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FG Awards Contracts To Rehabilitate 13 Police Training Institutions

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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.

 

The Federal Government has awarded contracts for the rehabilitation of 13 police training institutions across the country, with the rehabilitation expected to last for three weeks.

This was disclosed in a State House release on Thursday by Stanley Nkwocha, the media aide to Vice President Kashim Shettima.

According to the statement, the announcement was made during the 160th meeting of the National Economic Council in Abuja.

Shettima, who chaired the meeting, urged the council to “sustain ongoing reforms until improvements in the economy translate into jobs, stronger purchasing power, business confidence and better living conditions for Nigerians.

“The rehabilitation of the 13 police training institutions, which is set to last for a period of three weeks, is aimed at putting the institutions in shape for the commencement of training programmes by the Nigerian Police Force.”

It noted that the VP also approved the Revised National Social Protection Policy (NSPP: 2026 – 2030) as presented by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu,

Shettima urged states to align with the Social Protection Policies, Laws, Budgets and Implementation plans with the Reviewed National Social Protection Policy.

The NSPP: 2026 – 2030 is a national policy framework for “strengthening social protection coordination, financing, implementation, monitoring and accountability across the federation. The policy proposes the establishment of a National Social Protection Council which will provide overarching oversight of coordination and implementation.”

The council will be chaired by Shettima, while the Ministers of Budget and Economic Planning, Labour and Employment, and Humanitarian Affairs and Poverty Reduction will serve as Vice chairmen.

Also, the Federal Ministry of Budget and Economic Planning is to serve as the council’s Secretariat, while six governors representing each of the six geopolitical zones will serve as members.

In his remark during the meeting, Shettima said, “There is no doubt that a serious government is measured by the matters it refuses to abandon. While attention may reveal a problem, continuity determines whether the problem yields to policy,” he said.

The VP stressed the significance of macroeconomic improvements, just as he called for sustained continuity on existing programmes and commitments.

He said, “Macroeconomic progress must, therefore, continue its passage into jobs, purchasing power, business confidence and stronger subnational economies, because numbers become politically meaningful when citizens recognise themselves in their improvement.

“Continuity is a form of accountability: yesterday’s promise still deserves a place on today’s table, and no new priority absolves us of an old responsibility.”

He added that President Bola Tinubu expects the NEC to transform policies into outcomes that can be seen and felt by Nigerians.

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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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