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Make more impact as Federal Allocation triples… Remi Tinubu task Gov Inuwa.

Make more impact as Federal Allocation triples… Remi Tinubu task Gov Inuwa.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

 

By Danjuma Attah, Gombe

 

 

Nigeria’s First Lady, Senator Oluremi Tinubu, has urged Gombe State Governor, Muhammadu Inuwa Yahaya, to make more positive impact on the people following the increase in federal allocations to State Governments.

She charged State Governors to channel the funds into impactful projects that will directly benefit citizens and uplift their living standards since the Federal Government has tripled allocations.

Senator Oluremi who lauded Governor Yahaya for revitalizing the health sector and prioritizing the welfare of health workers, particularly praised the Governor for approving the immediate full implementation of the Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Salary Structure (CONHESS) for all health workers effective October 2025.

The two day summit (2nd and 3rd October, 2025), taking place at the International Conference Centre Gombe, saw the First Lady proceeded to Kumo, Akko LGA, shortly after declaring the summit open, to commission the newly established Federal Medical Centre Kumo and the Gombe State School of Nursing and Midwifery, in Gombe.

In his address, Governor Muhammadu Inuwa Yahaya, expressed delight at hosting the First Lady to the first ever Gombe State Health Summit noting that his administration is happy to share it’s journey of transformation in the health sector.

Explaining the CONMESS and CONHESS salary structure implementation in the State, he said, the significant intervention is at a financial cost of Two Hundred and Fifty Million Naira monthly, or Three Billion Naira annually.

“It is a direct investment in the welfare of our health workers. In return, I call upon all health workers in Gombe State to match this commitment with renewed dedication, highest standards of productivity, and an unwavering focus on contributing to the health and wellbeing of our people”, he urged.

The Governor went further to explain the administration’s unwavering commitment that has seen the state become a model of effective healthcare reforms adding, “When I assumed office in 2019, I was confronted with a sobering reality in the health sector. The system was weak, underfunded, and overwhelmed”.

He explained that, “Only a mere 3.5% of the state’s total budget was allocated to health, far below from the Abuja Declaration’s target of 15%. Nearly all available health infrastructure were dilapidated, human resource poorly trained, unevenly distributed, while absenteeism was rampant.

“Access to healthcare was largely determined by ability to pay and there was no mechanism to protect the poor and vulnerable thus resulting in low utilization of essential services”, he stated sadly.

After unfolding numerous interventions and reforms undertaken by the administration gulping billions of naira, Governor Inuwa reiterated his Government’s commitment to deliver more.

“We have demonstrated that with vision, commitment and accountability, change is possible. But we are not yet where we need to be. The journey is not just about numbers.

“It is about the woman in Dukku who now delivers her child in a safe, clean facility. It is about the child in Balanga who receives his vaccinations on time. It is about the father in Funakaye who no longer sells his farm just to buy medicine.

“For us, health is not just a social service, it is the foundation for productivity, prosperity and dignity”, Governor Inuwa stated.

End.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

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