Eleven states and the Federal Capital Territory (FCT) accounted for a combined N373.06 billion increase in domestic debt between December 2024 and September 2025, even as total subnational debt grew only marginally. Latest figures from the Debt Management Office (DMO) show that total domestic debt for the 36 states and the FCT rose from N3.97 trillion as of December 31, 2024, to N4.00 trillion as of September 30, 2025. The N34.84 billion increase represents a modest 0.88 per cent growth at the aggregate level. However, underlying data reveal a sharp divergence in borrowing patterns across states. Debt concentration deepens According…
Author: Abdallah el-Kurebe
The Senate of Nigeria has postponed its plenary session earlier scheduled to resume on Tuesday, February 24, 2026. In a notice issued to Senators, the Clerk of the Senate, Emmanuel Odo, announced that the postponement was to allow various committees to conclude ongoing budget defence sessions. “This is to inform Distinguished Senators that the resumption of plenary session earlier scheduled for Tuesday, 24th February, 2026 has been postponed,” Odo stated in the notice. ALSO READ New electoral act raises presidential, governorship spending limits to N10bn, N3bn He explained that the adjustment became necessary to enable committees to complete their assignments…
The National Assembly (NASS) has increased the campaign spending limits for presidential candidates to N10 billion and that of governorship candidates to N3 billion under the newly enacted Electoral Act 2026. The revised thresholds were disclosed in a statement on Sunday by Senate Leader, Opeyemi Bamidele, through his Directorate of Media and Public Affairs, outlining key reforms in the new electoral framework recently assented to by Bola Tinubu. According to the statement, the adjustments contained in Section 92 (1–8) of the Electoral Act 2026 reflect prevailing economic realities and the rising cost of campaigns, while retaining statutory safeguards to regulate…
Nigeria’s domestic debt profile rose to N77.81 trillion as of September 2025, reflecting the Federal Government’s sustained reliance on the local debt market. The latest figures, published by the Debt Management Office (DMO), show that federal bonds remain the dominant instrument in the country’s domestic debt structure, accounting for roughly 80 per cent of the total stock. Bonds lead the portfolio A breakdown of the data indicates that FGN Bonds stand at N61.9 trillion, representing about 80 per cent of total domestic debt. Of this amount, FGN Naira Bonds account for N60.64 trillion, while US dollar-denominated bonds make up N1.35…
The naira appreciated across segments of the foreign exchange (FX) market during the week, forcing speculative dollar holders to offload positions at a loss as rates eased. Traders in the parallel market said operators who bought dollars at elevated levels are now selling below cost as the greenback weakens at both official and informal windows. “Some of us bought when the rate was very high. Now that it is dropping, we are losing money,” a street trader said. At the Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria showed the naira appreciated by N9.10 week-on-week, gaining…
Nigeria’s total public debt rose to $103.94 billion, equivalent to N153.29 trillion, as of September 30, 2025, according to fresh figures released by the Debt Management Office (DMO). The debt office said the conversion of external liabilities to naira was based on the Central Bank of Nigeria (CBN) official exchange rate of N1,474.85 to $1 as of the reference date. A breakdown of the data shows that external debt stood at $48.46 billion (N71.48 trillion), accounting for 46.63 per cent of the total public debt stock. Domestic debt, however, remained the larger component at $55.47 billion (N81.82 trillion), representing 53.37…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that Nasir El-Rufai, former Governor of Kaduna State, is currently in its custody over ongoing investigations. In a statement issued late Wednesday, the anti-corruption agency said El-Rufai remained in its custody as of the close of work on February 18, 2026. “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to state that Malam Nasiru El-Rufai, the former Governor of Kaduna State, is in our custody as at close of work today, Wednesday, the 18th day of February, 2026. “Malam Nasiru El-Rufai is in the custody…
Nigeria’s foreign exchange reserves have climbed to $48.5 billion, the highest level since May 2013, underscoring a sustained rebuilding of the country’s external buffers. Data from the Central Bank of Nigeria (CBN) shows the current reserve position is the strongest since May 14, 2013, when reserves stood at approximately $48.51 billion. The latest figures signal a steady upward trajectory that began in the closing weeks of 2025 and has extended into early 2026, reinforcing expectations of improved macroeconomic stability. Nigeria ended 2025 with reserves of about $45.5 billion, up from roughly $40.8 billion at the start of the year —…
Benue State Governor Hyacinth Alia has signed into law a bill establishing Labe College of Nursing Sciences in Gboko Local Government Area. At the signing ceremony in Makurdi on Wednesday, Alia said the new institution underscores his commitment to accessible, quality education and healthcare. He described it as a strategic investment in the state’s future well-being and prosperity—not just an academic endeavor. The college, he added, will serve as a beacon of hope for thousands of households, bringing specialized medical training closer to local communities and addressing the urgent need for skilled healthcare professionals. “This college will significantly enhance the…
The Sultanate Council has announced that Wednesday, February 18, 2026, will mark the first day of Ramadan 1447AH in Nigeria following confirmation of the new crescent moon. In a statement issued in Sokoto on Tuesday, the council’s Advisory Committee on Religious Affairs, working in conjunction with the National Moonsighting Committee, said it received reports from sighting groups across the country confirming the appearance of the new moon on February 17, corresponding to the 29th day of Sha’aban 1447AH. ALSO READ [BREAKING] Saudi authorities sites Ramadan crescent Acting on the verified reports, His Eminence, Muhammad Sa’ad Abubakar — the Sultan of…