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Tag: Federal government

  • FG moves to pay verified contractors

    FG moves to pay verified contractors

    The Federal Government has initiated efforts to clear the backlog of payments owed to genuine contractors who executed projects for Ministries, Departments, and Agencies (MDAs)

    This is coming amid rising concerns over delayed payments and impact on the economy.

    In a statement in Wednesday in Abuja, the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), Mr. Bawa Mokwa, disclosed that concrete steps are being taken to address outstanding obligations to contractors.

    “The Federal Government has records of contracts executed by MDAs and is meticulous in the payment for these contracts to guarantee value for money spent,” the statement read. “Efforts are underway to pay for contracts duly awarded and completed according to specifications.”

    Current estimates indicate that the Federal Government owes local contractor between N200 billion and N400 billion.

    These unpaid debts are largely attributed to delayed budget releases, cash flow challenges, and procurement bottlenecks.

    The exact figure is subject to change depending on government fiscal actions and policy decisions.

    While acknowledging the backlog, the OAGF stressed that only contractors who followed the proper processes and delivered projects as specified will be eligible for payment.

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    “The Federal Government has laid down rules for the award and execution of contracts, and no payment would be made for contracts awarded without due process or contracts not executed according to specification,” Mokwa stated.

    Industry players have often raised concerns about the ripple effects of delayed payments, including layoffs, stalled projects, and financial stress for small and medium-sized contractors.

    The government, in previous years, has made attempts to improve the situation through reforms in payment verification and the work of the Debt Management Office. The federal government is also careful not to pump so much money into the system and eventually triggering another round of inflation.

    In a related development, the OAGF confirmed that the Federal Government has started clearing the outstanding five-month arrears of the N35,000 wage award to workers. The payments commenced in May 2025, with a schedule in place to ensure consistent disbursement until the backlog is cleared.

    “The next payment of the N35,000 wage award will be done in June 2025 after the payment of the June 2025 salary,” the statement said.

    The wage award was part of the Federal Government’s temporary intervention to cushion the effects of fuel subsidy removal and the resulting economic strain on public sector workers. Though initially delayed, the phased payment plan has offered some relief to civil servants awaiting the arrears.

    The ongoing efforts to settle contractor debts and wage awards come at a time when the government is trying to stabilize public finances, improve trust in its fiscal processes, and stimulate economic activity through improved liquidity in the private sector.

    Stakeholders in the construction and services sectors will be watching closely to see how these measures unfold in the coming months, especially as many contractors continue to express concerns over the long wait for payments despite executing government-approved projects.

  • Fed Govt targets 95% digital literacy by 2030

    Fed Govt targets 95% digital literacy by 2030

    The Federal Government yesterday said no stone would be left unturned towards Nigeria drive to achieve 95 per cent digital literacy by the year 2030.

    The government assured that following the inclusion of digital literacy as a cornerstone of the Renewed Hope Agenda of President Bola Tinubu administration, all efforts would be geared towards the success of the goal.

    The Chairman of the Technical Working Group for the initiative and President of Digital Bridge Institute (DBI), Mr David Daser gave the assurance during the inaugural meeting of the group at the DBI headquarters in Abuja.

    David Daser said the government as well as members of the National Digital Literacy Technical Working Group ( NDL-TWG) are committed to the ideas and goals of achieving 95 per cent digital literacy in the country by 2030.

    Daser commended the Minister of Communications, Innovations and Digital Economy, Dr Bosun Tijani and the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack and the Director General of NITDA, Malam Kashifu Inuwa for their commitment to the success of the goal.

     “The inclusion of digital literacy as a cornerstone of the Renewed Hope agenda underscores a profound understanding of its critical role in national development, empowering our citizens, and positioning Nigeria for a prosperous future in the global digital landscape.

    “This strategic focus is not merely about technology adoption; it is about human capacity building, job creation, and unlocking the vast potential within our vibrant populace,” Daser said.

    Daser said Nigeria has grappled with a significant digital literacy gap and warned that in today’s rapidly evolving global economy, digital literacy is no longer a luxury but a fundamental necessity, a gateway to economic prosperity, social inclusion, and enhanced governance.

    He regretted that while individual initiatives to address these challenges have sprung up across the country, their fragmented nature, coupled with persistent infrastructure challenges and inconsistent data collection, has hindered collective progress.

    The DBI boss explained that the National Information Technology Development Agency (NITDA) launched the Digital Literacy for All initiative to address this critical challenge, adding that the NDL-TWG emerges as a strategic and unified response to ensure that the noble aspirations of the initiative and the comprehensive Nigeria Digital Literacy Framework are not just concepts, but lived realities for every Nigerian.

    He said: Our mandate, therefore, is clear and compelling: we are tasked with coordinating, standardizing, and scaling digital literacy initiatives nationwide. This involves a meticulous approach to harmonize existing programs, identify and bridge the infrastructure gaps that impede access, and establish robust, consistent data practices to accurately measure our progress. We must ensure that our efforts are cohesive, efficient, and impactful, reaching every corner of our vast and diverse nation.

    “The ultimate vision driving our work is Nigeria’s unwavering commitment to achieving 95% digital literacy by the year 2030. This is not merely an ambitious target; it is a declaration of our intent to build a future where every Nigerian, regardless of age, gender, or location, possesses the essential digital skills to thrive in the 21st century. It is about empowering our citizens, boosting our economy, and fostering a society that can fully harness the transformative power of technology.”

    On the task of the group, Daser said: “This journey will demand unprecedented collaboration – from government agencies, the private sector, academia, civil society organizations, and indeed, every Nigerian who understands the imperative of digital inclusion. We must pool our resources, share our expertise, and unite under a common purpose.”

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    The Executive Secretary, Nigeria Board of Technical Education (NBTE), Prof. Idris Bugaje, who is the technical working group co-chair, described the initiative as a very smart move by the government, the ministry and agencies involved and other stakeholders in the eco-system

    He assured that NBTE was ready to support the initiative and give all necessary contributions to the success of the technical working group, adding that the importance cannot be overemphasized, citing the NBTE has thrived after adopting digital technology in its process.

    He said: “Let me update you that the NBTE has already embrace the digital technology. We are trying our best, even in our accreditation today we are doing it digitally. No physical accreditation, and this has reduced cost, it has ensured security of our staff, it has also addressed the so-called Nigeria factors in accreditation.

    “That has also been addressed by digital technology because the human interface has been removed completely. You submit your forms online, you upload all the data needed and you are accessed online. If you meet the requirements, you shall receive a letter approving your accreditation.

    “Besides that, we are also linking up all our polytechnic to a common digital database whereby all data on students, staff and others issues are uploaded and we can access them in the NBTE,” Prof Bugaje stated.

  • FG to ensure inclusive education in secondary schools nationwide

    FG to ensure inclusive education in secondary schools nationwide

    The Federal Government has reiterated its commitment to building a school system where every learner, regardless of gender, disability, socio-economic status or background, is welcomed, protected and empowered to thrive.

    Speaking in Abuja at the weekend during the opening ceremony of a two-day workshop for special education officers from the 36 states and the FCT, organised by the National Senior Secondary Education Commission (NSSEC), Minister of State for Education Prof. Suwaiba Sa’idu Ahmad, said Nigeria’s National Policy on Inclusive Education was developed to remove barriers to learning, ensure equity, and improve access to quality education for all, especially learners with disabilities and those facing systemic disadvantages.

    The event was organised to boost the capacity of Special Education Desk Officers from the 36 States and Federal Capital Territory with the theme: “Promoting Inclusive, Safe, and Gender-Sensitive Learning Environments for All.”

    Prof. Ahmad called for collaboration from school owners, development partners and state governments to promote inclusive and gender learning schools to promote national development.

    Ahmed, represented by Deputy Director, Science and Technology Department of the ministry, Kehinde Osinaike urged participants to make use of the opportunity provided to carry everyone along.

    She explained that the workshop was a critical step in translating gender and inclusive education policies into tangible and everyday practices.

    The minister said, “The National Policy on Inclusive Education was developed to remove barriers to learning, ensure equity, and improve access to quality education for all, especially learners with disabilities and those facing systemic disadvantages.

    “Alongside this, the National Policy on Gender Education provides a framework for eliminating gender disparities and ensuring that both girls and boys have equal opportunities to access, participate in, and benefit from education.

    “But as we all know, policies are only as effective as their implementation, and we must go beyond rhetoric.”

    The minister pledged President Tinubu’s commitment to advancing inclusive and equitable education in the country.

    Executive Secretary,  NSSEC, Dr Iyela Ajayi said the essence of the capacity workshop was to equip the desk officers with modern trends in implementing inclusive practices that would address Gender-Based Violence (GBV).

    Ajayi said that for there to be meaningful change, there was the need to empower the frontline officers who are the direct link to our schools and communities.

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    The NSSEC chief said: “Our goal is to transform our senior secondary schools into true sanctuaries of learning, where every child, irrespective of their abilities, gender, or background, feels valued and safe

    “As Special Education Officers, you are the architects of inclusion in our educational system. You are the advocates, the monitors, and the support systems that ensure our policies translate into meaningful action.

    “Your role is central to dismantling barriers, fostering a culture of acceptance, and ensuring that no learner is left behind.”

    Executive Secretary, National Commission for Persons with Disabilities, Ayuba Gufwan, said that statistics showed that 35.5 million persons are living with disabilities, hence the need to address critical issues affecting them.

    He said that in reality, everyone created is living with one form of disability or the other and as such must not ignore their challenges.

    Gufwan expressed worry over the challenges faced by Persons with Disabilities, noting that most schools do not have ramps for easy access for PWDs.

  • FG launches sensitisation campaign for LG proof of address system

    FG launches sensitisation campaign for LG proof of address system

    The Federal Government has launched a nationwide sensitisation campaign for the activation and implementation of a Local Government Proof of Address (POA) System, a key initiative under the Renewed Hope Agenda of President Bola Ahmed Tinubu aimed at enhancing grassroots governance, strengthening national security, and improving service delivery across the country.

    The campaign was flagged off on Monday by the Secretary to the Government of the Federation (SGF), Senator George Akume, during a stakeholders’ sensitisation programme organised for northern geopolitical stakeholders in collaboration with the Association of Local Governments of Nigeria (ALGON).

    Represented by the Permanent Secretary, Political and Economic Affairs Office, Engr. Nadungu Gagare, the SGF said the Proof of Address System is designed to provide every resident in Nigeria with a verifiable and secure address, fully integrated into public and private administrative processes.

    According to a statement by the Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation (OSGF), Segun Imohiosen, Akume said “the POA initiative reflects President Bola Ahmed Tinubu’s steadfast commitment to tackling the nation’s key challenges while laying the foundation for a safer, more efficient, and prosperous Nigeria.

    “It represents a crucial step toward strengthening governance, enhancing security, and improving efficient service delivery at the grassroots”, Akume said.

    According to the SGF, the system will be rolled out across all 774 local government areas and is expected to serve as a vital tool in combating insecurity, fostering transparency, and curbing a wide range of social and administrative vices.

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    “This initiative will not only provide a reliable database of verifiable addresses but will also enable better delivery of government services and infrastructure,” he added.

    National President of ALGON, Hon. (Engr.) Bello Lawal, represented by Simon Akala, Special Adviser and former Chairman of Karu Local Government Area, emphasized the transformative potential of the POA system when linked to a properly coordinated street naming and numbering framework.

    He said the POA infrastructure would play a foundational role in enabling financial inclusion, issuing national identity cards, voter registration, passport processing, utility services, and delivery of address-linked credentials such as the National Identification Number (NIN).

    “This is a critical national project. We urge traditional rulers, religious leaders, civil society organisations, and local government officials to rally behind this effort to bring lasting development to our communities,” Akala said.

    Also speaking at the event, the Postmaster General of the Nigerian Postal Service (NIPOST), Tola Adeyemi, represented by Mrs. Rose Ismaila, reaffirmed the agency’s readiness to support the POA system.

    She noted that NIPOST has a constitutional mandate to develop and maintain a national address system and digital postcode database.

    “We are currently working with ALGON to ensure street names across the country are accurately aligned with postcodes and that every building in Nigeria has a Digital Alpha Numeric Postcode for easy identification,” Ismaila stated.

    She stressed that a reliable address system is essential not only for improved mail delivery but also for emergency services, e-commerce, policing, healthcare delivery, and economic planning.

    The sensitisation campaign marks a major step in the Federal Government’s drive to modernise Nigeria’s administrative infrastructure at the grassroots level, where accurate address systems are often nonexistent or poorly maintained.

    Stakeholders at the meeting hailed the initiative as a welcome development, calling for sustained collaboration between all tiers of government, private sector players, and local communities to ensure the successful implementation of the system nationwide.

  • Fed Govt unveils $50m investment in Wholesale Impact Fund

    Fed Govt unveils $50m investment in Wholesale Impact Fund

    The Federal Government has announced an investment of $50 million in the Nigeria Wholesale Impact Investment Fund (WIIF).

    The federal ministry of finance on the X (twitter) handle said this is to show the government’s firm commitment to fostering sustainable economic growth.

    The Federal Government took this step to accelerate economic transformation. With a $50 million anchor investment in the Wholesale Impact Investment Fund (WIIF), this marks the first phase of what is projected to be a $100 million capital base.

    The WIIF is a government-backed investment vehicle designed to channel large-scale capital into financial intermediaries—such as development finance institutions, microfinance banks, and impact-focused fund managers—that, in turn, provide funding to businesses and projects that generate measurable social and economic benefits.

    In simpler terms, it is a “fund of funds” that does not invest directly in individual businesses, but instead supports institutions that finance impactful ventures across critical sectors like agriculture, infrastructure, digital technology, and youth entrepreneurship.

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    The WIIF is both a financing tool and a development strategy. It aims to mobilize large-scale capital, channel it efficiently through the right partners, and ensure that the final impact reaches underserved populations and economically critical sectors in Nigeria.

    This initiative, part of President Bola Tinubu’s broader plan to drive annual economic growth of seven per cent, will target critical sectors including agriculture, infrastructure, and digital innovation, with a special emphasis on unlocking financing for micro, small, and medium enterprises (MSMEs).

    The announcement was made following a strategic meeting hosted by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.

    The session brought together key players from the public and private sectors, including the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and representatives of the Presidency.

    Present at the meeting were Mrs. Ibukun Awosika, Chair of the IIF and GSG, Mr. Wale Adeosun, Chief Executive Officer of Kuramo Capital, Ms. Sanyade Okoli, Special Adviser to the President on Finance and Economy, and Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance.

    They reviewed the operational blueprint of the WIIF, which is designed to drive investments into high-impact sectors of the economy. Discussions covered the fund’s drawdown schedule and modalities for implementation, including structured engagement with the Development Bank of Nigeria (DBN).

    Further steps under review include the exploration of innovative financing tools such as government-backed guarantees, aimed at crowding in private capital and strengthening investor confidence. Stakeholders also agreed that the WIIF will be aligned with the African Development Bank (AfDB)-supported Youth Entrepreneurship Bank to expand access to funding for young innovators and entrepreneurs.

    Mr. Edun described the initiative as a practical demonstration of the government’s development priorities under the Renewed Hope Agenda, adding that the administration remains focused on delivering inclusive growth and sustainable job creation.

    “This partnership exemplifies the power of public-private collaboration in advancing Nigeria’s economic priorities. We are committed to ensuring transparency, efficiency, and measurable impact in deploying these resources to benefit all Nigerians,” the Minister said.

    With the Federal Government contributing half of the initial $100 million fund, the WIIF is expected to serve as a platform to unlock additional investments from domestic and international institutions, while offering blended finance solutions to de-risk strategic sectors.

    The WIIF will serve as a wholesale investment vehicle that channels long-term capital to financial intermediaries, impact-focused lenders, and fund managers committed to measurable social and environmental outcomes.

    The ministry noted that “by operating at scale and supporting ecosystem builders, the fund aims to increase capital flows to underserved markets and create employment opportunities across Nigeria”.

    Government officials and development partners believe the fund will not only stimulate enterprise growth but also support Nigeria’s transition toward a more resilient, inclusive, and innovation-driven economy.

  • ‘How to safeguard agric exports amid global uncertainties’

    ‘How to safeguard agric exports amid global uncertainties’

    Stakeholders in the agricultural sector have called on the Federal Government to implement robust measures to safeguard the nation’s agricultural production and exports. A key focus of their appeal is the critical need for significant improvements in cold chain infrastructure and the establishment of stringent oversight to prevent corruption within agricultural management bodies, such as the National Cocoa Management Board (NCMB).

    Industry experts emphasised that a strong and transparent agricultural sector is vital for Nigeria’s economic stability.

    Chairman, Board of Trustees, Federation of Agricultural Commodity Association of Nigeria (FACAN), Dr Victor Iyama indicated that while the organisation supports the government’s efforts to reposition Nigeria as a major player in the global cocoa market as well as improving the welfare of farmers, it was necessary a proper funding model be established for NCMB to prevent the return of the corrupt era of the defunct cocoa marketing boards. According to him, the association believes for the industry to grow, efforts must be made towards rehabilitating plantations and providing soft credit facilities to farmers.

    However, while fully backing the NCMB’s creation, he expressed a significant reservation regarding its proposed funding mechanism. According to him, the association opposes the idea of the government funding the board directly from the earnings of cocoa exporters.

    “We understand the need for sustainable funding for the NCMB to effectively carry out its mandate. However, imposing levies or drawing funds directly from exporters’ earnings would place an undue burden on them and could negatively impact their competitiveness in the international market. Our exporters already face numerous challenges, and adding another financial obligation would be counterproductive.”

    As global trade dynamics shift and traditional export sectors face increasing headwinds, post harvest expert, Dr. Augustine Okoruwa noted that Nigeria has a golden opportunity to bolster its economic resilience through strategic investment in cold chain infrastructure.

    While acknowledging the immense potential, Okoruwa also addressed the critical challenges that need to be overcome for Nigeria to fully harness agro-processing for export resilience. Drawing insights from the broader African context, he pointed to significant logistical hurdles that plague the continent’s perishable exports.

    His words: “The government has to inaugurate a programme to support cold chain infrastructure at all levels.”

     He stressed the importance of robust cold chain infrastructure, from farm-gate pre-cooling to refrigerated transport and storage facilities at ports and airports. “If the cold chain is broken at any point, the efforts invested in production are undermined, leading to quality deterioration and financial losses,” he warned.

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    According to him, without an efficient cold chain, perishable agricultural produce suffers immense post-harvest losses, severely impacting our export potential and farmers’ income.

    He continued that investment in modern storage facilities, refrigerated transport, and logistics networks is not just an option, but an absolute necessity to ensure export produce meet international standards and arrive at their destinations fresh and competitive.

    Recently, the Chief Executive, the Produce Export Development Alliance (PEDA), Adetiloye Continental, observed that the Nigeria’s horticulture industry, valued at approximately $248 million, is struggling due to rising freight costs and inadequate cold chain infrastructure.

    Continental emphasised that horticulture exports remain a key source of foreign exchange for Nigeria.

    He noted, “A lot of Nigerians have been involved in it. The motivation is the fact that they can earn foreign exchange. The second reason is that exportation helps us as a country to improve our domestic standards.”

    “The more we embrace export standards, the more our domestic standards improve. The promise of having access to a premium market is also an attraction.

     The Executive Director, the Nigerian Institute of Export Operations and Management (IEOM), Ofon Udofia, highlighted Nigeria’s potential in fruit and vegetable exports but stressed that challenges remain.

  • Fed Govt to train 100,000 artisans

    Fed Govt to train 100,000 artisans

    Federal Government has promised to train 100,000 artisans through Skill Up Artisans (SUPA) programme to meet up with international standards.

    Director-General of Industrial Training Fund (ITF), Oluwatoyin Ogun, said in Akure, while  opening the Association of Nigeria Artisans and Technicians (ASNAT) Southwest/Ondo State Secretariat.

    He said the programme will bridge the skilled manpower gap in industries by upskilling existing and aspiring artisans.

    According to him, this year, we are about to start and we are training about 100,000 artisans. The training this year is to strengthen the skilling up of our artisans to international standards. Our President wants to make sure that artisans should be able to meet up with their colleagues all over the world.

    “He (Tinubu) has promised to take care of you artisans, and he is doing that right now. With this programme, our President has said every artisan is his candidate, that all of them would be touched and this would be the first time in the history of Nigeria that a President will remember the artisans.

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    “I want you all (artisans) to support the programme and stand behind the President and ITF that is pushing the programme…’’

    “The President wants to remove quackery amongst the artisans, all the artisans will have their own practicing license, there would be dignity in labour, it’s now left for our artisans to support the programme, SUPA.”

    National Coordinator, Association of Nigeria Artisans and Technicians (ASNAT) Adesina Akinyemi, said the benefits of the Skill Up Artisans (SUPA) programme would go a long way for artisans to meet up with their other colleagues all over the world.

    Sobande Oyeleye, the Assistant Coordinator of the association in Ondo State, said the essence of the programme was to let the whole world know that the association has been recognized by the Federal Government in order to meet up with international standards and called on his co-artisans to key into the skill up programme.

  • Fed Govt to pay N45,000 monthly stipend to technical college students

    Fed Govt to pay N45,000 monthly stipend to technical college students

    The Federal Government has announced a monthly stipend of N45,000 for students enrolled in technical colleges across the country.

    It said the move is aimed at revitalising Technical and Vocational Education and Training (TVET).

    The Executive Secretary of the National Board for Technical Education (NBTE), Prof. Idris Bugaje, announced this in an interview with the News Agency of Nigeria (NAN) in Abuja on the second year anniversary of President Bola Ahmed Tinubu’s administration.

    Bugaje said the initiative forms part of a broader strategy to reposition the TVET sector and make it a more attractive alternative to traditional university education.

    The NBTE boss explained that the new policy aims to fast-track the development of the TVET sector and expand enrollment at the sub-tertiary level.

    He added that beyond the monthly stipend, the government would also cover teaching fees, and pay industry-based supervisors (called “master class” instructors) where students undertake industrial attachments and finance the cost of skill certification.

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    Bugaje stressed that the stipend would not be repaid by the beneficiaries.

    “The N45,000 is not as a loan but a grant. Students who enjoy this are not going to pay back.

    “We want to encourage more people to enroll in technical education,” he said.

    To sustain and expand the programme, Bugaje said the Minister of Education is championing a legislative Bill to establish a National Skills Fund under a new Nigerian Skills Qualification Framework (NSQF).

    According to him, the Bill will be presented to the National Assembly soon.

  • FG inaugurates presidential committee to drive digital public infrastructure

    FG inaugurates presidential committee to drive digital public infrastructure

    The Federal Government has inaugurated the Presidential Committee on the Implementation of Digital Public Infrastructure (DPI) tasked with aligning digital infrastructure with national development goals and enhancing service delivery across all sectors.

    The inauguration ceremony, in Abuja, was presided over by the Secretary to the Government of the Federation (SGF), Senator George Akume, who was represented by the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani.

    The SGF emphasised that DPI — which encompasses digital identity, financial payments, and data exchange — is critical to unlocking new opportunities for economic growth, job creation, and improved public service delivery.

    “DPI is the key to unlocking new avenues for growth, creating jobs, improving public service delivery, and empowering our citizens. To achieve this vision, we must establish a well-coordinated and robust governance structure to drive its implementation,” the SGF said. 

    According to a statement by the Director of Information and Public Relations at the Office of the SGF, Segun Imohiosen, the newly inaugurated committee, chaired by President Bola Ahmed Tinubu, brings together senior government officials and key institutional leaders to provide strategic direction for DPI implementation. 

    Other members include the SGF, the Head of the Civil Service of the Federation, and Ministers of Finance, Interior, Budget and National Planning, Justice, and Communications with the heads of the National Identity Management Commission (NIMC) and the National Information Technology Development Agency (NITDA).

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    Director-General of NIMC, Engr. Abisoye Coker-Odusote, reaffirmed the commission’s commitment to deploying DPI in ways that enhance citizen welfare and drive inclusive development.

    “We acknowledge our full responsibilities to contribute meaningfully to advance economic growth, enhance citizen engagement, and improve overall quality of life through DPI. NIMC pledges full support and cooperation on this noble endeavour,” Coker-Odusote said. 

    Director-General of NITDA, Dr. Kashifu Inuwa Abdullahi, stressed the importance of integrating and harmonizing government databases to ensure seamless data exchange and evidence-based governance. 

    “We must unify our digital infrastructure to create a streamlined and user-centric experience for Nigerians,” he noted.

    On the financial front, Mr. Premier Oiwoh, Managing Director of the Nigeria Inter-Bank Settlement System (NIBSS), highlighted the collaboration between NIBSS and NIMC in linking National Identity Numbers (NIN) with Bank Verification Numbers (BVN) to strengthen secure digital financial transactions.

    “We must build teams focused on solving local problems in identity management and financial payments,” Oiwoh stated, noting that a synchronized approach will improve efficiency and bolster public trust in the country’s digital systems.

    The membership of the committee reflects the federal government’s commitment to an all-of-government approach. 

    Members include the Secretary to the Government of the Federation, who also serves as the Secretariat; the Head of the Civil Service of the Federation; the Attorney General of the Federation and Minister of Justice; and the Minister of Finance.

    Also on the committee are the Minister of Communications, Innovation and Digital Economy; the Minister of Interior; and the Minister of Budget and National Planning. 

    Representing Nigeria’s key digital infrastructure institutions, the Director-General of the National Identity Management Commission (NIMC) and the Director-General of the National Information Technology Development Agency (NITDA) are also members of the committee.

    The committee is expected to serve as a central coordinating body to harmonize the country’s digital initiatives, resolve institutional bottlenecks, and align DPI implementation with national development priorities under the Renewed Hope Agenda.

  • Fed Govt repays first N100b Sukuk

    Fed Govt repays first N100b Sukuk

    The Federal Government has successfully repaid its first ever Sovereign Sukuk of N100 billion issued in 2017, thus fulfilling all obligations to investors and reinforcing its commitment to transparent and responsible debt management.

    This milestone was announced yesterday at the Investor Meeting hosted by the Debt Management Office (DMO) in Abuja, during the formal issuance of a new N300 billion Series VII Sukuk.

    It was disclosed that all investors in the 2017 Sukuk have received full redemption of their investments, having earlier been paid their rental returns.

    The structure of the Sukuk issuance ensured that the Central Bank of Nigeria (CBN), serving as the Paying Agent, distributed periodic rental payments to Sukuk holders on scheduled dates. Upon maturity, the government repurchased the underlying road assets, and the principal amounts were transferred in bulk to the Sukuk holders, concluding the investment cycle.

    At the issuance event, Director-General of the DMO, Ms. Patience Oniha, acknowledged recent macro-economic improvements, including the upgrade of Nigeria’s credit outlook by Fitch Ratings. She noted that these developments point to progress in both fiscal and monetary management.

     “It’s a journey. Development doesn’t happen in one day, but current policies are steering the country in the right direction,” Oniha said, referring to the path toward sustainable growth.

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    She linked part of this progress to recent reforms by the CBN, especially those targeting the foreign exchange market.

     According to Oniha, the volatility that previously plagued the Naira has eased considerably since the fourth quarter of last year, thanks to sweeping policy interventions.

     “There’s more transparency now. FX supply has improved, and the rates have become more stable. Some of the measures were difficult at first, but the benefits are beginning to show,” she said.

    Turning to the oil sector, Oniha expressed optimism that recent presidential initiatives will further strengthen revenue from oil and gas, which remain a significant component of national income.

    Commenting on Nigeria’s public debt, she said the total debt stock stood at ₦144.67 trillion as of December 2023, nearly evenly split between external and domestic components. She explained that a major factor in the growth of the debt stock was the depreciation of the Naira, which caused the value of dollar-denominated debts to increase when converted to local currency.

     “The external debt has remained around $42.5 billion, only rising slightly after a $2.2 billion Eurobond in December. But due to the weaker Naira, the debt stock in local terms appears higher,” Oniha said.

    She also noted that the inclusion of Ways and Means advances—amounting to N30 trillion—has contributed significantly to the total debt figures. These are approved borrowings by the government to cover budgetary shortfalls and are officially included in the debt records.

    Oniha reassured investors about the structure and sustainability of Nigeria’s debt. She pointed out that the country’s external borrowing is sourced from a diversified pool including multilateral institutions like the World Bank and African Development Bank, bilateral partners such as China, India, and Germany, and commercial markets such as the Eurobond space.

     “Over 60 per cent of our external debt is from multilaterals and bilaterals, which offer more favourable terms than commercial debt. This diversification reduces our exposure to market shocks and provides stability,” she explained.

    On the domestic side, Oniha described the government’s bond market as very active, with a range of instruments such as Treasury Bills, Federal Government Bonds, Savings Bonds, and Sukuk issued regularly.

     “There’s something for everyone. Whether you are a large institutional investor or a salary earner, there’s an appropriate investment product available. And this variety also means the government is not dependent on one single funding source,” she said.

    She further noted that domestic debt instruments have long tenures—some spanning up to 30 years—and are a key component of the country’s funding strategy. According to her, over 70 per cent of Nigeria’s domestic debt is issued by the Federal Government.

    In assessing the health of Nigeria’s debt profile, Oniha stated that while the debt-to-GDP ratio has crossed 50 percent, it still remains within acceptable limits prescribed by international benchmarks, including those of the IMF, World Bank, and ECOWAS.

     “Public debt sustainability is not just about the size of the debt. It’s about growing revenues and expanding the GDP. As the economy grows and tax revenues increase, our ability to service debt also improves,” she said.

     She commended the National Assembly for passing recent tax bills that are expected to enhance revenue collection and reduce pressure on borrowing. These developments, alongside improved oil receipts and foreign exchange reforms, are laying the foundation for more sustainable public finance.

    The issuance of the new N300 billion Series VII Sukuk is part of the government’s broader infrastructure financing strategy. Proceeds will be used to fund road projects across the country, continuing the legacy of previous Sukuk issues that have helped transform Nigeria’s transportation network.

    The DMO assured of its commitment to investor engagement and transparency, adding that future Sukuk issuances will maintain the same principles of Islamic finance that prohibit interest and ensure asset-backed, ethical investing.

    In recent years, Sukuk has emerged as a critical funding tool for Nigeria, attracting both domestic and foreign investors while supporting infrastructure development. The DMO’s successful record of timely coupon payments and redemptions has helped boost investor trust in Nigeria’s debt instruments.

    With this latest issuance, Nigeria has now deepened its commitment to diversifying funding sources, maintaining debt sustainability, and unlocking infrastructure development for inclusive economic growth.