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Edo to review N40,000 minimum wage, Obaseki urges devolution of power to States, LG for increased devt

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Edo State Governor, Mr. Godwin Obaseki, has said his administration has begun to review the N40,000 minimum wage to the State workers. This is with a view to further increasing it as part of measures to cushion the impact of the fuel subsidy removal policy by the Federal Government. Edo State government presently pays the highest minimum wage in the country. The governor disclosed this development in his 2023 Independence Day Anniversary Broadcast, in Benin City. He said his administration is taking critical steps within the limits of the resources available to the state by initiating and implementing policies and programmes to respond to the negative impact of recent fuel subsidy removal policy by the Federal Government.

Obaseki said “we have introduced free transport service for passengers on all routes operated by the state-owned Edo City Transport Service (ECTS), among many support programmes that the Edo State Government has put in place to reduce the challenge, sufferings and exorbitant cost of living faced by Edo people. We are glad with the salutary impact of this initiative which covers 13 intra-city routes and several intercity city routes daily, covering towns and villages within the State’s three senatorial districts.

Over three hundred thousand residents have benefited from the scheme in the first two weeks of the palliative programme, while we expect over 1,500,000 residents are projected to benefit in the initial two months of the free transport initiative. We have placed new orders for additional CNG-run buses to increase the fleet.” He said “we also launched a 24-hour free Wi-Fi service in various Ministries, Departments and Agencies (MDAs) and other public places in the State to provide unlimited internet access to workers and other residents to enable them work effectively and efficiently from selected public spaces.”

According to him, “We have begun reviewing the minimum wage of our workers which is currently N40,000 (the highest in the country), with a view to increasing it as soon as the Federal Government revises the Revenue Allocation Formula. We will continue to ensure prompt and diligent payment of salaries and pensions, enhance the work environment and sustain the use of technology to improve efficiency and ease the work process to ensure better service delivery to Edo people.” On the deplorable state of federal roads across the State, the governor noted, “One way out of our current crises is for the federal government to urgently consider devolving authority and move more resources to the state and local governments. For example, if authority to manage federal roads and resources were devolved, the constituent units will be empowered to intervene in these federal roads that have failed across the Edo State.” 

“My dear good people of Edo State, I am delighted to celebrate the 63rd Independence anniversary of our dear country, Nigeria, with you. As we reflect on the progress we have made as a nation, it is important to pause and ponder on our collective journey as Edo people and as a nation.

It is important for us to celebrate our achievements, acknowledge our challenges, and reaffirm our commitment towards ensuring a more united, progressive and prosperous Nigeria. Ours is a story of courage, resilience, sacrifice, and the indomitable spirit of a people. Our founding fathers, who were driven by a vision of a united and prosperous country, fought tirelessly to lay the foundation of our dear nation, liberating us from the shackles of colonialism and instituting our long march to nationhood and greatness. Although we have recorded many successes in these past 63 years, it is doubtful if we are where our founding fathers anticipated.

“The last two decades in particular have seen us grapple with multiple challenges occasioned by economic, security, political and ethnic pressures. However, our enduring faith and belief in the unity and progress of our country has endured, keeping us together as one nation. I must commend the dogged and indefatigable spirit of our people, who in the face of many daunting difficulties continue to slug it out daily to earn a living, especially amid the current economic realities. As a government, we are aware of the very dire and difficult economic and social challenges that you currently experience, which has inflicted hardship and suffering on the people, especially the poor and vulnerable. We are taking critical steps within the limits of the resources available to us as a state by initiating and implementing policies and programmes to respond to the recent fuel subsidy removal policy by the Federal Government. We have introduced free transport service for passengers on all routes operated by the state-owned Edo City Transport Service (ECTS), among many support programmes that the Edo State Government has put in place to reduce the challenge, sufferings and exorbitant cost of living faced by Edo people.

“We are glad with the salutary impact of this initiative which covers 13 intra-city routes and several intercity city routes daily, covering towns and villages within the State’s three senatorial districts. Over three hundred thousand residents have benefited from the scheme in the first two weeks of the palliative programme, while we expect over 1,500,000 residents are projected to benefit in the initial two months of the free transport initiative. We have placed new orders for additional CNG-run buses to increase the fleet. We also launched a 24-hour free Wi-Fi service in various Ministries, Departments and Agencies (MDAs) and other public places in the State to provide unlimited internet access to workers and other residents to enable them work effectively and efficiently from selected public spaces.

 We have begun reviewing the minimum wage of our workers which is currently N40,000 (the highest in the country), with a view to increasing it as soon as the Federal Government revises the Revenue Allocation Formula. We will continue to ensure prompt and diligent payment of salaries and pensions, enhance the work environment and sustain the use of technology to improve efficiency and ease the work process to ensure better service delivery to Edo people.

“In light of the challenging structure of the Nigerian economy, we are doing our best to deliberately create the enabling environment for new businesses to thrive and to attract investments into Edo State. We are transitioning Edo from a civil service-dominated State to one that is attracting manufacturing, commercial agricultural concerns, service and technology companies, real estate investors and several SMEs among others. We have made significant progress with the Benin Port Project, with the emergence of a preferred bidder, Motal Engil, who will soon commence work. We have taken bold steps to transform Edo into an industrial hub, with the successful establishment of two modular refineries that are currently refining crude oil. The refineries are the 6000bpd facility operated by the Edo Refinery and Petrochemical Company (ERPC) in Ologbo, Ikpoba Okha Local Government Area and the 2500bpd Duport Refinery run by Duport Refinery Company Limited in Egbokor, Orhionmwon Local Government Area of the State.

“Benefitting from our government’s business-friendly reforms, two ethanol plants in the State are in their various stages of completion and are set to be commissioned before the end of our administration next year.  The plants include the Greenhill Ethanol Plant, sited in Ologbo, Ikpoba Okha and the Dufil Ethanol Plant in the Ovia area of the State. We are also encouraging investments in the electricity sector to grow our economy. Apart from our investment in the Azura 450MW and support for the 95MW Ossiomo Power projects, we have also passed a law setting up the Edo State Electricity Commission. The purpose of this law is to establish an independent Electricity market in Edo State. It is expected that this will attract investors to generate and distribute electricity within Edo State, particularly to underserved communities. In Education, we are implementing the most ambitious reform in public education, which has been acknowledged by the World Bank and the World Economic Forum as novel in tackling learning poverty. Our healthcare reforms have ensured the running of a vibrant Health Insurance Scheme and the reform of Primary Healthcare System to ensure affordable and efficient service that cuts out-of-pocket spending.

“Today, Edo is the most connected State digitally in Nigeria and operates the most digitized civil and public service in the country, with fibre-optic internet cables running across all the local government areas in the state.

 The State runs an e-governance system and is the first State in the country to have entirely shifted to a digital mode of administration. As a government, we will continue to pursue bold and transformative reforms and programmes to place our State on the path of sustainable economic growth and development, while strengthening the foundations of our society by transforming our institutions, curbing corruption, reducing the leakages in public resources and building the capacity of our people. In spite of all our efforts to improve the wellbeing of Edo people, they still face intense hardship due to the floundering National economy. The staggering inflation, which continues to sour and the massive devaluation of the Naira, is pushing more people into poverty.

About two years ago, I had warned against the mismanagement of the economy and its concomitant effect on the value of our currency. Refusal to heed the call has led us to this dire situation.

“Severely, I have raised alarm about the very poor state of federal roads in Edo State. The presence of an extensive federal road network in Edo which should have been a blessing, is now wrecking our economy because these roads are in a state of massive disrepair.  This has led to severe pressure on our State roads, which are now falling apart as most of them were not designed to handle the amount of tonnage they are now forced to carry. To pull our country from the brink of economic collapse, we must now begin to take sincere and honest steps to stimulate economic growth, which will enable our people to lead more fulfilling and happier lives.

 One way out of our current crises is for the federal government to urgently consider devolving authority and move more resources to the state and local governments. For example, if authority to manage federal roads and resources were devolved, the constituent units will be empowered to intervene in these federal roads that have failed across the Edo State.

 As we celebrate our 63rd Independence today, I call on all Edo people and Nigerians to stand united, regardless of our political, tribal, ideological, and religious differences and work together towards building a more prosperous and progressive Edo State and Nigeria.

 “We must also continue to pray and call for good and responsible Governance from our leaders. Together, we can overcome our present socio-economic challenges and place our country on the path of sustainable economic growth and social development, ensuring that the labour of our heroes’ past is truly not in vain”.

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Economy

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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