Opinion
MTEF 2026-2028 and FGN Budget Call Circular: Matter Arising
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By Eze Onyekpere
The media reported last week that the Federal Government has forwarded the 2026-2028 Medium Term Expenditure Framework (MTEF) to the National Assembly (NASS) for approval. There is also a document dated December 2025 on the website of the Budget Office of the Federation (BOF) titled “FGN 2026 Abridged Budget Call Circular”.
This discourse focuses on the content of the two documents, the law and policy framework guiding them, their availability in the public space and other related matters.Timing The first issue is the timing of the MTEF and the Budget Call Circular. By S.14 of the Fiscal Responsibility Act (FRA), the Minister shall before the end of the second quarter of each financial year, present the Medium-Term Expenditure Framework to the Federal Executive Council for consideration and endorsement. This clearly states that the MTEF should have been endorsed by the FEC by the end of June and forwarded to NASS in July for their approval. The MTEF is the foundation policy planning documentation for the preparation of the annual budget. Presenting same for the approval of NASS in the second week of December is an inexcusable failure.The Call Circular comes immediately after the MTEF has been approved. Ideally, it is expected that the MTEF should be approved by NASS before they embark on their mid- year vacation. This implies that the MTEF should be approved between late July and early August to enable MDA budget preparation and bilateral discussions to proceed thereafter.Transparency and Citizens ParticipationThe second issue is the challenge of transparency and citizens participation. The FEC endorsed MTEF is not available in any electronic portal of the BOF or the executive in general. Also, NASS has not uploaded it to any portal where citizens will have free access. Furthermore, there was no consultation with any citizens groups before the executive endorsed the MTEF. But the FRA in S.13 mandated the Minister in preparing the draft MTEF, to hold public consultations, on the Macro-economic Framework, the Fiscal Strategy Paper, the Revenue and Expenditure Framework, the strategic, economic, social and developmental priorities of government, and such other matters as the Minister deems necessary; provided that, such consultations shall be open to the public, the press and any citizen or authorized representatives of any organization, group of citizens, who may attend and be heard on any subject matter properly in view.A visit by a staff of the Centre for Social Justice to the BOF to get the endorsed MTEF met officials who bluntly refused to release same arguing that it would not be released to the public until after the approval by NASS. This raises the poser whether staff and the management of BOF have ever read the FRA which should be the equivalent of a scripture in their day to day work. Should leadership be in disobedience of the law or is it ignorance or negligence of leadership?. This appears to be impunity writ large. For the FRA in S.48 (1) was unambiguous when it stated that the Federal Government shall ensure that its fiscal and financial affairs are conducted in a transparent manner and accordingly ensure full and timely disclosure and wide publication of all transactions and decisions involving public revenues and expenditures and their implications for its finances.Media reports indicate that NASS handed the MTEF to a committee with the mandate to report back by December 17th 2025. In their usual tradition, they have invited key fiscal officials to explain the contents and provide more clarity. It was reported that the Senate approved the MTEF on December 16th 2025. There was no opportunity for citizens and stakeholders’ input. Let it be clearly and unequivocally stated that approving the MTEF for the FGN in a matter of less than seven working days after submission is clearly not enough time for an empirical and meticulous consideration of the MTEF. It is like the “bow and go” system of approval based on the mandate song which majority of NASS members of the All Progressives Congress stand.
The MTEF as presented needs interrogation before approval and this requires the inputs of bodies and persons outside of the NASS whose competencies are relevant for the approval of a realistic and developmental MTEF to guide 2026 budgeting. The figures reported to have been approved do not inspire confidence and credibility.This discourse now turns to content issues.Rollover of 70% of 2025 Capital VotesThe Call Circular states MDAs are to upload 70% of their 2025 FGN Budget to continue in FY 2026. All such rollover and uploads MUST be in line with the immediate needs of the country as well as government’s development priorities that aligns with the policy direction of the new administration which hinges on National Security, the Economy, Education, Health, Agriculture, Infrastructure, Power & Energy as well as social safety nets, women & youth empowerment. This provision is outside the contemplation of the 1999 Constitution and the FRA. This raises the posers – why are we rolling over? Why was the 2025 capital budget not implemented? By S.27 of the FRA, the sums appropriated for a specific purpose shall be used solely for the purpose specified in the Appropriation Act. Spending them on non-budgeted projects may amount to an impeachable offence.Information available in the media from the Minister of Finance indicates that only about N10.7trillion of the expected N40.8trn would be realised for the year 2025. Therefore, little or nothing has been done on the 2025 capital budget in terms of implementation. The FGN states that it is still working on a commitment to release 30% of the capital votes before the end of the year as it sets MDAs 2026 capital ceiling at 70% of the 2025 budget. As shall be shown later, this excuse of a mere N10trn revenue runs against the hard-cold facts of revenue accretion and borrowing.FGN Revenue Realised in 2025If the annexure in Table A attached to the Call Circular is the guide, FGN has a lot of explanation to give on the failure to implement 2025 capex. It will be recalled that the President Bola Ahmed Tinubu in a release on September 2, 2025 by Bayo Onanuga, Special Adviser to the President, (Information and Strategy) told Nigerians that the targets for the full year revenue has been met in August 2025 and is about being surpassed. It was later corrected to refer to non-oil revenue. See https://statehouse.gov.ng/president-tinubu-nigeria-hit-revenue-target-for-2025-in-august/. The 2025 fiscal framework in Annex A shows that non-oil taxes was projected at N8.449 trillion.
The share of oil revenue was projected at N21trn for the year and other revenue sources made up the N40.8trn. Pray, is FGN stating that after hitting N8.4trn in non-oil revenue in August, all other sources of revenue combined produced (or will yield) a paltry N2.3trn for the whole year to make up the N10.7trn the minister claimed would be realized as revenue. Or the other sums realized in non-oil revenue from September to end November 2025 have not altogether surpassed N10trn? FGN has inundated Nigerian with stories of increased revenue generation. N8.4trn in eight months averages N1.05trn in a month. And N1.05trn for three months (September, October, November 2025) is an additional N3.15trn. When added to N8.4trn realized in the first eight months amounts to N11.55trn for non-oil revenue alone. So, what happened to the other expected revenue sources? Nothing realised?However, from the MTEF document (which the author eventually got on Wednesday December 17th, 2025), it is reported that the actual aggregate FGN revenue between January to July 2025 is in the sum of N13.665trn including the revenue of Government Owned Enterprises (GOEs) or N12.362trn excluding GOEs. From the foregoing analysis, it can be stated emphatically without any doubt that FGN realized more revenue than reported in the media and attributed to the Minister of Finance. If this was the figure realized between January to July, definitely more revenue had accrued for August, September, October and November 2025 which was not brought into the reporting of the MTEF.
It is also imperative to note that reported revenue excludes revenue accruing from internal and external borrowing. And the administration has been borrowing as if incurring debts is a best practice worthy of deepening. From the MTEF document, it is reported that FGN projected retained revenue excluding GOEs in 2024 was N23.015trn while the actual came to N19.879trn being a performance of 86.38%. So, the poser is; what suddenly changed in 2025 leading to the steep decline in revenue accretion at a time the administration claims to be blocking and leakages and boasting that more revenue has accrued? The stories are not adding up. The administration needs to come clean with the truth.Where is the Savings from fuel subsidy?For so many years, FGN and analysts had projected that removal of fuel subsidy will free up resources in the neighbourhood of N6trn to N8trn at the Federation Account available for sharing by the three tiers of government. And the FGN would get about 50% of the saved sum. Why is the Finance Minister still reporting N10.8trn in federal revenue after the removal of fuel subsidy? The stories and figures are not adding up.Way forwardIf Nigeria can still boast of a proper and functional NASS, the members and leadership should ask the President and Finance Minister to present a proper account of revenue and expenditure for 2025. What they have so far presented is a contradictory maze of figures that is bereft of any iota of credibility.
Opinion
5G: Africa still on the outskirts of connectivity
By Sonny Aragba-Akpore
Global System of Mobile Communication Association (GSMA) said that between
2023 and 2030, capital expenditure on fifth-generation (5G ) technology in Sub-Saharan Africa is expected to reach $62 billion, as part of a larger, broader $1.5 trillion global investment in the next-generation networks. These figures, released at the last Mobile World Congress (MWC) in Barcelona, Spain, early in 2026, underscore the fast growth being recorded in 5G across the globe. Although Africa is seen as recording some measure of growth, there are no indications that the continent will quickly get out of the outskirts of globalisation. Only about 11% of the African population has coverage. South Africa leads the pack while Nigeria, Egypt and others trail behind.
By December 2025, 5G in Africa reached a significant milestone with 53 operators launching commercial services in 29 countries, driven heavily by Fixed Wireless Access (FWA) to bridge the digital divide. While adoption remained in early stages—estimated at ~3.8% of total mobile connections—14 additional markets are planned, focusing on urban areas in Nigeria, Kenya, and North Africa to boost connectivity and economic growth, according to GSMA Intelligence. 25 operators use 5G for Fixed Wireless Access (FWA) to provide home and office broadband in underserved areas. This is viewed as the primary near-term revenue generator, offering high-speed connectivity without extensive fibre installation. South Africa is the clear leader with significant investment from operators like MTN South Africa. In Nigeria, MTN and Airtel provide 5G coverage, with MTN deploying over 2,100 sites and offering unlimited, high-capacity data plans. Safaricom significantly scaled up its sites to 1,700+, covering roughly 30% of the population and dominating in Kenya. Strong expansion is seen in Tunisia, Egypt, Morocco, and Algeria, often using mid-band spectrum for better coverage. But despite rapid rollouts, 5G penetration is only about 3.8% of total mobile connections, with 2G–4G still accounting for the vast majority of connectivity in Africa.
Power challenges are being tackled with solar-battery systems and infrastructure sharing, often using a “Network-as-a-Service” model. 5G is projected to contribute $ 10 billion to Africa’s economy by 2030, enhancing the fintech, health, and agriculture sectors. It’s been five years now since the introduction of 5G technology in Nigeria, but its coverage has been anything but robust. Penetration is still very low, primarily because of poor and limited coverage. Apart from Lagos, Abuja, Port Harcourt, among a few other semi-urban and urban centres, the beauty of 5G is lost to a majority of the population despite its promise. While Lagos and Abuja have average coverage of 70% and 65%, respectively, the average in other parts of the few semi-urban and urban centres appears miserable. Indeed, there is no coverage in many towns and cities at all. Early in 2026, Nigeria recorded 7.2 million 5G subscribers, representing 3.94% of the 182 million connected subscribers to various networks. MTN and Airtel are believed to be the only visible operators for now. The other licence holder, Mafab Communication, is yet to show any serious sign of the licence it acquired in 2021, at the same time as MTN. In all, 5G coverage is in pockets across the country despite the Nigerian Communications Commission (NCC) ‘s commitment to driving sector improvement by enforcing fair competition and pushing for network modernisation. Subscribers are basically connected to 4G and 3G networks. When the regulator released industry performance data the other day in collaboration with Ookla, there was a manifest demonstration that the adoption of Niche Performance with newer technologies offers a significant boost to network performance, reinforcing this Technology Gap.
commitment. “Key opportunities for sector advancement of 5G include overall national Quality of Service (QoS) in the data analysis. The NCC thinks that in order to close the Digital Divide, expanding 4G/5G coverage into underserved rural regions to acceptable results is certain to ensure equitable access and performance for all Nigerians. Accelerating 5G deployment is expected to boost the significant coverage gap in high-demand areas to fall further behind competitors in urban areas (Lagos and Abuja) to serve the growing number of 5G-capable device users. “Focusing investment on improving latency and reducing jitter across all networks will ensure a high-quality experience for real-time applications. The NCC says Nigeria is deploying 5G, but having the infrastructure is only half the battle. A true 5G experience means high speeds, low delay, and seamless connectivity. “But the report analyses the ‘5G Gap’, the difference between the theoretical capacity of the network (what it could do) and the experience users are getting (what it is doing). “Our goal is to identify exactly where investment is needed to turn ‘coverage’ into ‘real time performance “according to the NCC report. On the global level, GSMA, the platform for mobile communication service providers and equipment providers, said that 5G now covers over 50% of the global population, adding that Global 5G connections exceeded 2.7 billion by the end of 2025. Approximately 20% of operators with 5G have launched live Stand Alone (SA) networks and project that this figure will be over 70 operators with faster adoption in 2026 The GSMA Intelligence 5G Connectivity Index highlights top performers to include Kuwait, UAE, Norway, Finland, Qatar, Denmark, Hong Kong, South Korea, China, and the USA.5G Fixed Wireless Access (5G FWA ) is a key use case, projected to reach 80 million connections by 2030, with 67% in Asia Pacific and 23% in Europe.
Asia Pacific continues to lead in SA deployment, with China, India, and Singapore in the top spots globally.
“The fastest-growing mobile technology is driven by momentum in major markets, including high adoption in the Asia Pacific and expanding, high-performance deployments in Europe and America “The International Telecommunications Union (ITU) explains that while 5G continues to expand, addressing the gap between high- and low-income regions remains a critical challenge for global digital inclusion. ITU identifies regional disparities as a major hindrance in the race to bridge the digital divide. “While Europe and Asia-Pacific lead, coverage is significantly lower in other regions, with Africa and the Arab States lagging”.5G access is heavily concentrated in high-income nations (84% coverage), while low-income nations have only 4% coverage. It says 66% of urban residents have 5G access, compared to just 40% in rural areas. The ITU has finalised the IMT-2020 specifications, defining the global standards for 5G, including both standalone (SA) and non-standalone (NSA) deployments.While 5G grows, 4G remains the key alternative in low-income areas, covering 92% of the global population. The ITU says while 5G momentum is strong, affordability and infrastructure gaps prevent equitable global access. 5G subscriptions are estimated to reach roughly three billion, representing over one-third of all mobile broadband subscriptions by 2026. Europe leads in 5G coverage (72%), followed by the Americas (63%), and Asia-Pacific (62%). Coverage is significantly lower in the Arab States (13%), CIS (12%), and Africa (11%).
In high-income countries, 90% of the urban population has 5G access, compared to just 58% of the rural population. In low-income countries, 5G is almost non-existent in rural areas (10% of the urban population). More than 300 commercial 5G networks have launched globally, with over 2,700 new devices announced.
Opinion
Oshiomhole: Akpabio keeps selling himself as a leader who prefers partnership over division
By Rt Hon Eseme Eyiboh
A recent video of Senator Adams Oshiomhole praising Senate President Godswill Akpabio has put the spotlight back on the 10th National Assembly. In the clip, Oshiomhole called Akpabio’s leadership exceptional. He said the Senate President has brought politicians from opposition parties into the APC without threats, pressure, or public fights.
According to Oshiomhole, people who used to be fierce opponents are now joining the APC willingly because of the atmosphere Akpabio has created. He even joked that Akpabio deserves a Guinness World Record for pulling off these political shifts so smoothly and seamlessly.
The comment has elevated the positive perception of the 10th Senate and sparked conversations around the institutional integrity of the 10th Senate. For Akpabio’s admirers, it shows his skill at building bridges, cooling down political tension, and getting people to work together. Critics may see it as a typical political praise that comes with power and authority. But beyond the buzz, one thing is clear: the 10th Senate leadership has become one of the most talked-about institutions since this government started.
Since taking office in June 2023, Akpabio has positioned himself as a leader focused on unity and stability. In his first in speech as Senate President, he said his election was a collective win, not a personal one. He promised to lead with fairness and integrity, put teamwork first, and keep national interest above party lines. He admitted that disagreements are normal in democracy, but said the Senate must move past division to focus on lawmaking, oversight, security, and the economy. This demonstrated commitment has occasioned multiple vote of confidence on Akpabio’s leadership by the 10th Senate.
That message mattered because Nigerians were already worried about governance, the economy, and deep political divides. Akpabio promised that the 10th Senate would work with the executive but still do its job as a check on power. He called it “a Senate for all Nigerians” and described his approach as “Servant leadership” and “Uncommon leadership.” Those phrases have stuck.
This style has brought calm to the Senate. Unlike past assemblies marked by internal fights and clashes with the Executive arm, this Senate has kept a working relationship with President Bola Tinubu’s administration. For many analysts, this cooperation is more necessary right now than ever, with inflation, insecurity, unemployment, and debt all weighing on the country.
Several leaders have publicly backed Akpabio’s approach. Edo State Governor, Monday Okpebholo, praised his transformational and development-focused leadership. Deputy Speaker Benjamin Kalu called him visionary and patriotic, saying he has strengthened the National Assembly. Akpabio has also received several awards for legislative integrity and institutional leadership to add verve to his leadership pedigree.
At the International arena, Senator Allwell Heacho Onyesoh credited him with helping Nigeria regain visibility in the Inter-Parliamentary Union, calling it a diplomatic win. Many say this shows the Senate leadership is thinking beyond Abuja.
Akpabio has repeatedly stressed inclusiveness. In many of his speeches, he has spoken about more roles for women, support for persons with disabilities, youth empowerment, and pushing innovation and technology. He has argued that Nigeria’s future depends on preparing young people for a knowledge-based economy and making laws that support technology, entrepreneurship, and revenue sources beyond oil.
This is evidently seen in his home state (Akwa Ibom State). The working relationship between Akpabio and Governor Umo Eno is having a clear effect on Akwa Ibom’s politics and economy. Both men have pushed for inclusive politics, and that has helped calm tensions in the state. Leaders, stakeholders, and ordinary citizens now feel like they have a place in how the state is run. That has made it easier for people across party lines to work together on projects that move the state forward.
One big result is the growing support for Governor Eno’s administration. Instead of stoking division or personal rivalries, Akpabio has publicly backed the governor’s development plans. That has taken some heat out of state politics and given people more confidence in government. For many residents, it now feels like governance is a team effort, not a fight for personal power.
Akpabio’s backing has also put Akwa Ibom more firmly on the federal radar. As Senate President, he has the clout to draw national attention and opportunities to the state. That has led to better cooperation between Akwa Ibom and the federal government on roads, human capital programmes, and economic projects. The calm between both leaders has also made investors and development partners more comfortable. Stable politics make it easier for them to commit.
Governor Eno’s government is seeing the benefits of that stability. His policies on rural development, job creation, agriculture, and social welfare are getting wider public support because political leaders are not pulling in different directions. This symbiotic relationship is the first in the annals of Akwa Ibom State since creation
These ideas line up with President Tinubu’s “Renewed Hope” agenda. The government has pushed through fuel subsidy removal, exchange rate changes, and fiscal reforms to stabilize finances and attract investment. Officials say these moves are necessary for long-term growth, regardless of the hardship for many Nigerians.
That’s why the National Assembly’s role matters now more than ever. The Senate has to pass laws that support reforms, but also keep oversight to make sure policies actually help citizens. Akpabio has said the Senate will protect national interest while backing policies that can drive recovery.
Even with all the praise coming his way, Akpabio often shifts credit to President Tinubu. He frames himself as part of a team, not the sole force behind stability. He has praised Tinubu’s push to rebuild investors’ confidence and restore trust through the Renewed Hope Agenda.
He points to ongoing projects like the Lagos-Calabar Coastal Highway and the Lagos-Maiduguri corridor as signs of long-term planning. These roads show a serious effort to connect the country and fix years of neglect in transport infrastructure.
Akpabio has also highlighted the creation of development commissions across the geopolitical zones. He says this shows the government is trying to make every region feel carried along. In a country often split along ethnic and regional lines, that message resonates.
On security, he has backed the military’s operations against terrorism, banditry, and other crimes. With kidnapping, insurgency, and communal violence still major concerns, his public support for the administration’s approach reinforces the image of the Senate and presidency working together.
One striking part of his recent comments was his mention of early endorsements for Tinubu ahead of 2027. He said the support isn’t random but tied to what he sees as real governance results.
Senator Oshiomhole’s comments also show a strategy in Nigerian politics that party strength is not just about winning elections. It’s about pulling in influential figures from other parties. Defections signal shifting power, and Oshiomhole’s remarks frame Akpabio as a unifier who expands the party through persuasion, not confrontation.
Still, Akpabio keeps selling himself as a leader who prefers partnership over division. His speeches push dialogue, teamwork, and putting Nigeria first. He reminds lawmakers that even though they came in on different platforms, they are all representing one country.
Whether you agree with his politics or not, Akpabio is now one of the deepest and most thoughtful figures in Nigeria’s political space. He has kept strong ties in the Senate, stayed aligned with the presidency, and earned public endorsements from major players. That has solidified his position and sustained the sobriquet “uncommon transformer”.
Rt Hon Eseme Eyiboh is the Special Adviser,Media/Publicity and Official Spokesperson to the President of the Senate
Opinion
CBN engages state governments on implementation of inflation targeting policy
Akpo Ojo
The Central Bank of Nigeria (CBN) has emphasised the critical role of state governments in ensuring a successful transition to an inflation targeting monetary policy framework for the country.
The apex bank stressed that sustained price stability can be achieved, only through coordinated fiscal discipline across all tiers of government.
Speaking during an engagement with sub-national stakeholders, facilitated through the Nigerian Governors Forum (NGF) secretariat, the CBN Deputy Governor in-charge of the Economic Policy Directorate, Muhammad Abdullahi, described the move toward inflation targeting as a shift to a more rule-based, transparent and forward looking monetary framework that demands close collaboration with state governments.
He stated that while the CBN retains the responsibility for deploying monetary policy tools to control inflation, fiscal actions, particularly at the sub-national level, play a significant role in shaping inflation outcomes within a federal system, such as Nigeria’s.
Abdullahi explained that inflation targeting is fundamentally about managing expectations, warning that uncoordinated or expansionary fiscal actions by state governments could either reinforce or undermine monetary policy signals.
He noted that states influence inflation through multiple channels, including borrowing, domestic debt accumulation, expenditure patterns, wage bills, capital project execution, salary arrears, overdrafts, contractor financing, and weak coordination on the federal allocation receipts, cash management and debt servicing.
“In an inflation targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the sub-national level can significantly undermine price stability,” he declared.
The CBN deputy governor emphasised that the absence of fiscal dominance, where government borrowing pressures compel the apex bank to monetise deficits, is a core prerequisite for successful inflation targeting.
He noted that this principle applies not only at the federal level but equally to state governments, and urged states to reduce reliance on overdrafts and short term financing.
Also, he advised state governments to ensure that borrowing decisions align with their debt sustainability thresholds, improve budget realism and revenue forecasting, prioritise expenditure, and better synchronise fiscal calendars with prevailing macroeconomic conditions.
Under the inflation targeting framework, Abdullahi outlined four key responsibilities for state governments, as maintaining fiscal discipline and predictability, pursuing responsible borrowing aligned with medium term fiscal frameworks, strengthening coordination on cash and debt management, and enhancing internally generated revenue mobilisation.
He warned that unplanned expenditures, excessive supplementary budgets and unsustainable debt accumulation could trigger liquidity shocks and elevate inflationary risks.
He reiterated that inflation targeting is a collective national commitment to stability, credibility and long-term prosperity, adding that while the CBN remains accountable for delivering price stability, the framework’s success ultimately depends on disciplined fiscal behaviour across all tiers of government.
By strengthening coordination and embedding price stability as a shared objective, he added, state governments would support the new framework and lay firmer foundations for growth, job creation and improved social welfare.
Earlier, the CBN Director, Monetary Policy Department, Victor Oboh, described inflation targeting as a “win win framework” that benefits households, businesses and governments by anchoring inflation expectations, enhancing policy credibility and reducing macroeconomic uncertainty.
He stressed that price stability cannot be achieved through monetary policy alone, particularly in a federal system, noting that sub-national fiscal operations, especially spending, borrowing and cash flow decisions have direct implications for liquidity conditions and inflation outcomes.
According to Oboh, the engagement was designed to foster mutual understanding, promote open dialogue and deepen collaboration between the apex bank and state governments on the roles, expectations and coordination mechanisms required for the success of inflation targeting.
He further noted that sub-national governments play a pivotal role in Nigeria’s macroeconomic landscape, as decisions on wage policies, capital spending, debt accumulation and revenue mobilisation directly shape aggregate demand and inflation dynamics.
The director reaffirmed that the engagement forms part of the bank’s broader partnership with the Nigeria Governors’ Forum (NGF) and state governments, anchored on a shared commitment to embedding macroeconomic stability as a collective national objective.
Delivering a goodwill message on behalf of the Director-General of the NGF, Abdullateef Shittu, the Executive Director, Policy, Strategy and Research at the NGF, Olalekan Yunusa, commended the leadership of the CBN for what he described, as the strategic foresight behind the engagement, particularly the decision to involve sub-national fiscal authorities at an early stage of the transition process.
He noted that the shift from a monetary-targeting framework to inflation targeting, reflects a deliberate commitment to price stability as the central anchor of economic policy.
Shittu added that sustainable macroeconomic stability cannot be achieved through monetary policy alone and requires disciplined coordination across all tiers of government.
The engagement featured a detailed presentation on Nigeria’s transition to inflation targeting, with participants drawn from over 20 states.
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