Economy
$30b Loan: Senate Won’t Shift Ground—Saraki Insists
By Modupe Gbadeyanka
Nigeria’s Senate President, Mr Bukola Saraki, has stressed that the upper legislative chamber of the National Assembly will not rescind its decision to reject the $29.96 billion loan requested by President Muhammadu Buhari about two weeks ago.
Mr Saraki, speaking on Thursday via a press statement signed by his Special Adviser on Media and publicity, Mr Yusuph Olaniyonu, expressed disappointment that his meetings with the President recently was being misconstrued to mean he was being cajoled to overturn the Senate’s decision.
The Senate President advised politicians and the media to stop making empty speculations about his recent visits to the Presidential Villa.
“Like I once told the media, these politically-motivated commentaries are trivialising a serious national issue and presenting it as if it is a personal matter that can be decided at meetings between Saraki and President Muhammadu Buhari.
“The National Assembly which I head as Senate President has taken a position on the issue as required of it by the laws of the land and legislative conventions.
“At every point, the present National Assembly will make decisions based on national interest and we have vowed that we will always act in the interest of our people. That is why despite the fact that members belong to different parties, when national issues come to the floor we forget about party affiliations and act as Nigerians elected to protect the interest of Nigeria,” Mr Saraki said.
He further said, “A visit to the Presidency by the Senate President is a normal thing because we need to consult, discuss, exchange ideas and make suggestions to each other from time to time.
“More importantly, at this time, when the nation is facing economic crisis, there is need for frequent engagements by the Presidency and the National Assembly.
“It is in fact very unfortunate that these empty speculations by the media are now forming the basis for commentaries by some politicians who are in a position to be better informed. Politicians should stop playing to the gallery or drawing political capital from all issues.
“When serious national issues are on ground, we should refrain from making statements based on mere sentiments. Similarly, the media should exercise restraint in their reportage and commentaries in order to properly serve our people.
“At a time when we are about to prepare a budget which is aimed at responding to the current recession and our plan is to ensure all issues concerning the budget are ironed out before the budget comes to the floor so that we will have a less tedious process than that of last year, the media should be ready to witness more of these engagements between the Presidency and the National Assembly.”
It would be recalled that shortly after the Senate rejected the loan request based on failure of the executive to present a blueprint of how it intends to spend and repay the loan, Mr Saraki visited the Aso Rock Presidential Villa, where he met President Buhari.
Mr Buhari had said he intends to use the money to provide infrastructure in the country, saying he plans to get the loan from foreign financial institutions, including the International Monetary Fund (IMF).
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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