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Finance Ministry, CBN sign MoU to strengthen fiscal, monetary policy coordination
By Sam Otuonye
The Federal Ministry of Finance and the Central Bank of Nigeria (CBN) have formalised a new framework for closer fiscal and monetary policy coordination, in an effort to strengthen economic stability, improve policy consistency and address inflation.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Memorandum of Understanding (MoU) would institutionalise coordination through stronger information sharing, aligned macroeconomic assumptions, consistent forecasts and clearer mechanisms for resolving areas where fiscal and monetary policies could work at cross purposes.
Speaking at the signing ceremony in Abuja, Oyedele said the framework was designed to move coordination beyond personalities and make it a permanent feature of Nigeria’s economic management.
He stressed that while the Ministry and the CBN have distinct mandates and must retain their institutional independence, their policies ultimately affect the same economy and therefore require closer coordination.
He explained that government borrowing has implications for liquidity, interest rates and financing costs, while monetary policy affects government finances.
Exchange rates, tariffs, government spending and agricultural policies also have direct consequences for prices, revenue and economic activity.
Oyedele identified bringing inflation sustainably into single digits as a major focus of the framework, stressing that this could not be achieved through monetary policy alone. He said the Ministry would contribute through disciplined spending, sound cash and liquidity management and more efficient government financing, while fiscal interventions would address structural drivers of inflation, particularly food, energy, imported costs and logistics.
On food inflation, the Minister said the Ministry would work with relevant institutions and state governments to strengthen grain reserves, improve agricultural yields and irrigation, build climate resilience and address farm-to-market infrastructure gaps.
He also ruled out a return to fuel subsidy, saying it would put further pressure on public finances and the naira, while improved foreign exchange stability and tax exemptions on fuel had contributed to moderating prices.
Oyedele said better economic data would also be critical to effective policy coordination, noting that the Ministry was working with the National Bureau of Statistics to expand the quality and range of data available for policy decisions.
Under the new framework, the Ministry and the CBN will also strengthen information sharing on cash positions, financing plans, credit growth and foreign exchange flows. “Better coordination starts with a common evidence base,” he said.
The Minister said recent economic developments showed strengthening confidence in the Nigerian economy, citing a balance of payments surplus of more than $5 billion in 2025 and external reserves of over $54 billion.
The minister pointed to increased non-oil exports, declining refined-product imports as domestic refining capacity expands, Nigeria’s return to Frontier Market status and its inclusion in JPMorgan’s new frontier local-currency government bond index.
He, however, stressed that the government’s focus extended beyond short-term portfolio inflows to attracting patient capital that would translate into factories, infrastructure, technology and jobs.
“This required policy consistency and certainty and a regulatory environment that does not impose unnecessary burdens on businesses, while the coordination framework would also take account of the economic consequences of insecurity and illicit financial flows.
Oyedele explained that the Federal Ministry of Finance would continue to drive fiscal discipline, improved liquidity management, stronger transparency and data systems, more efficient financing and reforms aimed at increasing production and easing structural inflation.
“Nigeria has one economy. Fiscal policy cannot succeed without price stability; monetary policy cannot deliver price stability if fiscal policy pulls in the opposite direction,” he said.
The CBN Governor, Olayemi Cardoso, described the signing as a significant step in strengthening Nigeria’s macroeconomic management and economic stability, noting that fiscal and monetary policies are complementary instruments whose combined impact is stronger when they work in harmony.
Cardoso said the MoU did not create a new relationship between the two institutions, which have collaborated for decades on inflation management, debt sustainability, budget financing, exchange rate stability and responses to economic shocks.
Rather, he said, it formalises that longstanding collaboration through structured processes for regular consultation, information exchange and policy coordination.
He said the framework would strengthen cooperation in areas including government cash management, debt issuance planning, liquidity forecasting, macroeconomic analysis and periodic policy consultations.
The CBN Governor added that the timing was particularly important as the CBN advances its transition towards an inflation-targeting framework, whose effectiveness also depends on a supportive fiscal environment.
Cardoso commended Oyedele and the technical teams from both institutions for their roles in bringing the initiative to fruition, reaffirming the CBN’s commitment to sound monetary policy, macroeconomic stability and financial system resilience. He said the strengthened partnership would help build a more stable and resilient economy capable of creating greater opportunities for Nigerians.
TCN seeks Bauchi govt’s partnership for new substations in Alkaleri, Toro
By Sam Otuonye
The Transmission Company of Nigeria (TCN), Bauchi Region, has appealed to the Bauchi State Government to expedite land allocation for two proposed transmission substations in Alkaleri and Toro Local Government Areas (LGAs) of the state which are expected to expand transmission capacity and improve bulk power supply across the state.
The Ag. General Manager (Transmission), Bauchi Region, Engr. Muhammed Bello Ahmed, made the appeal during a courtesy visit to the State Ministry of Land and Survey on Monday, November 2, 2026, emphasising the need for timely land allocation to facilitate project implementation.
He commended the state government for engaging host communities on the proposed projects and protecting critical transmission infrastructure through the enforcement of Right-of-Way (RoW) regulations, particularly the removal of illegal structures beneath high-voltage transmission lines.
In his response, the Permanent Secretary of the Ministry, Shuaibu Alhaji Mohammed, assured TCN of the state government’s support for the substation projects. He reaffirmed the Ministry’s commitment to facilitating the land allocation process and pledged to strengthen security around critical transmission facilities.
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CITAD challenges big tech dominance, advocates digital sovereignty
Abdul Haruna
The Centre for Information Technology and Development (CITAD) has argued that Nigerians should not have to surrender control over personal information to access digital communication.
The Centre stated this on Thursday while unveiling DANCIT, a homegrown messaging application designed as an alternative to mainstream platforms.
Buhari Abba, who addressed a press conference in Bauchi on behalf of the Executive Director of CITAD, said DANCIT is hosted on CITAD’s own digital infrastructure and is designed to limit unnecessary tracking, profiling and commercial exploitation of personal data.
He explained that the name DANCIT draws inspiration from the traditional Hausa concept of ‘dandali’ — a communal gathering place where people meet, exchange ideas and discuss matters affecting their lives.
“DANCIT is designed to offer an alternative by placing community needs, privacy and digital independence at the centre. Its purpose goes beyond exchanging messages; it is intended to support civic engagement, grassroots organising and digital rights discussions,” Abba said.
He said the platform represents a statement against continued monopolisation of digital innovation, noting that a healthy digital ecosystem requires space for competition, creativity and locally developed solutions.
CITAD also called on the Federal Government, civil society and educational institutions to support decentralised and locally-owned digital platforms to strengthen Nigeria’s digital sovereignty.
According to the Centre, digital sovereignty involves having the capacity to make informed decisions about digital infrastructure, data governance and technological development in ways that reflect national and community interests.
“Encouraging Nigerian institutions and communities to develop, host and manage digital services can contribute to building local capacity and reducing dependence on external providers. It does not mean isolating Nigeria from the global internet,” the statement said.
The organisation lamented that journalists, civil society organisations, young people and ordinary citizens increasingly depend on platforms that exploit data, amplify misinformation and impose arbitrary content restrictions.
It therefore urged policymakers, technology developers and the media to prioritise privacy, transparency, accountability and user control in discussions about Nigeria’s digital future.
CITAD also called on Nigerians to look beyond the popularity of mainstream platforms and consider how responsibly they handle information and respect users’ rights, adding that “our conversations matter, our data deserves protection, and our communities deserve digital spaces they can trust.”
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NSIA extends $220,000 grants to Nigerian innovators
…SMEs backbone of Nigeria’s economy – Oyedele
By Sam Otuonye
The Nigeria Sovereign Investment Authority (NSIA) has awarded $220,000 as grant to Nigerian innovators who won the competition under the NSIA Prize for Innovation (NPI) Demo Day, even as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described Small and Medium-sized Enterprises (SMEs) as the backbone of Nigeria’s economy, stressing that their growth is critical to job creation, economic prosperity and national development.
Speaking at the event, held on Saturday, October 24, 2026, in Abuja, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, who stressed the critical role of small and medium-sized enterprises (SMEs) in job creation and economic growth, said supporting entrepreneurs remained a fundamental component of the Authority’s investment strategy.
The NPI 4.0, reflecting the fourth in the series, themed, “Building for Impact,” showcased 12 finalists selected from approximately 6,000 applications submitted for the competition.
Umar-Sadiq stressed that SMEs were essential to Nigeria’s economic development, noting that their growth was directly linked to employment generation and increased economic activities.
“Without SMEs, you have no job creation. Without SMEs, you are unable to actually grow economically,” he said.
He explained that NSIA’s support for entrepreneurs extended beyond infrastructure investment to include initiatives such as the Fund for Agricultural Finance in Nigeria, the Development Bank of Nigeria and the NSIA Prize for Innovation.
According to him, the programme provides promising Nigerian innovators with education, equity and exposure to help them refine their ideas, strengthen their businesses and scale their operations.
Umar-Sadiq said the authority focused on healthcare, manufacturing and food systems in the fourth edition to encourage innovations capable of creating jobs and achieving sustainable growth.
He added that the programme had expanded over the past four years in terms of prize money, strategic partnerships and support for entrepreneurs.
The NSIA chief executive disclosed that the programme offered accelerator opportunities to the top 200 applicants, while the 12 finalists would also participate in a six-week learning programme at Lagos Business School after the Demo Day.
He identified Wema Bank, Pula and Cascador as strategic partners providing additional prizes and support to selected finalists.
On measuring the programme’s impact, Umar-Sadiq said NSIA would work closely with beneficiary companies to strengthen their business models, improve corporate governance and expand demand for their products.
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, represented at the event, said that although investment, infrastructure, industrialisation and fiscal stability remained important economic priorities, but the strength of the economy ultimately depended on businesses that produce goods, deliver services, employ citizens and create opportunities.
Oyedele said access to finance alone was insufficient to guarantee business success, noting that entrepreneurs also need patient capital, experienced investment partners, market access and opportunities to demonstrate the commercial viability of their ideas.
He described the NSIA Prize for Innovation as an important platform for preparing promising Nigerian businesses for sustainable growth, commending the NSIA for placing commercial viability and execution capacity at the centre of its selection process.
Among the winners were: Come Again Foods, who emerged as the first-prize winner, receiving $100,000, while Protein Kapital secured the second position with $70,000. Instant Rad placed third, receiving $50,000.
Other finalists recognised under the programme included Eight Medicals, Frotics, Plural Health, Ebees Green, Tryctor, Sambal Enterprise, Evet Africa and Unwana Energy.
NSIA Prize for Innovation, (NPI) was launched in 2022 to identify and support innovative Nigerian businesses with the potential to create jobs, address economic challenges and contribute to national development.
The initiative is designed to strengthen Nigeria’s innovation ecosystem by connecting entrepreneurs with funding, business education and strategic partnerships to help promising enterprises grow into sustainable businesses.
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