Economy
Corruption survey to assess effectiveness of FG’s fight against corruption- NBS
The National Bureau of Statistics (NBS) says its corruption survey is aimed at assessing the Federal Government’s fight against corruption. The Statistician-General of the Federation, Prince Semiu Adeniran, said this at the Train the Trainers programme for the Third National Survey on Quality and Integrity of Public Services in Nigeria in Abuja on Monday. The News Agency of Nigeria (NAN) reports that the survey, also called the Corruption Survey, is the third of its kind with the first two conducted in 2017 and 2019. Adeniran, represented by the Bureau’s Director of ICT, Mr Biyi Fafunmi, said the training was a significant milestone in efforts to collectively combat the scourge of corruption in Nigeria. He said corruption had remained a formidable challenge as such the insights gathered would guide the country towards a more transparent and accountable future.
He said the outcome of the survey was not to castigate or point fingers at any individual or institution, but to make the necessary commitment to improving the quality of public service available to Nigerians. “It is also to enhance the trust in the relationship between the citizens and public offices. This is an important hallmark of development in any society. This third round is being conducted in collaboration with the United Nations Office on Drugs and Crime (UNODC) and the MacArthur Foundation. The survey is not only important as a policy decision tool but also strategic and timely. The results will help assess the effectiveness of the efforts deployed by the government to tackle corruption, identify remaining gaps, and determine priority areas for future initiatives. nIt will also help the government craft future anti-corruption policies that are better designed, better targeted and thus more effective to tackle corruption in our society,” he said. Adeniran said the survey focused primarily on understanding the experiences of corruption by Nigerians, rather than perceived corruption whenever they encounter public officials.
According to him, two new vital modules on gender and disability have been introduced to the instrument in the third round of the survey. As the third aspect of the survey, following the 2017 and 2019 rounds, we are presented with an opportunity to conduct a trend analysis of corruption experienced by households in the country. Thus, this round will seek to gain a deeper understanding of the differential impact of corruption on marginalised or typically excluded groups such as women, youths, and persons with disabilities,” he said. Mr Musa Mohammed, Director of Demography and Household Statistics, NBS, said a test run survey was carried out in Uyo and Nasarawa as a build-up to the main survey.
Mohammed, who is also the Project Director, said the trainers would review the questionnaires to be used for the survey, adding that 30 per cent of the numerators for the exercise were from the NBS. “We will use this opportunity to build the capacity of the state Bureau of Statistics,” he said. He said the survey of 2017 and 2019 showed a decline in the prevalence of bribery from 32.3 per cent to 30.2 per cent adding that it’s however at variance with the report of Transparency International. The National Research Consultant, Prof. Adebisi Adeniran, said that the two previous surveys impacted on policy formulation in Nigeria and expects that the third round would look at trends and patterns of corruption in the country. Princess Chifiero, Project Officer, Anti-Corruption, UNODC, said the focus was on an experienced-based corruption survey shared by citizens themselves rather than on perception. She said the survey questionnaires were usually translated into the three Nigerian official languages and Pidgin English with 33,000 interviewers across the 36 states and the FCT. Chifiero said that bribery refusal, gender dimension, items to measure disability and items to measure the location of bribery were new additions to the survey. NAN reports that the main survey fieldwork would start in October through November 2023 with the ongoing training of the trainers which would be stepped down to the state level. (NAN)
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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