Economy
Tinubu slashes presidential entourage for foreign, local trips by 60%
President Bola Tinubu has slashed the expenditure on all official travel, domestic and international trips by 60 per cent. For foreign trips the president will be accompanied by – 20 persons, while the Vice President will have just five persons and the First Lady will also have five persons, respectively. For local trips, the president will be accompanied by 25 persons, the Vice President 15 persons while the First lady will have 10 persons. Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who briefed State House Correspondents of the latest development, revealed that President Tinubu has, by his most recent directive, approved a massive cost-cutting exercise that will touch across the entire federal government of Nigeria and the offices of the president himself, the Vice President and the office of the First Lady. It will be conducted in the following fashion:.
According to the presidential media aide, official trips within the country, involving the President or the Vice President, will experience significant cost reductions. This is a result of the president’s directive to slash the substantial bills associated with allowances and estacode for security details traveling from Abuja to those states. He said the security outfits within states, whether it be police DSS, or branches of the military, will frontline his protective detail when he travels to those states, a major cost-cutting initiative that will affect the Office of the Vice President as well as the office of the First Lady. Ngelale also added that when any international travel is being approved, the following limits have been placed on all ministers of the Federation. Four members of their staff, appointees and the like will be allowed to travel with a minister on official trip. “For heads of agency, that will be limited to two members of staff allowed to travel on an official trip. Furthermore, the numbers that the President has now approved for official travel with him that will apply to his principal staff are as follows: on international trips the president has directed that no more than 20 individuals be allowed to travel with him.
“That number will be cut down to five in the case of the First Lady. Additionally, the number in the entourage on official international trips for the Vice President will be cut to five, the number that will be placed as a limit on the wife of the Vice President is also five. He said that in terms of local trips, the President has approved a new limit of 25 members of staff to accompany him on domestic trips within the country. He confirmed that the Office of the First Lady is now limited to 10 staff members to accompany her on official trips within the country. The Vice President will be limited to 15 members of staff on official trips within the country, while his wife will be limited to 10 members of staff on officials within the country, the same as the first lady. His words, “It is pertinent to note that there is a difference between the number of members of staff allowed to travel with the presiding officials to international trips and those that are allowed for domestic. You will find that the numbers on international trips are less than those allowed on domestic trips. This is because international trips are far more expensive across the board and the President is determined to bring total sanity and prudence to the management of the Commonwealth of our people.
“As a result of this, the President has directed that every federal MDA also including the office of the president itself and the Office of the Vice President as well as the offices of the first and Second Ladies, are affected and bound by this directive of the president. Henceforth, the President is insistent that the notion of government wastage, the notion of recurrent expenditure being in excess, the notion that government officials will be allowed to conduct their affairs in a way that is different from what we are asking of Nigerian citizens with respect to prudence and cost management, those days are over. The President is insistent that the prudence of government officials must reflect the prudence and efficiency of Nigerian citizens and this is the directive of the President. Thank you very much.” Asked if this new directive on restrictions will come in form of an executive order, Ajuri simply replied, “With respect to the adherence to this most recent directive of President Bola Ahmed Tinubu. I believe we do not need to convince the officers of the federal government of Nigeria of the seriousness of the president with respect to how he will implement his directives. “If there is anybody who feels that the directive of the President is not binding on them and who feels that the President will not uphold this directive in implementation and seeks to test it, they will do so at their own peril.”
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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