Economy
Nigeria May Print Naira Massively to Pay Salaries from July—Obaseki
By Aduragbemi Omiyale
The Governor of Edo State, Mr Godwin Obaseki, has again raised the alarm about the economy, emphasising that the federal and the state governments may find it very difficult to pay salaries of workers from July 2023 unless the Central Bank of Nigeria (CBN) is compelled to print Naira massively.
Recall that in 2020, Mr Obaseki informed Nigerians that the apex bank was printing the local currency to make up for the shortfall of revenue shared monthly to the three tiers of government.
This was because the Nigerian National Petroleum Company (NNPC) Limited was no longer remitting proceeds from the sale of crude oil to the nation’s purse because of fuel subsidy payments.
The government played down the alarm only to later confirm that the central bank printed Naira worth trillions for budget deficits.
The federal government, under Mr Muhammadu Buhari, is now seeking the approval of the National Assembly to securitise the CBN loans, also known as ways and means, of about N23 trillion.
At the 2023 May Day celebration in Benin City on Monday, Mr Obaseki advised the federal government to remove the petrol subsidy from July 2023 to avert an economic crisis.
“It would be a miracle for the federal government and state governments to pay salaries beyond June this year without resorting to massively printing money or removing fuel subsidy. Either of these decisions will bring more hardship and pain to Nigerians, particularly workers.
“We must all ensure that the burden and pain of these measures, which must be taken, are not carried by workers alone. Workers must now rise and champion any discussion on subsidy removal.
“You must shift from the tradition of reacting when these policies have been made but insist that you take charge and ensure full transparency and disclosure.
“If we are all undertaking a reform, then the benefits and pains that will come out of the reforms must be mutually shared by all Nigerians, not just the downtrodden,” the Governor said.
But the Minister of Labour and Productivity, Mr Chris Ngige, while speaking with Channels TV on Monday night, disagreed with the Edo State Governor, advising him to reduce his political appointees to save more funds to pay workers’ salaries.
He said the government of Mr Buhari has the capacity to pay the salaries of workers, noting that the incoming administration of Mr Bola Tinubu was also capable to generating funds for the same purpose.
The federal government made provisions for the payment of fuel subsidy in the 2023 budget till next month. The sum of N3 trillion was earmarked for this, with funds to be sourced from loans and others.
By Aduragbemi Omiyale
Plans are underway by Universal Insurance to offer shareholders a N3.2 billion rights issue.
The underwriting has already filed an application to the Nigerian Exchange (NGX) Limited for approval and listing of the rights issue.
The insurer submitted this request through its stockbroker, APT Securities and Funds Limited, according to a circular signed for Head of Issuer Regulation Department at the bourse, Obioma Oge.
The company is planning to sell 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every six existing ordinary shares held as of the close of business on Monday, March 30, 2026.
Proceeds from the exercise would ostensibly be used to shore the capital base of the organisation in line with the recapitalisation programme of the National Insurance Commission (NAICOM).
The sector’s regulator has directed operators in the ecosystem to increase their minimum capital requirements on or before July 2026.
Their cousins in the banking landscape completed their recapitalisation on March 31, 2026, with the Central Bank of Nigeria (CBN) saying 33 lenders raised about N4.65 trillion in 24 months when the capital base increment from N25 billion was first announced.
“Trading license holders are hereby notified that Universal Insurance Plc has through its stockbroker, APT Securities and Funds Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Monday, March 30, 2026.
“The qualification date for the rights issue is Monday, March 30, 2026,” the notification read.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has revealed that diaspora remittances into Nigeria have surged to $600 million monthly, tripling from previous levels and signalling renewed investor and market confidence.
Speaking at the recently held 2026 Monetary Policy Forum in Abuja, Mr Cardoso described the sharp increase as a key indicator of improving economic fundamentals driven by ongoing reforms.
“Diaspora remittances have risen from $200 million to $600 million monthly, with a target of $1 billion by end-2026,” he said at the gathering, linking the growth to improved foreign exchange policies and rising trust in the financial system.
“FX market confidence is improving, with verified backlogs cleared and parallel market premium below 2 per cent,” Mr Cardoso stated.
The CBN Governor emphasised that Nigeria’s economic recovery is being driven by coordinated policy actions across sectors.
“Macroeconomic stability in Nigeria is a shared responsibility requiring strong collaboration between fiscal authorities, banks, and the private sector,” he noted.
Mr Cardoso added that broader reforms are beginning to yield results, pointing to easing inflation and stronger fiscal discipline.
“Inflation is trending downward, reflecting disciplined and data-driven monetary policy,” he said.
He also highlighted a significant reduction in government reliance on central bank financing.
“Ways and Means advances declined from N26.95 trillion in 2023 to N2.84 trillion in 2026,” he disclosed.
According to him, Nigeria has “turned a corner” through tighter monetary policy, FX reforms, and banking sector recapitalisation.
Also speaking, the Minister of Finance, Mr Wale Edun, commended the alignment between fiscal and monetary authorities.
He praised the “strong fiscal-monetary policy coordination amongst stakeholders,” noting that such synergy is critical for sustaining growth.
The stronger remittances into the economy will help alleviate pressures in the FX market as well as make investments into the country attractive, as investors will be able to extract their funds, since they are not tied to stringent conditions.
By Adedapo Adesanya
The first trading session in April 2026 at the NASD Over-the-Counter (OTC) Securities Exchange ended on a negative note, with four securities inflicting a 0.91 per cent loss on the trading platform on Wednesday, April 1.
11 Plc led the losers’ chart after it went down by N28.50 to close at N256.50 per share compared with the previous day’s N285.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N5.24 to trade at N92.81 per unit versus N98.05 per unit, Food Concepts Plc depreciated by 28 Kobo to N2.72 per share from N3.00 per share, and UBN Property Plc lost 22 Kobo to sell at N1.98 per unit versus Tuesday’s closing price of N2.20 per unit.
The losses posted by the securities weakened the NASD Unlisted Security Index (NSI) by 37.24 points to 4,062.87 points from 4,100.11 points, and depleted the market capitalisation by N22.28 billion to N2.430 trillion from N2.453 trillion.
Business Post reports that there were two price gainers yesterday, led by Central Securities Clearing System (CSCS) Plc, which rose by N1.51 to N80.00 per share from N78.68 per share, and Industrial and General Insurance (IGI) increased by 2 Kobo to 57 Kobo per unit versus 52 Kobo per unit.
During the session, the volume of transactions ballooned by 6,153.8 per cent to 3.2 billion units from 50.8 million units, and the value of trades surged by 3,533.5 per cent to N8.3 billion from N226.9 million, while the number of deals decreased by 38.8 per cent to 30 deals from 49 deals.
The bourse recorded a new most traded stock by value (year-to-date), which was Great Nigeria Insurance (GNI) Plc, recording a turnover of 3.2 billion units valued at N8.2 billion. CSCS Plc was pushed to the second spot with 56.9 million units exchanged for N3.9 billion, and Okitipupa Plc in third with 27.5 million units traded for N1.8 billion.
GNI Plc also ended the day as the most traded stock by volume (year-to-date) with 3.2 billion units worth N8.2 billion, Resourcery Plc moved to the next position with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc occupied the third spot with 400 million units sold for N1.2 billion.
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