Economy
IMF to countries: keep receipt accountability cannot take a back seat in this crisis
International Monetary Fund has said to countries it assisted with emergency funding to tackle COVID-19 to spend but keep receipt of all expenditure because accountability can not take a back seat in this crisis.
IMF Managing Director Kristalina Georgieva said this at the opening plenary of the 19th International Anti-corruption Conference (IACC).
She said “in our emergency lending, we have provided financial lifelines to 78 countries. And we have sought to balance the need for accountability and transparency against the need to disburse financing very quickly – so doctors and nurses can be paid, and the most vulnerable people can be protected. Some of you may have heard me saying, spend what you need but keep the receipts. Accountability cannot take a back seat in this crisis.
What does that mean in practice?
First, all countries receiving emergency financing from the IMF must accept a safeguards assessment of the central bank. This is an IMF assessment of a central bank’s governance and control framework to ensure that it can manage IMF resources properly. Second, we have asked countries to commit to specific anti-corruption measures such as publishing crisis-related procurement contracts and information about the beneficial owners of winning companies. Third, countries must also commit to enhanced monitoring of COVID-related spending and to conduct an audit of crisis-related spending. This will be the moment to check the receipts.
For example, countries such as Guatemala, Honduras and Rwanda are using Financial Management Information Systems to track COVID-related expenditure. And in Sierra Leone, the Supreme Audit Institution is already undertaking an interim audit of COVID-19 funds. Fourth, in THE IMF’s regular policy consultations with all members—rich and poor—we are recommending that special attention be paid to transparency and accountability of exceptional measures undertaken during the crisis. We also disseminate good practice examples – so countries can learn from each other. This matters tremendously to everyone, but it is especially important to the most vulnerable people in societies. We know it is the poorest and most vulnerable people that are at highest risk from the pandemic and the economic consequences of the pandemic. And we know we know that among low-income countries, the share of the budget dedicated to education and health is one-third lower in highly corrupt countries. Corruption keeps children out of school, and it stops people who are sick getting the treatment they need.
“In the words of Pope Francis – “corruption is paid by the poor.”
So, our efforts to tackle corruption must continue over the long term – because fixing governance vulnerabilities requires time and perseverance.
At the Fund, much of our work on this issue is undertaken through our 2018 Framework for Enhanced Fund Engagement on Governance. And I want to pay tribute to Christine Lagarde for stepping up the Fund’s work in this area. We help our members strengthen anti-corruption efforts in six key areas – fiscal governance, financial sector oversight, central bank governance, market regulation, rule of law, and anti-money laundering.
We also look at transnational aspects through assessments of national frameworks to limit opportunities for corruption through foreign bribery or laundering of proceeds of corruption. Ten countries – the G7 plus Austria, Czech Republic, and Switzerland – have volunteered so far and we urge others to join this important initiative. And in our work on data transparency we urge citizens to keep track of how public money – their money – is spent. Civil society has an incredibly important role to play in this work, including by helping us all to do better. And we are very grateful for that”.
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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