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Senate cries out, level of insecurity makes Nigeria unattractive to foreign investors

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President of Senate has said that the level of insecurity in the country is most frightening. He said that as a result of insecurity in the country, the situation is so bad that Nigeria is no longer attractive to to foreign direct investment. He Attributed the low national revenue to crude oil theft and dwindling revenue. The Senate Leadership engaged the Service Chiefs in a Marathon meeting to find lasting solution to the problem. Speaking in Abuja during the crucial meeting with military chiefs and heads of security and intelligence agencies over the deteriorating security situation in the country prior to the closed door session, the President of the Senate, Senator Ahmad Lawan described the level of insecurity in the country as most frightening. According to Lawan, there was nothing to show that the huge investments in security was yielding any result, given that the spate of attacks have become very  recurrent cases, an indication that the nation does not  have security at all, just as his remarks was at the backdrop of the terrorists’ siege to the Federal Capital Territory with serious casualties. The meeting was  at the instance of the Senate leadership in view of the more worrisome dimension, security challenges have turned into with reported cases of killings and kidnapping across the country.

Lawan led other Principal Officers of the Senate and Chairmen of Security related Committees to the meeting. The Chief of Defence Staff, CDS,  General Lucky Irabor also led to the talks, the Chief of Army Staff, Lt. Gen Farouk Yahaya; Chief of Naval Staff, Rear Admiral Awwal Gambo, and Chief Air Staff, Air Marshal Oladayo Amao. The Inspector General of Police, IGP, Usman Alkali Baba; the Director General of the State Security Service, DSS,   Yusuf Magaji Bichi; the Commandant General of the Nigerian Security and Civil Defence Corps, NSCDC, Dr Ahmed Abubakar Audi  and the Director General of Nigeria’s – National Intelligence Agency, NIA, Ahmed Rufai Abubakar. The National Security Adviser, Major- General Babagana Monguno, retd was represented as he was said  to be at the weekly Federal Executive Council meeting. The President of the Senate who noted that  there was need for security agents to look into ungoverned spaces in the rural areas, said  that it has become so bad that Nigeria is no longer attractive to foreign direct investment. Lawan who attributed the low national revenue  to crude oil theft and dwindling revenue that are key areas of concern to Nigerians, said that the expectation is to begin to see drastic, immediate improvement in the security situation.

Lawan said, “This particular session of the interaction between us is to look into where we are today and probably this current position where we are is most frightening because it is like there is nowhere to hide, no where to go. Insecurity is everywhere and especially, if it is coming to the point of dislocating the security situation where the government is quartered. We will really review and see what more we have to do and how differently we have to do.” The President of the Senate further said, “We have invited you today for what is obvious, what is before everyone, what is of concern and of interest to every Nigerian today. The Senate, before we went on recess last week Wednesday, we had discussions over the security situation in the country. But even before then, we have had several discussions over the security situation. Let me say, this Senate particularly and indeed even the previous sessions of the National Assembly generally, have shown serious commitment and partnership with the executive arm of government.

“As far as I can remember, there has never been an administration in this country, especially since the Fourth Republic started in 1999, that invested so much resources in the security of this country like this present administration. I have no doubt about it. I am a participant. To a very large extent I can say that none. We believe that as a National Assembly, we have always met this Executive at the right position, at the right time, most especially when it concerns investment in the security of life and property in Nigeria. We have also, in our individual capacities as committees of the National Assembly and in fact as a National Assembly shown concern about the security situation. And the security situation of any country cannot be one hundred percent satisfactory,  but of course there is a level at which no country can be comfortable with insecurity. Ours has lingered definitely. We had hoped that by this time, the security situation in Nigeria would have been far better and Nigeria would have made more progress not only in the area of security but also in the area of economy which is tied to the security situation again. I believe that all security agencies and armed forces have been doing their best, but apparently we have to do more to achieve what we desire to achieve.

“There are, of course, several arguments whether the resources available to our Armed forces and our security agencies are enough or not. Definitely not enough. I don’t know of any country where there is enough really. But even within the scarcity that we have, this administration and this Senate and National Assembly has always prioritise the security of our country.

This particular session of the interaction between us is to look into where we are today and probably this current position where we are is most frightening because it is like there is nowhere to hide, no where to go. Insecurity is everywhere and especially, if it is coming to the point of dislocating the security situation where the government is quartered. We will really review and see what more we have to do and how differently we have to do. Our population is largely peasant. Most of our people are in the rural areas and they live their lives by going to farms. We all know this. In many parts of the country today, that is an herculean task. My belief is that we can do better to secure the rural areas. The so-called ungoverned space. At least for our population who go to farms to earn their living.

“Where our agricultural productivity is drastically going down, that will complicate the security situation because the most ordinary Nigerian cares more about what he or she or what the family will eat. And of course, all other things are secondary. We have problem with our economy to some extent because of insecurity. No foreign direct investment or not as much as we would ordinarily attract to our country. Our prayer is to start seeing serious, remarkable and dramatic changes from today. We hope that our discussions will give us the opportunity to consider other things or other areas or ideas that we didn’t have before.” On his part, the Chief of Defence Staff, Gen Lucky Irabor who said that issues of National Security must be seen from a collective perspective, said that  a lot has happened and more was being done to improve the security situation of the country.

General Irabor who  thanked the Senate leadership for the invitation which he described as “an in-house discussion based on mutual concern, said, “I believe that the wisdom of the Senate President and Senate leadership to convene this meeting is born out of the fact that issues of national security must be seen from a collective perspective and that whatever the situation is, there is always room for rubbing of minds to make contributions to the effect that we have a more secured environment where every Nigerian will have a sense of security in truth, such that our individual and collective aspirations could be achieved.” General Irabor further told the Senate  that ” quite a lot has happened, quite a lot has been done, quite a lot is being done to ensure that we improve on the security situation across the country. The commitment is there. It’s very profound. I believe that as we go into discussions on specifics, it will be clear that no one is leaving any stone unturned in redressing all the imbalances within the security environment.”

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

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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.

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Economy

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

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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.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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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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