Nigeria July 23, 2025 Headlines

The Nigerian Senate approved President Bola Tinubu's request for a $21 billion external borrowing plan to finance the country's budget for 2025-2026. The approval highlights the country's continued reliance on borrowing to fund development projects and cover budget shortfalls.

BUA Cement Plc reported a significant 90.5% increase in revenue to N867.5 billion, driven by increased production capacity and commissioning of new lines. The company also declared a dividend of N2.05 per share.

Eight Nigerian banks, including Access, Zenith, UBA, and FirstBank, have met the Central Bank of Nigeria's ₦500 billion recapitalisation target ahead of the 2026 deadline, enhancing the financial sector's capacity to support large-scale investments and industrial growth.

Nigeria loses an estimated $18 billion annually to illicit financial flows, part of a larger $407 billion lost by African countries, according to a report by the Mbeki High Level Panel on Illicit Financial Flows.

The Senate approved a $21.5 billion external borrowing plan for the 2025-2026 fiscal cycle, along with a N757 billion bond issuance to address pension arrears under the Contributory Pension Scheme.

The Senate approved President Tinubu's $21 billion external borrowing plan for the 2025-2026 fiscal cycle, with assurances that the loans are concessional and align with fiscal responsibility laws.