Finance

Nigeria Rolls Out 2024–2027 Debt Strategy to Cut FX Risk, Strengthen Sustainability

Published

8 months ago

August 24, 2025

By Onyeanya Ebere Immaculata

The Federal Government has unveiled a new Medium-Term Debt Management Strategy (MTDS) for 2024–2027, aimed at improving debt sustainability, reducing foreign exchange exposure, and boosting investor confidence.

According to the Debt Management Office (DMO), the strategy—approved by the Federal Executive Council (FEC)—sets clear targets, including extending the average debt maturity to at least 10 years and cutting the share of foreign exchange-denominated debt from 51.75% to 45%. The domestic-to-external debt mix will also shift from 48:52 to 55:45 in favor of domestic borrowing.

To curb refinancing risks, the MTDS caps debt maturing within one year at 15% and sets a 5% ceiling for short-term debt as a share of GDP. It also allows for a gradual rise in Nigeria’s debt-to-GDP ratio, projected to climb from 52.25% at end-2024 to a maximum of 60% by 2027. Interest payments will be capped at 4.5% of GDP, while sovereign guarantees will not exceed 5%, compared to the current 2.09%.

The DMO said the strategy, developed with technical support from the World Bank and International Monetary Fund (IMF), is designed to balance the government’s financing needs with prudent debt management, while deepening Nigeria’s domestic securities market through innovative instruments.

Developed in consultation with the Central Bank of Nigeria (CBN), and the Federal Ministry of Finance, the MTDS is expected to strengthen Nigeria’s credit ratings, enhance investor trust, and reinforce the government’s commitment to responsible debt management.

Economy

Tinubu Nominates Oyedele as Minister of State for Finance

Published

2 months ago

March 3, 2026

Editor

By Patrick Idowu

President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as Minister of State for Finance, replacing Dr Doris Uzoka-Anite.

In a letter to Senate President Godswill Akpabio, the President sought the Senate’s confirmation of Oyedele’s appointment. Uzoka-Anite has been redeployed to the Ministry of Budget and National Planning as Minister of State.

Oyedele, from Ikaram-Akoko in Ondo State, was until his nomination the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led major reforms of Nigeria’s tax system.

An economist and accountant, Oyedele holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University.

He has attended executive programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

He spent 22 years at PwC, rising to Fiscal Policy Partner and Africa Tax Leader. Oyedele is also a professor at Babcock University and a visiting scholar at Lagos Business School.

Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

Published

3 months ago

February 11, 2026

Editor

By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

Abuja Reports

Coaster Bus Kills POS Operator in Abuja

Published

3 months ago

January 27, 2026

Editor

By Huldah Shado

A female Point of Sale (POS), operator was killed on Monday morning after a commercial coaster bus struck her near the Total filling station in Berger, Abuja.

Eyewitnesses said the bus was allegedly being chased at high speed by FRSC officials when it hit the woman as she crossed the road.

She was critically injured and confirmed dead before police arrived. A bystander filmed the incident and assisted investigators.

FCT FRSC Sector Commander, Felix Theman, said an investigation has begun, with all patrol teams in the area recalled to determine if any FRSC vehicle was involved.

He urged the public to avoid drawing premature conclusions.