Skip to main content

Newsspecng

FG Backs Taraba Development Master Plan, Pledges Stronger Partnership — Idris

FG Backs Taraba Development Master Plan, Pledges Stronger Partnership — Idris

Releated Post

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 reaffirmed its commitment to partnering with the Taraba State Government to harness the state’s vast economic potential, particularly in agriculture, energy, tourism, infrastructure and mineral resources.

The Minister of Information and National Orientation, Mohammed Idris, disclosed this in Jalingo at the celebration of Taraba State’s 35th anniversary and the official unveiling of the Taraba Regional Development Master Plan.

Idris, who conveyed the greetings of President Bola Ahmed Tinubu and the Federal Executive Council to the government and people of Taraba, described the Master Plan as an important blueprint for sustainable development, saying its unveiling provided an opportunity to define a clear pathway for the state’s future.

He commended Governor Agbu Kefas for adopting a long-term development framework.
He however stressed that the effectiveness of the plan would ultimately depend on sustained implementation and its ability to improve the lives of citizens.

“The success of this Master Plan will not be measured by the ceremony at which it is unveiled, but by the roads built, businesses created, jobs generated, communities connected and lives improved,” Idris said.

The Minister described Taraba as one of Nigeria’s most promising economic frontiers, citing its considerable opportunities in agriculture and agro-processing, livestock, hydropower, tourism, manufacturing and mineral development.

He also commended the Kefas administration for its investments in education, healthcare, infrastructure, security and economic development.

According to him, the state government’s policy of free and compulsory primary and secondary education, alongside the provision of more than ₦1.8 billion in 2026 for the payment of NECO, BECE and NABTEB examination registration fees for students in public schools, demonstrated a commitment to human capital development.

Idris further highlighted financing agreements worth approximately $268 million signed between the Taraba State Government and the ECOWAS Bank for Investment and Development.

The agreements, he said, covered the development of an integrated industrial park, 10,000 hectares of irrigated rice production and processing, and a 50-megawatt solar power plant in Jalingo.

He said such investments were necessary to transform Taraba’s natural resources and comparative advantages into productive economic activities, value addition, employment and sustainable growth.

The Minister said the Federal Government was complementing the state’s development efforts through major infrastructure projects across Taraba.

He listed the Gembu–Mbamnga–Yang (Lip) Road, the Bali–Serti–Gashaka–Gembu Road and interventions along the Jalingo–Mutum Biyu–Tella–Wukari corridor among ongoing federal projects.

He also mentioned further work on the Mayo Selbe–Gembu, Mutum Biyu–Garba Chede and Jalingo–Numan roads.

“These are more than roads. They are investments in connectivity, trade, tourism, agriculture, security and the movement of people and goods,” Idris said.

He reaffirmed the Federal Government’s intention to harness Taraba’s agricultural, energy and mineral resources, with particular attention to the strategic Mambilla Hydroelectric Power Project.

the Minister said the Federal Government was pursuing reforms aimed at establishing State Police to bring policing closer to communities while maintaining professionalism, accountability and safeguards against abuse.

He said such an arrangement could be particularly beneficial to Taraba because of its expansive terrain and dispersed border communities, where local intelligence, community knowledge and rapid response were critical to effective policing.

Idris also cited the establishment of the Nigerian Army’s 10 Division, headquartered in Jalingo with operational responsibility for Taraba and Adamawa states, as another indication of the Federal Government’s efforts to strengthen security in the region.

“Security and development must go together. People cannot invest, farmers cannot move their produce, tourists cannot visit and businesses cannot grow where communities feel unsafe,” he said.

Idris also defended the Federal Government’s economic reforms, particularly the removal of petrol subsidy, saying the policy had generated an additional ₦15.8 trillion for the Federation between June 2023 and December 2025.

He said about ₦5.4 trillion accrued to the Federal Government, while approximately ₦10.4 trillion went to state and local governments.

According to him, the additional resources were providing governments with greater fiscal capacity to invest in infrastructure, education, healthcare, security and human capital development.

The Minister said the Federal Government remained opposed to a return to the previous subsidy regime, stressing that the focus was now on consolidating the gains of the reforms, protecting vulnerable Nigerians and ensuring that public resources translated into tangible improvements in citizens’ lives.

He emphasised that development should remain people-centred, with deliberate efforts to create opportunities for young people, expand women’s economic participation, support farmers and small businesses and connect communities to markets and public services.

Idris also pledged closer collaboration between the Federal Ministry of Information and National Orientation and the Taraba State Ministry of Information and Re-Orientation to ensure that the objectives of the Regional Development Master Plan were effectively communicated to residents.

He said the plan must not remain a government document but should be understood and embraced by citizens across the state.

“The vision contained in this Master Plan must go beyond government offices. It must reach the farmer, the entrepreneur, the student, the trader and communities across Taraba, because a plan for Taraba must ultimately be a plan owned by the people of Taraba,” he said.

The Minister congratulated Governor Kefas and the people of Taraba on the state’s 35th anniversary, describing the occasion as both a celebration of its history and a renewed commitment to its future.

“Thirty-five years of history. A new blueprint for the future. And a renewed commitment to building the Taraba we want and the Nigeria we deserve,” Idris said.

Speaking at the event, Governor Agbu Kefas called for continuity in governance, acknowledging the contributions of former military administrators and elected governors to the development of Taraba.

Kefas said his administration was committed to building on previous achievements, correcting shortcomings, completing worthy projects and opening new frontiers for future generations.

He urged former leaders of the state to continue contributing their experience and institutional knowledge towards strengthening peace, unity and prosperity in Taraba.

“Government must be a continuum. Development must be cumulative. Taraba is bigger than any government, any administration, any political party, any ethnic group, or any individual,” the governor said.

He added that the ultimate credit for the state’s development belonged to the people of Taraba.

Leave a Reply

Your email address will not be published. Required fields are marked *

More Related Posts

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.

Thanks for subscribing to our newsletter