1. WALE EDUN REVEALS FORENSIC AUDIT OF NNPC ONGOING
Thisday pages 1& 32, Daily Trust 34
The paper stated that Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday revealed that the forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) was underway.
Also, as the ripple effects of United States’ reciprocal tariffs continue to reverberate across the globe, causing uncertainties, Edun asserted that the cocktail of reforms introduced since President Bola Tinubu assumed office has placed the economy in a stronger position than anticipated to absorb potential shocks.
This was as the Governor of, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said the apex bank’s return to orthodox monetary policy was beginning to yield results, citing gains in macroeconomic stability, investor confidence, and improvements in Nigeria’s global credit ratings.
Equally, the International Monetary Fund (IMF) advised Nigeria to consolidate its recent reforms by prioritising efficiency in public spending and committing to prudent fiscal policies.
Also yesterday, the World Bank Group announced the appointment of the President of the Dangote Group, Alhaji Aliko Dangote, into its Private Sector Investment Lab (PSIL), as the multilateral institution transitions into a new phase focused on implementing large-scale, job-generating investments in emerging markets.
2. NIGERIA ‘S REVENUE AT RISK AMID GLOBAL TENSION- IMF
Punch page 19
The paper reported that the International Monetary Fund has warned the Federal Government to remain vigilant in the face of mounting global trade tensions and tightening financial conditions, cautioning that Nigeria’s earnings from commodity exports could decline significantly if global demand weakens.
The warning was issued during the Global Financial Stability Report press briefing held on April 22, 2025, at the ongoing IMF/World Bank Spring Meetings in Washington, DC.
This came as the Federal Government said it would prioritise the payment of salaries, pensions, debt servicing, and national security obligations as Nigeria contends with dwindling revenues and rising fiscal pressure. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this.
3. UBA POST N189.8BN PROFIT IN Q1
Punch page 21
The paper disclosed that the United Bank for Africa Plc has announced a growth in its profit for the first quarter of 2025, recording a profit after tax of N189.8bn. This represents a rise from the N142.6bn reported in the same period last year.
In its Condensed Consolidated Statements of Comprehensive Income for the three months ended 31 March 2025, UBA reported a 36 per cent rise in interest income, which climbed to N599.8bn from N440.8bn in the first quarter of 2024.
Interest income on amortised cost and fair value through other comprehensive income securities contributed a major part of this increase, with a boost of N597.1bn from N440.4bn in the previous year.
In the period under review, the bank’s interest expense surged to N247.9bn from N140.1bn, resulting in a net interest income of N351.9bn, an increase from N300.7bn in the first quarter of 2024.
4. FG EYES N1.2TN FROM BOND MARKET IN Q2
Punch page page 21
The paper reported that the Federal Government plans to raise between N900bn and N1.2tn from the domestic bond market in the second quarter of 2025, a sharp drop from the N1.8tn targeted in the first quarter of the year.
This is according to the FGN Bond Issuance Calendar for Q2 2025, newly released by the Debt Management Office.
The reduced target comes as the government faces a tough fiscal environment characterised by weak oil receipts, elevated inflation, and a record N13.08tn budget deficit, representing 3.87 per cent of the country’s Gross Domestic Product.
According to the calendar, three auctions will be held on April 28, May 26, and June 23, with two bonds to be offered per month.
5. IMF TO FG: DON’T SIDELINE POOR NIGERIANS IN ENERGY SUBSIDY REFORMS
Daily sun page1& 25
The International Monetary Fund (IMF) has urged the federal government to ensure that energy subsidy reforms are inclusive and do not disproportionately burden poor and vulnerable Nigerians.
The caution comes as President Bola Tinubu officially unveiled Nigeria’s energy transition plan yesterday, saying the move reaffirms his administration’s commitment to cleaner energy while balancing fiscal sustainability with social equity.
At the launch of its April 2025 Fiscal Monitor, Deputy Director, of IMF’s Fiscal Affairs Department, Era Dabla-Norris, noted that energy subsidies remain a significant fiscal drain on many developing economies, including Nigeria, adding that reforms must be carefully designed to ensure they do not deepen inequality or undermine livelihoods.
“Energy subsidy reforms are politically challenging because they immediately affect the pockets of citizens and small firms.
6. CARDOSO’S GLOBAL ENGAGEMENT TO BOOST INVESTORS’ CONFIDENCE, BOLSTER ECONOMY
Daily sun
The 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, wear a different colour.
The paper reported that the Central Bank of Nigeria (CBN) Governor, Dr Yemi Cardoso, is flaunting Nigeria’s bold economic vision with clarity and conviction, and reaffirming the country’s place as a key player in shaping global financial discourse before global financial leaders, policymakers and investors.
Simply put, the apex bank is asserting itself in the international spotlight as the governor launched a bold diplomatic and economic engagement campaign, most notably with the recent Nigeria Investment Forum held at the Nasdaq MarketSite in New York, in collaboration with J.P. Morgan and the Nigerian Exchange Group (NGX).
This forum, themed “The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships,” was more than a ceremonial gathering; it marked a pivotal moment in Nigeria’s economic narrative. It signalled the CBN’s intent to reintroduce Nigeria to the global investment community as a credible, reform-oriented economy, and was a deliberate step in reshaping perceptions, fostering investor confidence, and reinforcing the country’s financial credibility.
page 23
7. TRUMP’S TRADE WAR. $90 BILLION LOSS LOOMS AS US TRAVEL CRISIS DEEPENS
Thisday page 8
The paper stated that travel and tourism sector in the United States currently faces a significant downturn as mounting trade tensions under President Donald Trump’s administration trigger global backlash, potentially cutting revenues by as much as $90 billion.
The impact on the US economy is particularly coming from the nation’s key allied nations like Canada, the United Kingdom, and Germany. These countries, once major sources of inbound tourism, have responded to escalating tariffs and inflammatory rhetoric with reduced travel and widespread boycotts of American goods.
Tourism from Canada has seen the biggest drop after Trump targeted the country directly through trade restrictions and indirectly by suggesting that the northern neighbour and close ally could become the “51st state.”
Traveler data from US Customs and Border Protection showed that visitors coming across the northern border were down 12.5 per cent in February year over year, and off 18 per cent for March, an NBC News report said.
Visitors from Western Europe, another traditional allied region, have also pulled back, according to the National Travel and Tourism Office, a division of the US Commerce Department.
8. STOCK MARKET APPRECIATES BY N342BN TO SUSTAIN POSITIVE MOMENTUM
Thisday page 27
The paper reported that the Nigerian stock market yesterday maintained its upward momentum as the overall capitalisation rose by N342 billion on investors’ demand for First Holdco which gained 5.9 per cent.
The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 544.06 basis points or 0.52 per cent to close at 105,283.67 basis points. Accordingly, the NGX ASI in its month-to-date and year-to-date returns settled at -0.4 per cent and +2.3per per cent, respectively.
Also, market capitalisation rose N342 billion to close at N66.159 trillion. Market breadth was positive, with 34 stocks advancing against 17 decliners. ABC Transports recorded the highest price gain of 9.86 per cent to close at N1.56, per share. VFD Group followed with a gain of 9.62 per cent to close at N17.10, while Learn Africa was up by 9.54 per cent to close at N3.56, per share.
Regency Alliance Insurance appreciated by 9.43 per cent to close at 58 kobo, while Africa Prudential rose by 8.63 per cent to close at N15.10, per share.
On the other hand, Tripple Gee & Company led the losers’ chart by 10 per cent to close at N1.98, per share. MRS Oil Nigeria followed with a decline of 9.95 per cent to close at N157.50, while Abbey Mortgage Bank declined by 9.94 per cent to close at N8.79, per share.
John Holt depreciated by 9.68 per cent to close at N7.00, while Austin Laz & Company declined by 9.57 per cent to close at N1.89, per share.
9. FG SPEAK ON $2.4B SHELL DIVESTMENT, INSISTS ON INCREASED OIL PRODUCTION
Guardian page 2
The paper reported that the Federal Government yesterday in Abuja officially addressed the long-anticipated $2.4 billion divestment of Shell’s onshore assets in Nigeria, stressing that local ownership must translate to increased oil production and economic value for the nation.
Speaking at a meeting with the leadership of Renaissance Africa Energy Company, the new owners of Shell’s onshore portfolio, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, described the divestment as a landmark development for Nigeria’s energy sector.
“A few months ago, many doubted the possibility of divestments in Nigeria’s oil sector. But divestment is global best practice. Under President Bola Tinubu’s leadership, we cleared bottlenecks that had stalled these deals for years. Nigeria is now open for business,” Lokpobiri said.
“The minister, addressing the Renaissance team led by the Chief Executive Officer, Tony Attah, emphasised that Nigerian firms must demonstrate capacity beyond acquisition.
Lokpobiri said: “Shell and others had slowed investments before divestment. We expect to see production ramp up. Nigerians are watching, and we’re ready to support you to achieve higher output.
10. FG RELEASE N50B TO OFFSET EARNED ALLOWANCE OF UNIVERSITY WORKERS
GUARDIAN PAGE 4
The paper reported that the Federal Government has announced the release of N50 billion to academic and non-academic staff unions of federal universities for settlement of earned allowances.
A statement yesterday by the Director of press and Public Relations at the Federal Ministry of Education, Folasade Boriowo, said the development was another “testament to President Tinubu’s unwavering commitment to fundamentally transform Nigeria’s education sector.”
Earned allowances are monetary benefits specifically for academic and non-academic staff in universities, stemming from the 2009 ASUU/FGN agreement. They are designed to motivate and support staff and are a key component of industrial harmony in the country’s university system.
11. FG TARGETS N350 BILLION FROM APRIL BOND AUCTION
GUARDIAN PAGE 15
The paper stated that the Debt Management Office (DMO) said it will re-open two Federal Government Bonds, FGB, valued at N350 billion for auction, at a subscription rate of N1,000 per unit.DMO disclosed this yesterday in a statement noting that the offers will be auctioned on April 28 and have their settlement date by April 30.DMO also said that it is authorised to receive applications for bonds in two tranches, with the first being N200 billion for a five-year savings bond due to mature in April 2029, at 19.3 per cent per annum.
According to the Office, the second tranche is N150 billion for a nine-year savings bond due to mature in May 2033, at an interest rate of 19.89 per cent per annum.
It noted that transactions will be at N1,000 per unit, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
DMO added: “For Re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument”
12. BACK ECONOMIC RECOMMENDATION WITH EMPIRICAL DATA,JIMOH IBRAHIM TELLS IMF
GUARDIAN PAGE 15
The paper reported the senator representing Ondo South Senatorial District and Chairman/Chief Executive Officer of Global Fleet Group, Jimoh Ibrahim, has tasked African economies, the World Bank and the International Monetary Fund (IMF) on the positive impact of data utilisation in driving Africa’s development agenda.
Speaking at the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington DC, Ibrahim said that data is a critical element in economic and political development. He explained that data serves as the foundation on which new African economic development will be established.
“Without data, no one can effectively reduce crime or operate a government aimed at achieving poverty reduction. Population data and individual details suggest that citizens should have an identity passport to capture pertinent information about who they are and what they do,” he said.
Currency data, he said, indicates that central banks in Africa must understand how much currency exists within and outside the banking sector for effective planning.
“Electoral data is necessary to comprehend the level of public participation and why others are not involved in the political process. Every sector of the economy requires data, and if action is not taken now, in five years, it will be impossible to run any government without data, Ibrahim posited,” he stated.
13. RISING DEBT; NIGERIA NEEDS GREATER EFFICIENCY IN GOVT SPENDING – IMF
Vanguard page 4
…Projects reduction in Debt-to-GDP to 4.5%
By Babajide Komolafe & Emma Ujah, Washington DC
The International Monetary Fund IMF has called for greater efficiency in government spending in Nigeria to minimise the impact of increased global uncertainties on government borrowing and public debt.
This call was given by Deputy Division Chief of the Development Macroeconomic Division in the IMF Research Department, Davide Furceri, at the press briefing on the April 2025 IMF Fiscal Monitor report released on the sidelines of the ongoing Spring Meetings of the IMF and the World Bank.
Meanwhile, the IMF in its April 2025 Fiscal Monitor report has projected a steady decline in Nigeria’s debt-to-GDP to 45.4 per cent by 2030 from 52.9 per cent last year.
Among other things, the report noted that rising uncertainty triggered by the ongoing tariff war can cause a large increase in public debts, which are already high and rising across the world
Consequently, the IMF projected that global public debt will increase by 2.8 percentage points this year and hence push debt levels above 95 per cent of global GDP.
14.CBN ‘’II STRENGTHEN PROCESSES TO SUSTAIN CONFIDENCE IN NIGERIA
Vanguard page 4
The paper reported that the Governor of, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso yesterday assured the global investment community that the apex bank will strengthen its processes to sustain gains from recent reforms and confidence in the economy peaking at a meeting at a meeting of a Nigerian government delegation led by the Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun and international investors on the sidelines of the ongoing Spring Meetings of the IMF and World Bank in Washington DC, Cardoso stated that the “difficult reforms that have been undertaken have begun to bear fruit,” adding that “the numbers speak for themselves”, indicating positive developments in the Nigerian economy.
15, DMO TO AUCTION N350BN FG BONDS AT N1,000/ UNIT
Vanguard page 19, Nation page 7
The paper reported that the Debt Management Office (DMO) said it will re-open two federal government bonds for auction, valued at N350 billion, for subscriptions of N1,000 per unit.DMO disclosed this today in a statement noting that the offers will be auctioned on April 28 and have their settlement date by April 30.DMO also said that it is authorised to receive applications for bonds in two tranches, with the first being N200 billion for a five-year savings bond due to mature in April 2029, at 19.3 per cent per annum.
According to the Office, the second tranche is N150 billion for a nine-year savings bond due to mature in May 2033, at an interest rate of 19.89 per cent per annum.
It noted that transactions will be at N1,000 per unit, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
DMO added: “For Re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument”
16. FG SET TO INAUGURATE PORTS, CUSTOMS EFFICIENCY COMMITTEE
Vanguard page 19
The paper reports that Determined to sustainably improve efficiencies in port operations and service delivery, the Federal Government (FG) through the Presidential Enabling Business Environment Council (PEBEC) is set to inaugurate the Ports and Customs Efficiency Committee (PCEC).
The inauguration which is scheduled to take place at the Nigerian Ports Authority (NPA) headquarters in Lagos is to be chaired by the Vice-President of the Federal Republic of Nigeria, Senator Ibrahim Kashim Shettima and comprises over 50 heads of Government agencies and private sector captains of industries cutting across the entire gamut of value chains that contribute significantly to Nigeria’s economic growth.
17. YOUR REFORMS INFLICT HUNGER, POVERTY ON MASSES, NLC TELLS IMF DELEGATION
Vanguard page 29
According to the paper report a few days ago, the leadership of the Nigeria Labour Congress, NLC, received a two-man delegation from the International Monetary Fund, IMF, comprising the IMF Resident Representative for Nigeria, Christian H. Ebeke, and, Axel Schimmelpfennig from Washington, D.C.The purpose of the visit was to assess how Nigerian workers and the general populace are being affected by the current socioeconomic environment and the hardship resulting from government policies.
18. FG TASKS COUNCIL O DEEPEN SAFETY AWARENESS
Vanguard page 29
The Federal Government has charged the new executive of the National Industrial Safety Council of Nigeria, NISCN, to identify and coordinate the various advocacy platforms for effective management of Occupational Safety and Health, OSH, awareness creation in both public and private sectors by critical stakeholders. The Director of, Occupational Safety and Health Department of the Ministry of Labour and Employment, Mrs. Lauretta Adogu, gave the charge in her opening speech at the Annual General Meeting/Executive Committee Election of the National Industrial Safety Council of Nigeria, NISCN).
19. NIGERIA ‘S CLIMATE PLAN WILL UNLOCK $2.5BN IN CARBON CREDITS- TINUBU
Leadership page 4
The paper reported that President Bola Tinubu has urged world leaders to demonstrate unity, courage, and sustained commitment in addressing the worsening global climate crisis. Speaking on Wednesday during a high-level virtual dialogue on climate and the just transition, President Tinubu reaffirmed Nigeria’s dedication to forging a paradigm shift in which climate action and economic growth advance together, not in opposition.
“The global climate emergency demands our collective, courageous, and sustained leadership. For Nigeria, the urgency of this moment is clear: we view climate action not as a cost to development, but as a strategic imperative,” he stated.
According to a statement by Presidential spokesman, Bayo Onanuga, the meeting, co-hosted by United Nations Secretary-General António Guterres and Brazilian President Luiz Inacia Lula da Silva, aimed to accelerate global climate ambition ahead of COP30, which Brazil will host.
20. HOW NIGERIA’S REFORMS ARE FARING BY EDUN, CARDOSO
NATION PAGE 5
The paper stated that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that strong financial backing should come in the form of innovative support instruments to reform-minded economies as they implement bold economic transformation agenda.
He spoke at the G-24 Ministerial Meeting, on the sidelines of the IMF/World Bank meetings.
He urged the Bretton Woods institutions to extend stronger financial backing to reform-minded economies, particularly in Sub-Saharan Africa.
21. RESTORING HOPE TO THE ECONOMY WITH NAIRA FOR CRUDE POLICY
Nation page 2
The paper reported that the Naira-for-Crude policy was designed to support the domestic consumption of petroleum products. According to the government’s vision, the policy aimed to ensure a stable supply and optimise the use of local refining capacity. Additionally, it sought to eliminate the challenges associated with sourcing foreign exchange for petroleum imports. Proponents believed that the policy could enhance economic sovereignty and strengthen the local currency. Launched in October 2024, the policy was initially set to run for six months, with the final day scheduled for March 31.
However, just two weeks before the policy’s expiration, a major beneficiary—Dangote Refinery—announced that it would cease selling petrol in naira to the domestic market. This shift was due to the refinery no longer receiving crude oil in naira, but instead being left to refine oil that it imported using dollars. In response, the Nigerian National Petroleum Company (NNPC) Limited acted quickly, stating that it was in talks with Dangote and other local refiners. NNPC reaffirmed that the agreement was for an initial six-month period and subject to review.
22. IMF PROJECTS 45.4% DEBT TO GDP FOR NIGERIA BY 2030
LEADERSHIP PAGE 26
The paper reports that the Nigeria’s public debt burden is projected to decline steadily over the next six years, falling from 52.9 per cent of GDP in 2024 to 45.4 per cent by 2030, according to the International Monetary Fund(IMF) in its newly released Fiscal Monitor report. This is even as the International Monetary Fund (IMF) said, there is a need for Nigeria to spend wisely after it made difficult reforms that would help it save more, stating that, there is an urgent need for fiscal authorities and governments to build buffers.
The improvement, marks a gradual shift toward debt sustainability following years of pandemic-induced fiscal strain. According to the report, the decline in Nigeria’s debt-to-GDP ratio in 2024, from 53.7 per cent the previous year, was driven by higher economic growth that boosted revenue collection.
“In 2024, low-income developing countries experienced an improvement in their primary deficit from 1.8 to 1.2 per cent of GDP. Revenue-to-GDP ratios increased because of higher economic growth, but this was partially offset by rising primary expenditures on average. Notable examples of such offsetting are Nigeria and Somalia,” he said.
Nigeria’s overall fiscal deficit also improved in 2024, narrowing to -3.4 per cent of GDP from -4.2 per cent in 2023. However, the medium-term outlook points to fluctuating deficits, with projections showing a temporary widening to -4.5 per cent in both 2025 and 2026 before moderating again
Illoh- Orage Adaeze Mary
Principal Information officer
Public &Press unit
April 24, 2025
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