Economy
Nigerian Economy Now in Tatters—PDP Governors
By Dipo Olowookere
Governors elected on the platform of the Peoples Democratic Party (PDP), the main opposition party, have accused the All Progressives Congress (APC) led federal government of wrecking the Nigerian economy and turning the country “into a killing field.”
On Monday, the opposition governors met in Bauchi State to discuss the state of the economy and security in the country. The gathering was chaired by the Governor of Sokoto State, Mr Aminu Tambuwal.
At the end of deliberations, a communique was issued at the Governors blamed the administration of President Muhammadu Buhari for leaving the nation’s economy in tatters.
They said the government has not done enough to attract foreign direct investments (FDIs) as policies put in place have always discouraged foreign investors from Nigeria.
“Government should stop paying lip service on the Ease of Doing Business, as foreign direct investments have continued to fall partly due to obstacles placed on foreign companies wishing to invest in Nigeria.
“A glaring example is that of Facebook who insisted on investing in Nigeria rather than Ghana, and is being frustrated by regulatory authorities,” a part of the communique read by Mr Tambuwal stated.
To address this issue and others, the opposition governors advised the national government to join forces with the state governments.
“On the economy, the meeting admonished the APC federal government to collaborate more with state governments to stem the unemployment scourge affecting the youths of Nigeria, through technology and increased production in all fields of endeavour,” they said.
In addition, they want President Buhari to urgently tackle banditry and terrorism in the country, emphasising that these have not in any way helped the economy.
“On the security of lives and properties, in addition to our earlier recommendations, it is time to bring the activities of bandits, kidnappers and terrorists to an end, through increased use of military equipment, traditional means of conflict resolution and technology for surveillance and the development of the political will to flush them out.
“Kidnapping, banditry and terrorism are not business ventures as claimed by the APC but heinous state crimes that is destroying the Nigerian economy, the educational and social future of our children and causing significant social upheavals in society,” the PDP Governors admonished.
They also called on the Nigerian National Petroleum Corporation (NNPC) and other revenue-generating agencies to “strictly abide by the Constitution by remitting all their revenue less cost of production into the federation account as provided for by S.162 of the Constitution.”
On politics, the opposition governors berated Mr Buhari for turning the State House into the headquarters of the APC, where he receives decamping members of the PDP. They want him to focus on governance and restore the past glory of Nigeria.
Present at the meeting on Monday were Mr Tambuwal; Governor of Abia State, Mr Okezie Ikpeazu; Governor of Akwa Ibom State, Mr Udom Emmanuel; Governor of Bayelsa State, Mr Douye Diri; Governor of Benue State, Mr Samuel Ortom; and Governor of Delta State, Mr Ifeanyi Okowa.
Others were the Governor of Enugu State, Mr Ifeanyi Ugwuanyi; Governor of Rivers State, Mr Nyesom Wike; Governor of Oyo State, Mr Seyi Makinde; Governor of Adamawa State, Mr Ahmadu Umaru Fintiri; Governor of Edo State, Mr Godwin Obaseki; Governor of Bauchi State, Mr Bala Mohammed; Governor of Taraba State, Mr Darius Ishaku; and Deputy Governor of Zamfara State, Mr Mahdi Mohd.
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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