Economy
Hon Orekoya Appreciates Somolu Residents After Winning Fresh Mandate
Hon Orekoya Somolu reelection mandate sees Lagos lawmaker thank residents after victory, promising improved service delivery and development
The lawmaker representing Somolu Constituency 01 in the Lagos State House of Assembly, Hon. Abiodun Orekoya, has expressed appreciation to residents following his reelection, describing the outcome as a renewed mandate built on trust and public confidence.
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Hon. Orekoya secured victory at the All Progressives Congress primary election, where he emerged as the party’s candidate for another term ahead of the next legislative cycle.
Hon Orekoya Somolu reelection mandate, according to the legislator, reflects the collective will of constituents who have continued to support his leadership and legislative efforts within the constituency.
In a statement released shortly after the primaries, he thanked residents, party members and stakeholders for their support, pledging not to take their confidence for granted.
“I am sincerely grateful to the good people of Somolu for once again reposing their confidence in me,” Orekoya said. “This victory belongs to every resident who believes in our shared vision for progress.”
He also commended party leaders, youth groups, women associations and grassroots mobilisers for their contributions, noting that their engagement played a significant role in the outcome of the exercise.
The lawmaker pledged to intensify efforts in key areas including infrastructure development, education, youth empowerment and social welfare, stressing that his next term would focus on more inclusive governance.
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Orekoya further called for unity among residents, stating that sustained cooperation between constituents and elected representatives would accelerate development across Somolu.
Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show
Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.
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The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.
The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.
The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.
Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.
Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.
Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.
The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.
The reduction was reported as the largest cut in the benchmark rate since December 2006.
Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.
The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.
The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.
It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.
The rise in cash outside Nigerian banks formed part of the broader increase in money supply.
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However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.
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