Economy
FG to stop feeding prisoners in states from Dec. 31, asks Govs to build prisons
The Federal Government faced with paucity of funds has said it would stop the feeding of states inmates being held in its custodial centres by December 31, urging state governors to take advantage of recent constitutional amendments that has placed correctional services in the Concurrent Legislative List. Consequently, the federal government has advised the sub-national entities to establish their own custodial facilities in line with the new amendment. Minister of Interior, Ogbeni Rauf Aregbesola made the appeal at the commissioning of the Command Headquarters of the Nigerian Correctional Service NCoS)l in Owerri, the Imo State capital.

Media Adviser to the Minister, Sola Fasure in a statement said Aregbesola argued that the development would help to further decongest the custodial facilities which currently harbour state offenders who make up more than 90 percent of the total number of inmates nationwide. Aregbesola also added that efforts of the Federal Government have continued to yield positive results with various landmark feats recorded by inmates in detention. He said since President Muhammadu Buhari has signed into law, a constitutional amendment removing the Correctional Service from the Exclusive List to the Concurrent List in the Constitution, the Federal Government will stop feeding state inmates by December 31, 2023.“Furthermore, by January 1, 2024, the Federal Government will stop feeding state inmates kept in federal facilities. State governments must now start budgeting for feeding their inmates in federal facilities while we wait for them to build their own facilities.”, Ogbeni Aregbesola said. He also also said that the need for a comprehensive review of the nation’s criminal justice system in a bid to addressing the alarming figure of inmates who are awaiting trial and languishing in jail.
According to him, the President Muhammadu Buhari administration has done a lot in making the reformation process at Custodial Centres impactful through increased budgetary provision as well as the upgrade of old and construction of new infrastructure at the facilities. Aregbesola said; “One big challenge we have at Corrections is congestion, especially at the urban centres where the population density is high and human relations are more complex, leading to higher crime rate and the need to keep some people behind bars. But we are addressing this challenge with the construction of six mega custodial centres in the six geopolitical zones of the country. The ones in Kano and Abuja are ready and with regular funding, the remaining will be completed. It is also hoped that State Governments will take advantage of the constitution amendment recently signed by President Muhammadu Buhari which makes corrections a concurrent affair. It is on record that more than 90 per cent of inmates in our facilities are state offenders. It is important therefore that State Governments begin to invest in corrections.
“It is even more important to reform the criminal justice system. I have been making the case and I will continue to do so, that 70 per cent of inmates are awaiting trial and constitute the majority in our facilities. The sad thing about this is we cannot statutorily begin their process of reformation because they are assumed to be innocent, except for those who voluntarily wish to participate in any of our programmes. Many of them have spent time in detention longer than the maximum sentence their alleged offence carries. This predispose them to violent conduct and they are the biggest source of the challenge of discipline and control we have at the custodial centres. State governments should reform their justice administration system by putting a cap on the trial period and ensure swift administration of justice. This will eliminate the long period of trial and the perpetual detention of suspects and the injustice this constitutes”. The Minister also stated that neither his office nor the NCoS can on its own release inmates.
He said “let me use this opportunity to clarify a misconception in the public. NCoS or the Minister has no power of detention or release of inmates. They are brought to our facilities through a valid court warrant and it is by the same process that they are released. Convicts can also be released by the President or a state Governor exercising the prerogative of mercy. Our own responsibility therefore is to keep them in safe custody and keep society safe from them – while we rehabilitate them and reintegrate them back into society when they complete their terms.” The Minister stressed that custodial facilities across Nigeria are daily strengthened to contain various attempts by enemies of state to break into the vital national security arm. On the latter, we have been successful. While there have been unfortunate cases of recidivism, the overwhelming number of our inmates have returned to society to be better citizens and contributing their own quota to national development.
“For instance, we were treated to sublime entertainment at Ilesa by a musical band of inmates whose performance will dwarf most of the bands we have in our society. Hopefully they will continue and become great in the land upon their release. We also have a robust educational programme for inmates which has been very successful. From our record, 23 inmates are undergoing Post Graduate Programmes comprising of One PhD; 16 Masters Degree; and six Post Graduate Diploma Programmes. A total of 465 inmates are studying various Degree Programmes such as Peace Studies and Conflict Resolution; Criminology and Security Studies, Political Science, Law, etc. In addition, 1,404 wrote SSCE and 634 passed with five credits, including English and Mathematics, while 4,757 enrolled for Adult Education programme and 1,162 graduated. These are just a few.
“Vocational education enrolment also soared as 280 inmates made up of 267 males and 13 females acquired Trade Test Grades III, II and I in sundry vocations like woodwork, welding, shoe-making, barbing, dress-making, etc. The Minister reiterated the need for officers to guard the custodial facilities very well and prevent any security breach as had happened in the recent past. “I was last in Owerri in the wake of the attack on our facility here, emanating from the #endsars riots nationwide and sporadic attacks on custodial centres across the country. “Thankfully that sad era is behind us. Our facilities have been fortified and such attempts again have been well contained. I will therefore like to charge our personnel to be thoroughly professional and courageous at all times. They should maintain the conception of the custodial centres as an inviolable red zone.” The Governor of Imo State who was represented at the event by his deputy, Prof. Placid Njoku, eulogised the Minister for his passion for the job and especially his humanitarian nature which has shown through all the innovations he brought to Corrections, stating that the state government will rejig its budget to make adequate provision for her inmates going forward.
“We would go back to the drawing board and accommodate the Nigerian Correctional Service and our inmates in custody in the 2024 budget.
I must also commend you for your humanitarian nature and plea for the release of inmates who are languishing in the custodial facilities in the state because they couldn’t pay their option of fine. We would look into your request and continue to support the service in the discharge of its constitutional duty,” Deputy Governor Njoku stated. Also speaking at the event, the Controller General of the Nigerian Correctional Centre, Haliru Nababa, noted that the office complex being commissioned signifies the President Muhammadu Buhari’s administration commitment to providing conducive working environment for the staff of the service. “This edifice is another clear manifestation of the golden footprints of the Federal Government under President Muhammadu Buhari, in the NCoS. No doubt the Correctional Service now stands transformed and poised to answer its name anywhere among its equal,” the CG noted. Also at the event were the Chief Judge of Imo State represented by Justice Chinyere Okereke; the traditional ruler of Avu Community represented by Chief Dr. Fidel Onyere, NCoS DG Works and Logistics, Tosin Akinrujomu; heads of security agencies in the state amongst other invited guests.
Economy
Nigeria champions African-Arab trade to boost agribusiness, industrial growth
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.
Economy
FEC approves 2026–2028 MTEF, projects N34.33trn revenue
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.
Economy
CBN hikes interest on treasury Bills above inflation rate
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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