Economy
FG to raise funds from capital market for public varsities—Buhari
The Federal Government is considering approaching the capital market to raise funds to set up an education bond to finance infrastructure in public universities, President Muhammadu Buhari has said. Buhari floated the idea at University of Ibadan on the occasion of the institution’s 2018 Convocation and 70th Foundation Day Ceremony. Laolu Akande, Senior Special Assistant on Media and Publicity to the President, Office of the Vice President, in a statement in Abuja, said Buhari, who is the Visitor to the University, was represented by the Vice President. Prof. Yemi Osinbajo. Buhari restated that education could not be left to Government alone as none of the world’s leading universities depended wholly or even substantially on government funding.
He said that universities all over the world had evolved innovative means of financing and investment to meet their funding needs and become financially sustainable. Buhari added that one of the solutions that must be explored was the alumni network, noting the University of Ibadan’s vast alumni network, by virtue of its age, had a lot to offer. “Amongst other options we are working on the details of an education infrastructure bond for public universities, to involve raising money from the capital market to give a push to infrastructure in our universities. “Our on-going talks with the Academic Staff Union of Universities(ASUU) are a fallout of the chequered history of negotiations concluded in 2013 with government. There is no question that ASUU has a point. However, we must seek to resolve it amicably and with minimum disruption to the academic calendar.’’ According to him, given the radical changes that technology has brought to bear in both the challenges and opportunities in education, the N-Power employment scheme of the Buhari administration provides a technology platform to train teachers. Buhari noted that the N-Power programme a technology driven employment and skills training programme, had employed 500,000 young men and women who were hired using a technology platform developed by young Nigerians.
“We have had the collaboration of the Massachusetts Institute of Technology, the Oracle Academy, Microsoft, Cisco Academy and IBM. How do we train teachers quickly and efficiently, aside from traditional teacher training institutes which must be refitted to deal with new technology-driven pedagogy? We must use technology platforms to train. We have had a few eye openers in this regard when we launched our N-Power programme. We trained them and provided materials for continuous training using our open platform and each of them was provided with an electronic tablet which contains a lot of training and teaching materials for the large number who teach in schools in every local government in Nigeria,” he said. Buhari said that in the next few years, both teacher training and teaching would be largely driven by technology; with university education, especially scientific research, made easy by virtual reality and Artificial intelligence tools. The president said that the current gaps in educational attainment in the country had made it clear that Nigeria had to change both the substance of education its children received and the methods by which they are taught.
According to him, the early stage investment in primary and secondary school education is key to becoming a knowledge-driven economy. He said that Federal Government’s policy was to develop and introduce STEAM education – Science Education, Engineering, Arts and Math – curriculum in primary and secondary schools. Buhari said that the curriculum covered training in skills in cross disciplinary, critical and creative thinking, problem solving and digital technologies, coding, digital arts, design thinking, and robotics. Other notable Nigerians who spoke on the occasion were Governor of Oyo State, Mr Abiola Ajimobi; Gen.- Yakubu Gowon; the Chancellor of the University and Sultan of Sokoto, Alhaji Sa’ad Abubakar III as well as the Pro-Chancellor, Joshua Waklek.
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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