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Nigeria Helped by Low Debt as it Tackles Slump Spending

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Nigeria is facing a recession, a plunging currency, inflation at a decade-high and a widening budget deficit. It has one going for it; low debt.

That means the West African nation has room to tap international markets as it plans to spend its way out of an economic slump, according to analysts including Manji Cheto at Teneo Intelligence. Nigeria said on Aug. 8 it’s seeking banks to manage a Eurobond sale of as much as $1 billion, its first foray into the market since 2013.

“If you look at Nigeria’s debt profile, the additional external debt is not likely to have any material negative impact,” said Cheto, the London – based senior vice president at Teneo. “One is clear; however, the yield is likely to be higher than Nigeria’s last Eurobond sale in 2013, given that the macroeconomic fundamentals have deteriorated significantly.”

Yields on the country’s $500 million of bonds due July 2023 fell 11 basis points to 6.65 percent on Wednesday. The yield is down 203 basis points this year.

Nigeria’s dollar-denominated bonds have returned 1.9 percent this quarter, compared with the 4.7 percent average return of dollar debt in Sub-Saharan Africa, according to data compiled by Bloomberg.

President Muhammadu Buhari approved a record 6.1 trillion naira ($19.3 billion) spending plan this year after Nigeria’s economy contracted in the first quarter as revenue fell because of lower oil prices and a decline in output. The country’s ratio of debt to GDP, at 13.2 percent, is the lowest in sub-Saharan Africa and about a third of the average of 37.2 percent, according to the IMF.

Nigeria plans to borrow as much as $4.5 billion in the bond market through 2018, according to its Debt Management Office, as capital spending rises to about 1.75 trillion naira, more than four times the amount in 2015.

The money will be spent on roads, railways, ports and electricity generation to support diversification of the oil-dependent economy into agriculture and solid-minerals development.

After shrinking 0.4 percent in the first quarter, the economy is set to contract 1.8 percent in 2016 as shortages of power and foreign currency curb output, according to the IMF. The Central Bank of Nigeria increased interest rates by 3 percentage points this year to 14 percent as inflation reached 16.5 percent in June.

The currency has slumped 38 percent against the dollar since the central bank allowed it to trade freely in the interbank market on June 20, removing a currency peg that had deterred foreign investment and squeezed importers.

“The recent devaluation of the naira is a barrier lifted,” Stuart Culverhouse, Chief Economist at Exotix Partners LLP, said by phone from London on Aug. 10. “We have seen economies slow elsewhere and that shouldn’t be a barrier to raising debt.”

Nigeria may have to pay between 7 and 7.5 percent for a new Eurobond issue, Culverhouse said.

“The market is well supported at the moment as sentiment remains constructive,” said Samir Gadio, head of Africa Strategy at Standard Chartered Bank Plc in London. Investors had expected Nigeria to borrow more than the $1 billion it plans to raise in the Eurobond market, he said.

The government has also approached the World Bank and export-credit agencies to borrow at concessionary terms in addition to commercial loans to help finance a budget gap of 2.2 trillion naira, Finance Minister Kemi Adeosun said on Aug.9 in Abuja, the capital.

“Nigeria’s debt profile is one of the most favourable ones in Africa and investors appreciate that,” Culverhouse said. “They should take the opportunity while it’s available.”

 


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FG Captures 32m Students DNEMIS ahead July 1 Rollout

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Federal government has said that more than 32 million students have been captured on the Federal Government’s Digital National Education Information Management System (DNEMIS), ahead of the official launch of the platform on Wednesday, July 1.

FG Captures 32m Students DNEMIS ahead July 1 Rollout

The DNEMIS, is part of efforts to replace paper-based and fragmented education records with a single digital database.

Mr. Adebayo Onigbanjo, national project coordinator of the Special Programmes Operations and Implementation Unit in the Office of the Minister of Education, disclosed this on Monday in Abuja at a press conference.

Onibanjo said that the digital platform would transform education administration through technology and data-driven decision-making.

He said DNEMIS is the core platform of the Nigerian Education Data Infrastructure (NEDI), an initiative under the Nigeria Education Sector Renewal Initiative (NESRI), established to provide accurate, integrated and timely education data for planning, budgeting, policymaking and service delivery.

According to Onigbanjo, the platform replaces the fragmented data systems that have long constrained effective planning in the education sector.

“For many years, education planning relied on fragmented systems, inconsistent reporting structures and limited access to reliable data. DNEMIS changes that by ensuring that every learner, every school, every teacher and every investment in education is captured within a system that supports evidence-based decision-making,” he said.

He described education data as a strategic national asset, noting that the platform would strengthen transparency, accountability and governance across the sector.

Onigbanjo said the availability of reliable data would also support government efforts to tackle Nigeria’s out-of-school children challenge by enabling authorities to monitor enrolment, identify dropout patterns and target interventions where they are most needed.

“If you don’t measure, you can’t get a good sense of what the data is. Today, we already have 32 million students on the platform, and that gives us an indication of where learners are.

“We are also understanding their journey from when they start school and when they drop out. That gives us insight into their challenges and where investments need to go. Every school becomes visible, every student gets counted, every teacher is known, and every government expenditure in education becomes trackable. To a greater extent, this will stop wastage,” he said.

He added that the ultimate goal is to provide government with complete visibility into every learner’s educational journey, from enrolment through graduation, to improve learning outcomes and policy decisions.

Addressing concerns over data privacy, Onigbanjo said the platform was developed using globally recognised digital architecture with robust safeguards to protect personal information.

He explained that sensitive data would be masked while secure digital identity profiles would allow authorised users to access relevant information without exposing personal details.

Also speaking, Abubakar Isah, national coordinator,  Nigerian Education Data Infrastructure (NEDI), said the system fully complies with Nigeria’s data protection regulations and international data security standards.

“We recognise the importance of data protection. We are complying with the country’s data protection rules and taking every necessary precaution to ensure that this data is secure,” he said.

Isah noted that while schools and state governments would have access to their respective data, communities, alumni associations and development partners would be able to access selected non-sensitive information to support school improvement and strengthen public accountability.

Earlier, Miss Mojoyin Adebajo, special adviser to the Minister of Education on Digital Communications and E-Learning, described DNEMIS as a major milestone in Nigeria’s digital education transformation.

She said the platform, developed on the globally recognised DHIS2 infrastructure, would digitise the Annual School Census and provide reliable information on schools, teachers, learners and education infrastructure across the country.

Adebajo added that Wednesday’s event would also witness the unveiling of the Public DNEMIS Portal, which will provide researchers, journalists, civil society organisations, development partners and members of the public with access to selected official education data through an interactive online platform.

She said the initiative underscores the Federal Ministry of Education’s commitment to promoting transparency, strengthening evidence-based planning and leveraging technology to improve educational outcomes nationwide.

 


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Pay Your taxes for Me to Do More – Tinubu

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President Bola Tinubu on Thursday urged Nigerians to pay their taxes, because the revenue is critical for his administration’s Renewed Hope Agenda to fund public infrastructure like roads, hospitals, and amenities across the country.

Pay Your taxes for Me to Do More – Tinubu

President Bola Tinubu

He spoke during the commissioning of interchange at Arterial Road N16 – Ring Road III Intersection linking Jahi District to Gwarimpa District of the FCT.

The project was among those earmarked to celebrate his third year anniversary and he was represented at the commissioning by Godswill Akpabio, Senate President.

He said: “I’m very proud to stand here to commission this Arterial road interchange N16 linking Jahi district to Gwarimpa District of the FCT.

“This is not just a bridge and slip roads, this is freedom of movement and time returned to the people, this is renewed hope that you can even drive on. This intersection used to choke the entirety of Abuja, gridlock stretched from Maitama to Gishiri, from Jahi to Gwarimpa; hours lost, fuel wasted, business were lost but today that story ends.

“This interchange opens up critical districts of the FCT and connects them smoothly to the rest of the FCT. Workers will get home earlier, security will improve because criminals strive when security stands still.

“Ladies and gentlemen, infrastructure is the foundation of prosperity which is the cardinal principle of this administration. Roads are the arteries of a nation, when we connect districts we connect destines and that is the logic of the renewed hope agenda, build the roads unlock the economy and let Nigerians strive.

“The Jahi-Gwarimpa interchange is prove that Nigeria is not beyond redemption. With focus, discipline, and political will, Nigeria will deliver and we are delivering, the FCT is delivering.”

The president also charged Nigerians and residents of the FCT to pay their taxes.

According to Tinubu, it would allow his administration to provide more infrastructural projects.

“Also pay your taxes and levies so that government can do even more for you,” he added.

 


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MTN ASAP Enugu Stakeholders’ Conference Rallies More Action Against Youth Drug Abuse, Unveils N33Bn ASAP Impact

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In a renewed push to confront the rising tide of drug abuse among Nigerian youth, stakeholders converged on Tuesday, June 9, 2026, at the ICC Dome, Enugu, for a State Stakeholders’ Engagement convened under the Anti-Substance Abuse Programme (ASAP).

MTN ASAP Enugu Stakeholders' Conference Rallies More Action Against Youth Drug Abuse, Unveils ₦33 Billion ASAP Impact

The conference brought together government representatives, educators, development partners, and civil society actors to chart a unified path against substance abuse, with disclosures at the gathering revealing that an estimated ₦33 billion has so far been committed to developmental projects, programmes, and initiatives across the country, interventions that have impacted more than 33 million Nigerians directly and reached over 100 million through advocacy and awareness campaigns.

The Executive Governor of Enugu State, Barr. Peter Mbah, represented by the Secretary to the State Government, Prof. Chidiebere Onyia, commended the Foundation for its sustained investment in youth development and the fight against substance abuse.

He noted that the state’s transformation agenda is anchored in youth empowerment, education, healthcare, and human capital development – areas where the Foundation’s ₦33 billion commitment was already making a measurable difference.

“The MTN Foundation’s investment in youth development and the fight against substance abuse aligns directly with our administration’s transformational agenda. Initiatives like ASAP are exactly the kind of partnerships that move the needle on national development,” Prof. Onyia said.

He further urged other private sector players to emulate the Foundation’s example, stressing that the scale of Nigeria’s drug abuse demands sustained collaboration between government, the private sector, development partners, and civil society.

Addressing stakeholders, Odunayo Sanya, Executive Director of the MTN Foundation, said the Foundation, established in 2004 and fully funded by MTN Nigeria, was created to drive impact across health, capacity building, and economic empowerment, with deliberate focus on young people, who constitute the majority of Nigeria’s population.

She explained that the ASAP initiative, launched in 2019 in partnership with the National Drug Law Enforcement Agency (NDLEA) and the United Nations Office on Drugs and Crime (UNODC), was designed to reduce first-time drug use among young Nigerians through awareness campaigns and school-based interventions.

“We have reached over 50,000 students across the country and trained about 1,556 teachers as part of our efforts to create anti-drug ambassadors in schools and communities.”

“For us at the MTN Foundation, saving even one young person from substance abuse is a worthwhile achievement. The consequences go beyond the individual and affect families, communities, and the nation at large,” Odunayo said.

Looking ahead, she disclosed that the Foundation plans to reach more than 20,000 additional students in 2026 through expanded stakeholder engagements, school-based interventions, teacher training programmes, and community awareness campaigns.

She described substance abuse as a major threat to families, communities, and national development, stressing the urgent need for collective action to shield young people from addiction.

According to her, the Foundation’s mission is rooted not just in numbers, but in human outcomes – the lives, families, and futures it helps preserve.

The Executive Director, on her part, called on parents, educators, faith leaders, and community influencers to remain active partners in safeguarding the next generation from the dangers of substance abuse.

The intervention comes at a critical time. Fresh data presented at the conference indicate that over 360,000 youths in Enugu State – approximately 13.4% of the state’s young population – are actively involved in drug use.

Currently, the MTN Foundation (MTNF) and the United Nations Office on Drugs and Crime (UNODC) are conducting a comprehensive National Substance Use Survey to gather grassroots data on drug abuse, especially among secondary school students.


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