Economy
Nigeria and Nigerians have always been poor —Buhari aides
Two Presidential aides, Senior Special Adviser on Media and Publicity to the Vice President, Mr. Laolu Akande and Chief Economic Adviser to the President, Mr. Afolabi Adejumo, have said that Nigerians have been poor all along describing as ill-defined, claims that Nigerians are getting poorer. They said the country had always been a poor country, due to long-held misconceptions. According to them the Federal Government resorted to foreign borrowings, because the funding requirements of the country largely outweighs the amount of funds recovered from corrupt individuals so far.
Speaking in Abuja Laolu Akande, said the recoveries of looted funds had not gotten to the point to actually prevent the country from borrowing funds to finance the growth and development of the country. He said, “In the last two budgets, 2016 and 2017, there had always been a line that shows the estimate of how much we have to get as recovered funds, that is then put back into the budget as an income that would be used. I do not have the figures with me now, but each of our budgets, there is a figure that had been included to say this is how much we are hoping to be able to get from looted funds; we have done that in 2017 and in the 2018 budgets.
“When you compare the kind of money that we need with the money that we recovered, it would easily show why we are actually still needing loans. We have not been able to recover much as to prevent us from getting some of these concessionary loans. People, when they hear these figures, they think the money is enough. I think one of the highest figures in the 2016 or 2017 budget is N300 billion. But when you compare it with what we are trying to get which is $5.5 billion; you see that what we are recovering has not gotten to the point where it can actually prevent us from not taking the loans. Those loans are meant for infrastructure, which are very important.”
He said that the Federal Government is committed to the fight against corruption, adding that the presidency is beginning to enjoy the cooperation of Nigerians in the campaign. Akande faulted assertions that only the President and Vice President were committed to the fight against corruption, noting that a large majority of Nigerians had come to the realisation of this all-important campaign.
He said, “I do not think it is right to say it is only the President and the Vice President that is interested in the fight against corruption. Nigerians are beginning to understand that if we do not kill corruption, it would kill us. I believe that Nigerians, themselves, have indeed gotten to the point to understand that the fight against corruption has to be an all-out fight and the president is getting all the support that he needs in that aspect.”
Also speaking, Special Adviser to the Chief Economic Adviser to the President, Mr. Afolabi Adejumo, who faulted claims that Nigerians are getting poorer, stated that over the years, most people failed to realise the true status of the country. He said, “The assertion that Nigerians are getting poorer is nebulous and I would tell you why. Nigerians have always been poor; Nigeria had always been a poor country, just that most of us does not realise it. Nigerians always think that because we are an oil-producing country, we have an oil economy and we have so much money.
“The reality is that we are not an oil economy and the non-oil sector which is supposed to provide all the revenue, such as the taxes, is also left unattended. Hence, anything that happens to the oil price, we run caps in hand. That is to corroborate what Moody’s had said.”
He warned that if the current efforts of the Federal Government to fully diversify the revenue base of the country is derailed, Nigeria would likely fall back into recession if the price of crude oil drops to $28 per barrel. He said, “The truth of the matter is that should oil become $28 per barrel today, we enter back into recession,. That is the reality. That is why efforts at developing the non-oil sector are being intensified by the administration and you will see that in the 2018 budget. The oil receipt that is expected is like half of what you are expecting from non-oil sources.”
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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