Category: Business Day

Motul, a lubricant company officially distributed in Nigeria by Winpart by CFAO, has partnered with the Oyo State Bikers Association to enhance the availability and distribution of its products across Ibadan and the wider Oyo state region.

According to the company, the collaboration, officially inaugurated on Saturday, October 11, 2025, during the Oyo State Bikers Convention held in Ibadan, underscored Motul’s continued commitment to expanding its presence in Nigeria by working closely with credible and organised groups within the mobility ecosystem.

As part of the initiative, the association’s secretariat has been fully branded by Motul, marking its transformation into an authorised distributor of Motul products in the state. Through this alliance, members of the Oyo State Bikers Association, as well as other power bike owners, motorcycle users, and car owners in the region, will now have easier access to Motul lubricants, renowned globally for their superior engine performance, protection, and reliability.

Eric Fantodji, general manager of Winpart by CFAO, expressed optimism about the impact of the partnership on both the local biking community and the broader automotive sector in the region, stating that it reflects the company’s ongoing commitment to bringing quality Motul products closer to end users across Nigeria.

‘By working with reputable associations such as this, we are not only strengthening Motul’s market presence but also promoting best practices in vehicle and engine maintenance,’ Fantodji stated. Also speaking at the event, Falade Babatunde, president of the Oyo State Bikers Association, commended Motul and Winpart by CFAO for their confidence in the association and their support for the growth of the biking community in Oyo State.

‘This partnership is a welcome development for our members and the entire biking community in Ibadan. Motul is a globally trusted brand known for quality and reliability, and we are proud to be associated with such excellence.

‘Through this collaboration, our Secretariat will serve not only as an administrative hub but also as a trusted source for authentic Motul lubricants and technical support,’ Falade said. Secretariat

Passengers travelling into and out of Nigeria would pay more for airfares following the introduction of extra $11.5 charge per ticket from December 1, 2025 by the Nigeria Civil Authority of Nigeria (NCAA).

The new levy is different from the $20 security levy introduced in 2010 by the apex body and other charges collected by the Federal Airports Authority of Nigeria (FAAN).

This new tax, which is also known as the Advance Passenger Information System (APIS).

In a notice to airlines, the NCAA stated that the levy is aimed at creating a ‘single window’ approach for all agencies at the airport, and the collection is expected to last for 20 years.

The NCAA stated that the system would help to track passenger movements, improve border control, and provide airlines with a cost-recovery mechanism for the system’s maintenance.

The initiative which is in partnership with the Nigeria Immigration Service (NIS), would streamline passenger clearance at Nigerian airports by collecting and processing passenger data before arrival, the NCAA said.

The memo further stated that , ‘The APIS charge will be collected as a point of sale and will be levied on all tickets issued from December 1, 2025, for each passenger departing from or arriving in Nigeria. The lifting airline is responsible for remitting the APIS charge to the NCAA.

‘Therefore, all airlines (including Nigerian carriers) operating international flights into and out of Nigeria are required to take immediate steps to update ticketing and reservation systems to reflect the new APIS charge, as invoicing for the charge will commence from 1st December 2025 for tickets issued to passengers from 01DEC2025 for travel to and from Nigeria.’

The NCAA however exempted infants, diplomats, airline crew on duty, transit/transfer passengers within 24 hours and involuntary re-routing due to technical problems or weather conditions, from the new levy. Information gathered indicated that the exempted class of passengers constitutes about 10 per cent of the total travelling public.

Transnational Corporation PLC, Africa’s leading listed conglomerate, has announced its unaudited financial results for the third quarter of 2025, recording a 20.5% rise in Profit After Tax (PAT) to ?91.4 billion, compared to ?75.9 billion in the same period of 2024.

The Group maintained a strong gross profit margin of 48%, reflecting disciplined cost management, strategic pricing, and an unwavering focus on operational efficiency across all business units.

The conglomerate posted a 39 percent year-on-year increase in revenue, rising from ?297.7 billion in Q3 2024 to ?413.4 billion in Q3 2025. Profit Before Tax (PBT) also grew by 18 percent to ?124.5 billion, up from ?105.5 billion recorded in the corresponding period last year.

Transcorp’s performance underscores its sustained growth trajectory, supported by a resilient business strategy and operational excellence across its subsidiaries. All operating units delivered significant growth, particularly in power generation, where the Group expanded capacity at its plants, and in hospitality, where the addition of the 5,000-capacity Transcorp Centre Abuja boosted revenue streams.

Commenting on the results, Tony O. Elumelu, Chairman of Transcorp Group, said the robust earnings performance highlights the immense opportunities within the Nigerian economy.

‘Our diversified portfolio continues to offer investors access to the key drivers of Nigeria’s growth potential. As the macroeconomic climate improves, the Group is well-positioned to take advantage of Nigeria’s extraordinary opportunities. We are executing our impact-driven mandate through strategic investments that strengthen our leadership in vital sectors. Our diversified model continues to demonstrate resilience and generate significant value,’ he stated.

Elumelu further noted that Transcorp’s commitment to national development remains strong, particularly through power generation and hospitality. ‘In power, we are closing Nigeria’s energy deficit by increasing capacity across our plants, empowering Nigerians, and driving development. In hospitality, we are redefining excellence with the landmark Transcorp Centre Abuja, setting new standards for world-class events. We remain focused on delivering superior shareholder returns and driving Nigeria’s long-term transformation,’ he added.

Also speaking on the results, Owen Omogiafo, president/Group CEO of Transcorp Group, said the company’s performance reflects successful strategy execution and operational excellence.

‘Transcorp Group’s Q3 2025 results demonstrate the success of our strategic direction and our commitment to efficiency across the portfolio. Driven by our purpose to ‘Improve Lives and Transform Africa,’ we continue to optimise our businesses to deliver superior stakeholder value.

‘As Nigeria’s leading conglomerate, with a disciplined approach to corporate strategy, we are positioned to end the year with strength and sustained momentum. We offer investors unique access to the Nigerian economy, delivering sustainable returns for shareholders while championing national growth,’ she stated.

LAGOS – Fintech subsidiary of the Wakanow Group, Kalabash54, has officially unveiled its new range of payment solutions, the Kalabash Cards, designed to deliver rewarding and borderless payments for both travellers and lifestyle-savvy consumers.

According to an official statement released on Monday and signed by the Chief Executive Officer (CEO), Kalabash54, ‘Ladi Ojuri, the card suite consists of three variants, the Elite Black Card (USD), a Mastercard World Card with a sleek black metallic finish; the Deluxe and Leisure Card (USD), which are Mastercard Platinum Cards; and the Naira Card (NGN), a Mastercard Standard Card. The cards, which are available in both physical and virtual formats, enable customers to fund, spend, and earn cashback rewards across Nigerian naira transactions and global US-dollar transactions alike, applicable locally and internationally for travel, shopping, dining and lifestyle purchases.

Commenting further on the launch, Ojuri said: Kalabash Cards are a testament to our commitment to simplifying travel and lifestyle payments for Africans. At Kalabash54, we continue to leverage innovation to remove barriers and enrich customer experiences. With Kalabash Cards, we are empowering our customers to experience global convenience and financial freedom wherever they go.’ On the strategic positioning, he added that: ‘The Kalabash Card is not just a payment tool; it’s a lifestyle enabler. We designed it to meet the diverse needs of modern travellers and professionals, offering flexibility, security, and instant value through cashback and exclusive benefits. Whether you’re travelling abroad or making local lifestyle purchases, Kalabash Cards are built to help you save while you spend.’

Reinforcing the brand’s product vision, Nozipho Sibanda, Chief Financial Officer (CFO), Kalabash54, explained: ‘Financial innovation is central to how we empower our customers. The Kalabash Cards is a secure, globally accepted payment solution that delivers both convenience and tangible value. We have integrated an extensive cashback network of over 200 merchant partners across hotels, entertainment, dining, and retail, ensuring that every transaction becomes not just a payment, but a rewarding financial experience.’

With the launch of the Kalabash Cards, customers can enjoy up to 10 per cent cashback, discounts, and lifestyle perks across a growing network of partner brands in hospitality, dining, and entertainment – including Ebonylife Place, Burger King, Wave Beach, and Wakanow, among others such as Chowdeck, Xovar Lounge, Price Pally, and Sweet Sensation. Premium cardholders also get airport lounge access in more than 135 countries, while all card types, powered by Mastercard, can be easily ordered through the Kalabash App.

Steve Omanufeme, Managing Director of Independent Newspapers, has called on leaders in the country to prioritise human capital investment, infrastructure development and strategic planning for national economic growth.

‘Visionary leaders must prioritise education, innovation, and accountability. Leadership should serve the people, not self-interest,’ Omanufeme said during the Ozoro Progress Union (OPU) delegates’ conference with the theme ‘One Heritage, One People, One Destiny’, held in Lagos for indigenes of Ozoro Kingdom of Delta.

Omanufeme, who received an award for dedicated service at the conference, noted that responsible and effective leadership would create vision, build strong institutions, and invest in human capital.

Speaking on the topic, ‘Purposeful Leadership: A Tool of Economic Empowerment and Political Emancipation’, Omanufeme said purposeful leadership remains vital for community and national development.

Anthony Uvietobore Ogbogbo, the Ovie of Ozoro Kingdom (traditional ruler), called for unity among the people of Ozoroland to drive peace, prosperity and development. According to him, the two-day conference was to renew the peoples’ energy and revive their spirit for unity, progress and togetherness.

‘Development can only thrive in an atmosphere of peace and unity. It may not be easy, but there is a silver lining ahead. We will get there. Once there is no unity among a people, they cannot succeed in anything,’ said Ogbogbo encouraging the people to push ahead.

Stanley Egware, President, OPU, Lagos Chapter, said the delegates’ conference aimed at fostering unity and development among Ozoro people nationwide. According to him, the theme reflects the community’s commitment to shared values and collective progress.

He also disclosed that the delegates’ conference hosted hope to reorientate and redirect the mindset of the Ozoro people on leadership. ‘Leadership should be selfless, should be about empowering the people economically and emancipating the people politically.

‘One heritage speaks about our common brotherhood, reminding us that though we may be from different parents, we trace our roots to one ancestor, Opute, the founder of Ozoro,’ he said.

Three officers of the Ondo State Security Network agency codenamed Amotekun Corps, have been suspended indefinitely over alleged breaching of oaths of allegiance and secrecy.

The suspended officers are; Abu Taiwo, Akinsipe Victor and Ekunjumi Julius.

Adetunji Adeleye, the Commander of the Corps, who disclosed this on Monday in Akure while parading four suspected criminals, however, said the three officers had also been declared wanted for proper investigations.

He said, ‘Every organisation has its own rules, and the Ondo State Security Network Agency is not an exception. The law setting up the Corps specifically says the Corps should give out identity cards and warrant cards for operatives who are full staff of the government as an agency.

‘You will observe that at the time when there are pressing need for the Corps to come together and continue to work assiduously to ensure that the security of the state is not compromised is when our intelligence showed that the three Abu Taiwo, Akinsipe Victor, Ekunjumi Julius have been sponsored not only to undermine and disparage the management of the Corps but totally to distract the attention of the Corps from its core mandate of the provision of security to lives and property. ‘All that you had seen on the social media on the 15 points they raised are all false allegations and disciplinary actions had been put in place by the Corps.

‘And as we stand today, the three of them had been reprimanded. They are also declared wanted and due diligence in handling such in a security environment where oaths of allegiance and secrecy to the state cannot be thrown away. We refused to be dragged into the controversies surrounding each and every one of them.

‘But the fact remains that they are acting in isolation and the Ondo State Security Network Agency, Amotekun Corp remains solid as you can see the entire management staff in ensuring that we are not distracted. They are acting in isolation. ‘The three of them had been suspended from the Corps, and we are looking for them to come and answer as a way of giving them free access to criminal justice. If they are innocent, everybody will see. But the Corps as an entity will not be dragged into social media controversy with such people that are acting in isolation. Especially now that we are sure and we have proof to show that they are being sponsored.’

Adeleye, who also spoke on other four suspected criminals during the parade, said; ‘Today we are parading four notorious suspects, in addition to that, we have another six sets of criminals that were arrested in the last two weeks in Ondo State in connection with robbery and kidnapping. For the fact that we had not concluded the investigation on those, so they will not be paraded.

‘For the four that we are parading today, we have Ogungbemi Adebayo who confessed voluntarily that he is an informant to kidnappers in Ademekun power line at Agodada camp.

‘He is aged 29, he said he was recruited a couple of months ago and he thought they wanted him to just plant in their end until when they recruited, they brought him into Ademekun farmland and told him point blank that he has to be trained on the use of AK-47. He successfully went through the training. The Fulani men trained him on the use of the AK-47 and he has been working for them until when the joint patrol team of the civil defense and Amotekun with the assistance of the regent and people of Ademekun village arrested him and he also confessed to them and confessed to us. ‘In the same way, we have a Nasiru Suleiman who over three months, has been dismantling a government caterpillar at moving equipment parked in a government yard along Akure-Ondo road.

‘He said they usually dismantle these caterpillar parts, and they’ve completely ravaged a number of caterpillars to carcass and I think according to him they are on the third one when Amotekun officers arrested them. We have a Saliu Nureni, 57 that was arrested around NEPA market for robbery and setting ablaze in a place the property of the victim and threatened to kill the victim.

‘We equally have one Ahmed Oladimeji, arrested with the generator and alternator he stole around Igoba in Akure.

‘Across the board, there has been a drastic reduction in criminal activities in Ondo state in the last few weeks. Those that are against the law and order and apprehended on parade today are just three while the kidnapping suspect is one. With this, I want to reassure the good people of Ondo state that Ondo state remains very safe for your business to thrive and for the socio-economic growth of the state.’

The trade partnership between Nigeria and the United Kingdom received a boost as The Body Shop, a global ethical beauty brand, officially opened its first store in Lagos at the Ikeja City Mall.

The new outlet marks the brand’s second physical presence in Nigeria following its Abuja debut, underscoring both its confidence in the West African market and the deepening commercial collaboration between the two nations.

According to a statement by the British High Commission, the new outlet, which officially opened on Friday, follows the successful debut of its Abuja store and national e-commerce site launched earlier in the year, marking a major step in the brand’s West African growth strategy.

It noted that Lagos store brings The Body Shop’s job creation in Nigeria to over 20 and features its full product range, including the Spa of the World collection, customer favourites, and formulations enriched with Community Fair Trade ingredients such as shea butter, tea tree, and aloe.

‘Designed around the brand’s core message that ‘confidence is beautiful,’ the Lagos store promises a holistic, interactive experience.

‘Visitors will be welcomed through its signature dark green façade into an inviting space where expert consultants guide them through product selections, skin consultations, and even offer complimentary hand massages and treatments’, the statement read.

Speaking at the official launch event held at his residence in Lagos, Jonny Baxter, British Deputy High Commissioner, hailed the store’s opening as a reflection of growing UK-Nigeria business ties.

‘The Body Shop’s arrival in Lagos marks more than a business expansion; it’s a powerful symbol of the deepening UK-Nigeria trade relationship.

‘With bilateral trade now at £7.9 billion and rising, Nigeria stands as the UK’s second-largest trading partner in Africa and our leading export market on the continent’, Baxter said.

He also commended Shalom Ijeoma Lloyd, MBE, the franchise’s General Manager and a British-Nigerian entrepreneur, describing her as ‘a shining example of purpose-driven leadership that bridges innovation, sustainability, and women’s empowerment.’

On his part, Mike Jatania, CEO and Executive Chairman of The Body Shop, said the Lagos expansion was a key milestone in the company’s broader international strategy.

‘Expanding into Lagos marks another step in The Body Shop’s global growth strategy. As we expand our presence across high-potential markets, West Africa plays a crucial role in shaping the future of our business.

‘Lagos, as a dynamic commercial hub, allows us to connect with a new generation of consumers who share our belief that beauty can be a force for good’, Jatania stated.

For Lloyd, the store’s opening represents both economic opportunity and cultural alignment.

‘This is not just about opening a store, it is about deepening trade ties, creating opportunities, and showing the world what happens when values-driven business meets one of the most vibrant cities on earth,’ she said.

‘The Body Shop’s African connections trace back to its late founder, Dame Anita Roddick, who forged strong partnerships across the continent decades ago.

‘Today, the company continues to source key ingredients through its Community Fair Trade network, including tea tree oil from smallholder farmers in Kenya, shea butter handcrafted by women’s cooperatives in Ghana, and moringa seed oil harvested in Rwanda.

‘By prioritising fair trade and sustainable sourcing, The Body Shop remains committed to empowering women and supporting local communities while promoting conscious beauty practices worldwide’, she added.

According to the Commission, founded in 1976 in Brighton, England, by Dame Anita Roddick, The Body Shop is a pioneer in ethical beauty.

‘The brand offers high-quality skincare, body care, haircare, and makeup products made from natural and fair-trade ingredients sourced globally’, it noted.

The crypto market in 2025 is defined by divergence, stability, innovation, and disruption converging at once. Solana (SOL) price forecast data reveals disciplined consolidation near $188, as the network quietly prepares for another liquidity-driven breakout. Bittensor (TAO) rides a bullish trend powered by its real-world AI integrations and upcoming halving, blending speculative excitement with tangible utility.

Yet the project setting a new precedent is BlockDAG (BDAG). With $430M+ raised, 27B+ coins sold, and 3.5M daily miners through its X1 app, BDAG’s leaked exchange agreements hint at the biggest Layer-1 launch of 2025. It’s not just a presale, it’s infrastructure forming before listing. As Solana steadies and TAO innovates, BlockDAG scales, offering investors the rare trifecta of utility, scale, and timing, making it arguably the best performing crypto today before its debut.

Solana’s Price Holds Steady Near $188

Solana (SOL) is trading around $187.76 after a modest 1.9% gain, moving within a narrow range between $177 and $197. Despite shrinking volatility, the token remains stable above key support levels, suggesting that investors are quietly accumulating. The chart shows consolidation around the middle Bollinger band near $188, often a precursor to larger directional moves.

Momentum indicators reflect a temporary cooldown, the MACD hovers below its signal line, and RSI sits around 50, showing a balanced market. However, a bullish crossover could reignite momentum toward $215 or even $230. Strong support near $160 continues to attract buyers, reinforcing confidence.

For investors, Solana’s consolidation signals preparation rather than weakness. Sustained accumulation and stability above $180 hint that a breakout beyond $200 could mark the start of the next major upward phase.

TAO Market Cap Crosses $4 Billion as Trading Activity Spikes

Bittensor’s TAO surged 6% to around $395 after the project unveiled a live demo of its ‘Novelty Search: SN50 Synth,’ showcasing predictive AI tools for financial markets. The reveal reignited market optimism, pushing TAO’s market cap above $4 billion as trading volume and social activity climbed.

Developers are expanding subnets across the network, with the recent Hippius subnet launch and CEX listing signalling deeper market traction. Meanwhile, Grayscale’s filing for a Bittensor Trust hints at potential institutional inflows once approved by regulators.

Investors are also eyeing TAO’s first halving in December 2025, which will reduce token emissions by 50%. With 70% of tokens already staked and strong developer activity, analysts see potential for further upside. If momentum holds, technical charts suggest TAO could rally toward $800 before year-end.

BlockDAG’s Leaked Listings Reveal Crypto’s Next Major Layer-1 Launch

Leaked internal documents from Coinbase and Kraken have revealed what analysts are calling institutional-scale launch preparation for BlockDAG (BDAG), and the numbers suggest this could be the biggest Layer-1 crypto launch of 2025. The leaks point to confirmed exchange integration talks, marketing budgets exceeding $900K, and liquidity commitments on par with early Solana and Avalanche listings. Yet BDAG’s fundamentals already dwarf those projects’ pre-launch metrics.

With over $430 million raised, 27 billion coins sold, and a growing base of 3M X1 miners, BDAG’s momentum rivals some of the largest Layer-1 networks before their first block went live. Its hybrid DAG-PoW model and verified partnerships suggest that this is no speculative presale, it’s a coordinated rollout designed for scale. The Batch 31 presale, priced at $0.0015, represents one of the last deep-value entry points before listings begin.

If Solana’s debut was fast and Avalanche’s was efficient, BlockDAG’s is strategic, combining exchange placement, community traction, and institutional readiness from day one. Every metric points toward a blockbuster arrival. For investors, the leaks didn’t just confirm what’s coming; they started the countdown. Once the launch hits, BDAG may set a new benchmark for what a real Layer-1 breakout looks like.

The Era of Execution: Why BlockDAG Defines the Next Crypto Cycle

Crypto’s next phase won’t be defined by hype but by readiness. Solana’s stability signals strength, Bittensor’s bullish trend reflects growing confidence in AI-driven ecosystems, but BlockDAG’s measured execution represents transformation. Its exchange-ready roadmap, Coinbase and Kraken integrations, and community of millions set it apart from peers still chasing visibility.

The $0.0015 Batch 31 presale isn’t just another entry price, it’s an early marker in what could become the biggest Layer-1 crypto launch of 2025. For investors, the choice lies between assets refining their past and building the future. Solana holds steady, TAO evolves intelligently, yet BDAG is engineering acceleration, and when the market’s focus shifts from speculation to scalability, the project already built for both will dominate. In that equation, BlockDAG doesn’t follow the cycle, it rewrites it.

Despite harsh business environment, Universal Insurance Plc delivered strong financial for the financial year ended 31st December 2024, growing its profit before tax by 291.26 percent to N. N2.01 billion from N526.716 million in 2023.

Jasper Nduagwuike, chairman of the Company, who disclosed this during the its 55th Annual General Meeting (AGM), held in Lagos, said gross written premium rose by 64.5 percent to N15.3 billion in 2024 from N9.3 billion achieved in 2023.

This he said is an evidence that the products are gaining traction and customers trust is growing in the company.

Nduagwuike said insurance revenue appreciated to N13.8 billion in 2024 as against N8.02 billion reported in the previous year of 2023, representing 72 percent increase.

This, he attributed to the company’s ability to balance prudent underwriting with innovation and ensuring it meets the needs of customers while safeguarding long-term profitability.

Profit Before Tax rose by 291.26 percent to N2.01 billion as against N526.716 million in 2023 while insurance service result grew to N2.79 billion from N1.54 billion. On the company’s balance sheet, he said total assets expanded from N15.7 billion in 2023 to N20.3 billion in 2024, while shareholders fund went up from N10.4 billion to N 13.2 billion in the previous year of 2023.

On its strategic focus for 2025, Jeff Duru, managing director of the Company said, ‘despite the prevailing challenges, we remain optimistic and prepared to navigate uncertainties.’

Duru also listed operational efficiency, risk management and investment strategy, as the Company’s key areas of focus in 2025.

Explaining further he said, ‘Our Company will be streamlining, processes through automation, digitization, and lean practices to reduce costs and enhance agility.

‘In 2025 we will strengthen our risk management framework to proactively identify and mitigate risks, while safeguarding assets and protecting shareholder value.

On investment strategy, he said, ‘Implementing a prudent, diversified, and long-term investment approach that balances risk and returns, ensuring both capital presentation and portfolio growth.’

Nigerian states have trimmed their foreign debt stock by more than $200 million in the 2024 fiscal year, according to BudgIT’s latest State of States report.

Despite this progress, Lagos remains the most indebted subnational government in foreign currency terms, accounting for over a quarter of the total states’ external debt. BudgIT’s data shows that Lagos, Enugu, and Gombe recorded the largest reductions in foreign debt, cutting $74.56 million, $33.39 million, and $21.88 million, respectively.

Overall, 2024 fiscal year performance marks a notable improvement from the previous period (2022-2023), when total foreign debt across the states only reduced by $74 million.

Lagos, however, still tops the list of the most indebted states, with $1.17 billion in outstanding foreign loans-representing more than 25 percent of all subnational external debt. It is followed by Kaduna ($625.10 million), Edo ($383.05 million), Cross River ($202.46 million), and Ogun ($192.90 million).

This explains why Lagos State did not make the top 10 in the Index B and Index C rankings, which focus on debt sustainability and the ability to take on capital projects after fulfilling loan obligations and operating expenses.

Lagos, Cross River, and Delta lead as Domestic debt reduced by over N2 trillion

The report also reveals a sharp decline in domestic liabilities. In the same period, 31 states reduced their domestic debt by at least ?10 billion, with Lagos, Cross River, and Delta each cutting over ?100 billion. Altogether, subnational domestic debt dropped by more than ?2 trillion, signalling growing efforts by state governments to manage their overall debt exposure.

BudgIT attributed these improvements to tighter fiscal management and growing transparency at the state level but warns that sustainability will depend on states’ ability to grow independent revenues and control recurrent spending.

‘Between 2022 and 2023, only 15 states reduced their domestic debt, with 12 achieving reductions exceeding ?1 billion. In contrast, 2024 saw 31 states decrease their domestic debt by at least ?10 billion, with Lagos, Cross River, and Delta each reducing debt by over ?100 billion. Collectively, this led to a cumulative decline in domestic debt exceeding ?2 trillion, signalling meaningful efforts to manage subnational liabilities,’ BudgiT said in its statement.

This situation raises concerns about Nigerian states’ exposure to foreign exchange rate risks amid a volatile naira. In terms of debt composition, BudgIT’s report shows that 24 states had foreign debt accounting for more than half of their total liabilities in 2024. Eight states – Kaduna, Jigawa, Ondo, Ebonyi, Katsina, Anambra, Edo, and Kebbi – had foreign loans constituting over 80% of their total debt.

Debt sustainability ranking

The BudgIT Index C ranking, which focuses on debt sustainability, shows Akwa-ibom, Delta, Bayelsa, Zamfara, and Yobe states as the top five. In the bottom five are Kaduna, Edo, Cross river, Lagos, and Bauchi.

The ranking shows how much fiscal flexibility the states have to borrow if needed, and weighs their debt burden relative to their revenue.

According to the report; ‘states that rank lower on Index C need to check their appetite for the acquisition of more debt as they appear to be either above or very close to the solvency thresholds for debt-to-revenue ratio, foreign debt to total debt ratio, debt service-to-revenue ratio, and personnel cost to revenue ratio.’

Commenting on the report, Vahyala Kwaga, BudgIT’s Group Head of Research, said the new report shows growth and need for further reforms, especially in cutting waste.

‘This 10th edition not only reflects the story of growth and imbalance but also underscores the urgent need for reform,’ Kagawa said. ‘Fiscal sustainability requires that states look inward, improving revenue systems, cutting waste, and prioritising infrastructure and human development investments that deliver long-term value.’