Economy
Nigeria’s Debt Profile Drops Below 40% Under Tinubu—NOA
By Faridat Yusuf
The National Orientation Agency (NOA) has said that Nigeria’s total debt has gone down since President Bola Tinubu emerged president in May 2023.
In a statement dated October 24, the NOA said some people were spreading wrong information about Nigeria’s debt, noting that data from the Debt Management Office (DMO), the Central Bank of Nigeria (CBN), the Ministry of Finance, and other bodies showed debt has actually reduced.
According to the NOA, “Nigeria’s total public debt stood at $113.42 billion as of June 2023, with a debt-to-GDP ratio below 40 per cent,” adding that by December 2024, “total public debt had declined to approximately $94.22 billion, representing a reduction of over $19 billion in just 18 months.”
“The reduction in Nigeria’s debt shows that the federal government is actively managing its borrowings and repayments,” the NOA said.
“Instead of accumulating more debt, Nigeria has been making down payments on some of its loans and avoiding unnecessary new borrowings. This is a positive sign of fiscal responsibility,” it added.
However, the DMO said in its October 12 report that Nigeria’s total debt was N152.39 trillion as of June 30, which is higher than N149.39 trillion recorded in March.
Business Post understands that this difference is because the NOA used the figures in Dollar equivalent while the DMO used Naira figures.
The NOA also said that before President Tinubu took office, almost all government money was used to pay debts.
It noted that, “97 per cent of federal income in the first half of 2023 went to debt repayments,” it said, adding that “By the end of 2024, the ratio had improved to 68 per cent, and further reduced to less than 50 per cent by mid-2025.”
The agency added that Nigeria is still facing challenges because it depends too much on oil, but the government is working to get more money from other sources like taxes and Customs.
“In the first half of 2024, non-oil revenue increased by 30 per cent compared to the same period in 2023. The Nigeria Customs Service collected N1.3 trillion in the first quarter of 2025, more than double the N600 billion collected in the same period in 2023,” it said.
The NOA also said the economy is improving, with the World Bank expecting a 3.7 per cent growth in 2024. It added that the Tinubu-led government is investing in infrastructure, farming, digital economy, and small businesses to help the country grow
By Aduragbemi Omiyale
The Governor of Rivers State, Mr Siminalayi Fubara, has presented the 2026 Appropriation Bill to the Rivers State House of Assembly.
The 2026 budget estimate of N1.85 trillion, christened Budget of Resilience for Growth and Development, was presented to the state parliament on Friday.
Mr Fubara stated that the proposed spending for the 2026 fiscal year represents a 24.49 per cent increase over the adjusted 2025 budget, driven by anticipated growth in Federation Account Allocation Committee (FAAC) allocations, derivation revenue and internally generated revenue.
He informed the lawmakers that the state hopes to earn N487.61 billion from internally generated revenue, N936.05 billion from FAAC allocations, derivation funds, Value Added Tax (VAT) and exchange gains, and N382.48 billion from capital receipts, including loans, grants and asset sales.
According to him, N413.11 billion is for recurrent expenditure and N1.405 trillion for capital projects, underscoring his administration’s commitment to accelerating development across the state.
He added that personnel costs would gulp N154.77 billion, while N15.22 billion would fund new recruitments, stating that the budget also provides for pensions, gratuities, death benefits and debt servicing.
Governor Fubara further proposed a 50 per cent increase in overhead expenditure for Ministries, Departments and Agencies (MDAs) to strengthen their operational capacity immediately after the budget is signed into law.
He also stated that the largest allocation under the capital budget is the Works and Infrastructure sector with N533.32 billion, followed by Education with N315 billion and Healthcare with N105.43 billion.
In addition, N41.44 billion is for the Rivers State House of Assembly, N30 billion for the Judiciary, N19.26 billion for Agriculture, N15 billion for Power, N8.5 billion for Chieftaincy and Community Development, N7.98 billion for Sports, N7 billion for Youth Development, N6.5 billion for Women Affairs, and N6.61 billion for Environment and Sustainable Development.
The Governor noted that the budget was designed to sustain economic growth, expand critical infrastructure and improve the welfare of residents, pointing out that it builds on the achievements of his administration despite the challenges experienced by the state.
According to him, the budget prioritises the completion of ongoing road projects, new infrastructure investments, improved education and healthcare services, job creation and expanded economic opportunities for residents.
Describing the proposal as a people-centred budget, he assured Rivers people that every public fund would be judiciously utilised to deliver quality services, attract investment and stimulate inclusive development.
Mr Fubara acknowledged the delayed presentation of the budget and appealed to members of the House of Assembly to give the appropriation bill speedy consideration and passage to facilitate timely implementation.
In his remarks, the Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, acknowledged that the 2026 Appropriation Bill was presented later than expected but assured the Governor that the legislature would expedite its consideration in the interest of the people of Rivers State.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027.
This comes as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
The Director-General of the SEC, Mr Emomotimi Agama, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’ in Lagos.
Mr Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the commission would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
Economy
International Breweries Plans Share Capital Reduction to Remove N191bn Losses, Enable Dividend Payout
By Aduragbemi Omiyale
The board of International Breweries Plc is proposing a share capital reduction exercise to enable it to pay dividends from future profits.
The brewery firm has been unable to give shareholders a cash reward despite bouncing back into profitability because of accumulated losses of up to N191 billion.
To resolve this issue, which is becoming worrisome to the company’s investors, the board is planning to apply a portion of the balance in the Share Premium Account to eliminate the accumulated losses.
In a notice signed by its scribe, Temitope Oluwatosin, International Breweries informed the Nigerian Exchange (NGX) Limited and the investing public that the share capital reduction should restore distributable reserves and re-establish its capacity to pay dividends to shareholders.
It was disclosed that the transaction would be “executed pursuant to the provisions of Section 131 of the Companies and Allied Matters Act, 2020 (as amended), subject to the appropriate regulatory approval and confirmation by the Federal High Court.”
“Following the elimination of accumulated losses, the company proposes a further reduction of the Share Premium Account to enable the return of capital to shareholders.
“The amount payable per ordinary share will be distributed on a pro rata basis, determined with reference to the total amount approved by the board for distribution from the Share Premium Account,” a part of the disclosure stated.
International Breweries noted that shareholders would be required to vote on the proposed share capital reduction at the forthcoming Annual General Meeting (AGM) scheduled for the Grand Ballroom of the Federal Palace Hotel, Lagos, on Thursday, July 30, 2026, at 11.00 am.
