Nigeria’s domestic borrowing plan has received a significant boost as the Federal Government increased its Nigerian Treasury Bills (NTB) issuance programme for the second quarter of 2026 to N4.8 trillion, up from the initial N3.95 trillion target. The revised issuance calendar released by the Debt Management Office (DMO) shows an additional N850 billion in planned Treasury Bills sales, representing a 21.52 per cent increase over the original programme. The adjustment comes against the backdrop of the Central Bank of Nigeria’s (CBN) aggressive liquidity management measures, particularly through large-scale Open Market Operations (OMO) aimed at mopping up excess cash from the…
Author: Abdoulaye Kay
The Civil Society Legislative Advocacy Centre (CISLAC), Nigeria’s chapter of Transparency International, has called for an immediate investigation into the alleged diversion and mismanagement of more than ₦36.9 billion from a Kogi State security account, raising concerns over accountability in the management of public funds earmarked for security operations. In a statement issued by CISLAC Executive Director, Auwal Ibrahim Musa, the organisation said recent financial intelligence findings pointed to possible large-scale diversion, misappropriation, and abuse of public resources linked to the management of the Kogi State Security Operation Account. According to CISLAC, the account reportedly received over ₦36.9 billion within…
Prominent Nigerians have warned that the country is facing a “dangerous crossroads” marked by rising insecurity, alleged electoral manipulation, and weakening democratic institutions, saying urgent reforms are needed to save the nation from further decline.
The Muslim Community of Oyo State has distanced itself from recent Sharia-related demands reportedly made by kidnappers, insisting that criminals and terrorists do not represent Islam or speak on behalf of Muslims. In a statement issued by its Chairman, Ishaq Kunle Sanni, and Secretary-General, Murisiku Abidemi Siyanbade, the community strongly condemned attempts by abductors to justify their criminal activities using religious rhetoric. The group stated that Islam strictly prohibits kidnapping, terrorism and the extortion of innocent citizens, stressing that such acts are contrary to the teachings of the faith. According to the statement, genuine Sharia promotes justice, peace and the…
The Central Bank of Nigeria (CBN) has highlighted significant progress in the country’s financial sector reforms, revealing that Nigerian banks raised more than ₦4.65 trillion through the recently concluded banking-sector recapitalisation programme. CBN Governor, Olayemi Cardoso, disclosed this on his X handle @olayemicardoso1 on Thursday, in a review of the apex bank’s activities for April and May, noting that the period was dedicated to consolidating ongoing reforms, strengthening institutions, and translating policy achievements into sustainable economic outcomes. According to him, following the successful completion of the banking recapitalisation exercise in March, attention shifted towards sustaining reform momentum and reinforcing the…
The Council of Fulani Chiefs in Southwest Nigeria has distanced itself from individuals currently under investigation over alleged kidnapping activities in Ogun State, insisting that the body does not support criminality in any form. In a statement signed by the Chairman of the Council and Sarkin Fulani of Lagos, Mohammed Bambado II, the council said it remained a law-abiding body representing Fulani traditional leaders across the Southwest. The council said it had taken note of recent media reports concerning the arrest and investigation of certain individuals linked to alleged kidnapping activities in Ogun State. It stated that the actions of…
The Chief Judge of the Federal High Court (FHC), Justice John Tsoho, has reassigned the suit filed by Nafiu-Bala Gombe, a former National Deputy Chairman of the African Democratic Congress (ADC), to another judge for adjudication. The case, which was previously before Justice Emeka Nwite, was on Friday reassigned to Justice Peter Lifu following Nwite’s recent elevation to the Court of Appeal. The National Judicial Council (NJC), at its 111th meeting held on May 13, recommended the appointment of 12 new justices of the Court of Appeal, including Justice Nwite, to President Bola Tinubu for approval. In the suit, Gombe…
President Bola Tinubu has inaugurated the Lagos Cold and Dry Storage Hub, a modern vaccine storage and distribution facility designed to serve about 90.7 million Nigerians by 2035 and beyond. The Lagos Vaccine Hub, funded through a World Bank International Development Association (IDA) credit under the IMPACT Project, will cater to the South-West and South-South geopolitical zones. The catchment area covers Lagos, Ogun, Oyo, Osun, Ondo, Ekiti, Delta, Edo, Rivers, Bayelsa, Akwa Ibom and Cross River states. Tinubu was represented at the inauguration by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Dr Muyi Aina. Aina…
The Nigerian naira is showing consolidation and relative stability against the euro after periods of severe volatility in previous years. The spot EUR/NGN rate is trading around N1,601/€. The pair began the year at N1,684/€ (January 2), meaning the naira has recovered roughly 5.3% against the euro over the past five months. Volatility has fallen sharply in May, and a stable trading range between N1,587/€ and N1,607/€ has emerged, suggesting a temporary balance in official foreign-exchange windows and a decline in speculative pressure. Monetary policy is the main driver of this shift. The Central Bank of Nigeria (CBN) has maintained…
The Federal Government recorded N11.89 trillion in fresh borrowings in the first nine months of 2025 but spent only N3.10 trillion on capital expenditure. This is according to figures contained in the 2025 third-quarter Budget Implementation Report recently released by the Budget Office of the Federation. The borrowings comprised N7.08 trillion in domestic loans and N4.81 trillion in multilateral and bilateral project-tied loans. ALSO READ Mining critical to Nigeria’s economic growth — Alake No foreign borrowing was recorded during the period despite a N1.38 trillion provision for the item in the three-quarter budget. The actual borrowing exceeded the projected N10.34…