Category: Business Day

Former President Goodluck Ebele Jonathan, the Olu of Warri, His Majesty Ogiame Atuwatse III, and his wife, Her Majesty Olori Atuwatse III, will headline the third edition of the Megastar Man of the Decade Awards 2026, scheduled for October 16 in Abuja.

The highly anticipated ceremony, billed as a gathering of distinguished Nigerians from politics, traditional institutions, business, academia and public service, will hold at Wells Carlton Hotel and Apartments, Abuja, with former President Jonathan delivering the keynote address.

The 2026 edition is themed ‘The Road to 2027: Citizens, Stakeholders, and the Democracy We Choose,’ placing the awards at the centre of an important national conversation as Nigeria approaches another electoral cycle.

Jonathan’s keynote is expected to set the tone for discussions on democratic values, responsible citizenship, peaceful political engagement and the role of stakeholders in strengthening Nigeria’s democratic institutions.

The former President’s participation is particularly significant given his experience at the highest level of Nigeria’s democratic governance and his role in the peaceful transfer of power following the 2015 presidential election.

The organisers said the presence of Ogiame Atuwatse III and Olori Atuwatse III as Royal Father and Mother of the Day underscores the important role of traditional institutions in promoting peace, stability, cultural continuity and national cohesion.

The ceremony will also feature a High-Power Panel Session involving an array of prominent Nigerians, including former Senate president, Bukola Saraki; former Ondo State governor, Olusegun Mimiko; Senator Gbenga Daniel, and Senator Ned Nwoko.

Others are former Edo State governor, Senator Adams Aliyu Oshiomhole; Edo State Deputy Governor, Rt. Hon. Dennis Idahosa; constitutional scholar, Sam Amadi, and business leaders including Group Managing Director UTM FLNG, Julius Rone; Franklin Nechi of Optiva Capital Partners; Founder, Irvin Global and Investment Group, Nwangwa Uzonna, among other eminent personalities.

The panel is expected to interrogate the responsibilities of citizens, political leaders, traditional institutions, businesses and other stakeholders in shaping the quality and direction of Nigeria’s democracy ahead of 2027.

According to the organisers, the theme was carefully chosen to stimulate national reflection on the fact that democracy extends beyond elections and political office, requiring active citizenship, accountable leadership, credible institutions and peaceful participation.

The organisers also noted that traditional rulers had a particularly important role to play in preserving social cohesion, and that royal institutions often remain enduring symbols of continuity and stability irrespective of changes in political administrations.

Beyond the awards, the 2026 edition is designed to provide a platform for recognising outstanding Nigerians whose contributions have made a significant impact in their various fields, while also creating meaningful conversations around Nigeria’s democratic and socio-economic development.

Read also: Goodluck Jonathan: A politician whose docility verges on cowardice!

The organisers said the third edition promises to be a major gathering of influential voices, bringing together leaders and stakeholders to celebrate excellence and reflect on the responsibilities that come with citizenship and leadership.

The event will be broadcast live on Arise TV and Channels Television, providing audiences in Nigeria and beyond an opportunity to follow the ceremony.

The Executive Producer of the Megastar Man of the Decade Awards, Adeniyi Ifetayo, and Chairman of the Awards Committee, Seunmanuel Faleye, said the 2026 edition would reinforce the platform’s commitment to celebrating excellence, leadership and service while encouraging constructive conversations on issues of national importance.

They urged Nigerians, particularly political and institutional stakeholders, to embrace the spirit of the theme and work towards a peaceful, inclusive and enduring democratic process.

PiggyVest, Nigeria’s digital savings and investment platform, is shifting its strategy beyond encouraging Nigerians to save and invest, with the fintech now seeking to help users increase their earning capacity amid rising living costs.

Joshua Chibueze, co-founder and chief marketing officer of PiggyTech Global, told BusinessDay at the company’s 2026 Open House in Lagos that the next phase of the business would focus on connecting users to opportunities to make more money.

‘Right now, we tell our users to save and invest, but we’re also now going to be focused on how our users can make more money,’ Chibueze said.

He said that although PiggyVest’s user base continues to grow, the rate at which customers save has declined as inflation puts pressure on disposable incomes.

‘People can no longer afford to save. Even though our numbers are growing rapidly, we understand that the rate at which people are saving has reduced just because they can no longer afford to save,’ he said.

The strategic shift was unveiled at the company’s 2026 Open House, held at the National Theatre in Lagos under the theme **’The Future of Wealth is Here.’

The event marked PiggyVest’s 10th year and featured the launch of a redesigned app, alongside new products including joint accounts and children’s accounts.

Somtochukwu Ifezue, co-founder and CEO, said the company had rebuilt the app to support customers through different stages of their financial journey.

The joint account allows families to save collectively while retaining individual accounts, while the children’s account enables parents to begin saving and investing for their children before they turn 18.

Ifezue said users can start saving with as little as N100 and investing from N5,000.

Odunayo Eweniyi, co-founder and CEO, said the company’s savings report showed the growing difficulty Nigerians face in maintaining financial stability.

She urged Nigerians to prioritise financial planning and consistently put money aside, regardless of the amount.

PiggyVest is also expanding partnerships that allow customers to save towards specific financial goals. Syam Abdulkadir, head of operations at Mikano Motors, said the partnership was designed to make vehicle ownership more seamless for PiggyVest’s large user base.

He said users purchasing vehicles through the partnership would receive nationwide after-sales coverage and up to six years or 200,000 kilometres warranty, while eligible customers would receive a N2 million cashback after completing their savings and taking delivery of a vehicle.

PiggyVest has also partnered with Shutters to allow customers to save towards transportation needs, including weddings, trips and end-of-year travel.

Kenneth Emezi, head of rental sales at Shutters, said customers would be able to save towards discounted vehicle rental services, with options ranging from buses and cars to premium SUVs and electric vehicles.

Terry Kanu, co-founder and chief product officer of PiggyTech Global, said the Open House remains an important channel for the company to receive direct feedback from its users and communicate new products and features.

He said the company’s large and predominantly young user base makes financial education and access to information increasingly important.

‘The more information you have, the more power you get and the more things that you can do,’ Kanu said.

The Open House concluded with a N10 million PiggyVest Business Grant awarded to three Nigerian businesses in fashion, beauty and hospitality.

The beneficiaries were EsteBare Ltd, Backel Food Services Ltd and Pemnia Wellness.

Artificial intelligence, robotics, biotechnology, big data, cloud computing, digital finance and advanced manufacturing are changing almost every sector of society. Technology is transforming how people learn, work, communicate, receive healthcare, grow food, manage organisations and interact with governments. Artificial intelligence is accelerating research, automating routine work and creating new possibilities in diagnosis, drug discovery, education, logistics, agriculture and public administration. For Africa, technological transformation offers an opportunity to leapfrog outdated systems.

The mobile phone revolution demonstrated that the continent does not always have to follow the same development path as advanced economies. Mobile money has expanded financial inclusion without waiting for conventional bank branches to reach every community. Telemedicine can connect rural patients to specialists. Digital learning platforms can extend quality education beyond physical classrooms. Drones, sensors, and satellite data can help farmers monitor crops, improve yields, and reduce losses.

African innovators can develop solutions that respond directly to African realities and subsequently export those solutions to other emerging markets. However, there is a danger. Africa could become merely a large consumer of foreign technologies while other countries retain ownership of the platforms, patents, algorithms, data and profits. This is why the continent must invest not only in access to technology but also in technological ownership and capability.

‘Artificial intelligence should not only speak the languages of Europe, America, and Asia. It must understand Africa’s languages, cultures, histories and social realities. African data must not become a free raw material extracted for the development of foreign platforms without fair value, consent and protection.’

In 2024, only about 38 percent of Africa’s population used the internet, compared with 68 percent globally and more than 90 percent in many high-income regions (ITU, 2024). Although connectivity has continued to improve, the divide in affordability, quality, digital skills and access to advanced technologies remains substantial. Closing this gap will require reliable electricity, affordable broadband, data centres, research funding, innovation hubs, cybersecurity systems and supportive regulation.

Education must also be redesigned. The future will not reward memorisation alone. It will reward curiosity, critical thinking, creativity, emotional intelligence, collaboration, ethical judgement, entrepreneurship and the ability to work with intelligent machines. Africa’s universities must become centres of research, invention and industry collaboration. Governments must create enabling conditions for startups to scale. Businesses must invest in research and development. Young Africans must be empowered to become creators of technology rather than permanent consumers of imported applications.

Artificial intelligence should not only speak the languages of Europe, America, and Asia. It must understand Africa’s languages, cultures, histories and social realities. African data must not become a free raw material extracted for the development of foreign platforms without fair value, consent and protection. Africa must resist becoming a digital colony. The continent must become a co-creator, owner and ethical governor of the technologies shaping its future.

4. Ecological transformation: From climate vulnerability to green industrial leadership

Climate change is no longer a distant environmental issue. It affects agriculture, food prices, water availability, public health, migration, infrastructure, security, and economic stability. Africa has contributed relatively little to cumulative global greenhouse gas emissions. Yet, many African communities are among the most vulnerable to floods, droughts, desertification, extreme heat, coastal erosion, and declining agricultural productivity.

The ecological transformation is therefore an existential challenge. Nevertheless, it also contains one of Africa’s greatest development opportunities. The International Energy Agency reports that Africa possesses approximately 60 per cent of the world’s best solar resources but accounts for only about one per cent of installed solar photovoltaic capacity (IEA, 2022). This contradiction reveals the scale of the unrealised opportunity.

Africa can become a global leader in solar, wind, hydroelectric and geothermal power. Renewable energy can provide electricity to communities that conventional national grids have failed to reach. Solar mini-grids can power clinics, schools, farms, cold storage facilities, and small factories. Reliable green electricity can reduce production costs, support industrialisation, and improve the quality of life. The continent also possesses many minerals essential to the global energy transition. Yet Africa must avoid repeating the mistakes of the past. Exporting raw lithium, cobalt, copper, graphite, and manganese while importing batteries, electric vehicles, and energy storage systems would reproduce the old extractive relationship in a greener form.

Africa should negotiate for local processing, technology transfer, responsible mining, domestic manufacturing, and participation in the higher-value segments of global green supply chains. The ecological opportunity also extends beyond energy. Africa can lead in:

climate-smart agriculture;

sustainable forestry;

regenerative farming;

green construction;

electric mobility;

recycling and the circular economy;

biodiversity conservation;

sustainable tourism;

carbon markets; and

resilient cities and infrastructure.

Green development should not be understood as a luxury for wealthy nations. It is a pathway through which Africa can improve energy access, strengthen food security, create millions of jobs and build competitive new industries. The continent must insist on fair climate finance, but it must not wait passively for external generosity. African pension funds, sovereign wealth funds, development banks, private investors and entrepreneurs must participate in financing Africa’s green transformation.

The Universal Basic Education Commission (UBEC) is set to commence implementation of its 10-year Universal Basic Education Roadmap, 2026-2035, in October, with a new approach aimed at ending fragmented interventions in schools.

The commission said the roadmap would shift basic education interventions from isolated projects, such as constructing classrooms or supplying furniture, towards a comprehensive assessment of the needs of individual schools.

Aisha Garba, executive secretary of UBEC, disclosed this on Monday in Abuja at a two-day consultative workshop with chairmen of the 36 State Universal Basic Education Boards (SUBEBs) and UBEC directors.

Garba also unveiled the Basic Education Action Plan Management System (BEAPMS), a digital platform designed to strengthen planning, transparency and monitoring of basic education projects nationwide.

She said the new approach would require states to identify the full range of gaps in a school before action plans are approved by UBEC.

‘For any state to do renovation, you have to do a whole school approach. A whole school approach means, you take a school and you look at all the gaps,’ she said.

According to her, the reform is intended to prevent situations where a school receives a few classrooms or furniture without other essential facilities required for a functional learning environment.

‘You don’t just put in a furniture or you drop two blocks of classrooms and you leave because you want to give out awards. No, you have to take in all the comprehensive needs of that particular school,’ she said.

She explained that interventions would consider facilities such as fencing and toilets, while the construction of additional classrooms would be matched with adequate toilet facilities based on projected enrolment.

The UBEC executive secretary also announced a revision of the matching grant formula to give states greater flexibility in deploying UBEC funds according to their specific education needs.

She said the previous formula placed significant emphasis on new infrastructure, even as some states increasingly required funding for the rehabilitation and improvement of existing schools.

‘The new formula allows each state to look at their own needs. If their needs on the ground is furniture, if their needs on the ground is renovating all schools to ensure that our schools now have fencing, have computers, have furniture, then they are allowed to do that,’ Garba said.

She added that the revised framework could accommodate other priorities identified by states, including enrolment materials and additional teachers where increased enrolment creates such needs.

On BEAPMS, Garba said the digital system would enable greater public participation in monitoring projects implemented under the 10-year roadmap.

She said parents and community members would be able to track projects, funding and the quality of interventions delivered in schools through the platform.

‘This will also allow us to bring in the community to be part of the monitoring of the projects that we do on the ground,’ she said.

Garba added that UBEC would publish information on the amount of funding accessed by each state and details of projects being implemented on its website.

‘With that, community can hold us accountable to the money we have accessed from UBEC, and then also the projects we’re doing on the ground, as well as the quality of projects we’re doing,’ she said.

The commission said BEAPMS had been under development for more than a month, with SUBEB chairmen already onboarded ahead of full implementation in October.

Also speaking, Shehu Adaramaja, dean of SUBEB chairmen and chairman of the Kwara State SUBEB, said the consultation would help stakeholders establish a common direction for basic education delivery over the next decade.

He said the meeting would focus on strategies for expanding access, improving service quality and strengthening basic education management systems.

Adaramaja said the consultation was designed as a hands-on exercise, with directors of research and statistics expected to contribute to the development of the framework that would guide states in preparing their basic education action plans.

He noted that UBEC’s intervention mandate had expanded beyond physical infrastructure to include other components necessary to strengthen basic education delivery.

Earlier, Nura Ibrahim, director of physical planning at UBEC, said the workshop would enable stakeholders to review and validate the proposed roadmap while drawing on their technical expertise and experience in implementing basic education programmes across the states.

More than 300 taxi, car-hire and related logistics jobs at Nigerian airports are at risk as the Federal Airports Authority of Nigeria (FAAN) moves to enforce an October 2026 deadline requiring operators to replace vehicles manufactured before 2012 with later ones.

Prince Amosola, Chairman of the Airport Cab Operator’s, said the 17 licensed car-hire companies operating at the airport were struggling to meet the vehicle upgrade requirement, warning that the policy could push hundreds of workers into an already saturated labour market.

Speaking to journalists in Abuja, Amosola said most operators are unable to afford replacing their existing vehicles with newer models, with the cost of a 2012 vehicle estimated by operators at between N15 million and N18 million.

He said each of the 17 companies had more than 50 vehicles, but FAAN was now requiring operators to reduce their fleets to 30 vehicles per company while also enforcing the vehicle age requirement.

‘We have nothing less than 50 cars for each company times 17 companies. And finally they are telling us that we should bring it down to 30 cars from each company,’ he said.

Amosola said the operators had appealed to FAAN and the relevant authorities for more time to comply, arguing that the transition to newer vehicles should be gradual.

He said operators were also considering electric vehicles (EVs), following discussions with the Minister of Aviation and Aerospace Development, but that the cost of acquiring the vehicles remained prohibitive.

‘Even if you go to EV, how much is one EV? N38 million,’ he said, adding that operators needed more time to raise funds for the transition.

The operators said the proposed October deadline would affect not only business owners but also drivers and other workers who depend on airport cab operations for their livelihoods.

Also speaking, Ekwuemeaku Alex of Edom Comfort Auto Lease Ltd said the income generated by many operators was already low relative to their operating costs.

More than 300 taxi, car-hire and related logistics jobs at Nigerian airports are at risk as the Federal Airports Authority of Nigeria (FAAN) moves to enforce an October 2026 deadline requiring operators to replace vehicles manufactured before 2012 with later ones.

Prince Amosola, Chairman of the Airport Cab Operator’s, said the 17 licensed car-hire companies operating at the airport were struggling to meet the vehicle upgrade requirement, warning that the policy could push hundreds of workers into an already saturated labour market.

Speaking to journalists in Abuja, Amosola said most operators are unable to afford replacing their existing vehicles with newer models, with the cost of a 2012 vehicle estimated by operators at between N15 million and N18 million.

He said each of the 17 companies had more than 50 vehicles, but FAAN was now requiring operators to reduce their fleets to 30 vehicles per company while also enforcing the vehicle age requirement.

‘We have nothing less than 50 cars for each company times 17 companies. And finally they are telling us that we should bring it down to 30 cars from each company,’ he said.

Amosola said the operators had appealed to FAAN and the relevant authorities for more time to comply, arguing that the transition to newer vehicles should be gradual.

He said operators were also considering electric vehicles (EVs), following discussions with the Minister of Aviation and Aerospace Development, but that the cost of acquiring the vehicles remained prohibitive.

‘Even if you go to EV, how much is one EV? N38 million,’ he said, adding that operators needed more time to raise funds for the transition.

The operators said the proposed October deadline would affect not only business owners but also drivers and other workers who depend on airport cab operations for their livelihoods.

Also speaking, Ekwuemeaku Alex of Edom Comfort Auto Lease Ltd said the income generated by many operators was already low relative to their operating costs.

Eric Chelle has assured Nigerians the Super Eagles will take nothing for granted when they confront Guinea-Bissau in Tuesday’s crucial 2027 Africa Cup of Nations (AFCON) Group L qualifier in Bissau.

Speaking at Monday’s pre-match press conference, the Franco-Malian tactician expressed respect for the hosts, who are top in Group L on goal difference after their 2-0 away win over co-hosts Tanzania on Friday.

‘We respect them because they are a strong team; I have followed their progress over the years. They also won away in Tanzania on Friday and will be confident playing on home ground,’ Chelle said.

The coach said Nigeria’s objective is to secure maximum points but stressed that the Super Eagles must approach the encounter with the right mentality and produce their best performance.

‘Our objective is to take the three points, and to do that, we must approach the game with a strong mentality. We have to be at our best to earn victory,’ he said.

Chelle also played down concerns over the condition of the pitch at the 24 September Stadium, insisting that the Super Eagles would adapt to the playing surface and focus on the task at hand.

Nigeria opened their qualifying campaign with a 2-1 comeback victory over Madagascar in Uyo on Friday, with debutants George Ilenikhena and Moses Usor scoring for the Super Eagles.

Guinea-Bissau, meanwhile, defeated Tanzania 2-0 away from home to move to the top of Group L on goal difference.

A victory in Bissau would move Nigeria to the summit of the group as the Super Eagles seek to strengthen their position in the race for the sole qualification ticket from Group L to the 2027 AFCON finals.

Nigerian small businesses seeking institutional credit need to focus on cash flow and financial discipline rather than headline profitability.

Sola Adeyiga, managing director of CreditPRO Finance Company Limited, made this known at the 11th edition of the FATE Foundation Annual Business Conference, held recently in Lagos, under the theme ‘Beyond Borders: Transforming MSMEs for Global Competitiveness.’

The conference convened entrepreneurs, business leaders and industry stakeholders to examine strategies for positioning Nigerian micro, small and medium enterprises for scale beyond the domestic market.

Addressing credit readiness, Adeyiga said lenders assess businesses through the 5 Cs of Credit – character, capacity, capital, conditions and collateral – and that profitability alone does not determine access to finance.

According to him, repayment capacity depends on the availability and timing of cash flow, not paper profit, with lenders reviewing how effectively a business generates and manages cash, meets existing obligations and responds to market shifts.

‘Loans are serviced by liquid cash flow, not paper profitability,’ he said, urging founders to understand their cash conversion cycles and maintain disciplined financial practices.

He noted that while collateral can provide security for a facility, it does not substitute for a viable business model or adequate repayment capacity.

The discussion comes as Nigerian MSMEs face tightening credit conditions and growing pressure to formalize operations to attract institutional capital.

Lenders have increasingly emphasized record-keeping, account activity and credit history as prerequisites for lending, particularly for businesses looking to expand regionally or internationally.

Participants were advised to maintain proper financial records, separate personal and business finances, route transactions through formal accounts, protect credit histories and maintain transparent communication with financial institutions.

CreditPRO, which was admitted earlier this year into the FATE School Transformers Programme for growth-stage enterprises, was a corporate sponsor of the conference.

The company said its participation reflects an ongoing focus on enterprise development, adding that creditworthiness is built through day-to-day management decisions long before financing is sought.

For Nigerian MSMEs pursuing opportunities beyond domestic markets, being finance-ready will depend as much on internal controls and cash management as on growth ambitions, Adeyiga said.

Ground handling operations for indigenous carrier XEJet Airlines were brought to a complete halt on Monday as the Aviation Ground Handlers Association of Nigeria (AGHAN) directed its members to immediately withdraw all ground handling services from the airline over an unpaid debt burden of approximately N300 million.

The sudden service withdrawal has triggered operational disruptions for XEJet, leaving passenger luggage handling and ramp support stranded.

To mitigate the immediate fallout, the airline was forced to make emergency arrangements, including diverting some of its passengers’ check-in luggage to another domestic carrier for processing.

The decisive action was announced in a joint statement issued by Olaniyi Adigun, AGHAN President, and Bashir Ahmed, Vice President.

According to the leadership, the association resolved to enforce a full service blackout after XEJet repeatedly failed to honor mutually agreed debt repayment schedules, despite multiple reminders and recovery windows extended by affected handling firms.

AGHAN revealed that while several other domestic airlines previously cited for indebtedness complied by presenting workable repayment timelines and commencing settlements, XEJet remained ‘recalcitrant’ and continuously refused to engage handling companies in constructive debt recovery negotiations.

‘We decided to direct our members to withdraw services from XEJet Airlines because it has, over time, failed to meet its payment plans. Our members have made every effort to ensure that the airline complied, but its management has been recalcitrant,’ the statement read in part.

Condemning the pattern of deliberate default, the association stressed that non-payment directly threatens the operational viability of ground handling companies, which are equally exposed to harsh macroeconomic headwinds, rising equipment costs, and staff welfare commitments.

‘We can’t continue to operate like this. Why are some companies not willing to pay for services rendered to them? This is intentional. It is affecting our members at all cadres. We need to increase our equipment, while also boosting the welfare of our staff, but we can’t do this when some organisations are not willing to pay for services rendered to them,’ AGHAN declared.

‘As it stands, the company owes our members about N300 million. Hence, we have instructed our members to withdraw services from the airline, and this has been complied with 100 per cent.’

The immediate shutdown follows an earlier seven-day ultimatum issued by AGHAN to several indebted domestic carriers. During that initial directive, the association instructed defaulting airlines to liquidate at least 75 percent of their outstanding obligations or face a total freeze on handling services.

Although that ultimatum was temporarily suspended after an executive meeting where several airlines submitted acceptable liquidation plans, XEJet failed to comply with the agreed terms, leaving the association with no choice but to enforce a full withdrawal of services.

Expressing regret over the broader economic and operational challenges plaguing operators across the aviation value chain, AGHAN emphasised that handling companies can no longer subsidise defaulting carriers at the expense of their own survival.

The association issued a stern warning to other domestic carriers, maintaining that its members will not hesitate to execute a similar 100 percent service withdrawal against any airline that fails to honour its contractual payment commitments for services rendered.

The federal government has opened discussions with the World Bank for three new loan facilities totalling $1.5 billion, even as Nigeria’s public debt stock climbed to a record N166.79tn at the end of June 2026.

Documents obtained from the multilateral lender show that the proposed financing comprises three separate $500m facilities targeting climate resilience, social protection, and early childhood development.

The most immediate proposal is a $500m additional financing facility for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL.

The World Bank has set October 29, 2026, as the target date for board consideration. The borrower is the Federal Republic of Nigeria, while Balarabe Abbas Lawal’s Environment Minister ministry serves as the implementing agency.

The transaction would expand the ACReSAL project’s overall funding from $700m to $1.2bn, financed entirely through the International Development Association, the World Bank’s concessional lending arm.

According to bank records, the government requested the additional $500m to scale up operational results and strengthen the institutional arrangements required to sustain integrated landscape management.

The additional capital will fund landscape restoration, watershed rehabilitation, flood management, irrigation systems, reforestation, and related interventions. ACReSAL currently operates across 19 northern states and the Federal Capital Territory to combat land degradation, climate vulnerability, and declining agricultural yield.

The World Bank estimates that desertification affects 43 percent of Nigeria’s total land area, warning that unaddressed climate change could reduce annual gross domestic product by 2.6 per cent by 2030 and up to 6.7 per cent by 2050.

The second proposed facility involves a $500m IDA credit for the Household Prosperity and Empowerment-Social Protection Project, designated as HOPE-SP. The project remains in an earlier preparation stage, with a technical design review scheduled for October 30, 2026, and a tentative approval date set for March 16, 2027.

The HOPE-SP initiative carries an estimated total cost of $500m, comprising a $420m results-based program and an $80m investment project financing component. The program aims to establish regular social assistance for poor and vulnerable households while gradually shifting funding responsibilities to federal and state budgets through strengthened local delivery systems.

Planned interventions under HOPE-SP include targeted conditional and unconditional cash transfers, social registry updates, integration of the National Identification Number into social security databases, and administrative capacity building.

World Bank metrics highlight that Nigeria spent 0.14 percent of GDP on social safety nets in 2021, compared to a global average of 1.5 percent and a lower-middle-income peer average of 1.2 per cent.

The lender noted that household welfare has deteriorated significantly due to pandemic disruptions, inflation, natural disasters, and regional conflict, while fuel subsidy removals and exchange-rate reforms created short-term cost-of-living pressures.

The third $500m facility supports the Nigeria Early Childhood Development programme, scheduled for board consideration on March 15, 2027, following its October 30, 2026 technical review. Finance Minister Wale Edun’s ministry is listed as the borrower, while Budget and Economic Planning Minister Atiku Bagudu’s ministry will handle implementation across all 36 states and the FCT.

The early childhood program combines a $400m programme-for-results component with $100m in investment project financing from the IDA. It targets children aged zero to five with health, nutrition, early learning, childcare, and sanitation services.

The World Bank noted that 40 percent of Nigerian children under five suffer from stunting, fewer than half are developmentally on track, and only 36 percent of children aged 36 to 59 months attend organised early learning programs.

Data from the Debt Management Office reveals that total public debt grew by N14.39tn over 12 months, rising from N152.40 tn in June 2025 to N166.79tn by June 2026. This reflects a 9.44 percent year-on-year increase in local currency terms.

In US dollar terms, total public debt rose 21.35 percent, expanding from $99.66bn to $120.93bn over the same period. The variance between local and dollar growth rates stems from exchange-rate valuation effects.

The DMO applied an official conversion rate of N1,379.18/$ in June 2026, compared to N1,529.21/$ a year earlier. Consequently, dollar-denominated obligations grew at a faster percentage pace than their naira equivalents. On a quarter-on-quarter basis, total debt grew by N7.44tn, or 4.67 per cent, from N159.35tn in March 2026.

Domestic liabilities expanded by N11.04tn year-on-year from N80.55tn in June 2025, climbing 26.07 per cent in dollar terms from $52.67bn to $66.41bn. Between March and June 2026, domestic debt rose by N4.19tn. External liabilities reached $54.52bn in June 2026, up $7.54bn from $46.98bn in June 2025.

Growth within domestic obligations was heavily driven by Treasury bills. Federal Government domestic debt reached N87tn in June 2026, up 13.60 per cent from N76.59tn in June 2025. FGN bonds comprised the largest share at N64.84tn (74.53 per cent of domestic debt), including N41.47tn in conventional naira bonds, N22.11tn in securitised Ways and Means advances, and N1.27tn in domestic dollar bonds.

Outstanding Nigerian Treasury Bills recorded the sharpest expansion, jumping 52.64 per cent year-on-year from N12.76tn to N19.48tn. This increased Treasury bills’ share of domestic federal debt from 16.67 per cent to 22.39 per cent.

During the second quarter of 2026 alone, Treasury bills grew by N2.92tn. Conversely, securitised Ways and Means balances dropped by N613.34bn during the second quarter to N22.11tn, while promissory notes fell 29.81 per cent year-on-year to N1.22tn.

The proposed $1.5bn facilities would further expand Nigeria’s reliance on multilateral funding. Total debt owed to the World Bank Group stood at $20.73bn at the end of June 2026, comprising $19.12bn in IDA credits and $1.61bn in International Bank for Reconstruction and Development loans. This combined exposure increased by $1.34bn, or 6.93 per cent, from $19.39bn in June 2025.

The World Bank Group accounts for 38 per cent of Nigeria’s total $54.52bn external debt, with the IDA acting as the single largest individual external creditor at 35 per cent of the total portfolio. World Bank obligations also represent 84 per cent of Nigeria’s $24.76bn overall multilateral debt stock.

The creditor mix has shifted over the past year. Multilateral institutions held 49.36 per cent of external debt in June 2025 compared to 45.42 per cent in June 2026, despite nominal increases. This shift reflects faster growth in commercial borrowing, where Eurobond liabilities rose from $17.32bn to $18.55bn, alongside new syndicated loans.

The expanding debt stock has drawn political criticism. Former Vice-President Atiku Abubakar called for a full reconciliation of public debt, including new borrowings, Treasury bills, and debt-service charges.

Speaking through African Democratic Congress Presidential Campaign Council Strategic Communications Director Phrank Shaibu, Atiku urged the President Bola Tinubu administration to clarify the breakdown between reclassified older debt, exchange-rate adjustments, and newly contracted loans. He also questioned rising debt-servicing costs, arguing that fiscal allocations for development and public services were being constrained.

Defending multilateral borrowing, Lagos-based economist Adewale Abimbola noted that World Bank facilities carry concessionary interest rates below commercial market levels alongside longer repayment tenors. ‘If it’s concessionary and tied to viable projects with medium-term revenue prospects, I don’t think it’s a bad idea,’ Abimbola said. ‘Borrowing isn’t bad; what matters is utilisation.’ He emphasised that the economic return depends entirely on effective project execution to support long-term revenue growth and public service delivery.

The Edo State Special Criminal Court sitting in Benin City is set to deliver its first judgment in a kidnapping case on Tuesday, September 29, in what will be an early test of the state’s drive to expedite the prosecution of violent crimes.

The case stems from the June 14 abduction of a woman at the Vegetable Market along Airport Road, Benin City, where gunmen reportedly seized her in broad daylight and fled in an SUV.

The incident triggered a police investigation that led to the arrest of several suspects, including Marvelous Isaac, 32, who was arrested on June 18 during a gun duel with operatives of the Police Intelligence Response Team.

Another suspected gang member, identified as Precious, was killed during the operation.

Further arrests led to the apprehension of Gift Raphael, 27, as well as Wisdom Michael and Rufus Michael. The abducted woman was released unharmed two days after the incident.

In the course of the investigation, the police traced a red Lexus RX 350 allegedly used in the abduction and recovered a pump-action shotgun with live ammunition, a motorcycle and cash suspected to be proceeds of crime.

The Special Criminal Court was established in July 2026 following a directive by Governor Monday Okpebholo to the state judiciary to accelerate the trial of kidnapping and cultism cases.

Speaking during a visit to the Edo State Police Command headquarters after the suspects were paraded, Okpebholo said anyone found guilty would face the full weight of the law. He also said he would personally sign death warrants in accordance with existing legislation.

The administration has subsequently placed emphasis on strengthening the state’s security architecture and expediting the prosecution of suspected kidnappers and other violent offenders.

The September 29 judgment will provide an early indication of the court’s capacity to deliver timely verdicts in cases involving kidnapping, violent crime and alleged ransom-related abductions.