General
Atiku Queries N5trn Domestic Borrowing Despite Oil Windfall
By Adedapo Adesanya
Former Vice President and presidential candidate of the African Democratic Congress (ADC), Mr Atiku Abubakar, has criticised President Bola Tinubu’s continued reliance on domestic borrowing, despite the windfall reportedly made when oil prices surged following the US-Iran war.
Mr Abubakar, in a statement issued on Monday by his Senior Special Assistant on Public Communication, Mr Phrank Shaibu, described the federal government’s fiscal approach as inconsistent, lacking transparency and failing to demonstrate prudent financial management.
He questioned the rationale behind accumulating fresh debt despite what he described as a significant revenue boost from high global crude oil prices.
Mr Abubakar claimed that the Mr Tinubu-led administration has raised approximately N5 trillion from the domestic bond market during the first half of 2026, representing nearly 80 per cent of the amount borrowed within the same period in 2025.
This is even as he argued that such borrowing would ordinarily be justified only if government revenues had fallen sharply.
“The exact opposite is the case,” he said.
He noted that the 2026 national budget was based on a crude oil benchmark of $64.84 per barrel, while Brent crude averaged about $92 per barrel between March 1 and July 14. He added that Nigerian crude traditionally sells at a premium above Brent prices.
The former vice president said the difference between the budget benchmark and prevailing market prices translated into substantial additional revenue for the country.
“This naturally raises two unavoidable questions. First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?” he queried.
He estimated that the price differential generated an additional $27.15 per barrel, amounting to roughly $42.7 million in extra daily earnings based on an average production of 1.5 million barrels per day.
Over 135 days, Mr Abubakar said the excess revenue amounted to approximately $5.76 billion, equivalent to about N7.98 trillion.
He recalled that previous administrations maintained formal structures, including the Sovereign Wealth Fund and other fiscal buffers, to manage excess crude earnings and ensure accountability.
The ADC presidential candidate also expressed concern that despite increased oil revenues and the removal of fuel subsidy, many Nigerians continue to experience worsening economic hardship.
He cited recent United Nations findings indicating that nearly 80 per cent of Nigerians are unable to afford a decent daily meal, while infrastructure deficits persist despite government assurances that subsidy savings would be invested in critical sectors such as healthcare, education and road infrastructure.
The former VP said an ADC-led administration would adopt a rules-based fiscal framework to ensure transparency in the management of revenues earned above the budget oil benchmark.
He said surplus earnings would be channelled towards reducing public debt, strengthening fiscal reserves and financing investments in infrastructure, education, healthcare and agriculture.
“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” he said.
Mr Abubakar also argued that the Tinubu administration had recently embraced a power sector strategy he first advocated more than two decades ago.
He said comments by the Minister of Power acknowledging that Nigeria could no longer rely solely on large, centralised power plants amounted to an endorsement of his long-standing position on decentralised electricity generation.
“It should not take a government three years in office to discover what was obvious more than two decades ago,” Atiku said.
He criticised the administration for increasing electricity tariffs before implementing reforms capable of improving power supply.
“A government that thinks before it acts would have fixed the system before asking citizens to pay more. Unfortunately, this administration has done the exact opposite, raising tariffs first and only now beginning to think about the reforms required to justify those increases,” he said.
The politician recalled that while serving under former President Olusegun Obasanjo, he consistently advocated decentralising electricity generation by harnessing multiple energy sources, including hydroelectric power, natural gas and solar energy.
“This has been my position for over two decades. When President Obasanjo established the Power Sector Reform Committee based primarily on gas-fired generation, I was appointed chairman.
“However, because I fundamentally disagreed with the policy direction, I declined to preside over the committee. I believed then, as I do now, that Nigeria’s electricity future lay in a diversified and decentralised energy mix, not an overdependence on a single source.”
“Nigeria does not suffer from a shortage of ideas. It suffers from a shortage of leaders willing to act on the right ideas at the right time.
“It is never too late to embrace the right policy, but Nigerians should never have had to pay the price for a government that spent three years learning what should have guided its actions from day one,” he added.
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has announced that the United States Coast Guard (USCG) has lifted the Condition of Entry (CoE) imposed on vessels arriving in the US from Nigeria.
The development brings to an end a 12-year regime of enhanced security requirements on vessels calling at Nigerian ports before entering the United States and marks a significant milestone in the federal government’s efforts to strengthen maritime security, improve port competitiveness and enhance Nigeria’s standing in the global maritime industry.
The Condition of Entry, which took effect on June 25, 2014, required vessels destined for the US that had called at designated Nigerian ports within their previous five port calls to undergo additional security measures and enhanced scrutiny before gaining access to US waters.
Announcing the development, Mr Oyetola said the lifting of the restriction was a strong affirmation of the progress made by Nigeria in strengthening its maritime security architecture and implementing the International Ship and Port Facility Security (ISPS) Code across the country’s ports and maritime facilities.
He attributed the achievement to sustained efforts by the Federal Ministry of Marine and Blue Economy, through the Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with relevant government agencies, port operators, terminal and facility operators, shipping companies and other stakeholders.
According to the Minister, the coordinated efforts were aimed at strengthening Nigeria’s maritime security framework, addressing identified gaps and demonstrating sustained compliance with internationally accepted maritime security standards.
Over the past two years, the United States Coast Guard conducted four comprehensive assessments of Nigeria’s national maritime security framework and port facilities. The assessments were carried out from March 11–13, 2024; April 15–19, 2024; March 15–21, 2025; and April 13–17, 2026. The results of the assessments demonstrated significant progress in Nigeria’s maritime security performance and implementation of the ISPS Code, ultimately leading to the lifting of the Condition of Entry.
Mr Oyetola described the development as a significant achievement for Nigeria’s maritime sector, noting that it reflects the impact of sustained regulatory oversight, institutional collaboration and NIMASA’s commitment to strengthening maritime security.
“The lifting of the Conditions of Entry is a major milestone for Nigeria’s maritime sector. It is a strong affirmation of the progress we have made in strengthening maritime security and implementing the ISPS Code across our ports and facilities,” the Minister said.
“We are committed to sustaining this momentum and ensuring that Nigeria remains a safe, secure and competitive destination for international shipping,” he added.
The Minister also commended the Director-General of NIMASA, Mr Dayo Mobereola, and his team for their contribution to the achievement, describing the lifting of the restriction as evidence of the positive impact of effective regulation, stakeholder collaboration and sustained investment in maritime security.
Mr Oyetola noted that the significance of the development extends beyond maritime security, with the potential to improve the competitiveness and efficiency of Nigerian ports and strengthen Nigeria’s position within the global maritime economy.
The lifting of the CoE is expected to facilitate faster vessel turnaround and improve schedule reliability, while reducing costs associated with additional documentation, inspections, security measures and entry-related delays.
It is also expected to make Nigerian ports more attractive to international shipping lines, encourage increased shipping activity and contribute to greater trade, investment, employment opportunities and port revenues.
A mobile app can look simple from the outside. Behind the screen sit payments, data, customer acquisition and costly infrastructure. Investors increasingly care about what happens after someone downloads an app. The stronger question is whether users return, transact and generate predictable revenue.
Real-time platforms make that question especially interesting. Payments, trading, entertainment and badminton live betting online all depend on fresh information. Users expect updates without noticeable delays. For investors, the visible product is only the front door.
Transaction Volume Says More Than Download Numbers
Downloads make an easy headline. They reveal much less about the economics behind a digital business.
An app can collect millions of installs and still struggle to turn attention into revenue. Active users and transaction frequency provide a clearer picture. Payment activity tells investors even more because it records an action, rather than a simple app visit.
The scale involved is already huge. NIBSS reported in July 2026 that electronic payments reached N1.07 quadrillion over the preceding year. The figure shows just how much commercial activity now depends on digital payment infrastructure.
Instant payments have expanded sharply too. NIP transaction volumes rose from five billion in 2022 to 11 billion in 2024. That represents 120 percent growth in two years.
There is a business behind every successful transaction. Banks earn fees, processors move funds and technology companies provide software. Data centres, cybersecurity services and networks support the same chain.
Digital payments therefore reach far beyond fintech. They form infrastructure for a much larger mobile economy.
Investors Are Looking Beneath the Interface
Fast user growth can attract attention. Yet downloads alone say little about whether a platform has a durable business model.
Three measurements reveal far more:
- Active users show whether an audience keeps returning after acquisition.
- Transaction frequency shows how deeply a product fits into everyday behaviour.
- Revenue per user separates popular platforms from commercially productive ones.
None tells the whole story alone. High transaction frequency becomes less attractive when customer acquisition costs swallow the resulting revenue.
Retention can expose the same weakness. A company may spend heavily on promotions and quickly attract a large audience. Those users can disappear just as quickly when incentives stop.
Strong mobile models give people a reason to return naturally. Banking apps have balances and transfers. Trading platforms have changing prices. Entertainment services have new content and events.
Live information creates another reason to open an app repeatedly. Each return gives the business another opportunity to process transactions or sell additional services.
Infrastructure then starts affecting valuation. Fast response times and stable service may sound like technical details. For customers, they determine whether an app works when it matters.
Mobile Money Creates New Value Inside Established Businesses
Telecommunications offers a clear example. Mobile money operations can become valuable business units rather than simple additions to network services.
In April 2026, MTN Nigeria announced a restructuring involving MoMo Payment Service Bank and Y’ello Digital Financial Services. Its parent group would acquire 60 percent interests in the businesses. The transaction valued the fintech companies at N95.5 billion.
MoMo PSB provides deposits, transfers, payments and digital wallets through mobile channels. Y’ello Digital provides agency banking services through the wider ecosystem.
A customer can therefore become more than a phone subscriber. The commercial relationship can extend into payments and other financial activity.
That logic appears across digital businesses. Companies want customers to complete more useful actions without leaving their ecosystem.
The attraction is straightforward. An existing customer can cost less to serve with another product than a completely new customer costs to acquire.
Bigger ecosystems still bring bigger technical demands. More transactions require stronger processing, fraud controls and customer support.
Real-Time Platforms Put Infrastructure Under Pressure
Some mobile businesses face an extra challenge. Their products change by the second.
Sports platforms are a good example. Fixtures, scores and live events can create sudden traffic spikes instead of smooth daily demand.
A betting app combines mobile access with live sports information and event markets. Major fixtures can bring large numbers of users into the platform within minutes.
That makes capacity important. A platform must handle demand at its busiest moment, not just during an average hour.
Payments add another layer. Users expect deposits and account actions to work without a long chain of separate steps.
The same problem appears outside sports. Trading apps face traffic spikes around market events. Payment services see peaks around shopping periods and salary dates.
For investors, monthly user totals tell only part of the story. Reliability during peak demand can protect revenue that might otherwise disappear within minutes.
Backend infrastructure deserves attention alongside consumer growth.
Payment Infrastructure Has Become Part of the Investment Story
The network underneath mobile payments is changing as well.
NIBSS introduced its National Payment Stack in 2025. The infrastructure supports instant transactions, real-time settlement information and cross-border compatibility. It also includes open-banking integration and risk-scoring functions.
The system builds on NIBSS Instant Payments, launched in 2011. NIP now handles billions of transactions each year.
Speed matters because mobile businesses increasingly depend on immediate actions. A delayed payment can interrupt a purchase or account transaction at the exact moment a customer wants it completed.
Infrastructure investment therefore sits underneath consumer-facing digital growth. More mobile activity needs processing capacity, connectivity, identity systems and security.
Business Post has documented how companies are connecting these layers. In May 2026, Redtech partnered with MoMo PSB and UBA on a cardless payment integration. Customers can use MoMo wallets at participating merchant locations through RedPay infrastructure. Business Post’s report on the payment partnership
Such integrations reduce barriers between banks, telecom operators and fintech businesses. They can also make each participating network more useful.
For investors, interoperability can matter almost as much as scale. A closed platform must build more functions itself. Connected businesses can reach customers and services through partners.
Capital Is Following Digital Businesses
Funding activity offers another clue about how investors value digital companies.
The Investment in Digital and Creative Enterprises programme launched with $617.7 million in funding. Its Startup Bridge added two funding paths in March 2026.
Idea-stage founders can receive grants of up to N10 million. Qualifying startups with launched minimum viable products can receive $100,000 in equity investment.
The amounts are small beside large corporate transactions. The structure is more interesting than the headline numbers.
Capital can reach businesses before they become established companies. Early funding supports product development. Later investment can finance infrastructure, customer acquisition and expansion.
The difficult part starts after the money arrives.
Digital businesses still need to prove that growth produces durable economics. High user totals mean little when retention collapses. Heavy transaction activity also loses appeal when processing and promotional costs consume revenue.
Investors therefore have good reason to look beyond the app itself.
The Numbers Behind the Screen Matter Most
Mobile-first businesses may be easier to launch than traditional companies, but scale remains expensive. Every additional user creates demands somewhere in the system.
Payments need processing. Accounts need security. Real-time products need reliable data. Large audiences need infrastructure capable of surviving their busiest moments.
The investment case rests on more than popularity. Repeat usage, transaction activity, infrastructure quality and revenue efficiency reveal much more about a platform.
Electronic payment volumes already show the size of the opportunity. The harder question is which companies can build profitable services on top of that infrastructure.
Some platforms will collect millions of downloads and little staying power. Others will quietly turn repeated mobile activity into dependable revenue.
For investors, that difference is where the real story begins.
By Adedapo Adesanya
Terra Industries, a Nigerian defence technology startup, has raised an additional $18 million, extending its seed round for the second time this year and bringing the total funding it has raised to $51.75 million.
The latest extension follows two funding announcements earlier in 2026. In January, Terra Industries announced an $11.75 million round before raising a further $22 million in February.
Existing investors 8VC and Nova Global participated in both rounds, signalling continued confidence in the company’s strategy and growth prospects.
The latest $18 million extension includes participation from existing investors 8VC, Nova Global, Silent Ventures, Belief Capital, and SV Angel. It also brings two new investors into the company: Norleo Space Investments and angel investor, Mr Grant Gordon.
The company is expected to use all the new funding to scale its manufacturing capacity in Africa and build out its presence abroad.
Part of the expansion plans is to open its first European office in London, the United Kingdom.
In April, Terra also announced its first manufacturing facility outside of Nigeria, a 34,000-square-foot factory in Ghana called Pax-2, which will be Africa’s largest drone factory and where the startup expects to produce 50,000 autonomous systems annually once it’s fully operational in 2028.
Since it was founded in 2024 by Mr Nathan Nwachuku and Mr Maxwell Maduka, who were just 21 and 23, respectively, at the time, Terra has moved fast to roll out a wide range of autonomous systems on their way to building stronger Africa defense systems. So far, some of these techs include Archer: a VTOL drone with a 1,000km range, 13 hours of endurance, a 9-pound payload capacity, and a 26-foot wingspan, as well as Kallon, a solar-powered sentry tower with AI-enabled edge processing and a whole bunch of sensors to detect and track threats several kilometres away.
Others include Iroko, a small quadcopter drone for ISR or one-way attacks; and Kama, a new interceptor drone with a top speed of 300km/h among others.
Valued at over $100 million, Terra also aims to strengthen local sourcing of raw materials, reduce dependence on imports, and enhance domestic industrial capacity and strategic autonomy for Africa.
