Economy
Corps members cry out, hunger in orientation camps
Rising cost of goods and services in Nigeria resulting in cost of living in the country is impacting members of the National Youth Service Corps, NYSC, who are currently undergoing the 2024 Batch A, Stream 1 orientation in different camps across the country, as the corps members are complaining about the soaring food prices in Markets in the various camps. The Mammy Markets are stationed in every NYSC orientation camp for those unable to endure the queues for camp-provided food. Despite the displeasure of some corps members with the quality and quantity of meals in the camps, many are unable to afford augmenting such meals by buying from Mammy Markets because of paucity of funds.
A corps member, in Bauchi NYSC Camp, shared on TikTok that the exorbitant costs in Mammy markets have forced nearly all corps members to queue for camp food. He wrote, “Everyone wants camp food due to the unaffordable prices in the Mammy Market. Those who brought thousands to the camp have exhausted their funds within two days. Now, food is scarce for all corps members. We are even fighting to be in the queue and receive very little food.” Another corps member in the Southern part of the country mentioned that the camp coordinator advised corps members not to rely on camp food, as it is not supposed to be sufficient for everyone. She said, “Our camp coordinator even told us to consider camp exit because the camp cannot feed everyone.”
Also, a corps member in Lagos, who preferred anonymity, said, “The camp meals are not sufficient enough for adults like us, but we all understand the situation of things in the country generally. The contractors who were given the job to buy food items would been mobilised before now and the inflationary trends have caught up with that. The government would have decided on what to allocate for feeding corps members before now and things have taken a new turn. If we have enough support from our parents and guardians, in terms of stipends, one would be able to buy from the Mammy Market to support what is served, but where is the money now? People are really hungry,” he said. However, the NYSC management has denied the reports claiming high food prices in orientation camps, labelling them as unfounded and mischievous fabrications. In a statement by Eddy Megwa, NYSC’s Director of Press and Public Relations, he said the allegations were “laughable, absurd, and unfortunate.”
Megwa condemned the circulating narrative, which suggested that a state coordinator encouraged corps members to leave the orientation camp due to food shortages. “The story is nothing but a tissue of lies, intended to cause mischief,” stated Megwa. NYSC management insisted that such a claim is baseless, particularly considering the experience and rank of the state coordinators involved, who are seasoned officials, many with over 25 years of dedicated service. Megwa outlined the operational framework of the orientation camps, emphasizing the system of checks and balances in place to ensure a smooth and well-regulated course of activities, including the feeding of corps members. “A Resident Officer from the NYSC National Directorate Headquarters is always present to oversee the adherence to policies and rules,” he explained.
The Director-General of NYSC, Brig Gen Yushau Dogara Ahmed, was also mentioned as playing a hands-on role, visiting camps each season to personally attend to the welfare of the corps members. Megwa also touched on the regulation of camp markets, acknowledging that while they are shielded from exploitative practices, they are not immune to the broader economic challenges faced globally. He took a stern tone against those behind the spread of the false claims, accusing them of seeking to profit at the expense of the nation’s peace of mind. “Their actions inflict incalculable damage to our dear country and the psyche of our people,” he said. The NYSC Director urged those disseminating falsehoods to cease their harmful activities and reminded that the scheme maintains an open-door policy, always ready to provide clarifications on its operations.
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.
-
News3 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News3 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News3 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy3 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News3 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized3 days agoDeveloping Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG