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Senate calls for immediate prosecution of arrested terrorists, oil thieves, meets with security chiefs

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3 years ago

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Senate has engaged the Service Chiefs in a meeting to find lasting solution to the problem of insecurity in Nigeria. It has also called on all the relevant security agencies and the Judiciary to carry out expeditious prosecution of arrested terrorists and oil thieves in the country. Speaking in Abuja  during a follow up interactive session with Service Chiefs, Inspector General of Police and heads of other security agencies, in the country, the President of the Senate, Senator  Ahmad Lawan said that allowing arrested terrorists or oil thieves to escape justice, will not augur well for the country. Senate had on August 3rd, 2022, engaged the Service Chiefs in a meeting to among others find ways of nipping in the bud, the security problem confronting the nation.

The meeting with security chiefs is a follow- up the previous one, and was at the instance of the Senate in view of the more worrisome dimension, security challenges have turned into with reported cases of killings and kidnapping across the country. The meeting is also coming a week to the resumption of the Senate from its annual break where the issue of impeachment would rear its head . Lawan presided over by the President of the Senate, Ahmad Lawan, with the  Deputy President of the Senate, Senator Ovie Omo- Agege, APC, Delta Central;  the Senate Leader,  Senator Ibrahim Gobir; the Chief Whip, Senator Orji Uzor Kalu and the Deputy Senate Leader Senator Robert Ajayi Boroffice. Others were the Deputy Whip of the Senate , Senator Aliyu Sabi Abdullahi;  the Minority Whip,  Senator Chukwuka Utazi; Chairman,  Senate Committee on Navy,  Senator Thompson Sekibo;  Chairman,  Senate Committee on Air Force,  Senator Bala Ibn Na’ Allah etc, among others.

Also in attendance were the Chief of Defence Staff, the three Service Chiefs, Inspector General of Police, Directors-General of National Intelligence Agency(NIA), State Security Service(SSS) and Commandant General of the National Security and Civic Defence Corps while the Acting Comptroller General of the Immigration Service was represented.

Lawan who  commended the Security Chiefs for the remarkable difference made within the last four months in the war against insurgency and banditry,  said that  security as appropriated for in the 2021 and 2022 national budgets , will take the lion share of the 2023 budgets in terms of appropriation. In his opening remarks before the meeting went into closed door session, the President of the Senate said, “You will recall that about four weeks ago, we had a meeting here and that meeting was to look into the security situation in the country then. “Before we closed for our annual summer recess, Distinguished Senators and indeed, members of the National Assembly expressed so much concerns with respect to the security situation prevailing and we felt we must engage our security agencies so that together, we will continue to fight these challenges in our country. I am happy and I’m sure I’m speaking the mind of my colleagues, that after that meeting, till today, we have seen remarkable difference in the fight against insecurity in our country by our Armed Forces and other security agencies and we are very proud of that. We pray that this continue because we have seen the initiative and it is for us to finish the job. When Mr President spoke of ensuring that we return to normalcy by December 2022, I’m sure he had in mind what you have been doing recently.

“I believe that you, our Armed Forces and other security agencies have everything in terms of the morals and determination, even though we still have to give some other support. This meeting therefore is to review what has happened so far. While we fight the insecurity in the country, sometimes we capture bandits alive. Those who have made every effort to steal our oil at an industrial scale, I’m sure some of them may not be that lucky to escape. We want to see trials of people who are caught because when that happens, citizens will know that nobody, no matter how high that person is, can go scot free if he or she decides to get involved in this kind of criminal activities. Of course, I will appeal to our courts – judiciary – once we have cases like this, we must give expeditious consideration, because these are the issues that, today, are militating against our stability and even against our democracy. We lose so much of our oil. As at the last count, the report was that we export just little above 900,000 barrels. And that is just about 50 percent because it is supposed to be 1.8million barrels per day and that is halving our revenues and our resources for development. So I want to appeal to the judiciary to give a special consideration once a suspected oil thief is taking to Court. We must prosecute them. It is not enough to just take away whatever they have stolen and say go and sin no more.”

Lawan who appealed to the Security Chiefs to take them(law makers) into confidence during the closed door session, said, “We are responsible people. There are things that we know are very sensitive but some things are treated better when we are on the same page so that we also don’t legislate blind folded or without the necessary background information. “Where there are requests or requirements to enhance the capacity and the competence for Armed Forces and other security agencies, I think we should consider that as a priority as well.”

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Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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2 days ago

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December 5, 2025

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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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FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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2 days ago

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December 4, 2025

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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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2 days ago

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December 4, 2025

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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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