Headlines
FG Shelves $950m Eurobond Sale Over Unfavourable Pricing

By Derrick Bangura
Nigeria’s federal government has suspended plans to raise about $950 million in overseas bonds, as a result of unfavourable market conditions during the timeframe approved for the fundraising, the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed has said.
It also responded to the forecast by the International Monetary Fund (IMF) that the country could be spending 100 per cent of its revenues on debt servicing by 2026, saying the prediction was based on wrong parameters.
This is as the Debt Management Office (DMO) has listed two new Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.
Ahmed had in April disclosed that Nigeria planned to sell in May its second external debt this year to help plug fiscal deficits. The planned $950 million bond sale would account for the balance of $6.1 billion in overseas borrowings planned for 2021 after it raised the second tranche of $1.25 billion in March.
However, the minister, who spoke on the sidelines of Islamic Development Bank meetings in Egypt, was quoted by Bloomberg on Saturday as saying “we were not able to do that because the market pricing was not good and also the approval period for us has closed. She added that “the approval period was up to May 31, 2022; so, we are not going to be able to take that one anymore.”
Nigeria was one of the first sovereigns to tap the Eurobond market after the start in late February of Russia’s war on Ukraine, which stoked commodity prices and inflation just as the US Federal Reserve raised interest rates. Nigeria’s seven-year bond in March was priced to yield 8.375 per cent, compared to a similar maturity raised about eight months ago with a coupon of 6.125 per cent.
The federal government plans to curb borrowing costs this year by using the International Monetary Fund’s general allocation of reserves known as special drawing rights to fund projects, then reducing external borrowings, Ahmed said. It projects N17.3 trillion ($41.6 billion) budget spending this year, with forecast deficits of N7.35 trillion.
“What we are doing now is to plan on managing our situation such that we are not exposed to increased costs in 2022,” Ahmed said. “We are hoping that in 2023 things will be much better than what we are projecting in 2022.”
Analysts said Nigeria’s return to the market at a time when investors are wary of volatility across financial markets shows the urgent need for Nigeria’s government to narrow its budget deficit. The IMF forecasts the gap will widen to 6.4 per cent of gross domestic product this year from a pre-pandemic average of 4.3 per cent, due to the rising cost of fuel subsidies.
Borrowers have been on the sidelines since Russia’s invasion pushed up funding costs. Turkey was the second sovereign to announce an overseas bond sale in April.
Nigeria’s deficit is expected to widen to 6.4 per cent of gross domestic product this year from a pre-pandemic average of 4.3 per cent due to the rising cost of fuel subsidies, according to IMF forecasts.
Meanwhile, Ahmed has also disclosed that the recent forecasts by the IMF that the country could be spending 100 per cent of its revenues on debt servicing by 2026 was based on wrong parameters.
She argued that the organisation’s assumption was hinged on the prediction that the country’s revenues would remain stagnant, explaining that it had indeed been improving.
Ahmed stated that Nigeria was confident that it would beat this year’s non-oil revenue target based on collections made in the first three months of the year.
The Bretton Wood institution had raised concerns over Nigeria’s fiscal conditions, adding that the nation spends 89 per cent of its revenue on debt.
The IMF’s Resident Representative for Nigeria, Ari Aisen, who spoke while presenting the fund’s latest Sub-Saharan Africa Regional Economic Outlook report, also warned that with fuel subsidy payments averaging N500 billion monthly, total expenditure on subsidy could hit a record N6 trillion by the end of the year.
But Ahmed said on the sidelines of the IDB meetings in Egypt that the rise in non-oil revenues would help the country avoid the prediction by the IMF that debt service would swallow all of the country’s income by 2026.
“The IMF projection is predicated on the assumption that revenue levels will stay the same as they are right now up to 2026,” Ahmed said.
She argued that non-oil revenues were outperforming income from crude oil, adding that taxes collected last year even exceeded projections.
“In 2021, our non-oil revenues outperformed our budget by an aggregate of 15 per cent.
“In 2022, our first quarter shows that already, the company income tax and Value Added Tax (VAT) are slightly above the projected target,” she added.
FG Lists Two New FGN Savings Bonds for Subscription
Meanwhile, the DMO has listed two new FGN savings bonds for subscription at N1,000 per unit.
According to the DMO, the first one is a two-year savings bond maturing on June 15, 2024, at an interest rate of 8.20 per cent per annum.
The second is a three-year savings bond due maturing on June 15, 2025, at a 9.20 per cent per annum interest rate.
“Offer opens on Monday, June 6, and closes on Friday, June 10; settlement date is June 15.
“They are offered at N1,000 per unit, subject to a minimum subscription of N5000, and in multiples of N1000 thereafter, subject to a maximum subscription of N50 million.
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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