Economy
$1b Eurobond: APC Wants to Kill Us, Totally Destroy Our Economy—Fayose
By Modupe Gbadeyanka
Ekiti State Governor, Mr Ayodele Fayose has asked the Federal Government to explain how it plans to repay the recent $1 billion Eurobond sale.
Mr Fayose, who doubles as Chairman of the Peoples’ Democratic Party (PDP) Governors’ Forum, challenged the FG to make clarification as regards the repayment of the Eurobond “because deductions from what should accrue to the federation account on a bond to be taken by the federal government for its own use only.”
The Governor, in a statement issued on Friday, by his Chief Press Secretary, Mr Idowu Adelusi, described the development as act like that of the Biblical prodigal son, expressing the fear that the loan may plunge the nation into pro-longed economic misery.
“What I’m even worried about and which they must explain to us is that you cannot get a bond without committing it to the source.
“Is the repayment going to be made by direct deductions from Nigeria’s crude oil sales or from federal government share from the federation account?
“If it is going to be made directly from proceeds of crude oil accruing to Nigeria as a country, then the bond belongs to the federal, state and local governments and not federal government alone.
“The federal government is just one of the federating units making up Nigeria and revenue accruing to the country cannot be used to repay bond taken by the federal government for its own use alone.
“The federal government must therefore tell Nigerians how it intends to repay the facility from now till 2032. If it is going to be through direct deductions from revenue accruing to Nigeria, such that money would be taken from source which would not be part of the accruals to the central body, it means the $1 billion bond belongs to Nigerians and it must be shared among the federating units.
“So, we have to find out and take steps. It is either they bring the money and we share it; or we take our percentage and they take theirs.
“The federal government cannot take that money and take it from source and tell us that the money, which belongs to all of us federating units, is its,” he was quoted as saying in the statement.
Speaking further, Governor Fayose said; “Fiscal federalism is not manifesting in the agenda of this government. The way they are running the affairs of this country is shrouded in secrecy. We will definitely go to court and ask questions.”
Expressing the fear that the $1 billion Eurobond may plunge the nation into more serious economic woes as its repayment was scheduled to last till 2032.
Mr Fayose said: “the APC government is behaving like the prodigal son who asked for his inheritance and spend it lavishly.
“It is a prodigal government who wants to destroy this country. The rate at which they are taking loans which would keep this country indebted till 2032 is quite unfortunate.
“Currently our currency has been badly devalued to N500 to a Dollar. So, how do we pay back the Dollar? They went to tie the money to the source; the accruers outside the country where crude oil revenue goes.
“Apparently, they don’t care what happens tomorrow. They said they want to use the money to fund 2016, 2017, 2018 budgets which means after they are gone, the country can go into blazes and our children’s children can wallow in indebtedness. How can you appreciate that?
“This rate of borrowing would lead this country into serious challenge. At this same time, they are saying we should save for the raining day.
“I just want our people to know that the APC government is taking us to another side of life, one is to destroy our economy, the other is death.”
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called on state-owned enterprises to increase standards of transparency, ethics, and performance as Nigeria pushes to build a $1 trillion economy.
Speaking at the MOFI Corporate Governance Forum in Abuja, the Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health, designed to position state-owned enterprises for investment, growth, and long-term value creation.
According to Mr Edun, this scorecard is not just a document; it’s a test, adding that strong governance attracts capital, builds trust, and delivers real economic returns.
The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.
Referencing entities like NNPC Limited, Mr Edun noted that state-owned enterprises must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.
He also pointed to positive macro signals and falling food and fuel prices as early signs of a stabilising economy.
On his part, MOFI Chairman, Mr Shamsudeen Usman, confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.
“We are not asking others to do what we haven’t already done,” he said.
Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth, with governance now central to growth, resilience, and investor confidence.
The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for state-owned enterprises.
By Adedapo Adesanya
The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange rose by 1.70 per cent or N32.36 billion on Thursday, April 10, closing at N1.925 trillion, in contrast to the N1.892 trillion quoted at the preceding session.
However, the NASD Unlisted Security Index (NSI) went up by 10.46 points or 0.32 per cent to 3,287.85 points from the 3,277.39 points it ended a day earlier.
The market capitalisation was higher yesterday after admitting additional shares of Infrastructure Credit Guarantee Company Plc (InfraCredit) to the platform after regulatory approval. The firm joined the NASD Exchange on March 6.
The company, backed by the Nigerian sovereign wealth fund, added 11.166 million units to bring its volume to 26.421 million.
At the trading session, FrieslandCampina Wamco Nigeria Plc gained N1.91 to close at N38.50 per unit versus N36.59 per unit, Mixta Real Estate Plc rose by 41 Kobo to N4.55 per share from the previous closing value of N4.14 per share, Lagos Building Infrastructure Company (LBIC) Plc grew by 17 Kobo to N2.63 per unit from N2.80 per unit, and Paintcom Investment Plc improved by 2 Kobo to N10.74 per share from N10.72 per share, while Geo-Fluids Plc declined by 22 Kobo to N2.00 per unit from N2.22 per unit.
The volume of transactions surged by 9,665.9 per cent to 18.1 million units from 185,449 units, the value of transactions soared by 7,174.3 per cent to N192.9 million from N192.9 million, and the number of deals rose by 81.8 per cent to 20 deals from 11 deals.
Impresit Bakolori Plc ended the day as the most active stock by volume (year-to-date) for trading 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million, and Geo Fluids Plc with 44.6 million units sold for N90.2 million.
FrieslandCampina Wamco Nigeria Plc also remained as the most active stock by value (year-to-date) with 14.5 million units valued at N559.2 million, followed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N365.0 million.
By Adedapo Adesanya
The Naira witnessed a depreciation of 1.05 per cent or N16.97 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 10, exchanging at N1,629.94/$1 compared with the previous day’s rate of N1,612.99/$1.
In the same official market, the Nigerian currency, however, traded flat against the Pound Sterling and the Euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.
As for the black market, the domestic currency depreciated against the greenback yesterday by N5 to sell for N1,620/$1, in contrast to the N1,615/$1 it was exchanged at midweek.
The Naira had stabilise on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate to his sweeping duties announced a week ago.
However, China, which recently placed steeped retaliatory tariffs on US goods, did not get any relief, as Mr Trump hiked the total levy on Chinese goods to 125 per cent.
Market analysts raise worries about a secondary effect of a trade war between the US and China, and how it can have effected on other nations’ economies.
Even as the Central Bank of Nigeria (CBN) continued to prop up the local currency, in the last week, the Naira has exchanged between the N1,570 and N1,620 mark.
Meanwhile, the cryptocurrency market was mixed on Thursday after exchange-traded funds (ETFs) saw outflows even as prices surged after President Trump announced a 90-day pause in tariffs on most countries, excluding China.
The dwindling demand can be attributed to the macroeconomic uncertainty caused by the US-China trade tensions that has led to macro investors selling every asset, including crypto ETFs, for cash.
Litecoin (LTC) gained 1.9 per cent to trade at $75.88, Cardano (ADA) jumped by 1.4 per cent to $0.6321, Dogecoin (DOGE) appreciated by 0.3 per cent to $0.1575, and Solana (SOL) rose by 0.2 per cent to $116.94.
On the flip side, Ethereum (ETH) dropped 3.6 per cent to settle at $1,533.42, Bitcoin (BTC) shed 1.2 per cent to end at $81,017.23, Ripple (XRP) slumped by 0.2 per cent to $1.99, and Binance Coin (BNB) went south by 0.1 per cent to $579.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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