, security men, ticketing staff, drivers, all carried themselves with a level of courteous patience that felt most refreshing. They managed the varying temperaments of their passengers with practiced grace.

One of the ticketing staff, who later told me her name was Ngozi, took all the time in the world to take one old lady who apparently wasn’t in the best of moods, through the very brief protocol.

The bus filled up quickly. Some passengers opted to stand, preferring the convenience of catching this ride to waiting for the next.

The standing felt intentional too. Secure hand grips lined the ceiling, giving the bus the feel of a well planned transit system.

When we rolled out, the journey unfolded like a scenic documentary. The smoothness of the ride and the gentle hum of the air conditioning created the perfect frame for the scenery rushing past.

I found myself seeing familiar stretches of road in ways I never had from behind the wheel, elevated, unobstructed, almost cinematic. From my seat, the undulating Nike-Opi Agụ terrain stretched like a postcard being peeled open in slow motion.

Our driver kept a steady, safety conscious pace. A new trainee driver rode along, quietly absorbing the route.

Inside the bus, people who had nothing in common but their destination and their government provided comfort suddenly felt like a group of travellers sharing the luxury of a guided tour.

In less than an hour, Nsukka greeted us. The terminal was alive with activity, a sizeable crowd waiting, watching, relieved at the sight of our arrival.

Another bus meant another opportunity to travel quickly, safely, and comfortably. Exactly as the administration of Dr. Peter Ndubisi Mbah had envisioned, as a transportation system that put citizens first, not as an afterthought but as honoured passengers of a state on the rise.