Category: Business Day

In Africa, Nigeria is often reported to conduct the most expensive election. The 2023 general election cost about N355.3 billion. For the 2027 general election, the Independent National Electoral Commission (INEC) proposed a budget of almost N873.8 billion, including N209.2 billion for technology.

From the above, we can conclude that our electoral system urgently needs a fundamental rethink. For too long, these same ‘expensive’ elections have been associated with disputed results, ballot-box snatching, vote buying, violence, endless litigation and allegations of manipulation. Yet, technology has transformed banking, commerce, communication and even professional association elections (The Nigerian Bar Association – NBA). Why, then, should the conduct of national elections remain so vulnerable to human interference?

Earlier this year, we argued in this column that Nigeria must look beyond its traditional approach to elections. If the NBA can conduct electronic elections to select its leaders, the INEC should be able to develop a reliable e-voting system for a nation of more than 200 million people. The scale is certainly greater, but it should inspire better planning rather than serve as an excuse for continued delay.

Brazil offers a useful example. Its e-voting system has enabled the nation to process votes and publish results rapidly. In its 2022 presidential election, e-voting helped establish the results of a contest involving millions of voters across a vast territory.

Earlier this month, Brazil went into an election. By 1:30 am the next morning, the result was out. The incumbent, Lula da Silva, got 45 percent of the votes, while his challenger, Flavio Bolsonaro, got 47 percent. Neither could meet the constitutional requirement to be declared the winner. So, they are going for a run-off on October 25.

The election was electronically conducted. No ‘INEC chairman’ reading out manual results state by state. Not a single report of election violence. No going periodically for the voter’s card and verification (which saves much money). No ballot box snatching. No report of vote buying. No case of harassment or aiding and abetting by security agents. And no candidate is being advised to go to court.

Funny enough, Brazil is still classified as a ‘developing nation’ like Nigeria, with a developing economy and social and institutional challenges of its own, yet it has invested in electoral technology. Nigeria should study that experience carefully instead of treating e-voting as an unattainable ambition.

E-voting can accelerate the counting and transmission of results, reducing the long intervals during which figures are collated manually, and suspicions of manipulation flourish. It reduces the logistical burden of transporting and securing enormous quantities of paper ballots. Although electronic systems still require reliable infrastructure, equipment and personnel, the earlier we adopt them, the sooner we perfect them.

Well-designed e-voting can improve transparency and public confidence. Voters should be able to verify that their votes have been recorded as intended, while independent observers and authorised auditors should be able to examine the process without compromising ballot secrecy. Properly implemented technology can also strengthen safeguards against duplicate voting and make certain forms of interference more difficult.

There are nations from which Nigeria can learn. Estonia permits internet voting in national elections, alongside other voting methods. Brazil and India (with about 2 billion people) use e-voting machines, while Switzerland has conducted limited e-voting trials under specified conditions. These examples demonstrate that technology can support different electoral models; they do not establish that one system is suitable for every nation. Their experiences also show why security, accessibility and public trust must remain central to electoral design.

The central question is why Nigeria continues to struggle with electoral reforms despite spending enormous sums on elections. Is the obstacle financial, technological, legal or political? There is no single explanation, but the persistence of institutional weaknesses and disagreements over the scope of e-voting cannot be ignored.

E-voting could reduce opportunities for manipulation, but it would also not automatically remove political intimidation or vote buying automatically. Where political interests benefit from opaque processes, meaningful reform may face resistance. This is a concern that demands public scrutiny, not an assumption that every delay is deliberate, I must say.

Consider the inflammatory rhetoric attributed to Jarrett Tenebe, Edo State chairman of the All Progressives Congress, in which he invoked machine guns and AK-47s while discussing efforts to secure votes for President Bola Tinubu. Such language, if accurately reported, is unacceptable in a democracy and warrants appropriate investigation. Electoral competition should be about persuading voters, not intimidating them. E-voting alone would not prevent political threats, but transparent procedures, credible results and effective law enforcement could help reduce the opportunities for electoral abuse.

The same principle applies to politicians who boast of influencing electoral outcomes. No individual should be able to claim ownership of voters’ choices or suggest that political influence can determine results independently of the electorate. An auditable electoral system would make such claims easier to test against verifiable evidence.

In case we decide to go the e-voting way, we must also learn from the US, where authorities have repeatedly warned about foreign interference in elections. In November 2024, US intelligence agencies reported Russian influence operations intended to undermine confidence in the electoral process. However, a joint assessment of the 2022 midterm elections found no evidence that detected foreign activity had compromised election infrastructure or changed votes.

This distinction matters. Technology can simplify voting, but it also creates cybersecurity risks. Nigeria must therefore avoid replacing manual vulnerabilities with digital ones. Independent security testing, encrypted transmission, strong access controls, backup systems and voter-verifiable paper records should be integral to any e-voting style.

Sadly, INEC’s budget for the 2027 election is more than enough to roll out an e-voting system across our nation (ask the experts). INEC should begin with transparent pilot programmes, independent audits and public demonstrations. It should consult political parties, civil society, cybersecurity experts and election observers, while ensuring that voters in rural communities and people with disabilities are not excluded. Results should remain independently verifiable, with clear procedures for recounts, disputes and system failures.

Finally, Nigeria should embrace e-voting as a carefully managed reform, not a technological shortcut. The National Assembly, INEC and other relevant institutions must establish a clear timetable, adequate safeguards and measurable implementation milestones.

The question is no longer whether technology can assist elections. It is whether Nigeria can summon the institutional will to use it responsibly. Democracy belongs to the people, and its procedures must make their choices count accurately, transparently and without fear.

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Hyacinth Alia, the Benue State Governor, has said he is not afraid of any coalition or gang-up put up by the aggrieved members of the All Progressives Congress (APC) and some members of the opposition parties to destabilise his government and frustrate his 2027 Governorship ambition.

Tersoo Kula, Chief Press Secretary, stated this during a visit to the Correspondents in Makurdi, Benue State Capital.

Kula quoted the governor as saying, ‘As long as such coalition is not coming from the masses whom he represents, he is not bothered by any baseless political gang-up.’

The press secretary said Governor Alia’s 34 years in the priesthood, including extensive pastoral work on a motorbike across villages in Vandeikya, Okpokwu, Guma, Makurdi and other Local Governments, had given him intimate knowledge of the people’s need.

Yhe CPS was reacting to a comment by the embattled APC chairman, Austin Agada, who in his recent outing, alleged that APC had constituted a coalition code name ‘Rainbow Coalition’ for the 2027 general elections for President Bola Ahmed Tinubu, saying ‘with this, we will show Governor Alia where he belongs’.

According to Kula, although the governor is not bothered about any coalition as long as it is not from the masses, such utterances are from political jobbers who do not have passion for the development and growth of the state.

‘I want to say here that both the coalition and unguided utterances have not taken the governor by surprise because whoever is keenly following the political trend in the state should anticipate this. The governor is a developer, a reformer and as you know such persons don’t have friends. People hate them because they are bringing change and development.

‘We don’t want to join issues with anyone. Our arms are open to anyone irrespective of political party who wants to join forces with the governor to bring back the Benue of our dreams and deliver the State,’ he said.

He noted that Governor Alia took the path of a reformer from inception, a disposition recognised by the Tiv Traditional Council, which conferred on him the title of reformist, ‘Asortar U Tiv’ adding that reformers inevitably attract opposition from entrenched interests.

Kula challenged critics to identify, who exactly is ganging up against the governor, asking whether it is journalists, farmers, civil servants, market women or direct beneficiaries of the ongoing reforms.

He dismissed threats from opposition elements, particularly singling out the the embattled APC chairman who is from Ogbadibo, whom he described as a crafty sellout who could not deliver his own polling unit and was suspended over allegations of collecting N50 million to trade off his party.

ýTeachers in a government-owned demonstration school in Rivers State have gone without salaries since the closing days of the Nyesom Wike administration. The court recently ordered the present administration to pay them, yet no response.

Now, Rivers State Civil Society Organizations (RIVCO) has called on Governor Sim Fubara to implement the Court of Appeal judgment restoring the salaries, rights, and privileges of staff members of the Ignatius Ajuru University of Education Demonstration School.

ýThe call was made during a press briefing on Wednesday, October 21, 2026, organised by RIVCO at its Seecretariat in the D-Line area of Port Harcourt.

ýAddressing journalists, Enefa Georgewill, Chairman of the organisation, said the demand had become necessary because the State Government had yet to act more than three months after the Appellate Court delivered its judgment.

ýGeorgewill expressed concern over the hardship faced by the affected workers, noting that they had endured about 10 years without salaries.

ýHe explained that the matter originated from the National Industrial Court and subsequently proceeded to the Court of Appeal in Suit No. CA/PH/341/2022, where the court ruled in favour of the affected teachers.

ýAccording to him, the continued delay in implementing the ruling is particularly troubling given the governor’s earlier commitment to respect and implement judicial decisions on the matter.

ýRIVCO urged the State Government to act in the interest of justice and the rule of law by restoring the affected workers to their positions and entitlements.

ýThe organisation specifically called for the restoration of their academic ranks, salaries, grade levels, promotions, salary arrears and other benefits as if the breach had not occurred.

ýIt also urged the Government to extend the effect of the ruling to staff members of the Rivers State University Demonstration Schools, Kenule Beeson Saro-Wiwa Polytechnic and other institutions whose cases are still before the courts, where the subject matter and reliefs sought were substantially similar.

ýGeorgewill said RIVCO would prefer an amicable resolution and was not interested in taking actions that could embarrass the state government.

ýHe, however, warned that continued inaction could compel the civil society group to mobilize alongside the affected workers to Government House to draw attention to their plight.

ýGeorgewill appealed to Governor Fubara to use the matter to leave a lasting legacy by addressing the workers’ grievances, stressing that they had endured severe hardship while relying on the judiciary.

Weather is one of the most important variables in Formula 1 because rain, wind, temperature and humidity can change tyre performance, car balance and race strategy within minutes. The 1xBet online platform also offers bets on races taking place under different conditions.

To monitor these conditions, F1 teams and the FIA combine 4 elements:

local measurements;

weather forecasts;

radar;

and increasingly sophisticated real-time weather technology.

At the circuit, weather data is continuously collected during each session. And those sessions are also featured at the online 1xBet platform, where you can make great and rewarding bets.

Several key measurements are recorded, including air pressure, rainfall, wind speed, wind direction, air temperature, track temperature and relative humidity. Recent FIA race reports show these measurements being tracked throughout Grand Prix sessions, providing a detailed picture of how conditions change around the circuit.

Understanding what’s coming

Weather forecasting is equally important. If you get the 1xBet app download for PC and play, you may also want to take weather into consideration for refining your Formula 1 wagers.

Teams employ meteorological services and monitor weather radar to predict whether rain is approaching, how intense it may be and which parts of the circuit could be affected. Radar is particularly valuable because a forecast several hours ahead may not reveal exactly when a rain shower will reach the track. And currently, you can also download the 1xBet app for PC, play, and also use it to bet on everything that happens during a F1 race.

Increasing accuracy

The FIA also uses weather information for safety decisions. Under the sporting regulations, an official weather forecast can lead the Race Director to declare a ‘Rain Hazard.’ For example, during the 2026 Canadian Grand Prix, the FIA declared such a hazard after its official weather service forecast a greater than 40% probability of precipitation during the race. You certainly don’t need to worry about rain when discovering how to bet on 1xBet site and enjoying everything that this platform has to offer.

In 2026, this monitoring became even more advanced. The FIA partnered with Tomorrow.io to integrate hyperlocal weather intelligence, satellite data and real-time hazard detection into Race Control and event workflows. The system provides information such as minute-by-minute precipitation and storm forecasts, heat and wind risks, helping officials make faster safety decisions. Remember to visit the 1xBet site, where you can find out how to bet on great Formula 1 races taking place under different weather conditions.

Nestlé Nigeria has commissioned eight climate-smart boreholes and water treatment facilities in communities within the Agbara catchment in Ogun State, expanding its investment in water access, quality and conservation as the company advances its Water Regeneration Project across Ogun State and the Federal Capital Territory.

The facilities combine water infrastructure with treatment systems and community-level governance, reflecting a broader approach to water security that goes beyond drilling boreholes to ensuring access to safe water and the long-term sustainability of supplies.

The commissioning also advances a partnership involving the Federal Ministry of Water Resources and Sanitation and OPS-WASH, through the development of a National Water Quality Handbook aimed at supporting water quality management.

Access to safe and reliable water remains an important public health and development concern in Nigeria, where communities require infrastructure that can provide dependable supplies while protecting water sources from contamination and environmental pressures.

Nestlé’s latest intervention in Agbara brings these concerns together through infrastructure provision, water treatment, conservation and efforts to strengthen community participation in managing water facilities.

The company said the commissioning marks a milestone in its wider Water Regeneration Project, which spans Ogun State and the FCT. However, details of the total investment, the number of people expected to benefit from the eight facilities and their water production capacity were not provided in the announcement.

The long-term impact of such interventions will depend not only on access to infrastructure but also on water quality monitoring, regular maintenance and the capacity of communities to keep facilities operational.

The development of the National Water Quality Handbook adds a policy dimension to the project, bringing government and other stakeholders into efforts to strengthen water quality practices. Its effectiveness will depend on how the guidance is implemented, monitored and adopted by relevant institutions and communities.

For companies operating in water-intensive sectors, water regeneration has implications beyond community relations. Sustainable water management can help protect local water resources and support the long-term availability of supplies for households, businesses and ecosystems.

Nestlé’s Agbara facilities therefore represent both an expansion of community water infrastructure and an opportunity to test how corporate sustainability projects can deliver lasting benefits when infrastructure is supported by quality standards, conservation measures and accountable local management.

The company has not disclosed a timeline for measuring the facilities’ performance or the specific indicators it will use to assess their long-term contribution to water security.

The National Economic Council (NEC) on Thursday endorsed a 90-day economic action plan covering five priority areas, including food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks, and regulated household support.

Plans were initiated by the Federal Ministry of Finance to consolidate gains from President Bola Tinubu’s economic reforms.

NEC also approved the establishment of a national dashboard to track ongoing projects across the federation, with particular emphasis on transparency, accountability, and accurate reporting of how proceeds from fuel subsidy removal are being utilised. The plan focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.

Policy objectives target single-digit inflation

Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele unveiled the plans during the council’s 161st meeting, held virtually and chaired by Vice-President Kashim Shettima.

Vice-President Shettima said that while President Tinubu’s economic reform programme was designed to achieve broader national prosperity, governments at all levels have a responsibility to translate its objectives into improved living conditions for Nigerians.

Oyedele, presenting the economic outlook, expressed optimism about the progress recorded under the Tinubu administration’s reform programme and the prospects for further economic recovery. He identified the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives, noting that the next phase of reforms would require coordinated implementation across federal and state institutions.

Translating macroeconomic gains into social depth

The finance minister’s presentation placed particular emphasis on translating macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination, and the removal of barriers to investment.

Shettima charged state governors and relevant government institutions to ensure that the gains of the administration’s economic reforms translate into affordable transportation, improved healthcare, employment opportunities, and greater financial security for Nigerians. He stressed that the success of economic policies must ultimately be measured by their impact on citizens’ daily lives, noting that the responsibility of government extends beyond announcing reforms to building institutions that enable Nigerians to plan their futures with confidence.

‘The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,’ Shettima said.

Federal cooperation vital for service delivery

According to the vice-president, the council’s deliberations on transportation, healthcare, police reform, and livestock development represent critical decisions about the quality of life Nigerians should expect from economic progress.

‘Our separate jurisdictions must serve a common public interest,’ Shettima said, emphasising that Nigeria’s federal structure must strengthen cooperation rather than become an obstacle to the delivery of essential services.

On the National Compressed Natural Gas (CNG) Bus Initiative, the vice-president underscored the need for state governments to support affordable transportation systems that would reduce the financial burden on commuters. He maintained that the success of the programme should be determined by affordability and accessibility rather than the number of vehicles deployed.

‘The cost of reaching a livelihood should never consume the livelihood itself. The passenger’s experience must guide our ambition, because the value of public transport resides in the journeys it makes possible. We should assess success through affordability and access, rather than fleet size alone,’ he said.

States urged to bring local realities to policy

President Tinubu designed his economic reform programme to achieve broader national prosperity, noting that governments at all levels have a responsibility to translate its objectives into improved living conditions.

Shettima also charged the governors to bring their understanding of local realities into national policy decisions, insisting that effective implementation requires clear responsibilities and practical agreements among the tiers of government.

‘Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,’ Shettima said.

The vice-president challenged members of the council to judge every policy proposal by its capacity to reduce uncertainty, create opportunities, and strengthen public confidence in government.

‘His Excellency, President Bola Ahmed Tinubu, GCFR, has made economic reform the instrument of a larger national ambition. Our contribution must give that ambition social depth and productive strength,’ he said. ‘Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them.’

Public health containment and polio eradication

The council received an update on the reported Ebola outbreak in the Federal Capital Territory from Health and Social Welfare Minister Muhammad Ali Pate, who allayed fears of a major public health crisis, assuring members that Nigeria possesses the institutional capacity to contain the situation.

Pate briefed the council on efforts by the ministry, in collaboration with relevant stakeholders, to operationalise a robust national response system. He identified coordination and governance, detection at points of entry, laboratory testing capacity, logistics for essential kits and personal protective equipment, and effective strategic communication as critical components of the response.

The minister acknowledged the efforts of 21 state governments that had updated their response plans and urged the remaining 15 states to expedite the establishment of appropriate preparedness and response mechanisms.

Receiving the report of the NEC Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Inuwa Yahaya, the council resolved to direct states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.

Joint financing framework for CNG and electric vehicles

The council emphasised the need for timely release of counterpart funds, strengthened routine immunisation, improved coordination with security agencies, and closer cooperation among states to ensure better coverage in subsequent campaigns. It further stressed that sustained political commitment from governors, traditional rulers, and security agencies would remain critical to achieving the complete eradication of polio in Nigeria.

On livestock development, the council received the report of the NEC Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris, and acknowledged the sector’s potential to stimulate economic growth, create employment, and improve livelihoods across the country.

The council noted that all states had indicated interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen collaboration between the federal and state governments to accelerate reforms and unlock the sector’s economic potential.

In another major resolution, the council received a presentation on the National Affordable Compressed Natural Gas (CNG) Transit Programme by Presidential Initiative on Compressed Natural Gas and Electric Vehicles Chairman Ismaeel Ahmed, and resolved to establish a joint financing framework between the federal and state governments to accelerate the deployment of CNG and electric vehicles across the country.

The council specifically directed that the programme must deliver tangible benefits to citizens through reduced transportation costs, rather than limiting its impact to the provision of alternative-energy vehicles. It further resolved that relevant authorities should engage transport unions and operators to ensure that savings arising from the adoption of CNG and electric vehicles are passed on to commuters through lower fares.

To give effect to the decision, the council agreed to constitute a committee to coordinate the proposed financing arrangement, engage relevant stakeholders, and develop practical measures to ensure that the economic benefits of the programme translate into affordable, accessible, and sustainable transportation for Nigerians.

Lakunle Runsewe, Chief Executive Officer of Stretford Hill Limited, has reiterated the need to prioritise safety, ensure durability and uphold the standards required to deliver infrastructure that remains functional and secure over time.

‘As Nigeria continues to develop, we must be deliberate about how we plan, construct and maintain our infrastructure,’ Runsewe stated during the 10th sustainability table series, held in Lagos recently.

Runsewe reiterated the company’s commitment to delivering dependable construction and infrastructure solutions that meet professional standards and create lasting value for businesses and communities.

According to him, the company’s participation as an indigenous construction and infrastructure company highlighted the role of the built sector in translating sustainability priorities into tangible outcomes through responsible project delivery, sound engineering, efficient resource use and quality construction.

‘The true value of infrastructure is not measured by what we build alone, but by what it makes possible for people, businesses and communities.

‘At Stretford Hill Limited, these principles guide our approach to delivering infrastructure that meets present needs and serves future generations,’ Runsewe stated.

Themed ‘Leading the Sustainable Development Agenda: People, Planet, and Prosperity,’ the conference explored practical approaches to advancing sustainable development.

At its exhibition stand, Stretford Hill highlighted its capabilities across building construction, civil and structural engineering, project management, interior fit-outs and furnishing, specialised architectural metal works, fabrication and facilities support.

According to him, the exhibition provided a platform to engage industry stakeholders, exchange perspectives on the built environment and strengthen professional relationships.

The conference also highlighted the importance of collaboration between the public and private sectors in advancing sustainable development.

For the construction industry, translating these priorities into practical outcomes requires sound planning, technical expertise and consistent attention to quality and safety throughout the project lifecycle.

Nigeria’s efforts to deepen its financial markets and strengthen monetary policy transmission are facing a critical test as the government moves to improve liquidity in treasury bills and other naira-denominated securities, a development that could shape banks’ investment decisions, funding strategies and capacity to support private-sector lending.

The Federal Government has acknowledged concerns among investors about liquidity in treasury bills and the broader domestic debt market, signalling plans to work with monetary authorities to improve price discovery and make it easier for investors to exit naira-denominated investments without taking on additional risks.

Taiwo Oyedele, minister of finance and coordinating minister of the economy, disclosed this while responding to investors’ concerns during a briefing at the just concluded International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.

‘One is around liquidity for T-bills, and more broadly, generally, liquidity to allow price discovery, and this is something we’re working on already, of course, along with the monetary authorities, to ensure that you can exit naira paper without any additional risk,’ Oyedele said.

His remarks highlight a structural issue in Nigeria’s financial markets, where the ability to buy government securities at primary auctions does not necessarily guarantee that investors can sell those instruments easily in the secondary market when they need cash.

For banks, which hold government securities as part of their investment portfolios and liquidity management strategies, the depth and efficiency of the secondary market are important to managing cash flows, meeting obligations and determining the risks associated with their holdings.

The issue has assumed greater significance following the Central Bank of Nigeria’s decision in September to reduce the monetary policy rate by 350 basis points, from 26.50 percent to 23 percent, as policymakers seek to balance the need to support economic activity with efforts to sustain the decline in inflation.

As interest rates adjust to the new monetary policy stance, the government’s ability to improve trading conditions in its securities market could influence how banks and other investors allocate funds between treasury bills, other fixed-income instruments and lending to businesses.

Why liquidity matters to banks

Treasury bills are short-term debt instruments issued by the Federal Government to raise funds, manage its financing needs and refinance maturing obligations. Banks, pension funds, asset managers and other investors buy the instruments at auctions and may subsequently trade them in the secondary market.

For banks, treasury bills serve several purposes. They provide interest income, offer an avenue for investing funds and can form part of the assets used to manage liquidity and meet financial obligations.

However, the usefulness of these instruments depends partly on whether banks can convert them into cash when required without suffering significant losses.

A market with sufficient buyers and sellers allows investors to sell securities at prices that reasonably reflect prevailing market conditions. Where trading is limited, investors may struggle to find buyers at the prices they expect, particularly when interest rates change sharply or market sentiment weakens.

This can complicate banks’ treasury operations, especially when they need to meet customer withdrawals, settle transactions or respond to unexpected funding requirements.

Liquidity also affects the pricing of government securities. When investors can trade instruments efficiently, market prices and yields can respond more readily to changes in interest rates, investor demand and expectations about government borrowing.

Where trading is thin, prices may not accurately reflect changing market conditions, making it harder for investors to determine the value of their holdings and assess the returns required to compensate for risk.

Oyedele’s comments therefore point to the importance of developing a domestic debt market in which investors can enter and exit positions with greater certainty.

Secondary market trading remains central to price discovery

The government’s concerns extend beyond the amount of money investors commit at treasury bill auctions to what happens after the securities have been allotted.

Primary market auctions enable the Debt Management Office, acting on behalf of the Federal Government, to raise funds from investors. The secondary market allows investors to buy and sell securities already issued.

Both markets serve different but complementary functions.

A strong primary market enables the government to finance its borrowing requirements, while an active secondary market provides investors with flexibility and helps establish prices that reflect prevailing supply, demand and interest-rate expectations.

Without sufficient secondary market activity, investors may demand higher returns to compensate for the difficulty of selling their holdings before maturity.

For banks, this could influence the attractiveness of treasury bills relative to other assets, particularly when they must balance investment returns against the need to maintain sufficient liquid resources.

Improving liquidity could help reduce some of these frictions by making securities easier to trade and strengthening the process through which market prices are established.

However, better liquidity would not eliminate investment risk. Treasury bill prices can still change when market interest rates move, and investors selling before maturity may incur losses depending on the price at which they transact.

The challenge for policymakers is therefore to improve market depth and transparency while ensuring that investors understand the risks associated with holding and trading government securities.

Monetary easing adds to the importance of market liquidity

The government’s push for better liquidity comes as Nigeria adjusts to a lower policy rate following the CBN’s September monetary policy decision.

The 350-basis-point reduction in the monetary policy rate marked a significant shift in the direction of policy after an extended period of high interest rates intended to contain inflation and support macroeconomic stability.

The implications extend to the treasury bill market, where yields respond to monetary policy expectations, system liquidity, government borrowing requirements and investor demand.

As interest rates decline, the returns available on newly issued securities may adjust, influencing the investment decisions of banks and other institutional investors.

The pace and extent of that adjustment, however, depend on market conditions rather than the policy rate alone.

Liquidity conditions can affect the amount of money available for investment, the level of demand at auctions and the yields investors require to hold government securities.

For instance, where liquidity is tight, banks and other investors may have less money available to commit to new securities, even when the instruments offer attractive returns. Where liquidity is ample, demand may strengthen, although investors will still consider competing investment opportunities and prevailing risks.

Recent market activity illustrates the interaction between monetary policy, liquidity and government securities.

According to the Financial Markets Dealers Association’s analysis of the October 7, 2026 treasury bill auction, total subscriptions fell to N1.77 trillion from N4.23 trillion at the previous auction on September 23.

The association attributed the moderation in demand partly to tighter system liquidity and the relatively attractive returns available on the CBN’s Open Market Operations instruments.

The treasury bill auction offered N900 billion across the 91-day, 182-day and 364-day maturities, while subscriptions were concentrated in the one-year instrument.

The outcome illustrates how the availability of liquidity and the relative attractiveness of competing instruments can influence investor participation, even as monetary policy moves towards easing.

For banks, these dynamics matter because decisions about treasury bills cannot be separated from the wider liquidity environment, expected returns and the need to manage funding obligations.

Government borrowing and banks’ investment decisions

Improving liquidity in the domestic debt market could also influence the relationship between government borrowing and banks’ allocation of funds.

Government securities provide banks with an investment option that differs from lending to businesses and households. While treasury bills carry their own market and interest-rate risks, lending to private-sector borrowers involves additional considerations, including creditworthiness, repayment capacity, collateral and the possibility of default.

Consequently, changes in treasury bill yields do not automatically translate into higher bank lending to the private sector.

Banks will continue to compare the returns available from government securities with the risks and costs of extending credit to businesses.

Nevertheless, a more liquid and transparent government securities market could help banks manage their investment portfolios more efficiently, giving them greater flexibility in adjusting their positions as economic and monetary conditions change.

It could also strengthen price discovery, enabling banks and other investors to assess the relative returns available across different instruments.

For the government, a deeper secondary market could improve investor confidence and support more orderly pricing of domestic debt. The extent to which this translates into lower borrowing costs would depend on other factors, including inflation expectations, fiscal financing needs, market liquidity and the volume of securities issued.

The government’s borrowing calendar is also important because investors need sufficient information about issuance volumes and timing to plan their portfolios.

During the Bangkok briefing, Patience Oniha, director-general of the Debt Management Office, explained that the government’s fourth-quarter bond issuance calendar combined refinancing of maturing obligations with new borrowing.

She said the DMO monitors market conditions, interest rates and investor demand when determining its borrowing activities.

The explanation underscores the relationship between predictable issuance, market demand and the government’s financing requirements.

For banks and other institutional investors, clearer issuance plans can improve investment planning. However, predictability alone cannot guarantee that securities will be easy to trade after issuance.

What better liquidity could mean for monetary policy transmission

The treasury bill market is also important to the effectiveness of monetary policy.

When the CBN changes its policy rate, the impact is expected to spread through money market rates and other financial instruments, eventually influencing the cost of credit and returns on savings.

Treasury bill yields are among the market indicators through which investors assess the implications of policy decisions for short-term interest rates.

However, the relationship is not always immediate or uniform. Liquidity conditions, government borrowing requirements, investor expectations and the availability of alternative instruments can affect how yields respond to changes in the policy rate.

A well-functioning secondary market can help market prices adjust more efficiently as new information emerges.

For banks, this improves the information available when making decisions about asset allocation, funding and the pricing of financial products.

It can also help policymakers assess whether changes in the policy rate are being reflected in broader financial conditions.

The IMF has previously identified uneven monetary policy transmission in Nigeria, noting that the pass-through from policy rates to wholesale market rates has been stronger than the response of retail deposit rates. Its 2026 analysis also highlighted the importance of aligning liquidity management operations with the monetary policy stance.

This suggests that reducing the policy rate is only one part of the process. The structure and functioning of financial markets also influence how monetary decisions affect businesses, households and banks.

For Nigeria, improving treasury bill liquidity could therefore complement broader efforts to make the monetary policy framework more effective.

Regulatory clarity remains another concern

Beyond market liquidity, Oyedele identified uncertainty over the taxation of treasury bills, OMO bills and government bonds as another issue raised by investors.

He said the government could not guarantee that these instruments would be exempt from taxation but promised greater clarity to enable investors to price their investments appropriately.

The issue matters because investors assess the returns they will receive after accounting for taxes, transaction costs and other risks.

Uncertainty over tax treatment can complicate comparisons between instruments and make it harder for banks and other institutional investors to estimate their expected returns.

Greater clarity could improve investment planning and reduce uncertainty around the net returns available from government securities.

For banks, predictable rules are particularly relevant because treasury and investment decisions involve comparing returns across several instruments and managing risks within regulatory and liquidity requirements.

The government has also pledged to improve access to fiscal information and strengthen communication about its policies. These efforts could complement measures to improve secondary market trading by giving investors a clearer picture of government financing plans and the conditions affecting the domestic debt market.

However, regulatory clarity and market liquidity address different problems. Clearer tax rules can reduce uncertainty, but they do not by themselves guarantee sufficient buyers and sellers or prevent prices from fluctuating.

The challenge ahead

Nigeria’s efforts to improve treasury bill liquidity come at a time when policymakers are seeking to lower inflation, reduce borrowing costs and encourage investment while maintaining financial stability.

For the banking sector, the outcome will depend partly on whether reforms produce a market where government securities can be traded efficiently, prices reflect prevailing conditions and investors can manage their holdings without unnecessary friction.

The government’s commitment to work with monetary authorities is an important signal, but implementation will determine how much the market benefits.

Investors will be watching for improvements in secondary market activity, clearer issuance information, more transparent pricing and greater certainty over the rules governing government securities.

For banks, these changes could strengthen liquidity management and improve investment decisions. They could also provide better market signals for determining the relative attractiveness of government securities and private-sector credit.

But the broader objective is not simply to make treasury bills easier to trade. It is to strengthen the financial market infrastructure through which government borrowing, monetary policy and private investment interact.

As Nigeria moves into a lower interest-rate environment, the depth and efficiency of its domestic debt market will remain an important test of whether the country’s financial reforms can deliver more predictable investment conditions and a stronger foundation for sustainable economic growth.

Nigeria’s return to petrol-price intervention exposes the central weakness of its economic reforms: the government has dismantled an expensive subsidy without yet building a sufficiently dependable system to protect households from the consequences. The Nigerian National Petroleum Company Limited’s ?66-per-litre discount, extended to October 31, and negotiations over a ?1,350-per-litre ceiling on wholesale or landing costs may offer temporary relief. But unless their costs, beneficiaries and exit conditions are disclosed, these measures risk recreating the fiscal burden that reform was intended to eliminate.

The choice is not between protecting Nigerians and maintaining market-based fuel pricing. It is between assistance that reaches people according to their needs and a blanket intervention whose benefits depend on how much petrol they consume, how suppliers behave and whether savings are passed on to consumers. Government is right to recognise that international oil-price shocks and geopolitical disruption can worsen transport costs, food prices and business expenses. The failure is that it continues to reach for familiar petroleum interventions because the alternative remains insufficiently reliable.

The original subsidy was both expensive and poorly targeted. The International Monetary Fund estimated that implicit fuel subsidies added about one percentage point of GDP to Nigeria’s fiscal deficit in 2021. Households consuming more petrol received greater direct benefits, while poorer households depended largely on indirect savings through transport fares and commodity prices. Yet removing the subsidy without compensation carried its own risks. An IMF simulation published in 2022 estimated that a 40 percent increase in petrol prices could raise the poverty headcount by 1.2 percentage points without compensating transfers. Reform was economically defensible, but its social legitimacy depended on protecting those least able to absorb the shock.

There has been progress in building that protection. The World Bank reported that Nigeria’s national safety-net programme had reached about 67.2 million people by August 2026, with approximately 10.4 million households receiving shock-responsive cash transfers. These figures demonstrate administrative reach, but not necessarily adequate protection. They do not, by themselves, establish whether payments are regular, whether eligible households have been excluded or whether transfer amounts preserve purchasing power as prices rise. The government must measure the quality of delivery, not simply announce the number reached.

Within 90 days, the relevant federal agencies should publish an independently verified assessment of beneficiary coverage, payment regularity, exclusion errors and the adequacy of transfers against essential household expenses. Beneficiaries should be able to check their registration and challenge exclusions through accessible online and offline channels. Where an objectively defined price shock threatens household welfare, additional transfers should be triggered for a specified period, with the eligibility rules, payment amounts and funding source published in advance. Such a system would make assistance more predictable and reduce the political pressure to intervene repeatedly in petrol pricing.

The current price-smoothing proposal illustrates why transparency matters. Under the arrangement being discussed, refiners and importers would carry costs above the proposed ceiling and recover them later when market conditions permit. This could moderate abrupt price increases, but it cannot erase the underlying costs. Depending on the final agreements and subsequent prices, suppliers could accumulate losses, seek compensation or press for future increases to recover their shortfalls. Until the terms are published, the scale and destination of the potential liability remain unclear.

Any such arrangement should therefore have a maximum duration, a defined settlement formula and monthly disclosure of covered volumes, costs deferred and amounts recovered. The Ministry of Finance should report the government’s direct and contingent exposure, while any transfer of liabilities to the public balance sheet should receive explicit disclosure and appropriate budgetary scrutiny. Emergency price smoothing should be exceptional, not a permanent substitute for a functioning social-protection system.

Transport relief requires equally firm conditions. A discount offered to commercial operators does not guarantee lower fares: drivers may use the saving to offset maintenance, financing and other operating costs. Federal and state authorities should establish baseline fares on participating routes, publish weekly monitoring results and disclose the savings passed to passengers. Where operators receive public support, compliance should be verified; where it cannot be demonstrated, assistance should be redirected towards more directly accountable forms of relief.

The opportunity cost of these interventions must also be visible. The finance minister has cited more than ?3.3 trillion in tax and duty waivers for the year. Such concessions, together with discounts and deferred supplier obligations, should be assessed against their beneficiaries, objectives and foregone revenue. The government should publish a consolidated quarterly statement showing their combined value and compare it with the cost of expanding targeted transfers and improving public transport. A concession that bypasses the budget is not necessarily cost-free to the public.

The political incentives favour the existing approach. A petrol discount is immediate and visible; reliable social protection requires accurate records, regular payments and continuity beyond an administration. But the government should retain market-based pricing as the general rule while permitting narrowly defined, time-limited emergency intervention where a demonstrable shock threatens household welfare. Within six months, it should publish an independent evaluation of transfer delivery, fare reductions and the final cost of any price-smoothing arrangement.

The promise of reform was never simply to abolish a subsidy. It was to stop distributing public resources disproportionately through petrol consumption and use them more equitably. Until the government can demonstrate that the replacement system protects vulnerable households reliably, the pressure to revive fuel intervention will persist. Reform will become credible when assistance follows need rather than petrol consumption and when every intervention carries a transparent cost, a measurable objective and a clear end date.

The Akwa Ibom State House of Assembly has approved the proposed constitutional amendment for the establishment of state police services in Nigeria.

The approval followed the consideration of the report of the House Committee on Inter-Governmental, Political and Special Matters during plenary on Wednesday.

Presenting the report, Emem Udom, the committee chairman and member representing Ukanafun State Constituency said the committee recommended the approval of the Constitution of the Federal Republic of Nigeria, 1999 (Sixth Alteration) Bill, 2026, which seeks to provide a constitutional framework for the establishment and operation of state police services.

The committee recommended that the bill be approved as transmitted, without amendment, following its examination of the provisions and implications for the administration, funding, oversight and operations of state police.

Udom explained that the proposed amendment would empower states to establish their own police services, while retaining the Federal Police Service and its responsibilities for policing matters within the federal jurisdiction.

He added that the proposed arrangement would encourage cooperation between federal and state police authorities through information sharing and mutual assistance, while maintaining their respective constitutional responsibilities.

According to the committee, the establishment of state police services is expected to improve security response, strengthen crime prevention and enhance community engagement in addressing security challenges.

The report further noted that decentralising policing would bring security services closer to the people, facilitate quicker responses to emerging threats and strengthen intelligence gathering through the use of local knowledge.

It also identified employment generation, particularly for the country’s teeming youths, as one of the anticipated benefits of establishing state police services.

Following the consideration and approval of the report, Udeme Otong, the Speaker of the House, who presided over the plenary, directed Nsikak Abasi Orok, the Clerk of the Assembly to forward the House’s resolution to the National Assembly for further legislative action.