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The Pension Transitional Arrangement Directorate (PTAD) has disbursed N13.87 billion in pension increment arrears to 18,822 retirees under the Defined Benefit Scheme (DBS), covering outstanding payments arising from approved increases for former workers of the defunct Power Holding Company of Nigeria (PHCN) and five other agencies.

The payments comprise N9.42 billion paid to 7,391 former PHCN pensioners and N4.46 billion disbursed to 11,431 retirees from five defunct agencies, according to a statement signed by Olugbenga Ajayi, Head of Corporate Communications at PTAD.

‘The Pension Transitional Arrangement Directorate (PTAD) has paid ?13,873,565,547.52 (Thirteen Billion, Eight Hundred and Seventy-Three Million, Five Hundred and Sixty-Five Thousand, Five Hundred and Forty-Seven Naira, Fifty-Two Kobo) in pension increment arrears to 18,822 Defined Benefit Scheme (DBS) Pensioners. The payment reflects the accrued arrears arising as a result of the 13.8% and 20.55% increments to PHCN Pensioners and Pensioners from some of the Defunct Agencies under PTAD,’ the statement read

The directorate said the former PHCN workers received 65 months of arrears arising from a 13.8 percent pension increment, covering the period from June 1, 2021, to October 31, 2026.

The second tranche of N4.46 billion represents 22 months of arrears arising from a 20.55 percent pension increase, covering January 1, 2025, to October 31, 2026.

The beneficiaries of the 20.55 percent increment are pensioners from the People’s Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation and NITEL/MTEL.

PTAD said both pension increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) in a circular dated January 14, 2026.

The payments bring the total arrears disbursed under the two increments to N13.87 billion, with the former PHCN pensioners accounting for about 68 percent of the total amount.

The directorate said the disbursements reflected the Federal Government’s commitment to improving the welfare of retirees and ensuring that pensioners under the Defined Benefit Scheme receive their entitlements.

It also credited the administration of President Bola Tinubu with supporting efforts to address outstanding pension obligations and improve pension administration.

PTAD reaffirmed its commitment to the timely payment of pension entitlements and the continuous improvement of the welfare of retirees under the Defined Benefit Scheme.

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has accused journalists of misrepresenting the date he carried a placard during a prayer walk, alleging that the report falsely linked the incident to former President Goodluck Jonathan’s administration.

Adeboye stated that the incident occurred in 2020, five years after Jonathan left office in 2015. He insisted that the procession was organised to pray against insecurity and killings in the country. The cleric spoke to his congregation on Sunday during the church’s November thanksgiving service, recounting how the report portrayed him as a wicked man for carrying a placard allegedly directed against the former president.

He noted that the report gained widespread acceptance without journalists verifying the circumstances surrounding the incident. ‘Recently, just one mischievous somebody wrote in the papers, or said somehow, ‘Pastor Adeboye is a very wicked man. After all, we know that not too long ago, he carried a placard against President Goodluck Jonathan,” he said. Adeboye admitted that he carried a placard but maintained it was a prayer walk rather than a protest.

Adeboye explained that the exercise followed a directive for churches to organise prayer walks around their premises by CAN. The cleric stressed that the timeline contradicted the claim that he had protested against Jonathan while he was president.

‘But I carried the placard in 2020. Jonathan ceased to be president in 2015. I carried the placard five years in the second term of Buhari,’ Adeboye stated. He accused the journalist of twisting the facts and criticised the failure to investigate the circumstances before publication.

Adeboye recalled his exposure to journalism studies in the 1960s, noting that he learned about investigative journalism and the necessity of verifying information. Addressing members of the creative industry, he expressed disappointment that the report had been accepted without proper checks.

On February 2, 2020, Adeboye led members of the RCCG on a prayer walk in Lagos to express concern over killings and insecurity across Nigeria. The exercise followed a three-day fasting and prayer programme declared by the Christian Association of Nigeria to seek divine intervention against terrorism and security challenges.

According to reports published at the time, the procession began at the RCCG national headquarters in Ebute Meta, Lagos, proceeded towards Atan Cemetery in Yaba, and returned to the church. Photographs from the event showed Adeboye carrying a placard bearing the inscription, ‘All Souls Are Precious to God’. The walk took place during the administration of former President Muhammadu Buhari, who succeeded Jonathan in May 2015.

Nigeria’s efforts to sustain foreign-exchange stability and strengthen economic growth will depend partly on its ability to increase crude oil production, protect oil assets and translate export earnings into stronger external reserves and improved dollar inflows.

For the banking and finance sector, a sustained recovery in oil production could support foreign-exchange market stability, improve confidence in the naira and create a more predictable operating environment for businesses that depend on imported inputs and foreign-currency transactions.

Crude oil remains a major source of Nigeria’s foreign-exchange earnings, making production volumes and export receipts important to the country’s external position and capacity to meet foreign-currency obligations.

The link between oil production and financial stability is particularly important as Nigeria seeks to move from macroeconomic stabilisation towards stronger private-sector investment, improved household welfare and more inclusive economic growth.

According to PwC Nigeria’s report, ‘Unlocking Nigeria’s reform dividend: From macroeconomic stabilisation to inclusive growth,’ the country entered the second half of 2026 from a stronger macroeconomic position, supported by greater foreign-exchange stability, moderating inflation, stronger external reserves, higher revenue mobilisation and increased capital inflows.

The report stated that Nigeria’s real Gross Domestic Product grew by 3.89 percent year-on-year in the first quarter of 2026, supported by information and communications technology, finance and insurance, construction and agriculture.

Headline inflation moderated to 15.91 percent in June, while the naira remained broadly stable at N1,379.68 per dollar. Gross foreign reserves rose by 38.3 percent year-on-year to $51.46 billion in June, providing a stronger external buffer and supporting confidence in the foreign-exchange market.

Despite these improvements, PwC noted that household affordability remained under pressure, private-sector financing conditions were still tight, and economic growth remained concentrated in a relatively narrow group of sectors.

These challenges underline the importance of sustaining foreign-exchange stability and improving financing conditions for businesses seeking to expand production, invest in infrastructure and create jobs.

Oil production and foreign-exchange stability

Nigeria’s dependence on crude oil exports for a significant share of its foreign-exchange earnings makes oil production an important factor in the performance of the naira and the accumulation of external reserves.

Higher production could increase export receipts, provided the additional volumes are sold and the proceeds are realised. This could strengthen dollar inflows and support the external position, particularly when international oil prices remain favourable.

For businesses and financial institutions, a more stable foreign-exchange environment could improve confidence in the market and make it easier to plan transactions involving imported goods, equipment and other foreign-currency payments.

However, the impact of higher production will depend on several factors, including international oil prices, production costs, export volumes and the extent to which additional earnings translate into foreign-exchange inflows.

PwC warned that the naira would remain exposed to movements in oil prices, capital flows and domestic foreign-exchange demand, despite the improvement in external buffers and ongoing market reforms.

This suggests that sustaining foreign-exchange stability will require more than higher oil output. Consistent reforms and effective management of external earnings will also be important.

Implications for banks and private-sector financing

Foreign-exchange stability is relevant to the banking sector because businesses operating in Nigeria rely on predictable currency conditions to manage costs, meet payment obligations and plan investments.

When foreign-exchange conditions improve, businesses may find it easier to plan transactions involving imported raw materials, equipment and other inputs. This could support business activity and investment, particularly in sectors that depend on imports.

Conversely, persistent currency uncertainty can complicate business planning and place pressure on companies facing higher import costs.

PwC identified tight private-sector financing conditions as one of the challenges confronting Nigeria’s economy despite improvements in macroeconomic indicators.

The report argued that the next phase of the reform process should focus on translating macroeconomic gains into stronger household incomes, higher productivity, more jobs and broader-based economic growth.

For banks, this highlights the importance of an operating environment in which businesses can access finance and use it productively. Improved foreign-exchange stability could support this process, although the report does not establish a direct link between higher oil production and lower bank lending risks.

Monetary policy, inflation, fiscal pressures and the availability and cost of credit will continue to influence financing conditions.

PwC expects monetary policy to remain relatively tight, with room for gradual interest-rate reductions if the decline in inflation is sustained. It also noted that government financing requirements and continued spending needs could maintain fiscal pressures.

Consequently, higher oil production could support the broader macroeconomic environment, but it would not automatically guarantee lower lending rates or wider access to credit.

Oil asset protection remains critical

The ability to sustain higher production depends partly on protecting oil infrastructure, reducing theft and preventing disruptions to production and transportation.

Tantita Security Services Nigeria Limited has been involved in pipeline surveillance and oil asset protection in the Niger Delta since 2022, working alongside other security outfits to secure oil facilities and address illegal activities.

The company has said its operations have contributed to improved pipeline security, reduced oil theft and increased economic activity in oil-producing communities.

Speaking on the sidelines of an award presented to Tantita by Blueprint Newspapers, the company’s Media Consultant, Paul Bebenimibo, said the company remained committed to supporting efforts to increase Nigeria’s crude oil production to 2.5 million barrels per day.

He attributed the company’s progress partly to the leadership and knowledge of the Niger Delta terrain possessed by its chairman, Government Ekpemupolo, popularly known as Tompolo.

Bebenimibo also disclosed that Tantita had deployed drones to monitor activities in the creeks and detect illegal operations.

Beyond surveillance, he said the company had employed more than 60,000 youths, paid monthly, and introduced skills acquisition programmes and other empowerment initiatives for members of host communities.

According to him, the combination of employment, skills development and community support had contributed to reducing criminal activities in parts of the Niger Delta.

The company has maintained that protecting oil infrastructure and creating economic opportunities in host communities are important to sustaining production and supporting national development.

For Nigeria’s financial system, the broader economic significance of these efforts lies in their potential to help sustain oil output and the foreign-exchange earnings associated with exports.

However, the extent of the financial benefits will depend on actual production performance, export receipts and the management of the resulting revenues.

Production targets and economic growth

The Petroleum and Natural Gas Senior Staff Association of Nigeria has also pledged to work with the Nigerian Upstream Petroleum Regulatory Commission to increase crude oil production to three million barrels per day by 2030.

The commitment was disclosed by the union’s new president, Bosun Olabiyi-Agoro, during a visit to the commission’s corporate headquarters.

According to a statement signed by Eniola Akinkuotu, head of media and corporate communications at NUPRC, the union also raised issues concerning workers’ rights to associate freely and contract staffing.

The production ambition comes as Nigeria seeks to strengthen economic growth and improve the contribution of the oil sector to national revenue and foreign-exchange earnings.

The Federal Government’s 2026 real GDP growth target ranges between 4.1 percent and seven percent in the supplied material, although forecasts differ among institutions.

The World Bank projects growth of 4.4 percent, while the International Monetary Fund forecasts 4.1 percent. PwC Nigeria estimates growth of 4.2 percent, while the Federal Government targets approximately 4.68 percent. The Lagos Chamber of Commerce and Industry has expressed a more ambitious outlook of up to seven percent.

These projections highlight the uncertainty surrounding the growth outlook and the importance of sustaining performance across major sectors, including oil.

Higher crude production could support economic activity through export earnings and government revenue. However, achieving stronger and more inclusive growth will also require improvements in productivity, infrastructure, access to finance and the performance of non-oil sectors.

Beyond oil production

While oil production remains important to Nigeria’s external position, PwC noted that the country faces domestic and external risks that could influence its economic performance in the second half of 2026.

These include food-price pressures, potential supply-side shocks, pre-election spending, geopolitical tensions, energy-market volatility and weaker global growth.

The report also emphasised the importance of improving domestic energy supply and distribution to ease cost pressures on households and businesses.

In April 2026, energy prices rose year-on-year, led by diesel at 43.67 percent and kerosene at 34.12 percent. Premium Motor Spirit prices increased by 23.69 percent, while liquefied petroleum gas rose by 10.43 percent.

PwC said higher diesel and petrol prices increase transport, logistics and business operating costs, while rising kerosene and cooking gas prices put pressure on household energy spending.

Expanding domestic refined-product supply, reducing distribution bottlenecks and sustaining foreign-exchange stability could help moderate some of these pressures.

For banks, improved macroeconomic conditions would be more beneficial if they translated into stronger business activity, more predictable operating costs and improved financing opportunities across productive sectors.

Under the new allocation, Dakee Engineering and Construction Limited will handle liquefied natural gas (LNG), Escravos (Gas), Bonny River Terminal and EGTL.

Trexem Energy Services Limited has been assigned Egina, Qua-Iboe and Tulja terminals, while Geoscape Limited will oversee Escravos, ERHA, Odudu and FSO Cawthorne.

The CBN allocated Bonga, Brass, Usan and Eagle terminals to 617 Limited, while Robinson International Energy Limited will cover Ugo-Cha, Penington, Aje, Ima, Oyo and Nembe.

Trobell International Nigeria Limited has been assigned Forcados, Bonny and Okwori terminals, while Integrated Shipping Services Nigeria Limited will handle Akpo, Antan, Okoro, Anyala-Madu and Ebok.

Kephren Business Limited will oversee Ukpokiti, Utapate, Yoho, Abo, Agbami, Ajapa, Okono and Okwok terminals, as well as additional marginal streams designated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The apex bank also appointed Q and Q Control Services Limited and Arlington Securitas Nigeria Limited as monitoring and evaluation agents responsible for supervising the inspection companies.

Q and Q Control Services Limited will monitor the activities of 617 Limited, Trexem Energy Services Limited, Geoscape Limited and Kephren Business Limited.

Arlington Securitas Nigeria Limited will oversee Dakee Engineering and Construction Limited, Trobell International Nigeria Limited, Robinson International Energy Limited and Integrated Shipping Services Nigeria Limited.

The appointments form part of the Federal Government’s review of the pre-shipment inspection and monitoring arrangements for crude oil and gas exports under the Nigerian Export Supervision Scheme.

The CBN directed all affected institutions and operators to comply with the revised appointments and terminal allocations, which it said took effect on October 2, 2026.

Revva, a Nigerian tech start-up, is seeking to reshape digital engagement by bringing content creation, community interaction and commercial opportunities together in a single platform.

The platform, which is built and managed by Nigerians, is positioning itself as a homegrown alternative focused on enabling users not only to consume content but also to create, connect with communities and explore opportunities to commercialise their creativity.

According to the company, Revva was developed around three pillars of content, community and commerce. It seeks to provide a more participatory digital experience for Nigerian users, particularly young people navigating an increasingly digital economy.

The platform’s proposition comes at a time when social media has become an important avenue for young Nigerians to express themselves, showcase talents, build audiences, discover trends and establish digital identities.

Revva stated that its content features allow users to discover and share videos and other materials, while its community tools, including Banter for conversations and Echo for direct messaging, are designed to facilitate interaction.

The platform also offers live sessions and subscriptions, alongside a marketplace featuring services such as airtime and data purchases, as well as a digital wallet.

Speaking on the vision behind the platform, Ayoola Oyekanmi, founding partner, said that the company was established on the belief that social media could offer users more than content consumption.

‘Revva was built around the belief that social media can be more than a place where people scroll through content. It can be a place where they express themselves, find their communities, share their ideas and explore opportunities to turn their creativity into value,’ he said.

Oyekanmi added that the platform was intended to create a digital environment that reflects the creativity and ambition of its users.

‘We want to create a digital space that reflects the ambition and creativity of our people. By bringing content, community and commerce together, we are building towards an experience where users can do more with their time, their ideas and the relationships they build online,’ he noted.

The company emphasised that its Nigerian ownership and development form a defining part of Revva’s identity, describing it as the country’s first social media platform owned and managed by Nigerians.

Its technology stack, including its application programming interface (API), was developed entirely locally.

According to Revva, the approach was informed by the broader need for greater local participation in the development and ownership of digital infrastructure through which Africans communicate, create and conduct business.

The firm concluded that its long-term success will depend on its ability to earn users’ trust, deliver a useful product experience and build a community that derives sustained value from its features.

The Odu’a Investment Foundation (OIF), through its Byte Busters Coding Club under the DEFINED (Digital Education for Innovation and Economic Development) initiative, has grown into a network of 20 centres reaching over 4,500 learners in18 local government areas.

The Byte Busters Coding Club of the Odu’a Investment Foundation (OIF) is the flagship initiative that empowers public secondary school students with digital literacy and creative problem-solving skills.

The Byte Busters Coding Club envisions a future where every child in Southwest Nigeria becomes a proficient coder, capable of creating innovative solutions and contributing to the global tech ecosystem, while its mission is to cultivate ethical tech leaders who harness their skills to drive positive change, encourage creativity, and advance the digital revolution.

Olatokunbo Awolowo-Dosunmu, chairman, Advisory Council, Odua Investment Foundation (OIF), in her address at the Byte Busters showcase 2026, which is the second edition in Ibadan, disclosed that Byte Busters now operate across all six South-West states, and that the ‘quality of the projects before us shows clearly that our students are not merely learning how to use technology; they are learning how to think with it, build with it, and apply it to problems that affect their schools, families and communities’.

While saying that the distinction is important, she said, ‘Our young people are growing up in a world in which artificial intelligence, digital platforms and new technologies will shape how they learn, work, communicate and create.

‘We must give them the confidence and capability to participate actively in shaping the digital future, so I am delighted by the continued expansion of the program and by the increasing sophistication of the projects being developed by the students. From applications addressing learning and accessibility to ideas connected with agriculture, commerce, public safety and indigenous language, these young people are showing us what becomes possible when talent is given opportunity.

She said the Foundation has also witnessed its approach through the digital literacy training for teachers programme, recognising that sustainable transformation in education must include those who stand in classrooms every day.

‘By equipping teachers with practical digital skills and using a Train-the-Trainer model, we are building capacity that can multiply far beyond the first cohort,’ she said.

In his address, Tola Kasali, Group Chairman, Odu’a Investment Company Limited, said the future of any society was forged long before its next generation takes the reins of leadership.

According to Kasali, ‘It is shaped by the quality of education we provide, the values we instil, the skills we nurture, and the opportunities we make universally accessible.

For Odu’a Investment Company Limited, our mandate extends well beyond asset management and corporate financial performance. Rooted in the sustainable development of Southwest Nigeria, our true responsibility encompasses the future of the people, communities, and regional economies we exist to serve. Commercial prosperity and social development are not mutually exclusive; they are deeply complementary. A vibrant region requires productive enterprises, resilient institutions, skilled professionals, dynamic entrepreneurs, and a youth population fully equipped to thrive in a global, knowledge-driven economy.

‘We must therefore ask ourselves a defining question: What are we doing today to empower the leaders who will shape Southwest Nigeria tomorrow? This vital imperative lies at the heart of the Odu’a Investment Foundation-our corporate social responsibility vehicle designed to deliver sustainable interventions across education, healthcare, and youth development. The Foundation embodies our belief that true progress is measured not merely by balance sheets, but by the lives we uplift and the opportunities we create,’ he said.

A legacy of educational leadership

Southwest Nigeria has long recognised education as the ultimate catalyst for social mobility. The legendary legacy of Obafemi Awolowo and the landmark educational advancements of the former Western Region remain foundational chapters of our shared history. However, that proud heritage challenges us to continually re-examine what meaningful education demands today.

Kasali noted that ‘In this era, that conversation must prioritise digital literacy and technological fluency.

Technology is fundamentally reshaping global industries, redefining labour markets, and altering how societies function. To navigate this landscape, our youth require far more than basic digital familiarity; they must cultivate critical thinking, collaborative problem-solving, and the capacity to apply technology to real-world challenges. Crucially, these competencies must not be restricted to privileged institutions. Every child with a spark of curiosity deserves the opportunity to transform that curiosity into capability.’

On his part, Yinusa Abdulrahman, Group Managing Director, Odua Investment Company Limited, said that technology was changing how people work, learn, communicate, and do business, and that it is changing things fast.

‘Yet access to practical digital learning is still uneven, especially for many children in public schools. Their curiosity and potential are not in doubt. What is often missing is access to the resources, guidance, and opportunities they need to develop that potential,’ Abdulrahman noted.

According to him, ‘We believe a child’s future should not be determined by the school they attend or the resources available in their immediate environment. That belief led the Odu’a Investment Foundation to introduce DEFINED-Digital Education for Innovation and Economic Development-our flagship initiative designed to strengthen digital literacy and equip learners and teachers across Southwest Nigeria with skills for the future.

‘DEFINED recognises that digital education must begin early, that teachers are essential to its success, and that young people need opportunities to move beyond theory-to experiment, create, and apply what they learn. Byte Busters is one of the practical ways we bring that vision to life.

‘Through after-school coding clubs in public secondary schools across the six states of Southwest Nigeria, students are introduced to coding, artificial intelligence, digital creativity, computational thinking, and problem-solving. But our ambition goes beyond teaching young people to write code.

‘We want them to develop the confidence to ask questions, the discipline to work through difficult problems, the creativity to imagine new possibilities, and the courage to turn their ideas into something useful. We want a student who sees a problem in their community to start asking, ‘What can I create that might help solve this?’

Seun Kolade, professor and project director, defined the project in his keynote address, saying the great competition of the coming decades would be between societies that prepared their young people to understand, adapt and create with technology, and societies that allowed them to remain merely consumers of what others created.

He said Africa still has a choice about which side of that divide it will occupy.

‘Last year, I asked us to give our children wings and the wind to soar; today I ask for something more ambitious: let us ensure that when the technologies, businesses and solutions of the next twenty years are being built, our children are not standing outside looking in.

‘Let them be inside, let them be coding, let them solve the problems of their communities. Let them build in Yoruba, English, Hausa, Igbo, Swahili, and in the languages of code that connect them to the World.’

Kolade, however, urged governments, businesses, old students, associations, philanthropists, and diaspora communities to commit greater resources to the work, computers, connectivity, learning space, facilitators, equipment and sustained funding.

‘This year, we are seeing projects that engage directly with the world around them: an AI-powered CBT platform, Tomato AI, exploring technology in Agriculture; an emergency response system, a sign language application and an AI-powered marketplace for local traders. Other teams are tackling post-harvest losses and building a Yoruba-English translation application’, the project director added.

According to reports by FirstPost, the voluntary exit package will affect around 27 percent of its global workforce. The company has approximately 200,000 full-time employees worldwide as of June 2026.

Unlike traditional corporate downsizing, the Voluntary Exit Offer allows eligible staff to choose whether to leave the organization. Describing the rationale behind the strategic move, Amy Coleman, Chief People Officer at Microsoft, stated, ‘the program is intended to give employees greater flexibility while allowing the company to adapt to changing business needs.’

Eligibility for the buyout applies to staff at internal level 70 and below across select departments, including Copilot, AI Experiences, Windows + Devices, Xbox, finance, and human resources. Roles within sales, marketing, commercial business, and security are excluded from the offer. Furthermore, the initiative omits age, tenure, or performance rating prerequisites, contrasting with earlier retirement-focused exit packages.

Employees are required to decide whether to accept the offer in early December. Those who participate will leave the company on December 31.

Why Microsoft is doing this

The decision comes as a result of its enormous cost on artificial intelligence, as it currently invests heavily in data centres.

For instance, the company invested around $175 billion in 2026, including spending on computer chips and other infrastructure required to develop and operate AI systems.

Data centres require servers, processors, memory chips, cooling systems and huge amounts of electricity, which all comes at a cost.

At the same time, Microsoft is seeking to improve operational efficiency. The company has described the offer as a way to adapt its workforce to changing business needs.

‘This offer gives eligible employees who may be considering a future outside the company a new choice to make that transition now with support. It also gives participating organisations another way to adapt their workforce to changing needs’, it said in its statement.

Another reason for the layoffs, is as a result of its restructuring plans to divest up to five gaming studios.

Microsoft’s buyout programme illustrates how the artificial intelligence race is reshaping the technology industry as companies redirect billions of dollars towards AI. Employees are left to navigate an uncertain future. While voluntary buyouts offer workers a choice, they also raise questions about job security across the industry.

More than three years after President Bola Ahmed Tinubu removed the petrol subsidy, the Federal Government is introducing a fresh wave of measures to ease the cost-of-living crisis occasioned by the government’s economic reforms.

But with the 2027 general election approaching, the timing of these interventions raises a difficult question: did the government only recently discover what could bring relief to Nigerians, or is it stepping up assistance when the political benefits could be greatest?

From a 90-day economic action plan to cash transfers targeting 7.5 million households and a N70,000 monthly transport intervention for public service workers, the government has announced measures aimed at cushioning the effects of economic reforms.

At its 161st meeting, chaired virtually by Vice President Kashim Shettima, the National Economic Council endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance.

The plan focuses on food affordability, tax harmonisation, completing high-impact projects, removing investment bottlenecks and providing regulated household support. The council also approved a national dashboard to track projects and improve transparency, including reporting on proceeds from fuel subsidy removal.

Shettima urged state governors and relevant institutions to ensure that economic reforms translate into better living conditions, stressing that policies should be judged by their impact on people’s daily lives.

The government is also targeting 7.5 million households in another round of cash transfers. Minister of Humanitarian Affairs and Poverty Alleviation, Bernard Doro said the administration was combining the transfers with vocational training, grants to farmers and collateral-free loans.

However, the effectiveness of these programmes will depend on whether assistance reaches the people who need it and whether it provides meaningful relief from the pressures on household budgets.

The Nigeria Labour Congress (NLC) has questioned the effectiveness of the government’s 90-day relief plan, describing it as a ‘confession, not a solution’.

Chris Onyeka, the NLC’s assistant general secretary, argued that temporary interventions would not address the underlying causes of economic hardship, including rising living costs and declining purchasing power. The labour body also questioned the plan’s transparency and raised concerns about its timing ahead of the 2027 general election.

Transportation is another focus of the government’s response. Following a conciliation meeting with organised labour on October 27, the Federal Government approved a N70,000 monthly transport intervention for public service workers for six months, beginning in November 2026.

The agreement also provides for outstanding peculiar allowances to be paid in three equal monthly instalments from November. However, the government and the NLC failed to agree on the effective date for implementing the national minimum wage.

Although the transport intervention could help public servants, it does not directly cover private-sector workers, traders, artisans, students and other commuters who also face high transportation costs.

Meanwhile, the Presidential Initiative on Compressed Natural Gas and Electric Vehicles reported fare reductions of between 15 and 50 per cent on some programme routes. However, it did not identify the specific routes or provide comparisons of previous and current fares, making it difficult to independently assess the savings available to commuters.

The bigger question is whether these measures represent a sustained commitment to improving living standards or a late response to hardship that has persisted for years.

With the 2027 election approaching, Nigerians may reasonably question whether the renewed push for relief is driven solely by economic necessity or whether electoral considerations are also influencing the timing. The announcements alone, however, do not prove that the government deliberately delayed assistance for political advantage.

Ultimately, the government will be judged not by the number of relief programmes it announces but by the difference they make in people’s lives.

After years of economic adjustment, Nigerians deserve to know why stronger relief measures are being prioritised now, whether the same urgency could have been demonstrated earlier and how the administration intends to ensure that the interventions continue beyond the election season.

Mixta Africa has canvassed a housing delivery system to tackle Nigeria’s widening deficit at scale, arguing that housing interventions must shift to building the delivery system.

The company, which opened for business over 20 years ago, is a leading pan-African real estate developer with over 30,000 home units delivered across Nigeria, Senegal, Tunisia, Morocco and Côte d’Ivoire.

Tola Akinsulire, its Group Chief Commercial Officer, lamented recently that Nigeria has treated housing as isolated interventions focused on mortgages, without addressing the underlying delivery ecosystem.

‘What has worked elsewhere is a system that addresses both the supply and demand sides. In Morocco, we delivered 4,393 units on a single site because the government created that system,’ he said.

Tola spoke at the Africa PropTech Priority Summit (APPSUMMIT 2026) organised by Proptech Roundup with the theme, ‘Public-Private Partnerships for Large-Scale Housing Delivery: Unlocking Housing at Scale Through Collaboration.’

He recalled that in 2010, under Morocco’s housing programme, participating developers who committed to building at 250,000 Dirhams and meeting a target of 500 units in five years were offered tax credits across the value chain, including cement and company income tax.

‘On the demand side, buyers of qualifying homes were exempted from VAT and supported by a government-backed guarantee scheme that covered up to 70 percent of the lender’s credit risk that kicks in after default. That made banks willing to lend and buyers able to buy. That is how you create a market – engineered on both the supply and demand sides,’ Akinsulire explained.

On PPPs in Nigeria, Akinsulire said governments must be clear if a PPP is a monetisation or intervention strategy, noting: ‘if it is primarily a monetisation strategy, the private developer will ordinarily be expected to bear more of the commercial risk.

But if it is an intervention intended to deliver affordable housing for civil servants, for example, government must be prepared to absorb some of the cost – through infrastructure, land or other support – and agree on a realistic price point’

He stressed that for PPPs to deliver at scale, three things are critical: trust, buyer affordability, and developer capability. ‘The Federal Ministry of Housing’s Housing Delivery Framework in January and its subsequent policy framework later in the year address trust and affordability, but we are not addressing how to enhance developer delivery capacity. If people have money and there are no houses to buy, we still have the same problem,’ he said.

Akinsulire welcomed innovators into the real estate value chain, affirming that: ‘Technology must either reduce friction or reduce risk, from land titling, to approvals, construction monitoring, sales and off-plan finance.

Olajumoke Akinwunmi of Alitheia Capital highlighted lack of structured engagement, framework and trust as the biggest missing links in PPPs. ‘We need collaboration among ourselves and ready projects, not just land banks.

Often, after the handshake, you get to site and still deal with Omo Onile, compensation, and unbuildable portions. That is not a ready project. We also need transparent procurement and to build a local industrial base.

We are dealing with a housing challenge affecting roughly 30 million units – comprising a deficit of about 15 million homes and more than 15 million existing homes that are structurally inadequate or substandard,’ she said.

Odunayo Ojo, UPDC’s CEO, described housing as fundamentally an economics problem: rising government rates, low-income levels and the need for incentives. ‘Rates and charges have tripled this year, yet we say we want cheaper housing.

We need tax breaks and pioneer status incentives for housing like other industries. In the interim, we must encourage build-to-rent because many Nigerians cannot afford to buy, even on zero-interest mortgages, due to low incomes. And we must collaborate to cut overheads,’ he advised.

Veritas Kapital Assurance Plc is stepping up efforts to attract young Nigerians into the insurance profession through sustained partnerships with universities, student development programmes and financial incentives aimed at rewarding academic excellence.

The initiative reflects the growing need for fresh talent, diverse perspectives and improved professional capacity in an insurance industry undergoing significant regulatory and structural changes following the introduction of higher capital requirements and reforms.

As part of the commitment, the insurer recently rewarded Adeyemi Adeshola Kehinde, the best graduating student of the Department of Risk Management and Insurance at Lagos State University (LASU), with N500,000.

Kehinde, who graduated with a cumulative grade point average of 4.65 out of 5.00, received the award in recognition of his outstanding academic performance.

Speaking at the presentation, Adaobi Nwakuche, managing director/CEO of Veritas Kapital Assurance, said the award fulfilled a commitment she had made to support the department and its student association.

Nwakuche, who was represented by Arinze Adigwe, the company’s head of marketing and corporate communications, said the initiative was part of the insurer’s longstanding engagement with the university’s insurance community.

She explained that the company had pledged to reward the department’s best graduating student annually, describing the intervention as part of a broader strategy to promote insurance education and encourage young Nigerians to consider the profession as a viable career.

According to her, Veritas Kapital’s support for insurance education extends beyond LASU to other institutions, including Nnamdi Azikiwe University, Awka, and the University of Lagos.

The company also organised a nationwide university competition in the 2022/2023 academic session to stimulate interest in insurance-related activities. The University of Lagos, University of Ilorin and Ahmadu Bello University, Zaria, produced the top three participants, respectively.

Nwakuche said the company’s engagement with educational institutions was a continuing commitment rather than a one-off corporate social responsibility activity, adding that it remained open to partnerships with universities willing to promote insurance education.

‘We will definitely partner with schools that are ready to partner with us,’ she said.

She noted that attracting young people into the profession was increasingly important as the industry navigates reforms, embraces new business models and responds to changing market expectations.

Bringing younger professionals into insurance, she said, would introduce fresh ideas and diverse perspectives capable of supporting the industry’s transformation and long-term development.

The intervention comes at a time when Nigeria’s insurance industry is seeking to strengthen its capacity, improve public confidence and expand its contribution to the economy. Beyond financial capital and regulatory compliance, the sector needs a steady pipeline of skilled professionals who can support underwriting, risk management, actuarial services, claims administration, technology and customer engagement.

The availability of such talent will be important as insurers reposition their businesses to take advantage of opportunities created by the ongoing reforms and the growing demand for more sophisticated risk management solutions.

Speaking at the event, Dansu Shewhenu Francis, acting head of the Department of Risk Management and Insurance at LASU, described the department’s annual insurance summit as an important platform for promoting professional development and student participation in the industry.

He said the department continued to encourage its student association to organise the programme, providing institutional support to ensure its success.

Francis expressed appreciation to Veritas Kapital for its consistent assistance, noting that the company had continued to respond whenever the department sought its support.

For Kehinde, the N500,000 award represents both financial encouragement and recognition of the effort invested in his academic journey.

He said the recognition would motivate him to work harder and encourage other students to pursue academic excellence, adding that its significance extended beyond the monetary value.