Economy
Nigerians standard of living survey underway
The National Bureau of Statistics has resolved to conduct the Nigeria Living Standard Survey (NLSS) next week. The Statistician General of the Federation, Mr Yemi Kale, said at a one-day Stakeholder’s Sensitisation Workshop on NLSS in Keffi. He said: “Work is going to start next week; for us to be sensitising the public, it basically means that we are ready to go.
“All the background work, all the plenary exercise have been done and we are informing people so they can ask their questions and help us sensitise the public. From next week, trained field officers will be deployed to selected households in enumerated areas across the country over the next 12 months. They will collect information on consumption, expenditure, assets and general living conditions,” said Kale.
According to him, the accurate provision of this information will ensure that indicators that reflect the true living condition of households in the country are produced. He said it would also ensure that the government its partners had the best possible information to work with, thereby giving their policies and programmes the best chance of success. Kale said a lot of quality assurance measures and checks had been put in place to ensure good results from the field. “Like all NBS household-based surveys, this round of NLSS, will for the first time be carried out using electronic means of data collection. Field staff, trainers and monitors have been undergoing rigorous and extensive training in preparation for the data collection. The purpose of all these quality assurance measures and methodological improvements is to ensure that we collect the best possible information from the field, and in turn generate good living standard estimates for the country.
“There is a lot going on right now in the country, with all the visible socio-economic challenges being experienced,” the Statistician General said. He said government and its partners require information on security, unemployment and environmental challenges to understand how they affect households and communities in the country. “It will further assist them in designing policies and programs and assist them in monitoring and evaluating existing programs for the maximum benefit of the citizens,’’ Kale said. According to him, the NLSS is a very important exercise, not just for NBS or the statistical system in Nigeria, but also for the nation. He said: “It is from this exercise that we derive statistically sound indicators for measuring poverty and inequality in Nigeria.
“It also serves as a major source of data for the 2030 Sustainable Development Agenda for tracking Nigeria’s attainment or otherwise, of the Sustainable Development Goals (SDGs). The subject of poverty is very critical to a developing country like Nigeria, most, if not all of government effort is geared towards ensuring that citizens are able to attain a decent standard of living. We will be failing in our mandate if we are not providing the public, government and policy makers with useful and reliable statistics to deploy in designing and implementing poverty-alleviating interventions and programs across the country. It is for this reason that we have been working with the National Social Safety Net Coordinating Office (NASSCO) and the World Bank to carry out this exercise.’’
Mr Isiaka Olarewaju, commended all the partners that had made the survey a reality while soliciting for more cooperation. Also, Mr Iorwa Apera, National Coordinator, NASSCO, pledged the continuous support of the office to the NBS. Apera expressed optimism that the result of the survey would meet the expectation of Nigerians and all stakeholders. The World Bank representative, Mr Kelvin McGee, said the result of the survey would be of great relevance to the nation and international community. He pledged that the bank would build on the partnership that it had with the NBS. Mr Greg Nzekwu, the representative of the European Union, also commended the NBS for taking a bold step in carrying out the survey. Nzekwu urged the various States Statistician General to ensure it sensitised its people on the importance of the survey so that they can cooperate with the NBS. (NAN)
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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