Category: Nigerian Tribune

The Chairman of the Peoples Democratic Party (PDP) in Sokoto State, Muhammad Bello Aliyu Goronyo, has resigned his membership of the party.

Goronyo announced his resignation in a letter dated August 30, 2026, addressed to the PDP Chairman of Goronyo Ward in Goronyo Local Government Area of the state.

His resignation takes effect from August 31, 2026, according to the letter, in which he cited ‘purely personal’ reasons for his decision.

‘I hereby formally notify you of my intention to resign my membership of the Peoples Democratic Party (PDP), Goronyo Ward, Goronyo Local Government Area, effective from today, 31st August, 2026,’ he stated.

‘The reason for my resignation is purely personal,’ he added.

Goronyo served as the state PDP chairman during the 2023 governorship election, when the party narrowly lost the election to the All Progressives Congress (APC).

He remained in office as chairman amid the leadership crisis that later engulfed the PDP at the national level.

In an effort to maintain neutrality amid the crisis, Goronyo and members of the state executive reportedly stayed away from both the Ibadan and Abuja national conventions of the party.

In his resignation letter, the former chairman thanked the leadership and members of the PDP for giving him the opportunity to serve, as well as for the experiences he gained during his membership.

‘I wish to thank the party leadership and members for the opportunity to serve and for the experiences gained during my period of membership,’ he said.

He subsequently requested the ward leadership to accept his resignation as formal notice and remove his name from the party’s membership register.

His resignation comes as political realignments intensify in Sokoto State ahead of the 2027 general elections, with major political parties yet to fully settle their internal leadership and campaign structures.

The PBAT Door-to-Door Movement 2027 has faulted former Vice President Atiku Abubakar for criticising President Bola Ahmed Tinubu over his ongoing vacation abroad, describing the attack as an attempt to turn a routine presidential vacation into a political controversy.

The movement said vacation was a normal part of the responsibilities of leaders across the world, stressing that the President’s temporary absence from the country does not amount to a leadership vacuum.

In a statement issued by its National Coordinator, Comrade Sunday Adekanbi Asuku, FIMC, CMC, and made available to journalists in Kaduna on Sunday, the group said Atiku should concentrate on presenting his political programme to Nigerians ahead of the 2027 general elections instead of attacking the President over his vacation.

The movement described Atiku as a ‘serial presidential contestant without direction,’ arguing that after several attempts to occupy the presidency since 1993, Nigerians deserve to know what concrete roadmap he has for the country.

It also accused the former Vice President of inconsistency over petrol subsidy, recalling that Atiku campaigned in 2023 on a promise to remove fuel subsidy but was now talking about restoring it.

The group said the development showed an attempt to exploit the hardship being experienced by Nigerians for political advantage.

‘After contesting for the presidency repeatedly since 1993, Atiku should be telling Nigerians what he intends to do differently, rather than spending his time attacking President Tinubu.

‘In 2023, he told Nigerians he would remove fuel subsidy. Today, he is talking about bringing it back. Nigerians deserve to know whether this is a genuine policy position or simply an attempt to deceive people into believing that he suddenly sympathises with them,’ the statement said.

The movement reminded Atiku that the Independent National Electoral Commission (INEC) had already commenced preparations for the 2027 elections, urging him to take his campaign to Nigerians and explain his plans for the economy, security, employment and other national challenges.

It said, ‘INEC has rolled out the timetable. Atiku should go out and campaign and tell Nigerians what he has for them. Smearing the name of President Tinubu because he has gone on vacation will not work.

‘Presidents and world leaders go on vacation. A vacation does not mean a country has been abandoned. Nigeria has functioning institutions and officials responsible for ensuring that government continues to run.’

The movement urged Nigerians to judge President Tinubu based on his policies and performance rather than political rhetoric, while challenging opposition politicians to offer credible alternatives instead of exploiting the country’s challenges for electoral gains.

THE Transmission Company of Nigeria (TCN) has secured about $1.4 billion funding from multilateral development agencies.

The agencies include as the World Bank, African Development Bank (AfDB), Japan International Cooperation Agency (JICA), Agence Française de Development (AFD) and others for national grid expansion.

Consequently, this resulted in TCN’s 8,700MW current transmission wheeling capacity, the record peak transmission of 5,801.84MW achieved in March 2025 as well as the addition of more than 8,500 megavolt-amperes (MVA) in transformer capacity all aimed at supporting infrastructure development.

Executive Director, Transmission Service Provider (TSP), TCN, Engineer Oluwagbenga Ajiboye, stated this at a media workshop organised for energy correspondents in Keffi, Nasarawa State, themed ‘Assessing the Impact and Challenges of Transmission Network in Nigeria’.

He said the company had recorded measurable investments, project deliveries and operational improvements as part of efforts to make the transmission network more resilient and capable of supporting increased electricity supply.

Delivering a paper titled ‘TCN Milestones and Challenges in Nigeria’s Power Sector’, Ajiboye said the workshop provided a platform for stakeholders and the media to examine developments, achievements and persistent challenges within the electricity transmission sector.

He added that the revenue generated by the company and the development agencies’ funds are being channeled to the rehabilitation of ageing infrastructure with the commissioning of 89 new power transformers resulting in TCN’s capacity to deliver bulk electricity and major 330kV transmission network projects had improved evacuation routes, flexibility and resilience.

Ajiboye called for special courts or designation of magistrates to handle cases of energy infrastructure sabotage, saying the measure would aid speedy trials and convictions to reduce rising vandalism of transmission assets to the barest minimum.

He said several transmission towers across the North-Central, North-West and South-East had been vandalised in the last 12 months, with conductors, tower members and bolts removed and carted away by vandals who even when caught, are easily left off the hook, despite the gravity of offences committed which is threatening electricity transmission in the country.

He also appealed to the Federal Government to introduce stiffer penalties for vandalism of transmission assets, saying the TCN has continuously engaged the Office of the National Security Adviser (NSA) and the Ministry of Justice on the need for a special framework for prosecuting power infrastructure crimes.

‘The police only charge suspects for theft and the court will release them by the following day. There are no laid-down consequences specified for vandalism of transmission towers and lines. That is why the act continues.

When someone destroys a 330kV tower that supplies power to five states and the only charge is theft of scrap metal, then released on bail the next day, what deterrence exists? We cannot continue to invest billions in rebuilding towers only for them to be pulled down again because the legal system treats it as petty crime,’ the ED lamented.

Fresh concerns have emerged over the composition of the Presidential Campaign Council of the All Progressives Congress (APC), following the lack of clarity on the role of the Renewed Hope Ambassadors (RHA) earlier constituted by President Bola Ahmed Tinubu under the leadership of the governor of Imo State, Senator Hope Uzodinma.

President Tinubu had last week announced the APC PCC, which will be led by the former governor of Zamfara State, Senator Abdulaziz Yari, while Governor Uzodinma would serve as the secretary.

Sources in the APC said that the coordinators of the Renewed Hope Ambassadors in the 36 states and Abuja have been thrown into a quandary following the failure of the presidency to clearly state their roles, if any, in the PCC.

‘With the inclusion of Senator Uzodinma in the PCC, it appears that the Renewed Hope Ambassadors have been dissolved,’ a source within the party said, adding that the structure earlier set up by the RHA for the propagation of President Tinubu’s campaign would be dismantled.

The source stated that such a development would be unfortunate because the RHA had earlier set up a massive structure that cut across all the polling units in the country, the wards and the local governments.

‘I don’t know why we should jettison such a structure for the PCC, which would have only the governors in the states as coordinators and governorship candidates as chairmen in states that have no APC governors. That setup could create further crisis.

‘For instance, in a state like Oyo where there is no APC governor, the APC candidate needs to be reconciled with members and leaders of the party first; it would look awkward to have the same candidate now leading the campaign.

‘What would have augured well for the party is to have presidential and governorship campaigns coordinated by a separate structure like the RHA in the states while the PCC coordinates things from the centre in Abuja,’ another source in the party stated.

However, a presidential aide, Tope Ajayi, who spoke to the Nigerian Tribune, said that those expressing concerns over the fate of the RHA may have to await the inauguration of the PCC.

Imo State Governor, Hope Uzodinma, was the Director General of the Renewed Hope Ambassadors until he was appointed secretary of the PCC last week.

Speaking with Nigerian Tribune in a telephone interview, Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity declared that it would be hasty to conclude that the RHA would be swallowed by the PCC.

He said: ‘We wait for the campaign council to be operationalised first.

‘Yes, it has been announced; let’s wait until it is inaugurated.

‘Don’t forget that Governor Hope Uzodimma, who is the Director-General of the Renewed Hope Ambassadors, is the secretary of the Presidential Campaign Council. We will just wait and see how everything takes shape after the inauguration,’ he said.

The Oyo State Government has released the academic calendar for the 2026/2027 session for public and private schools across the state.

According to the calendar shared on Instagram by the Ministry of Education, Science and Technology, the new academic session will commence on Monday, September 14, 2026.

The first term will run for 13 weeks, ending on Friday, December 11, 2026. The term will include an Open Day on Wednesday, October 28, while the mid-term break is scheduled for Thursday, October 29 and Friday, October 30.

The first-term vacation will begin on Monday, December 14, 2026, and end on Friday, January 1, 2027.

The second term will commence on Monday, January 4, 2027, and run until Friday, April 2, 2027, also covering 13 weeks.

The second term Open Day is scheduled for Wednesday, February 17, while students will observe a two-day mid-term break on Thursday, February 18 and Friday, February 19.

The second-term vacation will run from Monday, April 5 to Friday, April 23, 2027.

The third term will begin on Monday, April 26, 2027, and end on Friday, July 30, lasting 14 weeks.

The third term will have its Open Day on Wednesday, June 9, while the mid-term break will hold on Thursday, June 10 and Friday, June 11.

The long vacation will commence on Monday, August 2 and end on Friday, September 10, 2027.

The state government said full academic programmes are expected to commence on the first day of each term.

It also directed all public and private schools to observe public holidays as may be directed by the Federal and State Governments.

The government warned that all schools must strictly adhere to the approved calendar, noting that contravention of the school calendar would attract a penalty.

‘All Public and Private Schools are to adhere strictly to the School Calendar, as contravention of the School Calendar attracts a penalty,’ the statement read.

It added that schools operating international curricula that wish to adopt academic dates outside the approved calendar must apply for calendar flexibility in line with the prescribed guidelines.

According to the government, the Calendar Flexibility Application Form is obtainable from the Ministry of Education, Science and Technology.

‘?Schools operating International Curricula that wish to adopt academic dates outside the approved 2026/2027 academic calendar shall apply for calendar flexibility in accordance with the prescribed guidelines,’ the statement added.

Nigeria’s sudden rebound in imported petroleum products, especially Premium Motor Spirit (PMS), commonly known as petrol, is generating shockwaves in the industry, with experts/analysts warning the Federal Government on the negative implications if the situation goes unchecked

The experts, comprising the former Director-General, Lagos Chambers of Commerce and Industry, Dr Muda Yusuf and Public Relation Officer, Crude Oil Refinery-Owners Association of Nigeria (CORAN), Mr. Eche Idoko, warned that unchecked fuel imports at the expense of local production would lead to severe macroeconomic damage, weakening foreign exchange reserves, exporting local employment, and eroding investor confidence in domestic manufacturing.

The warning is coming following the official data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which revealed that average daily imports of Premium Motor Spirit (PMS) rose sharply to 19.7 million litres per day in July 2026, accounting for 43.3 per cent of total national receipts-up from 12.4 per cent in May.

Also, as a result of this, Dangote Refinery, last week,

threatened to export excess petrol stocks, saying the rising imports have created uncertainty around domestic demand and made inventory planning increasingly difficult.

Worried by the development, Dr. Muda Yusuf – led Centre for the Promotion of Private Enterprise (CPPE), on Sunday, outlined the structural economic risks the nation will face if fuel imports continue at the expense of local production.

He cautioned that granting import permissions without verifying domestic supply shortfalls would force Nigeria to repeat legacy structural failures.

?’The primary systemic threat remains the unnecessary exposure of the Naira to foreign exchange capital flight.

‘Every imported tanker of petrol requires substantial hard-currency outlays to cover: Free-on-Board (FOB) fuel costs, international ocean freight, ?maritime insurance and trade financing fees.

‘Processing crude oil locally retains these value-added margins within Nigeria, preserving hard currency even when specialised inputs are imported,’ he said.

Reverting to high import volumes by NMDPRA, he said, would increase demand for foreign exchange, place avoidable pressure on central bank reserves, and exacerbate currency volatility.

He explained that fuel import reliance would effectively transfer the multiplier benefits of industrial activity abroad, noting that multi-billion-dollar domestic facilities, such as the 650,000 bpd Dangote Petroleum Refinery, anchor extensive domestic job ecosystems.

Allowing foreign fuel to displace local production, he said, would threaten skilled positions across several sectors.

?According to him, when import permits bypass operational local refineries, the employment opportunities, along with corresponding income and payroll taxes, are exported to foreign refining hubs.

?Downstream energy assets, Yusuf said, require massive, illiquid, and long-term capital commitments, pointing out that financial institutions and private investors rely on predictable off-take volumes and stable utilisation rates to service debt obligations.

‘?If regulatory policy allows import volumes to compete freely against domestic production without verified supply gaps, local capacity utilization drops. Unpredictable import surges raise the risk premium on Nigerian energy infrastructure, potentially halting expansions, delaying modular refinery projects, and signaling to foreign direct investors that capital deployment in Nigeria’s industrial sector carries policy risks,’ he said.

CPPE noted that while imports remain an essential backup tool for emergency outages or seasonal spikes, using them to displace functional local refining risks destabilizing the broader economy.

The spokesperson of CORAN, Eche Idoko, who corroborated Yusuf, urged the country to urgently address the challenges surrounding domestic crude supply to local refineries, particularly the commercial and pricing terms under which crude is made available.

According to him, local refiners require a predictable, competitive and sustainable crude supply framework if they are to operate efficiently and compete with imported products.

He suggested the need to enforce backward integration and protect local refining

‘There is also a need for stronger enforcement of the backward-integration provisions and policy objectives under the Petroleum Industry Act (PIA). The regulatory framework should deliberately encourage investment in domestic refining capacity and ensure that importation does not undermine existing and emerging local refineries,’ the spokesperson of CORAN said.

According to him, Nigeria cannot sustainably pursue energy security while simultaneously creating a commercial environment that favours imports over domestic

He pointed out that unchecked petrol import would increase pressure on foreign exchange.

According to him, Nigeria’s foreign exchange position will inevitably come under increased pressure if dependence on imported petroleum products continue to rise.

‘The ultimate beneficiaries will largely be international trading companies, many of which maintain little more than trading desks in Nigeria, while significant value and foreign exchange continue to leave the country,’ he said.

The procedure adopted by the Department of State Services (DSS) in announcing the suspension of the cyberbullying case against the African Action Congress (AAC) presidential candidate, Omoyele Sowore, was faulted on Monday.

Mr Olumide Fusika, SAN, the lead counsel to Sowore, knocked the procedure while addressing a press conference over the development.

It would be recalled that the Director-General of the DSS, Tosin Ajayi, had made public through a statement on Sunday that the agency would suspend the criminal prosecution of Sowore, who was accused of describing President Bola Ahmed Tinubu as a criminal, until after the 2027 presidential election.

But while the press briefing lasted, Fusika said the defence only learnt of the development through media publications.

According to Fusika, ‘We got to know of these developments the same way you all got to know of it through publication. We never got any such press statement.’

The SAN insisted that the DSS approach is strange to legal practice, adding that if a prosecuting counsel intends to seek an adjournment on a date already fixed in court, the proper procedure is to notify opposing counsel ahead of time, not issue a press statement.

The senior lawyer maintained that the wording of the DSS statement created a wrong impression that the security agency, not the court, determines when a trial proceeds.

In his words: ‘The statement gives the impression that the DSS is the one in control of the court. It determines when the court sits and when the court does not sit.’

He urged the agency to engage proper communication professionals to avoid damaging Nigeria’s judicial institutions in the eyes of the international community.

As to the reason provided for the adjournment, that Sowore should be allowed to fully participate in the upcoming elections without hindrance, Fusika said that while Sowore may disagree, he personally considers it a well-grounded reason that portrays the DSS as a reasonable organisation not interfering in politics.

But the SAN suggested that having acknowledged the political nature of the case, the DSS should take further steps.

Fusika said, ‘Based on that understanding, I would respectfully suggest to the DSS to do either of two things. Instruct counsel to withdraw the charge completely. If that is not going to be done, the alternative is to hand it over to the office of the Honourable Attorney-General of the Federation.’

The SAN maintained that the statutory mandate of the DSS is internal security and intelligence gathering, not criminal prosecution, and that prosecuting cases like that of Sowore and former presidential candidate, Prof. Pat Utomi, drags the institution into political matters and erodes public trust.

He reiterated that, ‘The duty of the DSS is to gather investigation and hand it over to the office of the Attorney-General of the Federation, not to jump into charging to court anyone that makes any statement against the President.’

While adding that the defence will not oppose the application for adjournment when it is formally brought before the court, Fusika called on the DSS DG to preserve the integrity of the agency by refraining from prosecuting critics of the government.

The Katsina State Government has commenced a 10-day leadership and legislative training programme for young people selected from the state’s 34 Local Government Areas as part of the Katsina State Youth Parliament initiative.

The programme, titled ‘Building Your Future’, is an initiative of the administration of Governor Malam Dikko Umar Radda and is aimed at promoting youth inclusion, leadership development, mentorship and empowerment across the state.

The Commissioner for Youth and Sports Development, Engr Surajo Yazid Abukur, speaking at the commencement of the programme on Monday, said the initiative was designed to prepare young people for leadership responsibilities and greater participation in governance.

‘This programme reflects the commitment of the present administration to youth inclusion, leadership development, mentorship and empowerment across Katsina State.

‘Today therefore marks an important step towards preparing young people for the leadership responsibilities ahead,’ he said.

The commissioner said the establishment of the Katsina State Youth Parliament, alongside the training programme, showed the administration’s determination to involve young people in governance.

‘The establishment of the Katsina State Youth Parliament, together with this leadership and legislative training programme, demonstrates the determination of the administration to ensure that young people are not merely observers of governance, but are prepared to actively participate in decision-making processes,’ he said.

He stressed that effective leadership goes beyond occupying positions of authority.

‘Leadership is not simply about occupying positions of authority; it is about responsibility, integrity, vision, service, teamwork, accountability and the ability to make decisions that positively affect society,’ he said.

According to the commissioner, participants will take part in intensive training, mentorship sessions, interactive engagements and legislative leadership activities throughout the 10-day programme.

He said the programme would end with the inauguration sitting of the Katsina State Youth Parliament under the supervision of the Ministry of Youth and Sports Development, the Katsina State House of Assembly and the Programme Coordination Team.

‘Through this programme, we expect participants to develop a deeper understanding of governance, democracy, legislative processes, public policy, communication, teamwork, negotiation, civic responsibility and ethical leadership,’ he said.

He added that participants would also be expected to understand the responsibilities attached to leadership.

‘As future leaders, you must be ready to listen to your people, understand their challenges, respect different opinions and work together towards sustainable solutions,’ he said.

The commissioner noted that the participants were selected from all 34 LGAs of the state, describing their participation as both an opportunity and a responsibility.

‘You have been selected from across the 34 Local Government Areas of Katsina State. This is not only an opportunity; it is also a responsibility,’ he said.

He urged the participants to make full use of the lectures, mentorship sessions, discussions and practical exercises.

‘Ask questions, participate actively, build relationships and challenge yourselves to think differently. Most importantly, take what you learn from this programme back to your communities,’ he said.

The commissioner said the government wanted to develop young people who could contribute meaningfully to their communities and the state.

‘The Government of Katsina State wants to see young people who are confident, knowledgeable, disciplined, innovative and committed to the development of their communities and the State,’ he said.

He reaffirmed the ministry’s commitment to supporting youth development and creating platforms for young people to contribute to governance and development.

‘The Katsina State Youth Parliament should serve not only as a training platform, but also as a practical avenue for developing young people who understand democratic values, legislative responsibilities and the importance of constructive engagement with government and society,’ he said.

He also called for greater support from government institutions, traditional institutions, civil society organisations, development partners and the private sector.

‘We, therefore, encourage government institutions, traditional institutions, civil society organisations, development partners and the private sector to continue supporting initiatives that invest in the capacity and future of our young people,’ he said.

The commissioner described the programme as the beginning of a broader leadership journey for the participants.

‘This is more than the beginning of a ten-day training programme. It is the beginning of a journey of leadership, service and responsibility for the young people participating in this programme,’ he said.

He commended Governor Radda for his commitment to youth inclusion, development and empowerment and appreciated the resource persons, mentors, government officials, partners and members of the coordination team involved in the programme.

‘To our participants, I wish you a successful and rewarding training. May you leave this programme better prepared, better informed and more determined to serve Katsina State and Nigeria at large,’ he added.

The National Secretary of the All Progressives Congress (APC), Senator Ajibola Basiru, has said the party is prepared to work with the Osun State governor, Ademola Adeleke, and other political forces to mobilise massive support for President Bola Tinubu’s re-election.

Basiru stated this during a visit to Adeleke, congratulating him on his victory in the August 15 governorship election and urging greater collaboration ahead of the 2027 presidential election.

The APC’s scribe, who was APC candidate, Asiwaju Munirudeen Bola Oyebamiji’s campaign coordinator during the election, projected that the collaboration between the APC and the Accord could produce about 1.5 million votes for the president in Osun.

He said efforts were already underway to integrate the Accord structure into the campaign for Tinubu, adding that similar political collaborations were taking place in different parts of the country.

He cited examples of political actors and parties in states such as Anambra, Rivers and Ekiti who, according to him, were supporting or working towards the re-election of President Tinubu.

The National Secretary, however, thanked Adeleke for his reported endorsement of President Tinubu ahead of the 2027 presidential election, expressing optimism that the governor would actively campaign for the president in Osun State.

The former Osun APC governorship campaign coordinator also called on residents to put the election behind them and concentrate on the development of the state.

‘Election has come and gone. All of us belong to this place. We must work to ensure that we have meaningful infrastructure and a good living for the people of Osun,’ he said.

Addressing APC members, Basiru urged party stakeholders to close ranks and work together towards securing victory for President Tinubu, saying internal unity remained crucial to achieving the objective.

He admitted that the defeat of the APC in the governorship election was painful to him, noting that he personally campaigned in at least 12 local government areas and deployed resources towards securing victory for Oyebamiji.

Basiru, however, said the outcome of the election should now be regarded as a thing of the past, noting that the focus should shift towards unity and the progress of Osun State.

He said, ‘One of the things that Mr President said when he visited was that when you are a democrat, you must also be able to celebrate victory and also endure when you have lost an election.’

Basiru maintained that political differences should not prevent leaders from working together for the overall interest of the state and its people.

While explaining why he visited the governor, he said his visit was informed by three major reasons, including re-election of President Ahmed Tinubu into office and appreciation for Adeleke’s support during the burial of his late mother.

Basiru said Adeleke had visited his family when he lost his mother and also attended the burial ceremony, describing the gesture as one that deserved to be reciprocated.

According to him, he could not return the visit immediately because the governorship election campaign was ongoing at the time, during which he worked vigorously for the victory of Oyebamiji and the APC.

THE Nigerian money market is expected to receive about N3.0 trillion in potential inflows this week, a development that could ease liquidity pressures and moderate short-term interest rates, following renewed sterilisation by the Central Bank of Nigeria (CBN).

The expected inflows comprise N2.26 trillion in OMO maturities due on September 1, and N735 billion in Nigerian Treasury Bills (NTB) maturities due on September 2. The combined inflows are significant relative to the N3.61 trillion system liquidity recorded at the close of the week.

Market analysts said the maturities could provide temporary relief to banks and other market participants, although the extent of the easing will depend on the CBN’s response to the additional liquidity.

Money market liquidity tightened during the week, as the apex bank resumed aggressive sterilisation through OMO operations, despite sizeable maturities that provided intermittent support.

System liquidity opened at N5.46 trillion on Monday, following N139.15 billion in inflows. By Wednesday, however, the CBN absorbed N2.79 trillion through an OMO auction, more than offsetting N2.32 trillion in OMO maturities and leaving liquidity at N4.61 trillion, against a potential N7.40 trillion without the intervention.

The liquidity drain continued on Thursday, with another N2.69 trillion OMO allotment, alongside N763 billion in NTB settlements. System liquidity subsequently closed the week at N3.61 trillion.

Despite the liquidity mop-up, overnight funding conditions remained relatively stable. The overnight rate declined by seven basis points to 22.21 percent, while the funding rate remained at 22.00 percent. Overnight NIBOR also eased by one basis point to 22.229 percent.

However, the one-month, three-month and six-month NIBOR rates increased by 11, 28 and 34 basis points, respectively, indicating expectations of tighter funding conditions over the medium term.

In the secondary Treasury bills market, average yields at the short and mid segments rose by 65 and 32 basis points, respectively, while the long end declined by 14 basis points. Overall average yield increased by 23 basis points to 18.92 percent.

The latest NTB auction also showed strong investor demand. The N700 billion offered attracted N3.79 trillion in subscriptions, representing a 5.41 times bid-to-cover ratio, while total allotment stood at N762.89 billion.

The 364-day bill attracted N3.63 trillion in subscriptions, with its stop rate falling 44 basis points to 17.15 percent. Stop rates for the 91-day and 182-day bills remained at 16.30 percent and 16.50 percent.

At the OMO auction, N4.3 trillion was subscribed against N1 trillion offered, prompting the CBN to allot about N2.8 trillion.

Analysts expect liquidity and the balance between maturities, new issuance and CBN sterilisation to remain the key drivers of short-term money market rates.