Connect with us

Economy

Senators threatens Buhari with impeachment, give him six weeks ultimatum to address insecurity or face impeachment

Published

3 years ago

on

The inability of Buhari’s administration to address the the continued insecurity challenges in the country with kidnapping, massive killing and wanton destruction of property across the country, Senators have begun Impeachment move on President Muhammadu Buhari, giving him six week ultimatum to nip in the bud, the problem or face Impeachment from office. Opposition senators across party lines who are not happy with the increasing situation, protested against what they described as  endless killings in Nigeria, angrily stormed out of plenary, chanting “we are tired, Nigerians are being killed every day, Buhari must go and the Senate President , Ahmad Lawan should follow as far as worsening security situation in Nigeria is not stopped.”

The Senators are of the Peoples Democratic Party, PDP, the All Progressives Grand Alliance, APGA, the New Nigeria Peoples Party, NNPP. Trouble started when the  Senate Minority Leader, Senator Philip Aduda, who had earlier come up through a motion of impeachment of President Buhari following his failure in solving the security problems in the country was stopped by the President of the Senate, Senator Ahmad Lawan. Aduda raised a point of order for the Senate to deliberate on issues raised at the closed door session which lasted for two solid hours. Lawan had after the closed door session, announced that issues relating to smooth running of Senate and unity in Nigeria were deliberated upon,  but instructed the leader of the Senate to proceed with items listed on the order paper. Not happy with  the development, the Senate Minority leader then raised a point of order,  calling  for deliberation on issues discussed at the closed door session, saying, ” Mr  President, I raised this point of order to bring to the front burner , issues deliberated upon at the closed door session.

“Resolution made by all Senators at the closed door session which lasted for two hours , was to further deliberate on it in plenary and arrive at resolution to give President Muhammadu Buhari ultimatum on urgent basis to stop the worsening security situation or face impeachment.” In trying to dunce tension as opposition Senators raised their voices, the President of the Senate, quickly interrupted him by saying that his point of order falls flat on his face since he didn’t discuss it with him and  thereafter  instructed the leader of the Senate to proceed with items on the order paper. Following the action of Lawan, Senator Aduda led other opposition Senators to storm out of the Chamber at 1.54pm chamber chanting ” All we are saying ,  Buhari must go, Nigeria must survive, Ahmad Lawan should follow ….while the Senate was still in session and immediately rushed to the Press Centre to brief Journalists on their plans. 

The protesting Senators including Adamu Bulkachuwa, Senator Adamu Aliero; former Senate Majority Leader, Senator Yahaya Abdullahi; Senator Francis Alimikhena; Enyinnaya Abaribe, Ibrahim Shekarau, Francis Onyewuchi, among  others after the briefing went to hearing room one for a closed door meeting. Speaking on behalf of the Senators, the Minority Leader , Philip Tanimu Aduda who noted that  their anger was as a result of the refusal of the Senate President to follow resolutions taken by senators across party lines at the closed door session, said, “We went through a closed session to discuss issues as the relate to security in this country especially the happenings in Abuja and happenings all over the country. We agreed that the primary responsibility of government is the protection of lives and property of citizens and for us the minority caucus in the Senate we took into cognisance the fact the Senate had at various levels, at various times, convened various security meetings, issues were discussed and we did recommend to government various steps and measures aimed at curbing these issues on insecurity. We realise that even Abuja that we are in is longer safe.

At the closed session we agreed that we will give the president an ultimatum that failing which if he did not comply with, we move immediately to give an impeachment notice. This is what we agreed at in the closed session.  So when we came out of the closed door session, we expected that the Senate President will brief the public on the issue that happened. However that did not happen. So we have come here in protest to brief you and to let you know that we are with Nigerians in this struggle. And that we are worried that no where is safe in Nigeria and as such, we have worked  out of the chamber I’m protest that the security situation is deteriorating and that urgent steps need to be completely taken to ensure that these issues are curbed immediately.” On how soon will they formalise their  impeachment threat, Aduda said, “we have given two months(six weeks) notice within which this security issue should be resolved and all our resolutions should also be implemented. We had passed so many resolutions and we have given all the support, all the enablement, we have given all the appropriation that they need.” In his closing remarks before the adjournment of Senate, the President of the Senate who noted that all Senators are worried and concerned about the security situation in the country, said that an emergency session may be held during the long recess if the need arises.

Related Topics:
Continue Reading

Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

Published

3 days ago

on

December 5, 2025

By

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.

Continue Reading

Economy

FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

Published

3 days ago

on

December 4, 2025

By

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.

Continue Reading

Economy

CBN hikes interest on treasury Bills above inflation rate

Published

3 days ago

on

December 4, 2025

By

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.

Continue Reading

Trending