Five things to know to start your Thursday

FG plans to raise N300bn via March bond auction

The Federal Government plans to raise N300 billion this month by selling government bonds. The Debt Management Office (DMO) will hold an auction on March 24, 2025.

The government is offering two types of bonds: a five-year bond worth N200 billion and a nine-year bond worth N100 billion. This money will help finance government operations and projects.

The bond sale follows official rules set by the Debt Management Office Act of 2003 and the Local Loans Act. Those who successfully buy these bonds will complete their purchases by March 26, 2025.

The bonds being offered are called “re-opened instruments.” The five-year bond pays 19.30% interest and matures in April 2029, while the nine-year bond pays 19.89% interest and matures in May 2033.

Each bond unit costs N1,000. Buyers must purchase at least N50,001,000 worth of bonds to participate. After meeting this minimum, they can buy additional bonds in multiples of N1,000.

Most Nigerians want lending rates to drop, according to the CBN

A new Household Expectations Survey by the Central Bank of Nigeria (CBN) has revealed that 65.5 per cent of Nigerian households believe a reduction in lending rates would be best for the economy.

The survey, conducted in February 2025, shows what Nigerians think about key economic factors like inflation, interest rates, exchange rates, and their confidence in the economy over the next six months.

According to the findings, only 10.4 per cent of respondents believe that interest rates should increase, while 12.5 per cent prefer them to remain unchanged. Another 11.6 per cent weren’t sure about what should happen with interest rates.

Air Peace is lowering its airfare on the London-Lagos route

Air Peace is offering travellers a discount of up to N600,000 on flights from Nigerian cities to London. This deal also includes one extra piece of luggage.

The airline announced this special offer in a statement on Wednesday. Travellers can book these discounted flights until March 31, 2025, and can travel anytime up to April 15, 2025.

Dr. Ejike Ndiulo, Head of Corporate Communications at Air Peace, said the airline is making international travel better with its London route by connecting easily from many cities in Nigeria.

It said, “As the largest airline in West and Central Africa, Air Peace remains steadfast in its vision of fostering prosperity through reliable air travel, reinforcing Nigeria’s position as a key player in global aviation.”

The US Federal Reserve is in no rush to cut interest rates

The Federal Reserve is holding steady on interest rates while trying to understand how President Trump’s new tariff policies will affect the economy, according to Fed Chair Jerome Powell on Wednesday.

Powell said the Trump administration’s policies, especially import tariffs, will likely slow economic growth while temporarily pushing prices higher. This has left Fed officials uncertain about their next moves during a period of “unusually elevated” uncertainty.

With confidence declining due to policy “turmoil,” Powell explained that the Fed is keeping its key interest rate between 4.25% and 4.50%. While officials still project two small rate cuts by year’s end, they’re hesitant to move quickly because weaker growth is being balanced against higher inflation risks.

“There is just really high uncertainty. What would you write down?” Powell said when discussing future projections at his news conference. “I mean it’s just… really hard to know how this is going to work out.”

Trump is about to shut down the Department of Education

President Trump will sign an order on Thursday to shut down the Department of Education, following through on one of his main campaign promises, according to a White House document reported by Reuters.

Democratic state attorneys general aren’t waiting for the order to be signed – they’ve already filed a lawsuit to stop Trump from closing the department and to prevent the recently announced layoffs of almost half its workers.

This would be Trump’s biggest move yet to eliminate a government agency. While Trump and his advisor Elon Musk have tried to shut down smaller government programs like the U.S. Agency for International Development without getting Congress to approve, closing the Education Department would be the first time Trump has tried to eliminate an entire cabinet-level department.