Economy
Financial Crisis: FG Says Workers Won’t Suffer Pay Cut
By Aduragbemi Omiyale
The federal government has denied reports that workers in the federal civil service will, henceforth, get a pay cut as part of efforts to reduce the cost of governance.
It was reported that the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had disclosed on Tuesday that apart from the wage cut, the government was planning to merge some Ministries, Departments and Agencies (MDAs).
But in a statement issued on Wednesday by the Special Adviser to the Minister on Media and Communications, Mr Yunusa Tanko Abdullahi, it was emphasised that rather than a cut, the workers will earn more.
The Minister explained that what the national government was planning to do is to harmonise the salaries of its employees by making sure that no federal civil servant on the same grade level earn more than the other as it is being practised at the moment.
Business Post reports that employees of some agencies like the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC) and others earn more than counterparts in other MDAs.
“What the government hopes to achieve is to redistribute wages equally across board. Let us bring our salary structure within government agencies as close or as equitable and fair.
“What we seek to achieve is to create fairness and equity and to reduce cost. With this readjustment, when finally done, workers in the public service will earn fair and equitable wages,” Mrs Ahmed said at the National Policy Dialogue on Corruption and Cost of Governance in Nigeria organised by the Independent Corrupt Practice Commission (ICPC) in Abuja.
Speaking further, she said, “We still see government expenditure increase to a terrain twice higher than our revenue.”
The government had approved a N13.88 trillion budget with a deficit of over N5.6 trillion and projected revenue of N7.98 trillion to fund part of the 2021 budget.
The Minister urged that all agencies must come together to trim their costs, given Nigeria’s dwindling revenue, noting that the government will also remove some unnecessary items from the budget as a move to cut the cost of governance in the country.
“We need to work together, all agencies of the government to cut down our cost. We need to cut down unnecessary expenditures, [especially those] we can do without. Our budgets are filled year in year out with projects that we see over and over again, and also projects that are not necessary.”
“President Muhammadu Buhari has directed that the salaries committee, which I chair, work together with the head of service (HOS) and other members of the committee to review the government payrolls considering stepping down on cost,” she said.
The Minister revealed that the government would also review the number of government agencies in terms of their mandates, adding that for agencies with the same mandate, the government would look at merging the two.
The Chairman of ICPC, Mr Bolaji Owasanoye, noted during the stakeholders meeting that the cost of governance is the “driver of corruption in Nigeria.”
He said that the government had committed to improving the country’s revenue from new and existing sources.
Mr Owasanoye said that the government’s commitment to streamline payroll, removal of subsidies and reduction of the cost of contracts and procurement is all for the benefits of the poor and vulnerable.
He also said that a critical area of concern was what he called ‘payroll padding’ and the ‘phenomenon of ghost workers.’
The ICPC boss lamented the duplication of projects such as the constituency projects of lawmakers and noted that funding for such projects was usually released without any mechanism for monitoring and evaluation and reconciliation of the funding.
He then cited a project executed by the Redeemed Christian Church of God (RCCG) which was inadvertently diverted as an executive project.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
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