Nigeria’s total public debt climbed by 48.58 percent, reaching N144.67 trillion by December 2024, up from N97.34 trillion at the close of 2023, according to the latest report from the Debt Management Office (DMO). A deeper analysis of the data shows that the nation’s debt rose by N47.32 trillion year-on-year. On a quarter-on-quarter basis, the debt also grew by 1.65 percent from N142.32 trillion reported at the end of September 2024—indicating a persistent upward trend. This steady increase has been largely driven by both external and domestic borrowing. External debt surged by 83.89 percent to N70.29 trillion in December 2024, compared to N38.22 trillion recorded in the same period in 2023. Likewise, domestic debt increased by 25.77 percent, rising to N74.38 trillion from N59.12 trillion over the same timeframe. A further breakdown reveals that the federal government held N62.92 trillion ($40.98 billion) of the external debt, while state governments and the Federal Capital Territory (FCT) accounted for N7.37 trillion ($4.80 billion). On the domestic side, the federal government was responsible for N70.41 trillion ($45.86 billion), with states and the FCT owing N3.97 trillion ($2.58 billion). The growing debt burden has sparked concern among financial analysts. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, criticized the government for allowing debt to escalate despite the country’s significant infrastructure challenges.

The naira fell to N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM) today, marking a drop after maintaining a three-month average of N1,500 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate climbed from N1,569 per dollar on Thursday to N1,600 today, reflecting a N31 depreciation. Similarly, the naira weakened in the parallel market, sliding to N1,565 per dollar from N1,555 previously. As a result, the gap between the parallel market and NFEM widened to N35 per dollar, up from N14 on Thursday.

The Nigerian naira suffered its sharpest depreciation against the US dollar this week in the official foreign exchange market, following President Donald Trump’s recent tariff announcement. According to data from the Central Bank of Nigeria, the naira fell to N1,552.53 per dollar on Thursday, down from N1,531.25 on Wednesday — a drop of N21.28 in just one day. This marks the steepest single-day decline since March 22, when the naira depreciated by N18.96. In the parallel (black) market, the naira also lost ground, slipping by N5 to trade at N1,560 per dollar on Thursday, compared to N1,555 the day before. This downward trend comes despite the Central Bank's report that Nigeria's Net Foreign Exchange Reserve reached $23.11 billion at the end of 2024 — the highest in over three years. Analysts link the naira’s slump to Trump's announcement of new tariffs, which triggered global reactions. Economic experts warn that the 10 percent baseline tariff could impact US-Nigeria trade, currently valued at $10 billion.

Bitcoin saw significant volatility after President Donald Trump’s April 2 tariff announcement, briefly spiking to $88,000 before retreating to $82,000. By April 3, it settled near $83,000 as the broader crypto market fell over 4%. Key altcoins like Ethereum and Solana dropped more than 6%, reaching multi-month lows. Analysts believe the tariff move may ease uncertainty and attract institutional investors. Although interest rates came in higher than expected, experts suggest that greater policy clarity could help Bitcoin regain upward momentum toward the $90,000 mark. Bitcoin ETFs, led by BlackRock, saw $218 million in inflows on April 2, reversing previous outflows. Kraken’s Thomas Perfumo questioned the notion that institutional involvement brings stability, arguing that Bitcoin’s volatility reflects strong demand for a scarce asset. Some analysts called the sell-off an overreaction to trade policy fears, noting Bitcoin's durability as a store of value. With ETF demand remaining strong, Bitcoin’s price could stabilize and rise, though investors continue to watch trade developments and economic indicators closely.

Nigeria has requested a fresh $10.5 million loan from the World Bank to strengthen the Central Bank of Nigeria’s (CBN) technical capabilities and modernise the country’s domestic payment infrastructure. According to exclusive information obtained by The PUNCH from the World Bank’s website on Thursday, the proposed CBN Technical Assistance Facility aims to integrate innovative technologies and data science into the bank’s supervisory processes. The initiative is designed to help the apex bank address both long-standing and emerging challenges within Nigeria’s fast-evolving financial sector and enhance remittance infrastructure. Currently under concept review, the project focuses on three main components: 1. Institutional Strengthening: Enhancing the CBN’s capacity to adapt to technological advancements through expert advisory services, peer exchanges with other central banks, and upgrading internal systems to align with the digital era. 2. Supervisory Enhancement: Improving the bank’s supervisory efficiency through technology-driven tools, such as Supervisory Technology (SupTech) systems, to boost data accuracy, operational performance, and risk-based monitoring. 3. Payment System Modernisation: Upgrading remittance systems to improve security and reliability, while encouraging the formalisation of informal remittance flows. The project will also support annual household remittance surveys and knowledge exchange initiatives. The World Bank stated the project's goal is “to strengthen technology-enabled, data-driven, risk-based supervision at the CBN and improve domestic payment infrastructure for remittances in Nigeria.” The initiative supports the Nigerian government’s push for a cashless economy and increased use of digital financial services. With a total commitment of $10.5 million, the project is set for board approval on June 12, 2025, and will be implemented by the Central Bank of Nigeria. Waffi TV previously reported that the World Bank had approved three financing operations worth $1.08 billion to bolster Nigeria’s education, nutrition, and economic resilience.

The National Highway Traffic Safety Administration announced on Thursday a recall of approximately 105,322 SUVs due to seat belt concerns. The recall affects Ford Expedition and Lincoln Navigator models from 2018 to 2020. According to the auto safety regulator, the seat belt pretensioners for the driver and/or front passenger may unexpectedly lock, preventing them from retracting or extending. Dealers will inspect the seat belt retractor date codes and replace any affected parts at no cost.

U.S. President Donald Trump has announced that Nigerian exports to the United States will now face a 14% tariff. Speaking at a ‘Make America Wealthy Again’ event in the Rose Garden on Wednesday, Trump framed the move as part of his broader strategy to correct trade imbalances and counter perceived unfair trade practices. The tariff marks a major shift in U.S.-Nigeria trade relations, with Washington citing an ongoing imbalance. The Trump administration argues that Nigeria imposes a 27% tariff on U.S. exports, a disparity they claim harms American businesses and consumers. By introducing this new tariff, the U.S. aims to counter what it sees as an unfair trade arrangement. Trump described the measure as crucial to protecting American industries and ensuring global trade operates on what he calls “fair” terms. Declaring a new era of “fair trade,” Trump vowed to “supercharge America’s industrial base” and push foreign markets to open up to U.S. goods. “This is one of the most important days in American history,” Trump said. “We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers. “This will be, indeed, the golden age of Americans coming back. We’re going to come back very strongly.” Alongside the 14% tariff on Nigerian exports, President Donald Trump has announced a broader trade policy imposing a baseline 10% tariff on all U.S. imports. Effective immediately, the new tariffs impact over 50 countries, including key trade partners such as China, the European Union, India, and Japan, as well as developing economies across Asia, Africa, and Latin America. This policy marks a significant shift in global trade dynamics, unsettling markets and raising concerns about a potential global trade war. Beyond Nigeria, several African nations face steep tariffs under the new framework: Algeria (30%), Lesotho (50%), Mauritius (40%), Kenya (10%), Namibia (21%), Ethiopia (10%), and Ghana (10%). South Africa has been hit with a reciprocal 30% tariff.

The World Bank has approved three funding initiatives totaling $1.08 billion to bolster education, nutrition, and economic resilience in Nigeria. A statement on the bank’s website on Wednesday noted that the concessional loans aim to enhance education quality, strengthen household and community resilience, and improve nutrition for underserved populations. The statement read, “The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing, to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.” The approved operations include $500m in additional financing for the Community Action for Resilience and Economic Stimulus Programme, $80m for Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500m for the Hope for Quality Basic Education for All (HOPE-EDU) initiative. According to the statement, the NG-CARES Programme, initially designed to mitigate the economic impact of the COVID-19 pandemic, will now support government efforts to expand access to livelihood support, food security services, and grants for poor and vulnerable households. Having already reached over 15 million beneficiaries, the programme has evolved into a shock-responsive platform offering multisectoral interventions such as social transfers, labor-intensive public works, livelihood grants, and small business support. The new funding will further extend its reach, particularly as Nigeria navigates economic challenges following the 2023 fuel subsidy removal and foreign exchange rate unification. The Accelerating Nutrition Results in Nigeria (ANRIN) programme aims to improve access to quality nutrition services for pregnant women, lactating mothers, adolescent girls, and children under five. Focused on maternal and child health, the initiative aligns with Nigeria’s National Development Plan (2021–2025) and the Multisectoral Plan of Action for Food and Nutrition, promoting preventive and curative nutrition interventions, better feeding practices, and increased availability of micronutrient-rich foods. Building on the success of its first phase, which provided nutrition services to over 13 million children under five between 2018 and 2024, ANRIN 2.0 will further enhance nutrition outcomes. Meanwhile, the HOPE-EDU initiative, part of a broader series of interventions, aims to strengthen foundational literacy and numeracy, expand access to basic education, and improve education systems across participating states. The project is expected to benefit 29 million public primary school pupils, 500,000 teachers, and over 65,000 public primary schools. It also seeks to address issues such as school overcrowding and decentralised education funding. Additionally, HOPE-EDU will receive an extra $52.18 million from the Global Partnership for Education Fund to support its objectives.

After initial hesitation, the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025. This marks a N65 rise from N860 per litre in Lagos and a N70 increase from N880 per litre in northern states. Last week, independent marketers, including MRS, had already adjusted their prices to N930 in Lagos and N960 in the North. Industry experts attribute this hike to the Dangote refinery’s suspension of naira sales for petroleum products, impacting Nigeria’s deregulated fuel market. The price adjustment follows fluctuations in global oil prices, exchange rates, and supply costs. The move coincides with a leadership shake-up at NNPCL. President Bola Tinubu appointed Mr. Bayo Ojulari as the new head, replacing Mele Kyari, while restructuring the company’s board. In March 2025, NNPC had lowered its price to N860 per litre to compete with Dangote Refinery but has now reversed course due to rising costs. In December 2024, NNPC had also sold petrol at **N925 per litre, with multiple price shifts since then. Despite the latest hike, Lagos prices remain lower than Abuja’s, where petrol previously sold for N880 per litre.

The restructuring of Nigeria’s state-owned oil giant, NNPCL, on Wednesday came as no surprise to industry watchers who have long advocated for sweeping reforms in both the upstream and downstream sectors. These calls for change intensified following the enactment of the Petroleum Industry Act (PIA) in 2021 and the company’s transition into a commercial entity in July 2022. After nearly two years under its new status, President Bola Tinubu dismissed the entire NNPCL Board on April 2, 2025, signaling a fresh direction for the company. Presidential spokesman Bayo Onanuga justified the overhaul, emphasizing that the move was essential for improving operational efficiency, restoring investor confidence, enhancing local content, driving economic growth, and advancing gas commercialization and diversification. While some observers believe the changes were long overdue, they welcome the action nonetheless. A significant shake-up was the removal of Mele Kyari as Group Chief Executive Officer. Kyari, a key figure from the previous administration of Muhammadu Buhari, had led NNPCL since July 7, 2019, before being relieved of his duties on April 2, 2025. Kyari’s Exit and the New NNPCL Leadership Kyari’s tenure at NNPCL spanned over three decades, and despite turning 60 in January 2025, he remained in office amid public calls for his removal. Unlike many other agency heads replaced soon after Tinubu assumed office, Kyari was retained alongside NAFDAC’s Mojisola Adeyeye and NDLEA’s Buba Marwa. However, the president has now taken decisive action, dismissing Kyari, NNPCL Board Chairman Pius Akinyelure, and other board members appointed in November 2023. In their place, Tinubu has constituted a new 11-member Board, with Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. Other board members include Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, Henry Obih, Lydia Jafiya, and Aminu Ahmed. Key Tasks for the New NNPCL Board With a fresh team at the helm, expectations are high for swift action on critical industry challenges. Here are some of the pressing issues awaiting the new leadership: 1. Immediate Resumption of Naira-For-Crude Sales to Dangote Refinery & Others Public sentiment strongly favors the reinstatement of Naira-based crude oil sales to Dangote Refinery and other local refiners, as mandated by the presidency in July 2024. Experts argue that resuming these transactions will ease pressure on the US dollar, stabilize petroleum product prices, and potentially reduce the cost of petrol. Currently, petrol prices have surged from ₦860 per litre in March 2025 to around ₦1,000 in April 2025 following the breakdown of a six-month contract between NNPCL and Dangote Refinery. The dispute arose from pricing disagreements, with Dangote Refinery halting Naira-denominated fuel sales, citing an imbalance between its revenue and crude purchase obligations, which are pegged to the US dollar. If negotiations succeed, Nigerians could see relief from costly, dollar-priced fuel imports. 2. Boost Oil & Gas Production The new board is tasked with increasing Nigeria’s oil output, currently averaging 1.5 million barrels per day, in line with its OPEC quota. The Tinubu administration has set ambitious targets of reaching two million barrels per day by 2027 and three million by 2030. Similarly, gas production is expected to rise from current levels to eight billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. 3. Enhance Efficiency at Port Harcourt & Warri Refineries Following their long-awaited revival in December 2024, the Port Harcourt and Warri refineries must now achieve stable output. The new board is expected to ensure that these refineries operate efficiently to support the domestic market and reduce dependence on imported fuel. Together with private sector players like Dangote Refinery, a consistent supply from these facilities could bring much-needed price stability and energy security for Nigerians. With these critical challenges ahead, the new NNPCL leadership has no time to waste in proving its effectiveness and delivering on key mandates.