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  • Nigeria’s World Bank Debt Hits $19.89bn as Borrowing Rises Under Tinubu

    Nigeria’s debt to the World Bank has increased to $19.89 billion as of December 31, 2025, marking a significant rise within one year, according to data released by the Debt Management Office (DMO).

    Debt rises by over $2bn in one year

    The figure represents an 11.7 per cent increase from the $17.81 billion recorded in 2024, reflecting an additional $2.08 billion borrowed from the global lender.

    The World Bank debt includes loans from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).

    Breakdown shows increase across loan categories

    Data from the DMO shows that Nigeria’s debt to the IDA rose from $16.56 billion in 2024 to $18.51 billion in 2025.

    Similarly, exposure to the IBRD increased from $1.24 billion to $1.38 billion within the same period.

    The combined loans accounted for 38.36 per cent of Nigeria’s total external debt stock, which stood at $51.86 billion by the end of 2025.

    Total external debt continues upward trend

    Although slightly lower than the 38.90 per cent share recorded in 2024, the World Bank remains Nigeria’s largest external creditor.

    The country’s total external debt also rose from $45.78 billion in 2024 to $51.86 billion in 2025.

    Tinubu defends borrowing policy

    President Bola Tinubu has defended his administration’s borrowing strategy amid growing criticism over Nigeria’s rising debt profile.

    In a viral video, the president said, “If we have to borrow money, we will borrow. Borrowing money is not leprosy. We just have to work hard to give to people.”

    Loans linked to reforms and infrastructure

    The administration has approved multiple borrowing plans since 2023, including a $2.25 billion World Bank loan approved in June 2024 to support economic reforms and social interventions.

    In July 2025, the Senate also approved an external borrowing plan exceeding $21 billion, alongside other financial instruments in euros, yen, and grants.

    More recently, the National Assembly approved a $516.3 million syndicated loan for the Sokoto–Badagry Superhighway project.

    Concerns grow over rising debt burden

    Nigeria’s total public debt has continued to rise sharply, reaching about N144.67 trillion by the end of 2024 from N97 trillion in 2023.

    Recent estimates suggest the figure may have climbed to around N159 trillion in 2026.

    Economists and opposition figures have raised concerns over the growing cost of debt servicing, warning that it could limit funding for critical sectors such as healthcare, education, and infrastructure.

  • Air Peace Breaks Silence on Gatwick Chaos, Blames Bird Strike for Flight Cancellation

    Air Peace has responded to backlash over its disrupted London to Lagos flight, stating that a bird strike forced the cancellation and grounding of the aircraft for safety checks.

    Airline reacts to viral claims

    The airline issued a statement addressing a viral video that alleged passengers were stranded without communication or care.

    Air Peace said the claims did not fully reflect the situation, stressing that safety considerations guided its actions.

    Bird strike forced cancellation

    According to the airline, the aircraft experienced a bird strike on May 1, requiring immediate suspension of the flight.

    It described the incident as a “force majeure” event that demanded comprehensive safety inspections before any operation could continue.

    “Safety is not negotiable… we would not operate an aircraft without the required clearance,” the airline said.

    Passengers informed, accommodation arranged

    Air Peace stated that passengers were informed of the disruption and that hotel accommodation was arranged at Hilton London Gatwick.

    It added that transit support was also provided while alternative flight plans were being organised.

    Delays linked to airport operations

    The airline explained that delays in moving some passengers were caused by airport congestion and slow baggage handling by ground service providers.

    It noted that baggage processes at international airports are handled by independent companies, not the airline directly.

    Denies abandoning travellers

    Air Peace insisted that passengers were not abandoned at any point, maintaining that communication was ongoing throughout the disruption.

    It said many affected passengers had already been accommodated while arrangements for new flights were in progress.

    The airline acknowledged the inconvenience caused but reaffirmed its commitment to safety and improved service delivery during disruptions.

  • Dangote Refinery Exports Jump 770% as NNPC Hits Five-Year Trading Peak

    Dangote Petroleum Refinery has recorded a sharp rise in jet fuel exports, surging by about 770 per cent over two years, as global demand and supply disruptions reshape the aviation fuel market.

    Latest shipment data shows exports climbed to 158,000 barrels per day in April 2026, up from about 18,000 bpd in April 2024.

    Europe, Africa Drive Growth

    The refinery’s expansion has been driven largely by increased demand from Europe and African markets.

    European-bound shipments rose to about 70,000 bpd by April 2026, while exports to African countries grew by roughly 115 per cent within the last year.

    Industry data indicates that ongoing tensions in the Middle East have pushed buyers to seek more stable and closer supply sources, boosting demand for Dangote’s output.

    Shift in Global Supply Chains

    The refinery’s location in West Africa has offered a strategic advantage, reducing transit time to Europe and avoiding high-risk routes such as the Red Sea.

    Between December 2025 and April 2026 alone, total exports nearly doubled, rising from 81,000 bpd to 158,000 bpd.

    NNPC Reports Strong Performance

    Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) announced a five-year peak in crude oil trading, reaching 1.71 million barrels per day.

    The figures were disclosed in its one-year mandate report covering April 2025 to April 2026.

    Operational Milestones Highlighted

    The report also noted increased production by NNPC Exploration and Production Limited, which hit 365,000 bpd in December 2025.

    Progress was recorded in gas infrastructure, including the completion of key sections of the Ajaokuta-Kaduna-Kano pipeline.

    NNPC further highlighted its partnership with the Dangote Refinery, including the crude-for-naira initiative and its equity stake in the facility.

    Reforms and Expansion Efforts

    The company said it had resumed consistent remittances to the Federation Account since July 2025 and introduced new crude grades and lubricant products to expand market reach.

    It also noted internal reforms, including staff expansion and leadership inclusion programmes.

    The latest figures point to growing momentum in Nigeria’s oil and gas sector, as both public and private players scale operations to meet shifting global demand.

     

  • CBN Raises ATM Card Fees to ₦1,500, Scraps Monthly Maintenance Charges on Naira Cards

    The Central Bank of Nigeria (CBN) has approved a 50 per cent increase in ATM debit and credit card issuance and replacement fees, raising the cost from ₦1,000 to ₦1,500.

    The apex bank also scrapped the ₦50 monthly maintenance charge on Naira debit and credit cards, though foreign currency cards will continue to attract $10 annual maintenance fees.

    The changes were contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, released on Thursday.

    New charges for ATM cards

    Under the new framework, regular ATM card issuance and replacement will now cost ₦1,500.

    Premium and hybrid cards will attract negotiable charges, while virtual cards remain free of charge.

    The CBN also maintained that all Point-of-Sale (PoS) merchant transaction fees will be borne by merchants and not customers.

    “All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the circular stated.

    It added that Merchant Service Charge remains at 0.5 per cent, capped at ₦10,000, regardless of payment method.

    CBN explains review

    In a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, the apex bank said the review is aimed at strengthening Nigeria’s financial system.

    It added that the updated guide will encourage digital payments, financial inclusion, and innovation in financial services.

    According to the CBN, the revision also reflects changes in the banking sector since the 2020 guidelines and accommodates new financial service providers.

    Push for electronic banking

    The bank said the new charges are designed to support the adoption of electronic payment channels and reduce reliance on cash transactions.

    It added that the framework will improve micropayments, expand financial access, and strengthen oversight in the banking system.

     

  • Sanusi Lamido Sanusi Defends Subsidy Removal, Questions FX Policy Timing in Viral Remarks

    Former Central Bank of Nigeria Governor and Emir of Kano, Sanusi Lamido Sanusi, has reignited national debate on fuel subsidy removal and foreign exchange reforms following a viral video where he reviewed Nigeria’s economic policies and their long-term impact.

    His comments come amid rising concerns over inflation, living costs, and continued currency instability.

    Defence of Subsidy Removal and Oil Sector Shift

    In the widely circulated remarks, Sanusi maintained that the fuel subsidy regime was never sustainable and had long-term economic consequences.

    “I have always said the subsidy regime was unsustainable. We cannot continue supporting foreign refineries. We’re an oil-producing country,” he said.

    He argued that Nigeria’s earlier reliance on imported refined products weakened domestic capacity, stressing that recent changes in local refining mark a positive shift.

    “Today, we have a situation where we have our own domestic refinery. We’re not importing petroleum products. We’re even exporting to Europe, and this is very good for the economy,” he added.

    Warning on Exchange Rate Controls

    Sanusi also turned attention to Nigeria’s exchange rate management, warning against artificial pricing systems that do not reflect real market conditions.

    “Artificial exchange rates, especially when you’re printing money, cannot work. There was going to be a devaluation,” he said.

    While backing both subsidy removal and exchange rate liberalisation, he questioned the sequencing of reforms and whether they were implemented at the right time.

    “For me, removing subsidy or liberalising exchange rates, these are good interventions. Were they done at the right time? Those are certain questions,” he noted.

    Debt Burden and Fiscal Pressure

    The former apex bank chief pointed to Nigeria’s debt servicing burden as a key reason reforms became unavoidable.

    “It’s not enough to say, oh, they removed subsidy. You had to. When you get to a point where 100% of your revenue goes into debt service, you cannot continue. Where is the money going to come from?” he asked.

    He warned that policy reforms without proper monetary tightening could deepen economic pressure.

    “However, if you decide to remove subsidy and liberalise exchange rates in an environment of very loose monetary conditions, before you have tightened money supply, the Naira drops to a bottomless pit. That was a timing issue,” he said.

    Call for Fiscal Discipline

    Sanusi also raised concerns about continued borrowing despite subsidy removal, urging stronger fiscal discipline from government.

    “Secondly, we’ve removed the subsidy. We’re not spending it. What we should not see is fiscal consolidation,” he said.

    “You cannot remove wastages and continue borrowing. If you’re not paying the subsidy and you’ve got the money, why are we still borrowing and borrowing? What are we borrowing for?” he added.

  • FG, Airlines Deadlocked Over Jet Fuel Pricing as Tinubu’s Debt Relief Plan Faces Test

    The Federal Government, airline operators, and fuel marketers have failed to reach an agreement on Jet A1 pricing after an emergency meeting in Abuja, setting a 72-hour window to resolve the standoff.

    Talks end in deadlock

    The meeting, involving the Airlines Operators of Nigeria (AON) and aviation fuel marketers, ended without a resolution, with stakeholders appointing focal representatives to continue negotiations.

    Minister of Aviation and Aerospace Development, Festus Keyamo, said the parties would reconvene within 48 to 72 hours to agree on a fair pricing structure.

    “The airlines cannot continue for the next several days with the current prices… they have been stretched to limits,” he said.

    Pressure mounts despite FG intervention

    The deadlock comes shortly after President Bola Tinubu approved a 30 percent debt waiver for airlines, part of broader efforts to cushion the impact of rising operational costs.

    However, stakeholders say the relief may not be enough if fuel pricing remains unresolved.

    Airlines warn of possible shutdown

    Air Peace Chairman and AON representative, Allen Onyema, warned that airlines may be forced to halt operations if urgent action is not taken.

    “No airline is going to be flying in the next seven days if something is not done,” he said.

    He argued that the spike in Jet A1 prices in Nigeria far exceeds global trends, despite international factors like the US-Iran situation.

    “It’s only in Nigeria that we have about 200 to 270 percent increase… while in other parts of the world, it is about 70 percent,” Onyema added.

    Regulator signals possible action

    Keyamo stressed that while the sector operates under a free market system, pricing must remain reasonable.

    “There is a free market… but it is not a licence to go haywire,” he said, hinting at possible regulatory steps if necessary.

    72-hour window to resolve crisis

    Stakeholders are expected to return with recommendations within three days as the government pushes for a resolution to avoid disruption to flight operations.

    The situation continues to dominate latest Nigerian news and breaking news Nigeria today, with concerns growing over the impact on air travel and the wider economy.

  • FAAC Shares N2.036trn March Revenue Amid Mixed Oil, Tax Returns

    The Federation Account Allocation Committee (FAAC) has shared N2.036 trillion among the three tiers of government for March 2026, reflecting a mix of rising tax revenues and declining oil-related earnings.

    How the funds were shared

    The allocation was finalised in Abuja during FAAC’s monthly meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

    According to a communiqué issued after the meeting, the federal government received N789.159 billion, states got N657.596 billion, while local government councils were allocated N468.826 billion.

    Oil-producing states also received N120.759 billion as 13 per cent derivation revenue.

    Breakdown of revenue sources

    The distributable sum of N2.036 trillion was drawn from a gross revenue of N2.364 trillion.

    This included N1.320 trillion from statutory revenue, N515.391 billion from Value Added Tax (VAT), and an augmentation of N200 billion.

    From statutory revenue alone, the federal government received N632.260 billion, states got N320.691 billion, while local governments received N247.239 billion.

    VAT distribution details

    Out of the N515.391 billion VAT pool, the federal government received N51.539 billion, states were allocated N283.465 billion, and local governments got N180.387 billion.

    Revenue performance shows mixed trends

    The communiqué revealed that gross statutory revenue rose to N1.699 trillion in March, an increase of N137.914 billion compared to February’s N1.561 trillion.

    However, VAT revenue dipped slightly to N664.425 billion, down by N4.025 billion from the previous month.

    From the total revenue, N81.084 billion was deducted as cost of collection, while N246.872 billion was set aside for transfers, refunds, and savings.

    Taxes rise, oil earnings fall

    In terms of performance, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, and Excise Duties recorded notable increases.

    On the other hand, Petroleum Profit Tax (PPT), Hydrocarbon Tax, Oil and Gas Royalties, Import Duty, and Common External Tariff (CET) declined. VAT collections also recorded a slight drop.

    The latest FAAC allocation highlights ongoing shifts in Nigeria’s revenue structure, with stronger tax contributions offsetting weaker oil inflows, a trend that continues to shape latest Nigerian news and breaking news Nigeria today.

     

  • Naira Strengthens Slightly to ₦1,345/$ as Stability Holds Across Markets

    The Nigerian Naira opened trading on Tuesday at an average of ₦1,345.47 per dollar in the official market, extending its steady run as efforts to align exchange rates continue.

    What happened

    At the Nigerian Foreign Exchange Market (NFEM), the currency recorded a slight appreciation during early trading.

    It briefly touched ₦1,345.87 per dollar before stabilising, reflecting consistent interbank activity and steady demand.

    Analysts say the performance is tied to ongoing reforms by the Central Bank aimed at improving liquidity and ensuring transparent pricing.

    Parallel market trend

    In the parallel market, the Naira maintained relative stability across major cities including Lagos, Port Harcourt and Kano.

    The dollar traded between ₦1,390 and ₦1,405, with the gap between both markets remaining largely unchanged.

    Traders noted that volatility has reduced compared to previous periods, offering more predictability for users of the informal market.

    What is driving stability

    Market observers attribute the trend to improved investor confidence, stronger external reserves and increased dollar inflows.

    These factors have helped ease pressure on the local currency while supporting gradual convergence between official and parallel rates.

    The bigger picture

    For businesses and households, the current rates point to a period of relative calm.

    While global dollar strength still poses a risk, the Nigerian market continues to meet demand without major disruptions, supporting smoother transactions in the near term.

     

  • Naira Opens Week at ₦1,347/$ as Dollar Demand Keeps Pressure on FX Market

    The Nigerian Naira began trading on Monday, April 20, 2026, at about ₦1,347.33 per US Dollar at the official window, showing slight depreciation as demand for foreign exchange remained steady across markets.

    Market movement

    At the Nigerian Foreign Exchange Market (NFEM), the Naira averaged ₦1,347.33/$ in early trading, reflecting a mild drop compared to last week’s close.

    Traders said demand for the Dollar, especially for imports and international payments, continued to put pressure on the local currency despite relatively stable liquidity conditions.

    Parallel market rates

    In the parallel market, the Naira traded higher than the official rate, maintaining the usual gap between both segments.

    Across major cities like Lagos, Abuja, and Kano, Bureau De Change operators quoted buying rates around ₦1,395 and selling rates near ₦1,405 per Dollar.

    The relatively stable spread suggests that retail Dollar supply remains sufficient, limiting sharp fluctuations.

    What is driving the trend

    Analysts linked the Naira’s performance to persistent foreign exchange demand and ongoing adjustments within Nigeria’s FX framework.

    They also noted that stable crude oil prices have helped support external reserves, providing some cushion against major volatility.

    However, underlying demand for foreign currency continues to shape short-term movements in the market.

    Outlook

    For businesses and investors, the current trend points to gradual adjustments rather than extreme swings.

    Market watchers say close monitoring of FX movements remains key, as even small shifts could impact pricing, trade, and investment decisions.

     

  • FG Bans Import of Poultry, Cement, Drugs from Non-ECOWAS Countries, Introduces 2% Vehicle Tax

    The Federal Government has announced a sweeping ban on the importation of poultry products, cement, pharmaceuticals and several agricultural goods from countries outside the Economic Community of West African States, as part of its 2026 fiscal policy reforms.

    Details of the new directive

    The decision was contained in a circular issued by the Federal Ministry of Finance and signed by the Minister of Finance, Wale Edun, dated April 1, 2026.

    According to the document, the affected goods are part of a revised import prohibition list covering 17 items, targeting products originating from non-ECOWAS member states.

    The policy forms part of broader tariff amendments under the 2026 Fiscal Policy Measures, replacing the 2023 framework.

    Grace period for existing importers

    The ministry said importers who had already initiated transactions before the new policy took effect would be given a 90-day window to complete them.

    “In addition, a grace period of ninety (90) days shall be granted to all importers who had opened Form ‘M’ and must have entered into irrevocable Trade Agreement before the coming into effect of this circular,” the statement read.

    It added that any new import transactions from April 1 would fall strictly under the new regime.

    Items affected

    Products listed under the prohibition include poultry, beef and pork, eggs, refined vegetable oils, sugar, cocoa products and tomatoes.

    Also affected are non-alcoholic beverages, bagged cement, certain pharmaceutical products, fertilisers, soaps, detergents, paper materials, glass bottles, steel items, and ballpoint pens.

    New tax on vehicles

    Alongside the import restrictions, the government introduced a two per cent green tax on motor vehicles.

    The levy applies to vehicles with engine capacities between 2009cc and above 4000cc, as part of efforts to align with environmental and fiscal policies.

    The ministry noted that the new measures will be formally published in the Official Federal Government Gazette.