Economy
Renewed Hope Agenda Driving Positive Change in Nigeria — Obasa
Renewed Hope Agenda hailed by Speaker Obasa as driving Nigeria’s economic revival, infrastructure growth, and youth empowerment
Renewed Hope Agenda is not just a slogan but a vision in progress, according to Rt. Hon. Mudashiru Obasa, Speaker of the Lagos State House of Assembly, who praised President Bola Ahmed Tinubu’s two-year-old initiative for driving visible transformation across Nigeria.
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Speaking at the 10th Constituency Stakeholders Engagement in Agege on Thursday, Obasa described the administration’s economic, infrastructural, agricultural, and educational reforms as evidence of governance in action.
“Under the Renewed Hope Agenda, the administration has aggressively tackled the challenges of economic stagnation. Strategic reforms have boosted investor confidence, diversified the economy, and laid a strong foundation for prosperity,” Obasa said.
He highlighted ongoing infrastructure projects, including road networks, upgraded ports, and modern public facilities, as transformative steps positioning Nigeria as a hub for commerce and innovation.
On agriculture, Obasa noted that investments in mechanised farming, financing, and expanded markets are empowering farmers and pushing Nigeria closer to food self-sufficiency.
He also praised the Nigerian Education Loan Fund (NELFUND) as a landmark reform, bringing stability and renewed optimism to campuses nationwide.
“The Renewed Hope Agenda is a deliberate blueprint for national recovery. It is designed to lift millions out of poverty by unlocking opportunities for all Nigerians,” Obasa stated, adding that Lagos has mirrored this vision under Governor Babajide Sanwo-Olu with groundbreaking urban renewal, housing, and transport projects.
Obasa also credited the strong partnership between Lagos’ Executive arm and the State Assembly for passing progressive laws that support social welfare, environmental sustainability, and private sector investment.
The event, attended by party leaders, traditional rulers, and community members, was filled with appreciation from constituents, many of whom interrupted Obasa’s address with songs celebrating his 24 years of legislative service.
Also read: Lagos Investment Destination Gains Global Attention as Obasa Hosts Chinese Delegation
Acting Agege LGA chairman, Hon. Abdul Ganiyu Vinod Obasa, praised President Tinubu’s “steadfast commitment” and promised to ensure democratic dividends reached every member of his community.
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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