A large number of defectors from various political parties, including the All Progressives Congress (APC), Labour Party (LP), New Nigeria Peoples Party (NNPP), and Social Democratic Party (SDP), have joined the Peoples Democratic Party (PDP) in Okpokwu Local Government Area of Benue State.
The defectors blamed the ruling party for poor performance and failure to address the security situation in the state, from the federal to the state level.
Speaking at the defection event on Monday, leaders of the group, including Onah Idoko Alexander, John Adole, Engr. Adegbo Moses, Mike Ejeba, Ocheme Candidus, and Abah Ejeh, said the ruling APC has failed woefully.
They hailed Senator Abba Moro for his developmental strides across Benue South. They described him as a rare leader who has positively impacted almost every community in the district.
“We are defecting to your party from several political parties because of the quality leadership and representation you are providing in the Senate. You have touched almost every community in Benue South, and we have realized that there is no leader like you,” the defectors said.
An elated Senator Moro welcomed the new PDP members, assuring them of equal rights and opportunities within the party.
He reiterated his commitment to providing effective leadership and representation for the overall good of Benue South.
The defection event, which had a carnival-like atmosphere, was attended by key political figures, including the Minority Leader of the Benue State House of Assembly, Rt. Hon. Mike Audu, and the Okpokwu Local Government PDP Chairman, Hon. Christopher Okpabi, among other dignitaries.
Nigeria Forex Reserve Surge To $23.11bn, Highest Since 2020
The Central Bank of Nigeria (CBN) has reported a substantial improvement in its net foreign exchange reserve (NFER) position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.
According to the CBN, NFER stood at $23.11 billion, the highest level in over three years, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.
Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023, the CBN said in a statement yesterday.
The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.
The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.
The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continued to reduce short-term liabilities, thereby improving the overall quality of the reserve position.
“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Governor of the Central Bank of Nigeria, Olayemi Cardoso, commented. “We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”
Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.
“Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.
“The CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience,” the apex bank stated.