Economy
Tinubu rescued economy from tipping point—Soludo
Governor Chukwuma Soludo of Anambra State has declared that President Bola Tinubu’s administration salvaged Nigeria’s public finances from the brink of collapse. In an address delivered on June 12 at The Platform Nigeria, hosted by Pastor Poju Oyemade and The Covenant Nation, Governor Soludo praised President Tinubu’s economic reforms. He called for a nationwide ethical and ideological rebirth to drive sustainable national development. Speaking on the theme “Rebuilding Our Nation,” Soludo urged political parties across the country to unite along ideological lines as a first step toward a new, issue-based political culture. “The audacious structural reforms embarked upon by the current administration of HE Bola Ahmed Tinubu have rescued the economy from the tipping point. “The endorsements by the World Bank, IMF, London Financial Times, rating agencies—Fitch, Moody’s, are well deserved.
“Many people know that I made a living criticising the World Bank and the IMF. As Governor of Anambra, I have even rejected a World Bank loan because of the terms. On the trajectory of the current economic reforms, the World Bank, etc, are largely right. Funny enough, when these institutions criticise the government, some people use them to validate their criticisms, but when the same institutions give a positive report, they are derided as “neoliberal, out-of-touch institutions”. In 2023, I had described the state of the economy when this government assumed office as akin to a standing dead horse, and public finance was about to tip from solvency, with potentially catastrophic consequences, including possible mass retrenchment of workers and/or arrears of salaries and pensions. Public finance is back on a solvency path, and macro fundamentals are recovering positively,” Soludo said. Acknowledging the broad spectrum of expert opinions on Nigeria’s economic outlook, Soludo urged public commentators to adopt a more rigorous, evidence-based approach to economic critique.
“Many analysts have interesting ‘opinions’, but I urge them to go deeper: conduct rigorous counterfactual analysis and provide credible alternatives! As a friend said recently, the task is always easy, especially if you are not the one doing it,” he said. While recognising that the list of proposed national reforms, from constitutional restructuring and security to infrastructure and anti-corruption, is extensive, the former CBN Governor emphasised that the critical issue is how to implement such reforms effectively within a resource-constrained and unequal society. Beyond the economy, the Anambra governor, who is also the leader of the All Progressives Grand Alliance, stressed that Nigeria’s future rests on the character and values of its citizens, not just leadership. He called for a nationwide ethical renewal and strategic investment in the Nigerian people to inspire patriotism and selfless service. “We must deliberately create a critical mass of ‘new Nigerians’—who believe in her and are ready, if necessary, to die for her. The struggle for liberation from colonialism would not have been possible without the nationalists of the time, and the current struggle to liberate her from underdevelopment cannot be sustainable with ‘neo-nationalists’ of today.
“No nation has prospered sustainably without a critical mass of patriotic, vigilant and actively participatory citizenry,” he said. The governor lamented the erosion of Nigeria’s traditional values of hard work, integrity, and enterprise, warning against a growing national culture that glorifies unearned wealth and shortcuts to success: The ‘culture’ that celebrates and expects something for nothing or wealth without work must give way to a culture that rewards and celebrates hard work, enterprise and integrity. In a society where no one asks/cares about sources of livelihood or where most people expect and celebrate unearned/free money, transactional governance will always trump transformational leadership.” Soludo pointed to recent Federal and Anambra state government initiatives as foundational investments that could foster a new generation of patriotic citizens. These include the federal government’s NELFUND student loan scheme, Anambra’s One Youth, Two Skills program, and increased spending on free education and healthcare.
“The shortest answer is to give the citizens stakes in the society by investing in their future… These programs excite the youths/students and could hopefully create ‘stakeholders’ in future projects,” he said. He called for a national effort to combat widespread beliefs in magical wealth, saying this mindset must be legislated against, tackled through education, and countered through cultural influence, particularly in the media. “It is my thesis that a society where no one asks/cares about sources of livelihood or where most people expect and celebrate unearned/free money is one where transactional governance will always trump transformational leadership.” Emphasising the need for unity around progressive values and the ideological realignment of Nigeria’s political order, the governor said: We must break this vicious ‘culture’ and intentionally promote ethical-value rebirth. This is a national emergency requiring urgent national conversation.”
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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