Nigeria’s total public debt is projected to rise to ₦155.1 trillion following the Senate’s approval of a fresh $6 billion loan request by President Bola Ahmed Tinubu. The approval, granted within hours, adds about ₦8.4 trillion at an exchange rate of ₦1,400 per dollar to the country’s debt stock, which stood at ₦146.69 trillion as …
No fewer than 241 people died, while 459,995 others were affected by floods across 27 states and 128 local government areas in 2025, the National Emergency Management Agency (NEMA) has said. The agency noted that the impact was lower than in the previous year. It linked the improvement to better planning and response. Speaking in …
Global oil prices spiked sharply as tensions around the Strait of Hormuz raised fears of supply disruption. Brent crude rose to $118.2 per barrel, while WTI climbed to $102.5, creating a wide gap between the two benchmarks. The surge followed remarks by Donald Trump, who urged countries facing jet fuel shortages due to the disruption …
Ongoing tensions in the Strait of Hormuz are disrupting global energy and fertilizer flows. Shipping through the key waterway has dropped the by over 95 per cent. This sharp decline is affecting oil, gas, and fertilizer movement worldwide. Energy prices have surged across regions due to the disruptions. Higher oil and gas costs are pushing …
Bolaji Tunji, special adviser on strategic communications and media to the minister of power, Bayo Adelabu, has dismissed reports claiming his principal has resigned from office. A letter that circulated on Tuesday, March 27, alleged that Adelabu had stepped down as minister to pursue the Oyo State governorship in 2027. The document, purportedly addressed to …
Nigeria’s economic activity continued to grow in March 2026, showing the 16th consecutive month of expansion. This is according to the latest Purchasing Managers’ Index (PMI) report from the Central Bank of Nigeria (CBN). It shows that the composite PMI stood at 53.2 points, reflecting broad-based growth as 31 of the 36 surveyed subsectors reported …
The Federal High Court in Kaduna on Tuesday adjourned the hearing of the bail application filed by former Kaduna State governor, Nasir El-Rufai, to Wednesday. Counsel to the former governor, Ukpong Abang (SAN), confirmed the development while speaking to journalists after the session but declined further comment. “I’m sorry, I can’t talk now; we are in …
The African Export-Import Bank (Afreximbank) has announced a landmark financial commitment to the Dangote Petroleum Refinery and Petrochemicals, underwriting $2.5 billion of a new $4 billion senior syndicated term loan facility. The deal, signed Tuesday in Cairo, Egypt, marks one of the largest private-sector financing arrangements in African industrial history. According to a statement, Afreximbank …
The Naira remained stable against the United States Dollar on March 31, 2026, closing the first quarter on a steady note despite pressures on Nigeria’s external reserves. At the Nigerian Foreign Exchange Market, the Naira opened at ₦1,385.60 per Dollar and strengthened slightly to ₦1,383.37 by mid-morning. The movement reflects modest gains as the currency …
Nigeria could see short-term gains from surging global oil prices, but heightened geopolitical tensions and policy uncertainty may temper the upside, according to Lukman Otunuga, Head of Market Research at FXTM. In a statement on Tuesday, Otunuga said oil benchmarks are “heading for their best monthly gain since 1990,” driven by fears of supply disruptions …
