The special adviser to the president on economic affairs (Office of the Vice President), Tope Fasua, has said that the depreciation of the naira has reduced the number of Nigerians migrating from the country.

He said this on Thursday, Jan. 16, during a panel discussion at the 2025 Annual Outlook Conference.

Speaking during the panel discussion, Fasua addressed some of the effects of the naira devaluation and the 2025 budget.

He said, “There are a couple of advantages because the naira volume has moved up from about N30tn, N31tn to N49tn; what we’re trying to see is how to milk the PPP advantage. That’s the purchasing power parity. Whereas in dollar terms, it’s not particularly a significant budget and also per capita. But what we can do is focus on the Nigerian economy and the domestic economy and see what naira can buy. So, when we talk about PPP, essentially, you’re saying that $10 in New York, for example, probably can’t even buy your lunch. However, $10 translates to about N16,000 in Nigeria. So, we intend to see how we can focus on the local economy.

“The devaluation, or rather, the depreciation of the naira that we’ve seen since our government came, is double-edged, actually, in terms of its impact. On one hand, it has impacted inflation, but on the flip side, it has reduced the ‘Japa’ rate, because if before you would have been able to get to the UK with maybe N2m or N1.5m for your ticket, now you have to look for maybe N4m or N5m, an economy seat, meaning that people are thinking less of ‘Oh, how do I get out of this country?’”

President Bola Tinubu is set to endorse the creation of Ijebu State following a crucial meeting with the Awujale of Ijebuland, Oba Sikiru Kayode Adetona.

According to People’s Gazette, the meeting, held on January 5 at Tinubu’s Lagos residence, addressed the long-standing request for Ijebu State to be carved out of Ogun State.

The Awujale explained that Ijebu is the only colonial-era province without statehood.

He said the area has the resources to succeed as a state, including industrial estates, a growing airport, and other infrastructure.

The push for the new state gained momentum after Senator Gbenga Daniel of Ogun East introduced a bill to the National Assembly in November 2024.

The bill seeks to amend Nigeria’s constitution to facilitate the creation of Ijebu State.

Senate President Godswill Akpabio has advanced the proposal through legislative stages.

However, some persons have criticized the idea, saying the country is facing too many problems, like poverty and high debt.

Others believe the move is political, with hopes that new states would support Tinubu in future elections.

Despite this, supporters argue that Ijebu State can thrive and bring development to the region.

Talks are also ongoing about creating other states, like Anioma from Delta, which could increase Nigeria’s states from 36 to 56.

President Bola Tinubu has extended palliative support to Student Union Government (SUG) Presidents across Nigeria’s 36 states and the Federal Capital Territory.

The distribution of rice, facilitated by the Special Adviser on Students Engagement, Asefon Sunday, took place in Abuja.

During the event, Asefon explained that the initiative was part of the President’s ongoing efforts to support students and their communities. He recalled a similar gesture in December 2024, when student leaders received palliative support during the Christmas and New Year celebrations.

“Today, SUG Presidents across the Federation will receive rice from President Bola Ahmed Tinubu, a leader who values students not just as tomorrow’s leaders but as leaders of today,” Asefon said.

He noted that the rice, initially meant for distribution in December 2024, arrived late in Abuja on December 28. To ensure proper distribution, representatives were invited to Abuja to personally receive the items. Two SUG Presidents were selected from each zone to oversee and manage the distribution process.

“This is unprecedented. For the first time in this country, a sitting President is directly reaching out to student leaders during the festive season,” Asefon remarked.

Looking ahead, Asefon assured students of more benefits under the Presidential initiative in 2024. “This is a time for Nigerian youth and students to reflect, express their views, and engage actively with the government. The impact of this administration is now being felt by students nationwide,” he added.

Fahad Abdullahi, the SUG President of Abubakar Tafawa Balewa University, Bauchi, expressed gratitude on behalf of the student leaders. “We were informed that all SUG Presidents across the nation would receive rice, a kind gesture from the President. We sincerely appreciate this initiative and commend him for his focus on students, from the Nigerian Education Loan Fund to this Rice Initiative,” Abdullahi said.