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FG Plans N700bn Bond Sale as Borrowing Costs Stay High in Nigeria

As it continues to manage high borrowing rates, the Federal Government intends to raise N700 billion from the domestic bond market in April 2026, extending a steady decline in offer size.

According to information from the Debt Management Office’s April 2026 Federal Government of Nigeria Bond Offer Circular, the auction is set for April 27 and will be settled on April 29.

In order to increase the liquidity of benchmark securities, the issuance will be carried out by reopening existing instruments across three maturities.

According to the circular, the offer consists of N100 billion for the 17.95 percent FGN June 2032 bond, N300 billion for the 22.60 percent FGN January 2035 bond, and N300 billion for the 17.945 percent FGN August 2030 bond.

The bonds, which are intended for institutional investors including pension funds, banks, and asset managers, would be issued in N1,000 units with a minimum subscription of N50.001 million.

The DMO also pointed out that the instruments are tax-exempt under current legislation and are eligible as liquid assets for banks, both of which sustain investor interest.

The April offer reflects an additional cut to the government’s monthly borrowing target, according to a study of prior issuances.

From N900 billion in January to N800 billion in February, N750 billion in March, and now N700 billion in April, the offer has steadily decreased, indicating a calibrated adjustment rather than a change in overall strategy.

A total of N750 billion was offered by the government in March, consisting of N250 billion in a five-year bond, N200 billion in a seven-year bond, and N300 billion in a ten-year bond.

In addition to changing the allocation across maturities and reducing the overall amount by N50 billion, the most recent revision drastically cuts the seven-year component.

The April issuance’s coupon structure emphasizes the current high-yield climate even more. The 10-year bond is priced much higher at 22.60 percent, while the five-year and seven-year contracts bear rates of roughly 17.945 percent and 17.95 percent, respectively.

In comparison to comparable long-term instruments provided in prior months, this marks a significant rise, showing investor demand for higher returns to offset risks related to inflation, exchange rate pressure, and global uncertainty.

However, final yields will be decided at the auction, where winning bidders would pay according to their yield-to-maturity bids plus interest.

The Central Bank of Nigeria’s strict monetary policy, which has kept interest rates high to reduce inflation, is consistent with the ongoing high-rate environment. This thus increases the cost of borrowing domestically and puts further strain on the government’s debt payment commitments.

According to data analysis from the Debt Management Office, Nigeria’s total debt service increased to almost N16 trillion in 2025, as previously reported by The PUNCH.

The amount increased by N2.98 trillion, or 22.9%, from over N13.02 trillion in 2024, indicating mounting fiscal strain as debt service continues to consume a greater portion of public funds.

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Peter Obi Hosts EU Ambassador in Onitsha

The European Union’s ambassador to Nigeria, Mr. Gautier Mignot, was hosted by former Anambra State governor Peter Obi on Wednesday at his home in Onitsha.

They had “useful conversations,” according to Obi, who shared pictures from the meeting on his X Twitter.

“I had the honor and privilege of hosting the European Union Ambassador to Nigeria, His Excellency, Mr. Gautier Mignot, at my residence in Onitsha today, Wednesday,” he wrote. We had some insightful discussions during the meeting, which was enriching.

Obi, who lost the 2023 presidential election to President Bola Tinubu, has expressed readiness to give the presidency another shot in 2027.

He is expected to clinch the African Democratic Congress, ADC, ticket with the former governor of Kano State, Rabiu Kwankwaso as his running mate.

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NAFDAC Cracks Down on Fake Alcohol Factories in Lagos, Seizes ₦350 Million Worth of Goods

In Lagos State, the National Agency for Food, Drug Administration and Control (NAFDAC) discovered and destroyed two illicit establishments engaged in the manufacture of contaminated and counterfeit alcoholic beverages, confiscating goods worth around N350 million.

In a statement released through its official X Twitter, the agency revealed the operation and stated that the enforcement acted on reliable intelligence regarding the syndicates’ operations.

More than 1,800 cartons of counterfeit alcoholic drinks were found during coordinated searches by NAFDAC’s agents at Zamfara Plaza in the Trade Fair Complex and other locations on Lagos Island.

Officials reportedly discovered homemade filtration systems, plastic mixing tanks, empty branded bottles, corks, and packaging supplies needed to create and package the fake drinks at the Trade Fair Complex.

One suspect was detained in connection with the illegal manufacture and sale of counterfeit alcohol through a retail establishment in a different operation on Lagos Island. According to the agency, every item that was found had been seized and taken away for additional regulatory action.

Adulterated alcoholic beverage intake has serious health hazards, including as organ damage, poisoning, and even death, according to NAFDAC.

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Osimhen’s Return Not Enough as Galatasaray Crash Out of Turkish Cup

In the Turkish Cup quarterfinal on Wednesday, Galatasaray lost 2-0 against Genclerbirligi due to a lack of motivation from their injured striker, Victor Osimhen.

After suffering an arm injury against Liverpool in the Champions League, Osimhen has been sidelined for more than a month.

However, the Super Eagles star started the game on the bench against Genclerbirligi.

After winning the Super Lig last weekend, Galatasaray were overwhelming favorites coming into the match.

Despite controlling the game, the Yellow and Reds were unable to score.

Firatcan Uzum gave the visitors the lead in the 51st minute.

In the 78th minute, Okan Buruk substituted Osimhen as Gala battled to regain control of the match.

However, Adama Traore gave Genclerbirligi their second goal five minutes after Osimhen was substituted.

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World Cup Twist? Paolo Zampolli Urges FIFA to Replace Iran with Italy

Paolo Zampolli, the ambassador of US President Donald Trump, has requested FIFA to substitute Italy for Iran in the 2026 World Cup.

This is a component of a strategy to mend Trump’s relationship with Giorgia Meloni, the prime minister of Italy.

After Trump attacked Pope Leo XIV over the Iran War, the two leaders became estranged.

“I certify that I have recommended Italy take Iran’s spot at the World Cup to Trump and [FIFA president Gianni] Infantino.

“Seeing the Azzurri at a tournament held in the United States would be a dream come true for me as an Italian.

Zampolli told the Financial Times, “With four titles, they have the pedigree to justify inclusion.”

After losing 4-1 against Bosnia and Herzegovina in a qualification play-off in March, Italy was unable to advance to the World Cup.

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Ted Cruz vs Lai Mohammed: Clash Over Claims of Christian Killings Rocks Nigeria Security Debate

Ted Cruz, a senator from the United States, has charged Nigerian government officials with being involved in atrocities against Christians in the nation.

Cruz made the accusation on Tuesday at a Senate Foreign Relations subcommittee meeting that was centered on the US counterterrorism policy in Africa.

Lai Mohammed, the former communications minister under the late President Muhammadu Buhari, stated in the United Kingdom yesterday that Boko Haram was killing more Muslims than Christians, but attempts to gain a response from the federal government yesterday were unsuccessful.

Speaking at the session, the legislator asserted that Nigeria had the largest number of Christians slain worldwide due to their faith.

He claimed that since 2009, over 20,000 churches, schools, and other places of worship had been destroyed and over 50,000 Christians had been slain.

Cruz stated, “Unfortunately, Nigerian officials had been complicit in facilitating these atrocities.”

In addition to criticizing Nigerian authorities for their delayed response to the nation’s insecurity, he connected some of the violence to the application of Sharia law in some northern states.

Cruz recalled that guarantees that the violence would be dealt were offered during a prior meeting with Nigerian security and defense personnel.

But he claimed that those assurances have not yet yielded outcomes.

He said, “I informed them that I would assess their dedication based on the outcomes. “Those outcomes have not yet materialized.”

Additionally, the senator disclosed that he introduced the Nigeria Religious Freedom Accountability Act of 2025 in October.

He claims that the purpose of the law is to make Nigerian government officials answerable for their alleged role in attacks against Christians.

Cruz questioned Nick Checker, a senior official in the US State Department’s Bureau of African Affairs, at the meeting about whether interactions between Nigeria and the US had resulted in significant advancements, particularly in light of moves taken under US President Donald Trump.

In response, Checker stated that Nigeria has demonstrated some degree of collaboration with the United States and cited modifications to the nation’s security framework, including as leadership changes, increased soldier recruitment, and the deployment of forest guards to problematic areas.

He stated, “We’ve seen some positive movements, including leadership changes in Nigerian security services, recruitment of additional troops, and deployment of forest guards to areas affected by violence.”

The prosecution of suspected terrorists has increased, he continued, citing the formation of a bilateral high-level working group following talks between US Under Secretary of State Allison Hooker and Nigeria’s National Security Advisor Malam Nuhu Ribadu.

Checker said that the United States’ recent assistance to Nigerian security forces demonstrated the two nations’ ongoing collaboration.

“We’ve seen positive steps by the Nigerians, but certainly more can be done,” Checker stated, adding that the US would keep pushing for more initiatives.

Lai Mohammed: Boko Haram is killing more Muslims than Christians.

In the meantime, militant groups have killed more Muslims than Christians, according to former Minister of Information and Culture Lai Mohammed, who has rejected allegations of a targeted genocide against Christians in Nigeria.

Yesterday, Mohammed gave a speech in the UK while answering inquiries from Abbey College, Cambridge students.

The purpose of the workshop was to provide students from various backgrounds with a chance to discuss developments in Nigeria, namely youth involvement in politics and government.

The former minister remarked that reports of a “Christian genocide” in Nigeria were false in response to a question about religious persecution, particularly against Christians.

“The developed world needs to show greater understanding.” These days, there are claims of genocide against Christians and religious persecution in Nigeria. It is untrue. He declared, “It’s fake news.”

Mohammed argued that Nigeria’s security challenges were complex and not driven by a deliberate campaign to eliminate any religious group.

“Nigeria as a country has challenges that will not be resolved by genocide against any religion,” he added.

He said Boko Haram initially emerged as a movement targeting Muslims who embraced Western education, noting that early victims were largely Muslims.

“At the beginning, the victims of Boko Haram were largely Muslims, not Christians. Boko Haram started as a revolt by extreme Muslims against conventional Muslims like me.

“Look at the meaning of Boko Haram — ‘haram’ means forbidden or illicit, ‘boko’ means Western education. So for Boko Haram, I, Lai Mohammed, having gone to school, am an enemy.

“They realised that Muslims killing one another doesn’t gain traction. When Muslims start killing Christians, it causes uproar. That is the honest truth,” he said.

The former minister also dismissed claims that banditry in Nigeria was driven by religion, describing it instead as a criminal enterprise affecting people of the same ethnic and religious backgrounds.

He insisted that records showed Muslims account for the largest number of victims of insurgent attacks in Nigeria.

He said: “The bandits are Muslims, they are Hausa-Fulanis. Their victims are Muslims, they are Hausa-Fulanis. So how can you now talk about religion? It has nothing to do with religion.

“We have a spirit of religious tolerance in Nigeria and I challenge anyone to say it is not true. People can hide under anything to commit crime but one, it is not a policy. Number two, the average Nigerian is not bothered about your religion or ethnicity.

The main point of contention between Muslims and Christians in Nigeria is money. They won’t disagree over theology. They are more concerned about the economy and ways of life. That is why you have many Christians marrying Muslims and vice versa.

“Therefore, we must vigorously use public communication to challenge this narrative about Christian genocide, which is untrue.”

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Naira Slips Again Amid Rising Dollar Demand and Forex Shortage

Early on Thursday, April 23, 2026, the Nigerian Naira showed a minor weakening versus the US dollar on both the official and unofficial foreign currency markets. As midweek demand for the US dollar continues to impact rate stability, financial professionals are closely monitoring the market.
Performance of the Official Market (NFEM)

The Naira began trading on the Nigerian Foreign Exchange Market (NFEM) with a little decline. The Naira is now trading at an average of 1,351.59 NGN per 1 USD, according to real-time data from the FMDQ Securities Exchange.

When compared to the opening prices recorded earlier in the week, when the currency had found support close to the 1,347 NGN level, this indicates a slight fall.

Market turnover at the official window remains a key point of focus for investors, as the Central Bank of Nigeria (CBN) maintains its policy of managed float to curb excessive volatility while ensuring essential sectors have access to foreign currency.

Parallel Market Trends

In comparison to the official rate, the informal or parallel market still trades at a substantial premium. The dollar is being exchanged at prices between 1,465 and 1,480 NGN, according to early morning reports from Bureau De Change (BDC) operators in major hubs like Lagos (Ikeja and Broad Street), Abuja (Wuse Zone 4), and Kano.

Experts explain the present 113 Naira disparity between the NFEM and the parallel market to the unfulfilled demand from small-scale importers and people looking for personal travel allowances (PTA), who frequently find the official channels more restrictive.

Economic Factors and Outlook

The persistent demand for the dollar to meet international trade obligations and pay off foreign debt is a major factor in the current pressure on the naira. Furthermore, the strength of the country’s external reserves is still determined by the recent changes in the price of oil, which is Nigeria’s main source of foreign money.

Participants anticipate that the rate will level off as the trading session moves into the afternoon, but any major intervention from the top bank or changes in market liquidity could affect the day’s closing numbers. It is recommended that market observers keep an eye on official closing data to get a complete picture of the day’s performance.

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NELFUND Raises Alarm Over Fake Student Loan Portal Targeting Nigerians

Students and the general public have been cautioned by the Nigerian Education Loan Fund to be on the lookout for growing frauds that target its interest-free student loan scheme.

A false notice stating the establishment of a new 2026 registration portal was circulated, which prompted the alert.

The Fund encouraged Nigerians to check all links and only use its verified channels in a post on its X handle on Thursday in order to prevent falling for false information and possible frauds.

For reliable information, please make sure to check all links and rely solely on our official outlets. Keep an eye out for false information, fake news, and other frauds, NELFUND advised.

According to the dubious announcement, President Bola Tinubu ordered the portal’s creation because of the difficulties pupils were facing.

Additionally, it advertised a questionable link that NELFUND deemed fraudulent as an official portal for student loan registration and cash transfers.

Scammers have previously targeted NELFUND beneficiaries.

In 2025, similar bogus mails that promised simple financial transfers or falsely claimed that the president had ordered the reopening of portals have gone viral.

The NELFUND loan is an interest-free student loan that Tinubu signed into law under the Student Loan (Access to Higher Education) Act, 2024.

Tuition and monthly maintenance allowances are covered, and repayment will start two years after the National Youth Service Program is finished.

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Chelsea Sack Head Coach After Historic Goal Drought and 5 Straight Defeats in Shock Decision

After less than four months in charge and after losing five straight Premier League games without scoring for the first time since 1912, Chelsea fired head coach Liam Rosenior.

Rosenior signed a five-and-a-half-year contract to join Stamford Bridge in January, but he has only won 11 of his 23 appearances in all competitions.

Rosenior called the performance “indefensible” and “unacceptable” during Tuesday’s 3-0 loss at Brighton in response to irate jeers from the traveling fans.

Their chances of making it to the Champions League the next season were further damaged as they fell to seventh place in the Premier League standings.

“Liam has always conducted himself with the highest integrity and professionalism following his appointment midway through the season,” Chelsea commented. “This has not been a decision the club has taken lightly, however recent results and performances have fallen below the necessary standards with still so much more to play for this season.”

Until the end of the season, Calum McFarlane will serve as the interim manager.

After former manager Enzo Maresca was fired in January, McFarlane, Rosenior’s assistant, oversaw a 1-1 draw at Manchester City and a loss at Fulham.

Chelsea further stated, “As the club works to bring stability to the head coach position, we will undertake a process of self-reflection to make the right long-term appointment.”

Rosenior helped the Blues advance to the semi-finals of the FA Cup by leading them to four wins over lower-league teams and winning five of his 13 Premier League outings.

Chelsea will play Leeds at Wembley on Sunday (15:00 BST) in McFarlane’s first game as manager in an attempt to advance to the FA Cup final.

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EFCC Raises Alarm: Fake Officers Target Nigerians in Shocking New Scam Tactics

The public has been warned by the Economic and Financial Crimes Commission (EFCC) about the growing number of criminal individuals posing as Commission personnel under various false pretenses.

According to a statement made by the Commission’s head of media and publicity, Dele Oyewale, intelligence that the Commission has access to shows that criminals are using a number of dishonest tactics to damage the EFCC’s reputation.

It also warns the public about a group of scammers that are currently operating near well-known restaurants or entertainment venues in large cities. Their strategy is to ambush young people leaving these establishments, harass them based on false suspicions that they are online scammers, and take their valuables.

By donning phony clothes and transporting their victims to places that seem to resemble EFCC offices, these imposters typically assume the identities of real EFCC personnel.

While other online impersonators and fraudulent content creators dramatize fictitious EFCC sting operations with evidence of broken doors, windows, and forced entry into their premises, the statement also warns of a gang of criminals harassing innocent drivers based on the identities of their license plates and using dangerous weapons to force their victims to offer them money on false accusations.

As a result, the Commission advised the public to exercise caution when assessing the claims made by these imposters because it follows regular operating protocols for all of its operations.

Even if the commission is working to eradicate financial and economic crimes from the country, well-intentioned Nigerians shouldn’t let these impersonators’ actions cloud their perception of the Commission’s efforts.