Economy
EFCC to prosecute Ekiti vote buyers soon—INEC
The Independent National Electoral Commission INEC has said that the Economic and Financial Crimes Commission EFCC would soon prosecute those caught in votes buying in Ekiti state governorship election. INEC Chairman, Prof. Mahmood Yakubu said this in Abuja at a special meeting of the Inter-agency Consultative Committee on Election Security ICCES which was convened to review security arrangements for the Osun state Governorship Election. He said “arising from the experience in recent elections, vote buying remains a major area of concern. We appreciate the role played by the anti-corruption and security agencies in apprehending some of the perpetrators of this brazen assault on our democracy. In particular, we are working with the Economic and Financial Crimes Commission EFCC to ensure the prosecution of persons arrested in the recent Ekiti Governorship election. Action will commence as soon as the EFCC completes its investigation. I appeal to all security agencies to continue to join hands with the Commission to tackle this menace”.
Yakubu added that the Commission will next week deploy a readiness assessment team to Osun State to assess its preparations for the elections. “We will visit some of our Local Government offices in the State, hold meetings with our staff, brief the Council of Traditional rulers to solicit the support of their Royal Majesties for peaceful elections and meet with the security agencies and transporters. We will also observe the mock accreditation of voters in some Polling Units across the three Senatorial Districts of the State to test the functionality of the Bimodal Voter Accreditation System BVAS. A few days to the election, we will return to Osun State to meet with the stakeholders and for the signing of the Peace Accord by political parties and candidates under the auspices of the National Peace Committee”, Yakubu added.. He noted that arising from the experience of the recent Ekiti State Governorship election, the Commission is keeping a close watch on the security situation in Osun State.
Yakubu said that though the situation is generally calm at the moment, INEC is nevertheless concerned about reports of clashes in some places. “In one recent example, the collection of Permanent Voters Cards PVCs was disrupted in Erin Oke and Erin Ijesha Wards of Oriade Local Government Area resulting in the loss of 46 PVCs. While the matter is being investigated by the police, the collection of PVCs for the affected Wards is now taking place in the INEC office in Ijebu-Jesha. Meanwhile, the State office has compiled the Voter Identification Numbers VINs of the cards and the Commission has already reprinted the PVCs for the affected voters. I would like to assure all valid registrants in Osun State that no one will be disenfranchised on account of such incident. It is futile for anyone to attempt to vote using another person’s PVC. The BVAS biometric accreditation will expose such fraud and persons apprehended will be prosecuted under the law”, he stated. Yakubu also reassured Nigerians who applied for Certified True Copies CTCs of documents arising from the recent party congresses, primaries and nomination of candidates that all requests are being attended to expeditiously despite the huge quantities of documents involved. He said “Nigerian elections, especially the conduct of primaries for the nomination of candidates by political parties, is one of the most litigated in the world.
As at yesterday evening (Friday 1st July 2022), 216 requests have so far been processed involving the certification of over One Million Six Hundred and Fifty Thousand (1,650,000) pages of documents. “Indeed, there are now far more cases challenging the breach of internal democracy within political parties than those involving the conduct of the main elections by INEC. We will continue to work round the clock, including the weekends, to ensure that we attend to all applications received at the headquarters of the Commission promptly”. On his part, the National Security Adviser, Maj. Gen. Mohammed Monguno (retd) who co-chairs the ICCES said more needs to be done in terms of enlightenment campaign to encourage voters to come out and cast their votes on the day of election. “Consequent upon the above, the NSA enjoins INEC, through the Department of Voter Education/Publicity, to redouble efforts ahead of the Osun State Guber election and the forthcoming general elections in 2023. The NSA also urges ICCES members to build on the successes recorded from the Ekiti election as some disgruntled politicians may attempt to sabotage the process for their selfish gains, through vote buying and other forms of voter inducement as well as political thuggery”, said the NSA who was represented by Sanusi Galadima.
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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