Economy
Experts Task Incoming Administration on Inflation, Debt
By Adedapo Adesanya
On Monday, May 29, Nigeria will get a new president as President Muhammadu Buhari will vacate office after eight years for his successor, President-elect Bola Ahmed Tinubu, a transition that comes with a lot of burdens.
Mr Tinubu, a member of Mr Buhari’s All Progressives Congress (APC), was announced by the Independent National Electoral Commission (INEC) as the winner of the February 25 election, defeating Mr Atiku Abubakar of the People’s Democratic Party (PDP) and Labour Party’s Mr Peter Obi.
However, the country faces massive headwinds of problems, including surging inflation and piling debt, which analysts who spoke to Business Post said are the top priority for Mr Tinubu’s administration.
In April, Nigeria’s headline inflation rate increased to 22.22 per cent as it increased by 0.18 per cent compared to the March 2023 headline inflation rate of 22.04 per cent. The NBS said on a year-on-year basis; the headline inflation rate was 5.40 per cent points higher compared to the rate recorded in April 2022, which was 16.82 per cent.
Plans by the country to control inflation and strengthen the Naira have seen interest rates raised for an unprecedented seventh consecutive time.
However, there are yet no signals that inflation will slow anytime soon, meaning the country will likely hike the rate further after research showed the increase in borrowing costs is yielding results.
The monetary policy committee on Wednesday lifted the benchmark rate by half a percentage point to 18.50 per cent, Governor Godwin Emefiele said in Abuja.
With the end in sight, Mr Buhari pleaded with lawmakers to hurriedly approve an $800 million loan from the World Bank, a move that could see Nigeria’s public debt pass $150 billion this year from over $60 billion when he took over.
His borrowing spree has drawn warnings from the World Bank that Africa’s largest economy was using 96 per cent of its revenue to service debts.
Earlier this month, the Budget Office of the Federation told the incoming legislature, which approves the country’s borrowing needs, that Nigeria’s debt-to-revenue ratio was worsening and could spell doom if the country exceeds its limit.
“We now have very limited borrowing space, not because our debt to GDP is high but because our revenue is too small to sustain the size of our debt. That explains our high debt service ratio. Once a country’s debt service ratio exceeds 30 per cent, that country is in trouble, and we are pushing towards 100 per cent, and that tells you how much trouble we are in,” the Director-General of the Budget Office, Mr Ben Akabueze, said.
Speaking to Business Post, Mr Akin Fatunke, a chartered accountant and public affairs analyst, said the country needed the incoming administration to take the bull by the horn.
“Economic viability should be hinged on efficient loan and self-sufficiency management geared towards investments at the commanding heights. West Africa has too many nation-states, many of which are simply not economically viable.
“I look at how Giuseppe Garibaldi masterminded the unification of Italy and how Otto Von Bismarck masterminded the unification of Germany, I look forward to a Nigerian hero masterminding the unification of West Africa,” he said in a correspondence to Business Post.
He tasked the incoming president to “Build a global economic giant that will rival the likes of China and India with their populations that are in excess of one billion people.”
On his part, Mr Nelson Ekujumi, a business and public affairs analyst, was optimistic about the capabilities of the incoming administration, noting that, “The incoming administration as headed by President-elect Asiwaju Bola Tinubu (GCFR) and Vice President-elect Senator Kashim Shettima (GCON) are astute accountant and economist technocrats respectively who are well versed in financial matters and I have a strong optimism that Nigeria’s debt will be tackled.”
He expects them to “plug economic loopholes to generate more sources of revenue that will limit our borrowing and put in place measures to ensure greater productivity and make life affordable and accessible such that the cost of living will be on a manageable scale for a vast majority of Nigerians.
“The factors engendering high cost of living is expected to be tackled frontally to arrest and reduce inflation.”
By Aduragbemi Omiyale
The board of Beta Glass Plc has been reorganised, with the addition of four new executives, who will help to drive the company’s next phase of innovation and growth.
In a statement, Beta Glass announced the appointments of four non-executive directors, who are Mr Nitin Kaul, Ms Olusola Carrena, Mr Bolaji Olatunbosun Osunsanya, and Mr Boye Olusanya.
They are replacing the departing Mr Emmanouil Metaxakis, Mr Vassilis Kararizos, Mr Serge Joris, and Mr Gagik Apkarian from the board.
Their appointments, however, are subject to the ratification of the shareholders of the organisation at the next Annual General Meeting (AGM) on June 26, 2026.
Mr Kaul brings to the team over 25 years of global experience in strategy, mergers and acquisitions, restructuring, and business transformation across developed and emerging markets. He is a Partner, Portfolio Operations and member of the Executive Committee at Helios Investment Partners. Prior to joining Helios, he co-founded a boutique advisory firm focused on M&A and operational improvement for private businesses. He previously served as President of diversified industrial and aftermarket businesses at Gates Corporation, where he
was part of the executive team that led its sale to Blackstone in 2014. Earlier in his career, he held senior leadership roles at Tomkins and began his professional journey at Arthur Andersen. He currently serves on the boards of several companies across emerging markets.
As for Ms Carrena, she is a highly respected financial services leader with over 23 years of experience across investment banking, private equity, and corporate finance in Africa. She serves as Managing Director (Nigeria) on the Investment Team at Helios Investment Partners, where she oversees deal origination, execution, exits, and portfolio management across sectors. Before this, she spent a decade at Stanbic IBTC Capital Limited, rising to Executive Director and Head of Corporate Finance. During her tenure, she led and closed over 30 transactions valued at more than $4 billion across diverse industries, including oil and gas, FMCG, financial services, infrastructure, and healthcare. A CFA Charterholder, she holds a Master’s degree from the University of Alberta and a First-Class degree from the University of Lagos.
For Mr Osunsanya, he is an accomplished CEO, investor, and governance leader with more than 35 years of experience spanning energy, finance, and infrastructure. He previously served as Group CEO of Axxela Ltd., where he led strategic restructuring and significant value growth initiatives. Earlier, he held executive leadership roles at Oando PLC and Access Bank Plc, contributing to business transformation, governance strengthening, and sustainable expansion. He has served on the boards of several publicly listed and private companies, providing oversight in areas of strategy, audit, risk, and corporate governance, and remains an influential voice in Nigeria’s energy and financial sectors.
On the part of Mr Olusanya, he is a transformative business leader with over three decades of cross-industry experience spanning engineering, telecommunications, manufacturing, and agribusiness. He currently serves as chief executive of Flour Mills of Nigeria Plc, where he is leading a strategic transformation agenda focused on value chain integration, sustainability, and digital innovation. He previously served as Chief Executive Officer of 9mobile and as Chief Transformation Officer at Dangote Industries Limited, driving enterprise-wide restructuring and operational efficiency programs. He also served as Group Operating Partner at Helios Investment Partners, overseeing performance optimisation across portfolio companies. In addition, he is Vice Chairman of the Nigerian Economic Summit Group, contributing to national economic policy dialogue and private-sector development.
By Adedapo Adesanya
Dangote Petroleum Refinery has reduced its ex-depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), marking the first downward adjustment after several sharp increases recorded in recent days.
According to the refinery’s latest pricing template released on March 10, 2026, the gantry price of petrol has been cut by N100 to N1,075 per litre, down from N1,175 per litre previously.
The 650,000 barrels per day capacity refinery also disclosed that PMS supplied through coastal distribution will now sell at N1,050 per litre, reflecting a marginal price differential for marine deliveries.
In addition, the gantry price of AGO, commonly known as diesel, has been reduced to N1,430 per litre, representing a N190 drop from the earlier price of N1,620 per litre.
The company noted that the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The price adjustment came amid a recent decline in global crude oil prices, which has started to ease cost pressures across the international petroleum market and is influencing pricing trends in the downstream sector.
US President Donald Trump reassured markets and claimed the war would end soon, but Iran on Tuesday vowed not to let “a litre” of oil be exported from the Middle East until the United States and Israel stop bombing it.
Brent crude price, which hit a high of $109 per barrel, has now dropped to $90 per barrel, as the largest oil producers in the Middle East Gulf have deepened production cuts and are already lowering output by a combined more than 5 million barrels per day, as the blockade of the Strait of Hormuz has started to affect upstream production.
However, there are worries that, unlike the speed at which petrol stations hiked their cost at the pump, the revised ex-depot prices will not reflect through depot channels and translate into lower retail pump prices nationwide.
By Adedapo Adesanya
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company (NNPC) Limited to urgently strengthen domestic refining capacity to shield the country from global petroleum market shocks.
The National President, PETROAN, Billy Gillis-Harry, on Monday called on the Group Chief Executive Officer of the state oil company, Mr Bayo Ojulari, to facilitate the immediate commencement of production at Nigeria’s local refineries.
Mr Gillis-Harry said that production at the refineries was paramount, particularly the Area five Plant at Port Harcourt Refinery and the Warri Refinery, which previously operated briefly before shutdown for profit index evaluation.
He said that this had become imperative due to the ongoing conflict involving Israel, the United States and Iran, which was pushing global petroleum prices to alarming levels.
Projecting future trends, he warned that Premium Motor Spirit (PMS) could rise close to N2,000 per litre while Automotive Gas Oil (AGO) may approach N3,000 per litre if the situation persists.
He said that sustained drone and missile attacks now threaten critical oil routes and infrastructure, creating uncertainty in global supply chains.
“With no clear end to the conflict, petroleum product prices in both international and domestic markets are expected to rise sharply in the coming days.
“Before the crisis, PMS, known as fuel sold at N774 per litre, but now sells above N1,000 per litre, representing an increase of about 30 per cent.
“Diesel, previously sold at N950 per litre, has risen to N1,400 per litre and above, an increase of about 49 per cent,” he said.
Mr Gillis-Harry said that rehabilitating Nigeria’s refineries for immediate domestic production was critical.
On local refining, he said that it would reduce exposure to international market volatility, especially as Nigeria had abundant crude oil resources under the custody of NNPC Limited.
He said that government-owned refineries were less vulnerable to global supply disruptions compared to privately owned refineries dependent on imported crude.
The PETROAN president said that continued fuel price increases would worsen inflation, cause job losses, deepen economic hardship, increase transportation costs, and raise prices of goods and services nationwide.
“Fuel remains essential for daily mobility, while diesel is vital for manufacturing and industrial operations,” he said.
He commended President Bola Tinubu for the ongoing bold policies to reform the oil and gas sector, and called on Tinubu to direct the immediate rehabilitation and commencement of production at the government-owned refineries.
According to him, this will ultimately bring relief to citizens and stimulate economic growth.
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