Economy
What to expect in new minimum wage—SGF
Secretary to the Government of the Federation (SGF) Mr Boss Mustapha, said that the Federal Government is committed to ensuring that the new National Minimum Wage meets the present economic realities. Mustapha said this at a dinner and award night organised to mark the Nigeria Labour Congress (NLC) 40th Anniversary celebration. The theme of the anniversary is “Yesterday, Today and Tomorrow, National Unity and Social Justice’’.
According to him, the Federal Government is conscious of the need to bring wages to meet economic realities. “It is in this regard that the Tripartite Committee on Minimum Wage was inaugurated to review the National Minimum Wage. The committee is determined to complete its assignment before the end of this year. I am confident that the outcome of the assignment would address the issue of social imbalance, inequality and the wide gap of poverty in the country. That is why this administration takes the welfare of the Nigerian worker as priority by putting so much effort into the resuscitation of the economy.’’
Mustapha said the primary objective of the Economic Recovery and Growth Plan (ERGP) was to diversify the economy, grow skills, create wealth, gain infrastructures, ensure food security and provide jobs. He noted the importance of the NLC in the affairs of any government could not be overlooked. “It is the soul of the government because without the workers, be they civil servants, private sector workers or even pensioners, there will be nobody to man the system,‘’ he said.
The SGF while speaking on the theme of the NLC anniversary said it was apt and time to count on achievements and chat a new course for the future. According to him, it is indeed a time to reflect on years of struggle, turbulence and the service of the congress to the Nigerian workers. “I believe that together, we can build the Nigeria of our dream and improve on the generality of the life of Nigerians. It is also a time to recognise and reward excellence. I stand here to celebrate with the NLC, not just as SGF, but also as a comrade. I have been a comrade right from my school days and shall remain so until tomorrow. I would like to say that you have a member in this government.’’
Earlier, Mr Ayuba Wabba, NLC President said the three-day anniversary celebration had been that of brain storming event. “From the volume of discourse, it is very clear that the future will be bright because we have assembled the best from among our rank and file. We brought in our founding fathers that laid the solid foundation that allowed us to continue to exist despite the challenges. I am certain and all of us are convinced that from the issues that were discoursed, we have reasons to look into the future and build NLC of our dreams. It is therefore our sincere hope that with the determination of our founding fathers and the solid foundation they have laid, we are assured that the future is already secured.’’ The NLC President said the anniversary award was to recognise the contribution of patriots, founding fathers, organisations and individuals that had worked assiduously to ensure that NLC continue to exist. He said some of the awardees contribution were too numerous to mention, adding that some had paid the supreme price and laid down their lives.
“Some have suffered deformity and others are here with us and we are going to recognise their contributions. Therefore, this occasion is to recognise key contribution of individuals and organisations as well as our veterans who have stood their ground even in the face of adversity.
“In the era of the military, some of them spent several months in jail. There is no other occasion to recognise these people than the 40th anniversary congress.’’
President Muhammadu Buhari was represented by Sen. Chris Ngige, Minister of Labour and Employment who presented the awards. Some of the awardees include Mr Hassan Sunmonu, pioneer president of the NLC, Mr Ali Chiroma, late Pascal Bafyau, Mr Adams Oshiomole, among others. They were awarded in recognition of their sacrifice and excellent services in the struggle for social justice.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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