Economy
Nigeria’s Debt Rises 8.4% in Three Months to N31trn

By Modupe Gbadeyanka
Data from the Debt Management Office (DMO) on Wednesday, September 9, 2020, showed that the debt incurred by Nigeria rose to N31.0 trillion or $85.9 billion as at June 30, 2020.
The amount comprises the debt owed by the federal government and the 36 states of the federation, including the Federal Capital Territory (FCT).
Business Post observed that when compared with the first quarter of 2020, the total public debt stock of the country increased by 8.4 per cent or N2.4 trillion from N28.6 trillion or $79.3 billion.
The DMO attributed this rise to the $3.36 billion budget support loan from the International Monetary Fund (IMF), new domestic borrowing to finance the revised 2020 appropriation act including the issuance of the N162.6 billion Sukuk and promissory notes issued to settle claims of exporters.
In the statement, the debt office said it expects the public debt stock to grow as the balance of the new domestic borrowing is raised and expected disbursements are made by the World Bank, African Development Bank (AfDB) and the Islamic Development Bank which were arranged to finance the 2020 budget.
Recall that the 2020 budget was revised in the face of the adverse and severe impact of COVID-19 on the government’s revenues and increased expenditure needed on health and economic stimulus amongst others.
According to the DMO, additional promissory notes are expected to be issued in the course of the year, this, and new borrowings by state governments are also expected to increase the public debt stock.
In recent times, President Muhammadu Buhari has come under fire because of the hunger for his administration to borrow funds to finance the budget.
Recently, the loans obtained from China came under scrutiny, but the government quickly said it was necessary to seek for loans from different sources to carry out some critical projects in the country, especially because of a drop in revenue.
In order to boost earnings, the federal government this year raised the value-added tax to 7.5 per cent from 5.0 per cent, while prices of petrol and electricity were increased.
Economy
Nigeria’s Foreign Reserves Add $364m in Two Weeks

By Adedapo Adesanya
Nigeria’s external reserves recorded an increase of 0.96 per cent or $364 million between April 30 and May 14, marking a potential turning point in the nation’s foreign currency position.
The Central Bank of Nigeria (CBN) reported that gross reserves climbed from $37.934 billion to $38.298 billion during the two-week period, after months of steady decline since their peak of $40.92 billion on January 6, 2025.
This rebound follows a challenging period triggered by pressure from external debt repayments, falling oil production, and volatile forex demand.
By the end of April, Nigeria had lost approximately $2.62 billion in reserves over four months, making this recent uptick a noteworthy shift in the country’s external accounts trajectory.
The rise in reserves reflects growing confidence in the CBN’s renewed FX market liberalization policies and efforts to boost transparency.
The bank’s pivot from aggressive currency defense to a more market-driven exchange rate management has curbed speculative demand and hoarding, conserving reserves for critical needs.
Also, efforts such as enhanced digital monitoring of FX flows and tighter oversight of foreign exchange usage and Bureau de Change operators have also limited leakages, promoting a more sustainable forex environment.
This has helped stabilise the Naira between N1,590 and N1,610 this year.
The Governor of the central bank, Mr Yemi Cardoso, highlighted the deliberate nature of the progress, stating, “This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.”
The country will be looking to oil prices further increasing to help bolster the nation’s reserves. Oil, which is Nigeria’s main export, account for more than 60 per cent of earnings while remittances and foreign capital investment among others account for the remaining.
Stakeholders have called for significant efforts from fiscal authorities to complement their monetary authority counterparts to help the country’s economy.
Economy
Research Shows 80% of Forex Advice on TikTok May be Misleading

By Modupe Gbadeyanka
A new study conducted by forex broker experts at BrokerChooser has revealed that 80 per cent of advice relating to FX trading by some financial influencers, fondly called fin-fluencers, on TikTok, could be misleading, putting their audience at risk of losing their hard-earned money.
In the research, about 33 per cent of traders said they have been influenced by fin-fluencers to make trading decisions, with 49 per cent of consumers depending on fin-fluencer recommendations.
The experts analysed 100 of the best performing TikTok videos across a range of forex topics to uncover the scale of misinformation. What they uncovered was alarming—from a major lack of disclaimers to a high volume of videos focused solely on flaunting wealth and lifestyle, with little to no trading context.
It was discovered that only 6 per cent of forex advice on TikTok encouraged viewers to do their research, and of the top-performing videos, 60 per cent of content came from male fin-fluencers, 35 per cent from female fin-fluencers and 5 per cent came from unspecified or AI produced content.
Further, only one in seven videos (13 per cent) analysed included relevant disclaimers, such as clarifying the risks involved in forex trading or stating that the content was not financial advice. This lack of transparency is particularly concerning given that one in five videos were actively promoting or selling a product or service, raising ethical concerns about the motivations behind the content being shared.
Disturbingly, the researchers uncovered that half of the forex related content on TikTok (50 per cent) was fin-fluencers boasting about their money made or their lifestyle with no relevant or trading context. Only 9 per cent of videos which included brags about money or lifestyle—fewer than one in 10—came with context as to how they achieved it.
Also, about 23 per cent of forex related content on TikTok contained actual forex trading information. Instead, videos often focused on lifestyle imagery, vague motivational claims or promises of quick wealth. This was often done without disclosing risks or from creators without verifiable credentials, creating a misleading impression of forex trading as a guaranteed route to financial freedom as opposed to a complex, high risk activity.
“The findings of our study are deeply concerning as they shine a light on the overwhelming majority of forex-related content on TikTok as potentially misleading or harmful. The research uncovered that very few creators encourage their viewers to do their own research or provide any meaningful trading information.
“Instead, it seems that the platform is saturated with individuals flaunting their wealth and lavish lifestyle without offering any transparency or context, which could leave viewers vulnerable to false expectations and financial risk.
“This is particularly concerning as a recent SEC report suggested that around 70 per cent of retail forex day traders lost money each quarter and two out of three forex customers lose money overall,” the Content Editor Head at BrokerChooser, Edith Balazs, stated in a report made available to Business Post.
“If you’re serious about learning to trade, TikTok is not the place to start. Reliable forex education should come from regulator accredited sources, such as financial institutions, professional trading platforms, or certified training providers, and not from fin-fluencers trying to sell you a dream.
“Always practice due diligence: question the source, verify credentials, and never take financial advice at face value. Critical thinking, combined with research and regulated education, is the only safe way to approach financial markets,” Balazs added.
Economy
CBN Likely to Retain Interest Rate at 27.50% as MPC Meeting Begins

By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will likely maintain its key rate at 27.50 per cent for a second successive meeting amid cooling inflation.
Inflation cooled to 23.71 per cent in April 2025, according to the latest report by the National Bureau of Statistics (NBS).
Members of the committee started their meeting in Abuja today, Monday, May 19, 2025, and the outcome will be announced by the Governor of the apex bank, Mr Yemi Cardoso, on Tuesday.
At 23.71 per cent, the inflation levels remain elevated and strains on the Naira have only recently abated after an initial selloff in April caused by a slump in the price of oil, the country’s main export.
The World Bank had recently projected that Nigeria’s inflation may moderate to 22.1 per cent, higher than the 15 per cent targeted by the Bola Tinubu-led administration.
Despite this, market analysts expect that the MPC may choose to hold the rate steady to allow for more slowing of inflation, which was only rebased in January 2025.
Nigeria will likely join Zambia, Angola and Ghana to leave theirs at current levels and may start easing in the second half of the year as disinflation gathers pace. Others key African economies like Egypt, South Africa, and Mozambique, are expected to cut their rates this month.
According to Bloomberg, Nigeria may see “some room for the CBN to cut rates” in the second half of the year as disinflation is expected, citing Mr Gbolahan Taiwo, an analyst at JPMorgan Chase & Co.’s in a client note.
The MPC meeting will be the first rate-setting meeting since the US imposed a 10 per cent universal tariff and slapped China, Africa’s largest trading partner — with a 145 per cent levy before reducing it to 30 per cent for 90 days.
The International Monetary Fund (IMF) in April downgraded its 2025 economic growth forecasts for Nigeria to 3.0 per cent in 2025 amid global uncertainty.
The global lender cited “lower external demand, subdued commodity prices, and tighter financial conditions, with more significant downgrades for commodity exporters and countries with larger trade exposures to the US,” as major threats to Nigeria and other African countries’ growth this year.
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