Economy
OGD commissions Renewed Hope Market in Ogun State
OGD commissions Renewed Hope Market in Ogun State, unveils BATOGD Movement, and reaffirms support for President Tinubu’s reforms and re-election
Speaking at the event, Senator Otunba Gbenga Daniel (OGD), former governor of Ogun State and current lawmaker, acknowledged the poor condition of roads leading to the host community but described the sacrifice of attendance as “truly worth the effort,” placing Ìgodè firmly on the state’s development map.
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He explained that the tour reflected a long-standing tradition of reviewing campaign promises through community assessments, taking feedback, and identifying new areas of intervention.
At the ceremony, OGD also launched the BATOGD Movement, a grassroots mobilisation platform, stressing that his loyalty to President Tinubu remained “sacrosanct.”
He commended the President’s bold economic reforms, including fuel subsidy removal and foreign exchange stabilisation, describing them as courageous steps to correct “monumental missteps of the past.”
Highlighting his Gateway Front Foundation’s 25-year legacy, OGD noted its alignment with federal initiatives such as the Students’ Loan Scheme.
He recalled his administration’s achievements in human capital development, scholarships, and health initiatives, including over 3,000 free cataract surgeries in partnership with Eye Foundation.
The senator also pointed to federal-backed projects in Ogun East, including the Naval Base at Abigi/Makun-Omi, now nearing completion with residential quarters, an administrative complex, and plans for a naval hospital and secondary school.
He said the facility was evolving into “a naval city with capacity to open up economic frontiers.”
OGD reaffirmed his vision for an Agro-Cargo Airport City with an aviation school in Akaka Remo, now advancing with federal and state support. He commended Governor Dapo Abiodun for prioritising the project, ensuring it did not go to waste.
On wider regional development, the senator said he was championing the creation of a new state from the old Ijebu Province, with 75 Senate colleagues already endorsing the proposal.
He also revealed that he introduced the bill for a South West Development Commission, now receiving presidential attention.
He stressed that the removal of fuel subsidy had boosted allocations to states and local governments fourfold, urging governors to give good accounts of these funds.
Addressing the people of Ìgodè, OGD called on the Ogun State Government to tar the road to the new international market, enabling the town to fully benefit from the investment.
Also read: OGD: My Employers Dictate My Voice – APC Spokesman Nuberu Sparks Outrage
“This commissioning could have been held in a bigger town, but we chose Ìgodè for strategic reasons. Today, this relatively unknown town has entered the development map of Ogun State,” he said.
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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