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Presidential aide advises Nigerians to adjust spending habits amid economic pressure
via Punch Nigeria2 min read
Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, has urged Nigerians to align their spending with their income, emphasizing the need for households to "cut their coat according to their size" amidst rising economic challenges. This advice came during a Coffee Hangout organized by Kay Hikers Club in Abuja, where Fasua engaged in a heated discussion with an attendee who highlighted the escalating cost of living, insecurity, and diminishing purchasing power. The attendee questioned the affordability of basic necessities, citing the increased prices of food items and linking rising street crime to economic hardship. Fasua acknowledged the price increases but maintained that households could still manage resources effectively, suggesting that 10,000 Naira could feed a modest family for several days. He also dismissed dollar-based comparisons of living standards, advocating for local realities as the benchmark. While another attendee accused Fasua of oversimplifying structural issues, Fasua asserted that individuals could still adjust their survival strategies and improve personal economic resilience despite national challenges.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Eight people died in a violent clash between farmers and herders in Gulma town, Argungu Local Government Area of Kebbi State. The incident began after a farmer was allegedly stabbed to death by a Fulani herder while working on his farmland. This led to a reprisal attack by members of the farming community on nearby Fulani settlements. The Kebbi State Police Command spokesman, SP Bashir Usman, confirmed the incident, stating that security operatives have brought the situation under control. Four injured individuals were rescued and treated. Normalcy has been restored, with security personnel deployed to prevent further unrest. Usman urged residents to remain calm and use appropriate channels to address grievances.
Tunde Ayeni, former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, was re-arraigned by the Economic and Financial Crimes Commission EFCC before the Federal Capital Territory High Court in Apo, Abuja. He faces 18 amended charges related to alleged criminal breach of trust, misappropriation, and diversion of funds totaling N15.6 billion. The re-arraignment follows the EFCC's submission of additional proof of evidence. Prosecution counsel Abba Muhammed informed the court that an amended charge and additional proof of evidence were filed on June 22, 2026, which defence counsel Abdul Mohammed confirmed receiving. One charge alleges that on September 18, 2014, Ayeni misappropriated N510 million from depositors' funds by transferring it to Capital Field Investment Group Limited, violating the bank's Operational Policy Manual. Another count claims that on September 23, 2014, Ayeni misappropriated N600 million from the bank's suspense account by transferring it to Harigold Ventures Limited, also in violation of the bank's policy. Ayeni pleaded not guilty to all 18 counts. He was initially arraigned on May 4, 2026, on a 17-count charge. Justice Onwuegbuzie adjourned the case until July 6, 2026, for the commencement of the trial.
The Nigerian equities market experienced a strong rebound, gaining N1.518 trillion after several consecutive sessions of losses. The NGX All-Share Index increased by 0.97 percent, closing at 238,219.19 points, and market capitalization rose to N152.845 trillion. This upturn was primarily driven by price appreciation in large and medium-capitalized stocks, including MTN Nigeria Communications, Guaranty Trust Holding Company, Zenith Bank, FBN Holdings, and Lafarge Africa. Despite the overall market gain, market breadth was negative, with 35 declining stocks outnumbering 17 advancing stocks. FBN Holdings and GTCO were among the top gainers, each rising by 10 percent. Conversely, FTN Cocoa Processors led the decliners with a 10 percent drop. The total traded volume increased by 11.07 percent to 489.096 million units, valued at N36.493 billion, with Fidelity Bank, United Bank for Africa, and Access Holdings leading the activity chart.