A fire outbreak has destroyed onions worth millions of naira in Gidan-idi Kwakwazo community, Goronyo Local Government Area of Sokoto State.

This is according to the National Emergency Management Agency (NEMA) in a post on ita official X handle.

The incident, which occurred around 9:00 am on Friday, gutted several local storage facilities and completely razed about 60 barns of onions.

“Fortunately, no lives were lost and no injuries were reported. The exact cause of the fire remains unknown at the time of assessment,” it added.

According to NEMA, the exact cause of the fire remains unknown as at the time of the assessment.

The disaster is a major setback for the residents of the community, where onion farming is the primary source of livelihood.

Affected farmers described the incident as a devastating blow to their means of survival.

The governor of the Central Bank of Nigeria has said the reforms implemented by President Bola Ahmed Tinubu’s government in the past eighteen months are not easy but are delivering results.

This is according to Cardoso’s excerpts released upon the closure of the 2025 IMF/World Bank Spring Meetings in Washington, D.C., in the US.

He explained that Nigeria’s delegation attended the meetings to showcase economic reforms under President Bola Tinubu’s administration.

“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks,” Cardoso said.

“To all Nigerians: these reforms are not easy, but they are delivering results. We have moved from a position of vulnerability towards one of growing strength, and our economic trajectory is beginning to turn positive”, he added.

Ekwutosblog recalls The Tinubu government rolled out several policies, including liberalisation of the foreign exchange market and fuel subsidy removal in 2023.

Cardoso introduced FX code, the Electronic Foreign Exchange System (EFEMS), and recapitalization of the financial system, among other reforms.

While the reforms under Cardoso remain noteworthy, Nigeria’s inflation dropped to 23.18 percent in March, and the interest rate stood at 27.50 percent in February 2025 amidst the rising cost of living in Nigeria.

The Central Bank of Nigeria (CBN) raised a total of N1.008 trillion at its Open Market Operations (OMO) auction held on Friday, April 25, 2025.

This follows an overwhelming investor demand that led to a 102 percent oversubscription.

According to the apex bank data, the auction, which initially offered N500 billion across two maturities, attracted total bids of nearly N1.4 trillion.

This indicates that investors sought to take advantage of high-yield government instruments amid rising inflation and expanding money supply.

The move by the CBN to raise funds from OMO affirms its aggressive monetary tightening stance aimed at mopping up excess liquidity and cooling inflationary pressures that have persisted despite elevated interest rates and a record-high cash reserve ratio.

Accordingly, the most in-demand instrument at the auction was the 319-day OMO bill, maturing on March 10, 2026.

It drew a total subscription of N1.062 trillion, more than four times the CBN’s offer of N250 billion. The central bank eventually allotted N688.30 billion at a stop rate of 22.73 percent, with bid rates ranging between 20.39 percent and 23.75 percent.

Similarly, the 298-day bill, maturing on February 17, 2026, also performed strongly. It received bids totalling N329.54 billion versus the same N250 billion on offer. The CBN allotted N319.54 billion at a stop rate of 22.37 percent, with bid rates falling between 20.45 percent and 23.75 percent.

In total, the apex bank raised N1.008 trillion, more than double its initial offer.