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World Bank: Nigeria, Bangladesh, and Pakistan Now Account for Nearly 30% of All IDA-Eligible External Debt

  • dollaers
  • December 4, 2025
  • Debt
  • 0 comments

The World Bank has disclosed that three major developing economies—Nigeria, Bangladesh, and Pakistan—now collectively hold close to 30% of the total external debt owed by countries eligible for International Development Association (IDA) financing. The figures were contained in the International Debt Report 2025, released by the global lender on Wednesday, offering fresh insight into the evolution of debt patterns among lower-income and emerging economies.

According to the report, the concentration of external debt among a small group of IDA countries has grown significantly in recent years, amid increased reliance on multilateral loans and limited access to affordable market financing. The findings come at a time when global financing conditions remain tight, and concerns over sustainability are rising, especially for highly indebted nations with narrow revenue bases.

Widening Debt Concentration and Changing Patterns of External Borrowing

The World Bank report notes that despite shifts in the global economic landscape, the fundamental structure of long-term external debt among IDA borrowers has remained relatively stable over the past decade. Public and publicly guaranteed (PPG) debt—which includes sovereign borrowing and private loans backed by government guarantees—still accounts for 75% of total IDA-eligible external debt, while private non-guaranteed (PNG) debt represents 25%.

In 2024, the stock of PPG debt grew 2.8% to $816.5 billion, reflecting continued dependence on official lending and the limited ability of many low-income economies to access private capital without sovereign backing. In contrast, PNG debt recorded a slight decline, falling to $241.9 billion, a trend driven by weaker private sector borrowing and risk aversion among global lenders.

The report also highlights an increasingly concentrated debt profile, where just seven countries out of the top ten borrowers now hold more than half of all IDA-eligible external debt. The list of the ten largest borrowers includes China, India, Brazil, Mexico, Türkiye, Indonesia, Argentina, Colombia, Ukraine, and Thailand. While Nigeria, Pakistan, and Bangladesh do not appear in the top ten globally, they collectively dominate the debt profile for IDA-eligible economies.

Sharp Increase in Debt Inflows Driven by Short-Term Borrowing

Debt inflows to IDA-eligible countries surged in 2024, with net debt inflows rising 18.6% to $53.1 billion. The World Bank attributes this increase to a dramatic shift in short-term debt flows, which moved from an outflow position of $10.6 billion in 2023 to an inflow of $5.6 billion in 2024. This reversal reflects short-term borrowing pressures to support balance of payment needs, manage currency stability, and fund essential imports in the face of rising global inflation.

Long-term debt inflows, however, fell 14.4%, though they remained positive at $47.4 billion, still higher than in 2022. The report reveals that long-term flows to PNG borrowers turned negative for the first time in decades, moving from an inflow of $7.3 billion to an outflow of $567 million. The World Bank attributes this shift to reduced appetite among commercial banks and private creditors, whose combined net flows turned negative for the first time since 1999.

Rising Concerns for Nigeria’s Fiscal Outlook

The report amplifies growing concern among analysts that Nigeria’s public debt has reached levels that could undermine fiscal stability if reforms fail to accelerate. With Nigeria now ranking among the three largest IDA-eligible borrowers, its borrowing concentration raises policy questions about the sustainability of external debt servicing and the country’s vulnerability to exchange rate shocks and tightening conditions in global financial markets.

Financial experts have repeatedly warned that Nigeria’s public debt trajectory is approaching critical thresholds, where debt servicing could significantly crowd out essential spending on health, education, infrastructure, and social programmes. The report notes that countries like Nigeria must deepen debt transparency, strengthen domestic revenue mobilization, and adopt more prudent borrowing strategies to reduce exposure.

Nigeria’s Debt Position Continues to Rise

Data from the Debt Management Office (DMO) shows that Nigeria’s total public debt climbed to ₦152.39 trillion in the second quarter of 2025, up from ₦149.38 trillion recorded in Q1. The country’s external debt stood at $46.98 billion (₦71.85 trillion) in June 2025, a rise from $45.98 billion (₦70.63 trillion) recorded in March.

Debt servicing costs have also increased. The DMO reported that Nigeria spent $932.1 million servicing external debt in Q2 2025, reflecting pressures from currency depreciation and rising global interest rates.

Need for Policy Action

With debt concentration intensifying, the World Bank urges vulnerable economies—including Nigeria—to enhance fiscal discipline, improve the efficiency of public spending, and embrace reforms targeted at expanding domestic revenue sources. The report argues that without decisive policy action, rising debt could stifle long-term growth and limit access to development financing needed for poverty reduction.

Governor Peter Mbah Presents ₦1.62 Trillion 2026 Budget to Enugu State Assembly, Targets Accelerated Growth and Consolidation

  • dollaers
  • December 3, 2025
  • Budget
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Governor Peter Mbah has presented a ₦1.62 trillion appropriation bill to the Enugu State House of Assembly for the 2026 fiscal year, marking the state’s most ambitious budget yet and signalling his administration’s determination to scale up development gains recorded over the past two years. The budget proposal, themed “Budget of Renewed Momentum,” reflects a 66.5% increase from the ₦971 billion budget for 2025, underscoring a strategic push to deepen reforms and infrastructure expansion across the state.

While addressing lawmakers in Enugu on Tuesday, Mbah said the stepped-up fiscal proposal was essential for sustaining the pace of transformation already visible across key sectors. According to him, the substantial increase demonstrates the government’s resolve to invest heavily in human capital development, modern infrastructure, productive sectors of the economy, and governance systems capable of supporting long-term growth.

Capital Expenditure Dominates 2026 Spending Plan

A major highlight of the 2026 proposal is the allocation structure, which overwhelmingly favours capital investment. Governor Mbah disclosed that ₦321 billion—representing 20% of the entire budget—has been set aside for recurrent expenditure, covering personnel, overheads, and general administration.

In contrast, a significantly larger ₦1.29 trillion is dedicated to capital expenditure, reaffirming the administration’s commitment to transformative, long-term projects. Mbah explained that the budget is anchored on four core pillars that shape his administration’s development philosophy:

  1. Empowerment and Education

  2. Inclusive and People-Centred Development

  3. Good Governance

  4. Economic Transformation

“These pillars form the bedrock of our development agenda and will guide how every naira in this budget is deployed,” the governor told the Assembly, noting that the strategy is designed to accelerate economic expansion, reduce poverty, and enhance overall quality of life.

Funding Structure and Revenue Projections

The government anticipates a robust revenue outlook in 2026, anchored on improved efficiency in internal revenue collection and ongoing federal allocations. To fund the ₦1.62 trillion package, the administration projects:

  • ₦870 billion from Internally Generated Revenue (IGR)

  • ₦387 billion from Federal Allocation

  • ₦329 billion from capital receipts, including loans, grants, and investment inflows

Mbah expressed confidence that ongoing reforms in revenue automation, digital governance, and private-sector partnerships will strengthen the state’s capacity to meet these targets.

Sectoral Allocations Prioritise Infrastructure and Social Development

According to the governor, the economic sector received the largest share of the budget, with an allocation of ₦825 billion. This funding will support critical infrastructure projects, agricultural development programmes, industrial parks, transportation networks, and initiatives to promote investment.

The social sector—covering education, healthcare, social welfare, and other human capital programmes—received ₦644 billion, reflecting the administration’s emphasis on building a skilled and healthy population capable of driving the state’s transformation agenda.

Other allocations include:

  • Administration: ₦128 billion

  • Law and Justice: ₦15 billion

  • Regional Sector: ₦2 billion

2025 Budget Performance Reaches 83%

Governor Mbah also gave an update on the implementation of the 2025 budget, revealing a performance level of 83%. He noted that as the year wraps up, this figure is expected to rise further as ongoing projects approach completion.

Assembly Pledges Full Support

Responding to the presentation, the Speaker of the Enugu State House of Assembly, Chief Uche Ugwu, praised the governor for what he described as an impressive track record of achievements in just two years. He assured the executive of the legislature’s cooperation and promised accelerated consideration of the 2026 appropriation bill.

“We remain committed to giving this budget the priority attention it deserves so that the developmental objectives of this administration can be realised,” Ugwu stated.

Strategic Economic Moves Ahead

This budget presentation comes months after the state government signed a landmark Memorandum of Understanding (MoU) with Lion Business Park Limited to establish a modern industrial and commercial hub within the Enugu Industrial Park Free Trade Zone. The initiative aims to raise the state’s GDP dramatically—from $4.4 billion to $30 billion—by stimulating innovation, industrial growth, employment, and regional competitiveness.

Governor Mbah reiterated that the 2026 budget is crafted to sustain this growth trajectory, foster shared prosperity, and entrench Enugu State as an emerging economic powerhouse in the South-East and Nigeria at large.

CBN Announces Revised Cash Withdrawal Rules Effective January 2026, Ends Special Authorisation Window

  • dollaers
  • December 3, 2025
  • Bank
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The Central Bank of Nigeria (CBN) has unveiled a major overhaul of the nation’s cash withdrawal framework, announcing the discontinuation of the special authorisation that previously allowed individuals to withdraw up to ₦5 million and corporate entities ₦10 million once a month. The new rules, which take effect on January 1, 2026, signal a renewed push by the apex bank to reduce the economy’s dependence on physical cash, improve security, and strengthen oversight of financial flows.

In a circular dated December 2, 2025, and signed by Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department, the CBN explained that the reforms were necessary due to the increasing cost of cash management and the persistent risks associated with cash-heavy transactions, including money laundering vulnerabilities. According to the apex bank, previous policies were implemented at various times to address immediate challenges within the payment system, but evolving realities now require a streamlined and modernized approach.

The circular stated that past cash-related directives were crafted to “reduce cash usage and encourage accelerated adoption of electronic payment channels.” However, with significant shifts in technology, financial behaviour, and security considerations, the bank believes the time is right to recalibrate the rules to better align with today’s economic dynamics.

New Withdrawal and Deposit Rules

Under the revised policy framework, individuals will be restricted to ₦500,000 weekly withdrawals across all banking channels, including ATMs, point-of-sale terminals, and over-the-counter transactions. Corporate organisations, however, will be permitted to withdraw up to ₦5 million weekly.

Withdrawals that exceed these thresholds will attract excess withdrawal fees—3% for individuals and 5% for corporates. These charges will be jointly shared by the CBN and the financial institutions involved.

Additionally:

  • ATM withdrawals will be capped at ₦100,000 per day, with a total weekly ceiling of ₦500,000, which forms part of the overall withdrawal limit.

  • All denominations of the naira may now be dispensed through ATMs, removing previous restrictions on the types of notes that could be loaded.

  • The ₦100,000 over-the-counter limit for third-party cheques remains unchanged, and such withdrawals also contribute to the cumulative weekly limit.

  • The special authorization window that previously allowed high-value withdrawals without penalty has been officially abolished.

Compliance, Reporting, and Exemptions

Deposit Money Banks must now submit monthly reports on all withdrawals exceeding the set limits, as well as detailed breakdowns of cash deposits, to the appropriate CBN supervisory units. Banks are also required to maintain dedicated accounts for storing charges collected from excess withdrawals.

Several exemptions, however, have been defined. Government revenue-generating accounts at the federal, state, and local levels are excluded from both the withdrawal limits and the associated fees. Accounts belonging to microfinance banks and primary mortgage banks, when operated with commercial or non-interest banks, are also exempted.

Notably, previously granted exemptions for embassies, diplomatic missions, and aid-donor agencies have now been withdrawn, signaling a shift toward more uniform enforcement across all entities.

The CBN clarified that while the new circular does not nullify all previous directives, it supersedes certain aspects of earlier guidelines, as itemized in its appendices.

Regulatory Context

The updated policy builds on a series of reforms aimed at improving transaction transparency and curbing abuse within the payment ecosystem. In October, the CBN mandated that financial institutions submit monthly reports detailing the activities of Point-of-Sale (POS) agents, including transaction volumes, values, and service types. It also reiterated limits of ₦1.2 million per day for POS agents and ₦100,000 daily for individual customers, citing the need to enhance consumer protection and safeguard the integrity of agent banking operations.

With the January 2026 rules, the CBN is reinforcing its long-term objective of promoting a more efficient, secure, and digitized financial system—one in which electronic payment channels, rather than physical cash, drive the bulk of daily transactions.

Eko Atlantic Emerges as Lagos’ Fastest-Growing Luxury Residential Market with 59.5% Five-Year Sales Surge — Estate Intel Report

  • dollaers
  • December 3, 2025
  • Real Estate
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A new market intelligence report from Estate Intel has revealed that Eko Atlantic now leads Lagos’ luxury residential segment, posting an impressive 59.5% sales growth over the past five years. The study, which analyzed price trends across Lagos’ most exclusive neighbourhoods, highlights the rising demand for ultra-prime real estate among high-net-worth individuals (HNWIs) and underscores the widening performance gap between purpose-built luxury districts and more mixed urban areas.

According to the report, luxury residential assets across Lagos have experienced some of the strongest price appreciations in Nigeria, with annual sales price growth averaging 38%–60% in naira terms. This surge reflects several factors: sustained demand from Nigeria’s expanding affluent class, persistent supply shortages in ultra-prime markets, and the growing global appeal of Lagos as a West African commercial and lifestyle hub.

Eko Atlantic, a master-planned coastal city built on reclaimed land along the Atlantic shoreline, has cemented its position as the most desired address for high-end buyers. Its top ranking is supported by exceptional infrastructure, reliable utilities, and advanced urban planning—all features that continue to drive premium pricing and long-term sales performance.

Other high-demand luxury enclaves also recorded notable gains. Ikoyi, historically one of Lagos’ most prestigious neighbourhoods, followed closely with 58.14% growth, reaffirming its status as the preferred location for traditional luxury homes, secure gated streets, and diplomatic residences. Banana Island, renowned for its exclusive waterfront homes and ultra-luxury estates, posted 55.30% growth, driven by intensifying competition for its limited land supply and elite community appeal.

Victoria Island—the city’s commercial powerhouse and mixed-use district—recorded 45.04% growth, showing continued investor interest in locations offering both residential comfort and proximity to business hubs. Meanwhile, Oniru, which has evolved into a vibrant middle-upper residential zone over the last decade, posted 38.32% growth. Though relatively moderate compared with ultra-prime districts, Oniru’s appreciation still reflects strong demand from young professionals and mid-tier investors seeking more accessible high-end housing.

Estate Intel’s findings point to a growing divergence between Lagos’ most exclusive districts and broader high-income neighbourhoods. Investors are increasingly willing to pay significant premiums for areas offering modern master-planning, enhanced security, scarcity value, and lifestyle infrastructure. As a result, districts designed from the ground up—like Eko Atlantic—are delivering exceptional long-term capital gains.

Why Eko Atlantic Leads the Pack

Insights from an earlier Nairametrics interview with Tosin Soile, Managing Director of August Crossing Limited and developer of the 16-storey Le Rêve project, help explain why Eko Atlantic consistently outperforms other luxury districts.

Soile emphasizes that the city offers a unique combination of features rarely found simultaneously in Nigeria’s real estate landscape. These include:

  • Master-planned, climate-resilient infrastructure

  • Uninterrupted power supply and stable water systems

  • High-speed internet connectivity

  • Superior drainage and flood-resistant engineering

  • Reclaimed and structurally reinforced land designed to withstand extreme climate events

Combined, these attributes create an environment suitable for high-rise luxury living, attracting both domestic and international investors.

Additionally, Eko Atlantic’s Free Zone status enhances its investment appeal by offering streamlined regulatory approvals, tax benefits, and government-backed subleases that provide stronger ownership security than in many traditional districts. These structural advantages have led to a surge in off-plan investments.

For example, the Le Rêve project—priced from $550,000 for three-bedroom maisonettes and $730,000 for four-bedroom units—demonstrates the scale of capital required for high-end development in the district. The entire project, valued at $25 million, brings together local and international contractors, structural engineers, architects, and project management professionals, ensuring global construction standards.

Beyond the physical infrastructure, the district also benefits from private security, professional facility management, and premium communal amenities, which collectively enhance living quality and long-term asset value.

These factors help explain why Eko Atlantic continues to attract high-net-worth Nigerians, diaspora investors, multinational executives, and institutional buyers seeking stable, high-yield real estate opportunities. With demand expected to rise and supply constrained by deliberate planning limits, analysts anticipate that ultra-prime districts like Eko Atlantic will continue to outperform the broader Lagos luxury market for years to come.

Nigeria’s Equities Market Rebounds as Renewed Demand for DANGCEM Lifts NGX by 1.20%

  • dollaers
  • December 3, 2025
  • Finance
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Nigeria’s equities market staged a strong recovery on Tuesday, December 2, 2025, reversing the losses recorded during the previous trading session and signaling renewed investor appetite for heavyweight counters. The rebound was driven largely by significant buying interest in Dangote Cement (DANGCEM), which helped propel the Nigerian Exchange (NGX) All-Share Index (ASI) upward by 1.20%, closing at 144,928.36 points. Market capitalization similarly expanded by 1.41% to settle at N92.38 trillion, reflecting improved market confidence at the start of the week.

This rally also boosted the year-to-date (YTD) performance of the market, with returns rising to 40.81%, up from 39.14% the previous day, underscoring the NGX’s resilience despite recent volatility. The positive sentiment was led by gains in key blue-chip stocks including Dangote Cement, NCR, and International Breweries, whose strong performance helped offset losses seen in Ikeja Hotels, Legend, and LivingTrust.

Market activity, however, painted a mixed picture. While the value of transactions surged impressively—rising 112.64%—the total volume of shares traded dropped sharply by 58.65%, suggesting that although fewer shares changed hands, the trades executed were concentrated in high-value stocks. This pattern indicates selective positioning by institutional and high-net-worth investors rather than broad-based market participation.

AccessCorp dominated the activity chart with 310.25 million units traded, maintaining its position as the most actively traded stock of the session. On the value side, SEPLAT took the lead with trades worth N22.48 billion, reflecting sustained interest in energy-sector equities.

Market Summary

  • ASI: Up 1.20% to 144,928.36 points

  • YTD Performance: 40.81%

  • Market Capitalization: Up 1.41% to N92.376 trillion

  • Volume Traded: 606.25 million shares

  • Value Traded: N39.690 billion

Top 5 Gainers

  1. Dangote Cement (DANGCEM): +9.99% to N588.00

  2. NCR: +9.98% to N66.10

  3. International Breweries (INTBREW): +9.66% to N11.35

  4. Livestock Feeds: +8.33% to N6.50

  5. DAAR Communications: +8.14% to N0.93

Top 5 Losers

  1. Ikeja Hotel: –9.92% to N28.60

  2. Legend: –9.91% to N5.00

  3. LivingTrust: –9.78% to N3.23

  4. WAPIC: –6.72% to N2.36

  5. FTN Cocoa: –5.10% to N4.65

Sectoral Performance

The session’s performance was broadly positive, led by:

  • Industrial Goods: +4.30% (boosted by strong demand for DANGCEM)

  • Consumer Goods: +1.08%

  • Banking: +0.19%

  • Insurance: +0.16%

  • Oil & Gas: +0.02%

The industrial sector dominated due to heavy bargain-hunting in Dangote Cement, which alone added significant upward pressure on the broader market indices.

Trading Volume Leaders

  1. AccessCorp: 310 million shares

  2. Zenith Bank: 40.33 million shares

  3. Fidelity Bank: 38.17 million shares

  4. FCMB: 21.139 million shares

  5. GTCO: 20.810 million shares

Trading Value Leaders

  1. AccessCorp: N6.42 billion

  2. Zenith Bank: N2.42 billion

  3. GTCO: N1.80 billion

  4. Aradel: N632.44 million

  5. MTNN: N664.35 million

Market Outlook

The market’s recovery reflects strengthening investor sentiment as funds rotate into high-cap stocks perceived as more stable amid economic uncertainty. The strong performance of heavyweight counters, particularly Dangote Cement and International Breweries, signals targeted accumulation by institutional investors looking to position ahead of year-end portfolio adjustments.

However, the sharp decline in market volume suggests underlying caution. While value traded rose substantially, the concentration in a few large-ticket equities indicates that investors are selectively picking opportunities rather than engaging in broad-based risk-taking. Analysts expect this trend to persist in the near term as investors balance optimism about corporate earnings with concerns about macroeconomic pressures, inflation, and exchange rate volatility.

Overall, the market appears poised for a cautiously bullish close to the year, provided stability persists in key sectors and liquidity continues to rotate into fundamentally strong stocks.

Geopolitical Jitters Push Nigerian Crude Above $65 per Barrel as Global Oil Markets Brace for Turbulence

  • dollaers
  • December 3, 2025
  • Oil and Gas
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Global oil markets began the week on a tense note as renewed geopolitical disruptions and supply-side risks lifted crude prices, pushing Nigeria’s major crude grades above the $65 per barrel threshold. The upward movement, though modest, reflects mounting concerns surrounding key production hubs and transit routes, as well as the fragility of global energy supply at a time when demand remains uneven and market sentiment is highly sensitive to political developments.

Nigeria’s flagship crude streams — Brass River, Bonny Light, and Qua Iboe — all settled above the $65 per barrel mark on Monday. The gains came amid a broader uptick in the international oil complex: West Texas Intermediate (WTI) rose by 0.3% to $59.5 per barrel, while Brent crude futures advanced by around 0.2% to $63.31 per barrel. Although these increases appear modest, they follow several weeks of price instability, underscoring a market that is increasingly swayed by uncertainty rather than supply-demand fundamentals.

The rally in Nigerian grades coincides with a backdrop of fragility in the global oil market. Crude prices had posted their fourth consecutive monthly decline in November, the longest downtrend since 2023. Oversupply concerns, driven largely by production growth outpacing demand recovery, had weighed on prices for months. But renewed geopolitical tension has injected fresh volatility into the market, reversing some of the downward pressure and reigniting bullish sentiment in the short term.

One of the most significant catalysts for the recent uptick was a series of strikes on Russia’s energy infrastructure. Over the weekend, drone attacks targeted a mooring at the Caspian Pipeline Consortium (CPC) terminal in the Black Sea, temporarily halting the loading of Kazakh crude. The CPC is a critical conduit, transporting roughly 1% of global oil supply — around 1.6 million barrels per day. Although operations resumed partially, the incident reinforced concerns about the vulnerability of key export routes, especially amid the ongoing conflict involving Russia and Ukraine.

Analysts warn that while these disruptions have provided immediate price support, the market may face downward pressure if geopolitical conditions shift. In particular, speculation about a potential peace deal between Russia and Ukraine under a new U.S. administration has raised questions about whether Western sanctions on Russian oil could eventually be relaxed. Such a development would unleash additional barrels into the market, dampening prices and potentially reshaping global trade flows.

Meanwhile, tensions are also escalating in the Western Hemisphere. Concerns about Venezuelan crude supply have intensified following U.S. President Donald Trump’s remarks suggesting the possibility of closing Venezuelan airspace. The United States has also increased its military presence in the region and reportedly targeted vessels suspected of drug trafficking. Venezuela currently exports roughly 800,000 barrels per day, most of which goes to China. Any disruption to this flow could further tighten global supply.

Amid these global uncertainties, the OPEC+ alliance has maintained its conservative approach. The organization announced that it will pause production increases through the first quarter of 2026, citing risks of a supply glut and the need to stabilize inventories. Although this decision provided short-term support for prices, many analysts believe the impact may be limited, given projections that global oil inventories could rise by 2.4 million barrels per day in 2025 and 4 million barrels per day in 2026.

Despite the external turmoil, Nigeria’s domestic oil industry is showing signs of renewed momentum. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently opened bids for 50 oil blocks under the 2025 licensing round. These include deepwater, onshore, shallow water, and frontier acreage, with the government projecting up to $10 billion in new investments and an increase of nearly 2 billion barrels in national reserves over the next decade. The initiative aligns with President Bola Tinubu’s ambition to raise Nigeria’s crude production by at least 1 million barrels per day.

There are already indications of rising output. According to OPEC’s latest figures, Nigeria’s crude oil production climbed to 1.4 million barrels per day in October 2025, up from 1.39 million barrels per day in September. While still below the country’s full potential, the incremental increase reflects improved operational stability, enhanced monitoring of oil-producing assets, and ongoing reforms in the upstream sector.

As geopolitical tensions continue to dictate market sentiment, Nigeria’s position as a key supplier of high-quality crude may offer temporary revenue gains. However, analysts emphasize that the sustainability of these gains will depend largely on Nigeria’s ability to address internal challenges, boost production efficiency, secure its oil infrastructure, and capitalize on new investment opportunities. The global oil market, meanwhile, remains perched on a delicate balance, with uncertainty — rather than stability — steering the outlook for the months ahead.

Governor Zulum Approves N706.5 Million Scholarship Package for Borno Students

  • dollaers
  • December 2, 2025
  • Scholarships / Financial Aid
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The Borno State Government has taken another significant step in strengthening its education sector, as Governor Babagana Umara Zulum has approved a fresh scholarship allocation worth N706.5 million to support students studying within Nigeria and abroad.

The announcement, made in Maiduguri on Monday by Dr. Bala Isa, Executive Secretary of the Borno State Scholarship Board, underscores the administration’s continued investment in human capital development and its commitment to ensuring that every willing and qualified student has access to learning opportunities.

According to Isa, the newly approved funding covers multiple categories of beneficiaries and is designed to take immediate effect. He emphasized that Governor Zulum’s initiative reflects the state’s long-standing objective of rebuilding and empowering its youthful population after years of insurgency-related setbacks.

Support for Orphans, Special Scholarship Beneficiaries, and Repatriated Students

The scholarship package has been structured to accommodate students across diverse programs and backgrounds. A major portion of the approval will support 300 orphans of fallen members of the Civilian Joint Task Force (CJTF)—a group whose contributions have been instrumental in assisting state and federal security agencies in combating Boko Haram terrorism.

Additionally, the funds will cover:

  • 206 students of the Federal University of Health Sciences, Azare, under the Borno State Special Scholarship Scheme.

  • 34 students of Al-Ansar University, Maiduguri.

  • Repatriated Borno students from Sudan, who returned to Nigeria following the crisis in that country and require financial support to regain academic stability.

Isa noted that these interventions are not merely financial commitments but are symbolic of the government’s recognition of the sacrifices of security volunteers, as well as its determination to ensure continuous learning for youths affected by regional or international instability.

Expanded Coverage for Nursing and Postgraduate STEM Students

A substantial part of the scholarship allocation has also been dedicated to improving health-related education and meeting the state’s future workforce needs.

According to the Executive Secretary:

  • 104 nursing students at the College of Nursing Sciences, Maiduguri preparing for their professional examinations will receive scholarship support.

  • 523 nursing students will receive a five-month upkeep allowance.

  • 304 postgraduate students pursuing Science, Technology, Engineering and Mathematics (STEM) programs in various Nigerian universities will benefit from the second tranche of their scholarship payments.

Isa explained that these targeted investments are aligned with Borno State’s broader strategy to rebuild its healthcare system and strengthen technical capacity across critical sectors. With the state continuing major reconstruction efforts after years of insurgency, equipping young professionals with relevant skills remains a priority.

Education as a Pillar of Reconstruction

Speaking further on the significance of the scholarship program, Isa said the intervention is a cornerstone in the state’s ongoing reconstruction, rehabilitation, and resettlement agenda.

“This financial intervention by His Excellency underscores the central role education plays in stabilizing and rebuilding Borno,” he stated. “It sends a clear message that no student will be left behind and that every young person committed to learning will be supported.”

He reassured that the Scholarship Board is committed to transparency, accountability, and prompt disbursement, ensuring that every approved beneficiary receives their allocation without delay.

Context: Borno’s Multi-Billion Naira Scholarship Investments

The latest approval builds on the state’s substantial education spending in recent years. In 2024, the government disbursed more than N9.7 billion in scholarships for both local and international students, reflecting Governor Zulum’s far-reaching education and workforce development strategy.

The 2024 interventions included:

  • N4.29 billion for over 30,000 undergraduates in Nigerian universities studying Medicine, Nursing, Engineering, Law, and Sciences.

  • N382 million for 335 postgraduate STEM students in local institutions.

  • N2.32 billion for 132 undergraduates in Medicine and Engineering programs in China and Egypt.

  • N2.69 billion for 287 postgraduate STEM students in India and Malaysia.

Current international beneficiaries span multiple countries, including India, Malaysia, China, and Egypt. Notably, these include:

  • 10 medical students at Jinzhou Medical University,

  • 30 at Anhui Medical University, and

  • 50 engineering students across various Chinese universities.

Locally, beneficiaries include nearly 1,000 nursing students in Maiduguri, 94 students at the University of Maiduguri Teaching Hospital, and 392 students at the Federal Polytechnic, Monguno.

Nigeria’s Public Debt Rises to N152.39 Trillion in Q2 2025 — NBS

  • dollaers
  • December 2, 2025
  • Debt
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Nigeria’s total public debt stock continued its upward trajectory in the second quarter of 2025, reaching N152.39 trillion, according to newly released figures by the National Bureau of Statistics (NBS). The report, published on Monday, shows that the country’s total debt grew by 2.01% quarter-on-quarter, up from N149.38 trillion recorded in Q1 2025.

This latest increase underscores Nigeria’s deepening fiscal concerns, driven by expanding domestic and external borrowing needs, continuous revenue shortages, and structural inefficiencies hampering debt sustainability.

Breakdown of External and Domestic Debt

The NBS highlighted that Nigeria’s external debt climbed to N71.84 trillion (approximately $46.98 billion) in Q2 2025. Meanwhile, domestic debt rose to N80.55 trillion (about $52.67 billion).

In naira terms, external obligations accounted for 47.14% of total public debt, while domestic borrowings made up 52.86%. Analysts note that this split reflects the Federal Government’s attempt to maintain a balance between relatively cheaper foreign loans and the more predictable, but costlier, domestic debt instruments.

State-by-State Debt Distribution

The report also provided a detailed subnational breakdown of indebtedness.

Lagos State retained its position as the country’s most indebted state domestically, with a debt portfolio of N1.04 trillion in Q2 2025. It was followed by Rivers State, whose domestic debt stood at N364.39 billion. These two states, both major economic hubs, have consistently topped the debt charts due to their extensive infrastructure plans and large-scale development financing needs.

On the opposite end of the spectrum, Jigawa State recorded the lowest domestic debt at N852.49 million, followed by Ondo State, with N10.64 billion.

In terms of external subnational debt, Lagos again led with $1.04 billion, followed by Kaduna State with $658.70 million. The Federal Capital Territory (FCT) reported the lowest external debt figure at $19.26 million.

Federal Government Borrowed N6.17 Trillion in Six Months

Further insights from the Debt Management Office (DMO) reveal that the Federal Government borrowed heavily from the domestic market in the first half of 2025, securing N6.17 trillion within the six-month period.

Of this amount, N4.48 trillion was raised in Q1 2025, with an additional N1.70 trillion sourced in Q2. The borrowings were mobilized through traditional domestic instruments such as:

  • FGN Bonds,

  • Nigerian Treasury Bills (NTBs), and

  • Promissory Notes (P-Notes).

The Q2 borrowing figure represents a 2.26% increase compared to the previous quarter, marking continued fiscal pressures as the government seeks resources to finance budget deficits and critical expenditures.

Debt Service Burden Intensifies

Nigeria’s external debt service costs remain elevated. Nairametrics earlier reported that the country spent $932.1 million on external debt servicing in Q2 2025 alone.

A breakdown from the DMO shows that:

  • Multilateral lenders received $629.38 million—roughly 68% of all external debt service payments.

  • Bilateral creditors, including JICA, China Development Bank (CDB), and Agence Française de Développement (AFD), were paid $41.18 million collectively.

  • Commercial lenders, such as Eurobond holders and Unicredit SPA, received a total of $261.55 million.

The data highlights the mounting pressure of debt servicing on Nigeria’s already constrained revenue base.

Growing Concerns Over Debt Sustainability

Economic and capital-market experts continue to sound the alarm over Nigeria’s growing debt load. Speaking at the Capital Market Academics of Nigeria (CMAN) Q4 2025 Virtual Symposium, analysts warned that the country’s public debt profile is approaching unsustainable territory.

They noted that despite the government’s insistence that Nigeria’s debt-to-GDP ratio remains within global limits, the real challenge lies in:

  • weak and insufficient government revenues,

  • rising interest and debt-service obligations, and

  • persistent structural bottlenecks that limit fiscal flexibility.

These factors, experts caution, could erode Nigeria’s long-term financial stability and complicate future borrowing efforts.

Kaduna Governor Uba Sani Presents N985.9 Billion “People-Oriented” 2026 Budget to State Assembly

  • dollaers
  • December 2, 2025
  • Budget
  • 0 comments

Kaduna State Governor, Senator Uba Sani, on Monday laid before the Kaduna State House of Assembly a N985.9 billion Appropriation Bill for the 2026 fiscal year, describing it as one of the most people-focused and development-driven budgets the state has ever produced. The proposed spending plan—nearly N200 billion higher than the N790 billion budget for 2025—seeks to consolidate gains in security, infrastructure, education, healthcare, and rural development while deepening inclusive governance across all local government areas.

Presenting the budget at the historic Lugard Hall in Kaduna, the Governor emphasized that the exercise was far more than a constitutional obligation. It was, according to him, “a solemn civic engagement anchored on transparency, equity, accountability, and the welfare of every resident of Kaduna State.” He added that the 2026 proposal embodies renewal, resilience, and a far-reaching vision for progress in every home, ward, and community.

A Budget Built on Unprecedented Consultations

Governor Sani disclosed that the 2026 draft budget went through one of the broadest multi-level consultative processes ever implemented in Kaduna State. Stakeholders who shaped the fiscal plan included traditional rulers, civil society groups, women and youth associations, academics, business leaders, religious leaders, and vulnerable groups such as persons with disabilities and widows.

Engagements were conducted across all 23 local government areas, ensuring that grassroots concerns—from farmers to artisans, traders, teachers, and rural households—were directly reflected in the final document. The Governor said this approach strengthens participatory democracy and gives citizens a stronger sense of ownership over the state’s development priorities.

Budget Structure and Sectoral Allocation

The Appropriation Bill forecasts N734.2 billion in recurrent revenue and N251.6 billion in capital receipts. In line with the administration’s focus on long-term development, capital expenditure accounts for 71% of the total budget.

Sectoral allocations include:

  • Education – 25%

  • Infrastructure – 25%

  • Health – 15%

  • Agriculture – 11%

  • Security – 6%

  • Social Development – 5%

  • Governance – 5%

  • Climate Action – 4%

As part of its community empowerment and grassroots development strategy, the government earmarked N100 million for each of Kaduna’s 255 wards under the Ward Development Committee initiative. Sani described it as the largest grassroots budgeting model in Nigeria, enabling communities to identify and execute projects that directly address their most urgent needs.

Review of 2025: Achievements Despite Headwinds

Governor Sani highlighted several notable achievements in the 2025 fiscal year, despite economic challenges, fluctuating federal allocations, and significant security concerns.

In the area of security, he said Kaduna had made measurable progress in combating banditry, kidnapping, and communal tensions. Many previously unsafe farmlands and schools were reopened, and peacebuilding interventions under the Kaduna Peace Model helped restore stability across volatile hotspots.

Infrastructure development also accelerated. The state is currently executing 140 road projects spanning 1,335 kilometers, with 64 already completed. These new roads have begun unlocking economic corridors and reconnecting rural communities neglected for decades.

The transport sector recorded major reforms, including:

  • The upcoming Kaduna Bus Rapid Transit (KBRT) system—Northern Nigeria’s first—featuring CNG-powered buses and digital ticketing.

  • An interstate bus terminal in Kakuri (75% completed).

  • A subsidised transport scheme that has saved residents over N500 million.

  • Continued progress on the Kaduna Light Rail Project, with Phase I covering Rigachikun–Sabon Tasha and Phase II connecting Millennium City–Rigasa.

  • Construction of new bus parks across the metropolis.

Agriculture and Food Security Gains

Agricultural investments surged from N1.4 billion in 2023 to N74.2 billion in 2025, enabling large-scale recovery of over 500,000 hectares of abandoned farmland. Farmers also benefited from expanded irrigation support, livestock vaccination campaigns, mechanisation programmes, seed distribution, and more than 900 truckloads of free fertiliser.

The Governor highlighted the state’s participation in the $510 million AfDB-supported Special Agro-Industrial Processing Zone, which positions Kaduna as a leading agro-industrial centre in West Africa.

Education and Health: Central Pillars of Human Capital Development

The administration recorded significant strides in education. In 2025 alone:

  • 535 schools were reopened,

  • 300,000 out-of-school children returned to classrooms,

  • 736 new classrooms were built,

  • 1,220 classrooms were renovated,

  • Over 33,000 teachers received training, and

  • New bilingual and vocational schools were established.

In the health sector, all 255 Primary Healthcare Centres were upgraded to Level 2 status, while 15 general hospitals were renovated and five more completed. The state also commissioned the 300-bed Bola Tinubu Specialist Hospital and implemented the CONMESS and CONHESS wage structures. Additional investments went into emergency response systems, oxygen plants, digital medical warehousing, and a N1 billion health insurance subsidy for vulnerable families.

Assembly Commends Proposal

Responding on behalf of the legislature, Speaker Yusuf Liman praised the budget as ambitious, comprehensive, and development-focused. He commended the Governor for empowering lawmakers with greater involvement in constituency projects—a first in Kaduna’s political history—and promised a thorough and transparent review process.

He assured residents that the Assembly would work harmoniously with the Executive to fast-track reforms and ensure balanced, statewide development.

Nigerian Stocks Start December in the Red as Market Sheds N200 Billion

  • dollaers
  • December 2, 2025
  • Stocks
  • 0 comments

The Nigerian equities market opened the new month on a distinctly bearish note, extending the cautious sentiment that has shaped trading in recent weeks. On the first trading day of December, the market lost a total of N200 billion in value, reinforcing concerns that the year-end period may be dominated by profit-taking and thin liquidity.

The benchmark All-Share Index (ASI) fell by 0.22% to close at 143,210.33 points, dragging year-to-date (YTD) performance down to 39.14%, compared to 39.44% at the end of the previous trading week. Market capitalization also slipped by N197.32 billion, settling at N91.09 trillion as sell-side pressure continued to outweigh bullish interest.

Selloffs in Key Blue-Chip Stocks Drive Market Lower

The downtrend was fuelled by notable declines across several heavyweight counters. International Breweries (INTBREW) led the losers with a steep 10.00% fall, followed by Dangote Sugar (-1.61%) and WAPCO (-0.45%). Losses in these stocks erased the modest gains recorded by some financial and consumer names such as UBA (+1.51%), Champion Breweries (+8.11%), and AIICO Insurance (+6.34%).

The broader market weakness also tracked lower activity levels, as total traded volume dipped by 19.74%, while traded value fell by 6.82%. Despite the overall drop in turnover, Cornerstone Insurance emerged as the most actively traded stock, with a massive 908.82 million units exchanged—valued at N4.59 billion—as the counter continued to witness speculative movements following last week’s accumulation by institutional players.

Key Market Indicators at a Glance

  • All-Share Index (ASI): -0.22% to 143,210.33 points

  • Market Capitalization: -0.22% to N91.09 trillion

  • Year-to-Date Return: 39.14%

  • Volume of Trades: Down 19.74% to 466.18 million units

  • Value of Trades: Down 6.62% to N18.67 billion

  • Total Deals: Up 40.26% to 28,956

  • Gainers: 19

  • Losers: 26

Top Gainers

  • NCR: +9.97% to N60.10

  • Sunassur: +9.18% to N4.28

  • Champion Breweries: +8.11% to N14.00

  • Mecure: +7.58% to N29.80

  • Guinea Insurance: +7.27% to N1.18

Top Losers

  • International Breweries: -10.00% to N10.35

  • RT Briscoe: -9.80% to N3.10

  • Cornerstone Insurance: -7.83% to N5.53

  • DAAR Communications: -6.52% to N0.86

  • Regalis: -4.81% to N0.99

Market Breadth Turns Negative as Decliners Outnumber Advancers

Market breadth closed in the negative territory, with 26 losers against 19 gainers, reflecting broad investor caution. The selloffs were particularly intense in the Consumer Goods and Insurance sectors.

International Breweries suffered the sharpest decline, reinforcing the pressure that has trailed breweries amid rising costs and competitive headwinds. RT Briscoe and Cornerstone Insurance, which had seen significant demand last week, also came under heavy profit-taking.

Despite the gloomy tone, the market still recorded notable block trades in key banking stocks. Institutional investors showed continued interest in counters such as Wema Bank, AccessCorp, Fidelity Bank, and Zenith Bank, pointing to a selective accumulation strategy even in a cooling market.

Context: A Reversal From Last Week’s Gains

The negative start to December contrasts with the performance recorded on November 28, when the market gained N180 billion amid mild recovery across Consumer Goods (+0.57%), Banking (+0.25%), and Industrial Goods sectors. However, the Insurance sector—despite contributing the highest turnover—remained under pressure, signalling structural fragilities and high speculative trading activity.

Bearish Mood Persists Into the New Month

Monday’s downturn reinforces the broader bearish momentum that has shaped the market in recent weeks. With liquidity tightening ahead of year-end and investors showing greater sensitivity to valuation risks, analysts expect a mixed trading pattern in the days ahead—dominated by short-term repositioning, selective accumulation, and periodic profit-taking.

The market’s ability to rebound may depend heavily on macroeconomic signals, institutional flows, and sentiment around key financial and industrial stocks.

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