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32 clusters · 91 sources · 83 days · First seen · Last updated

Categories: BUSINESS · POLITICS

Nigeria borrowing surge, record bond auction

Entities: Dangote Refinery · Nigerian Midstream and Downstream Petroleum Regulatory Authority · Aliko Dangote

Overview

In the first half of 2026 Nigeria’s Debt Management Office accelerated domestic‑bond issuance, selling N5.08 trn of bonds – a 78 % rise year‑on‑year – and drawing N9.04 trn in subscriptions. The fiscal deficit stayed near ₦23.9 trn, while the Central Bank kept the policy rate at 26.5 % and inflation hovered around 16 %, leaving Treasury‑bill yields above 17 % and long‑term gilt yields above 18 %. On 20 July a record N1.20 trn auction was opened across the 2025, 2027 and 2038 series, attracting N1.74 trn in bids (bid‑to‑cover ≈1.16×) and being allocated at 18.34‑18.40 %. Subsequent market activity remained robust, with fixed‑income trading hitting N5.32 trn in the week to 17 July.

Late‑July meetings reinforced the monetary stance. On 21 July the Central Bank of Nigeria (CBN) held its benchmark Monetary Policy Rate at 26.5 % for a second consecutive session, citing heightened global uncertainty from renewed Middle‑East hostilities and a Gulf energy crisis that could push up oil‑related costs. External reserves rose to about $52.5 billion, enough for roughly 11 months of imports, and real GDP expanded about 3.9 % in Q1 2026, driven by the non‑oil sector.

A follow‑up statement on 25 July echoed the same position, noting that refined petroleum imports had surged by roughly 207 % while the Dangote refinery operated below capacity, adding pressure on foreign‑exchange supplies. Inflation eased marginally to about 15.9 % and the CBN signalled that rates are likely to stay steady through 2026 as it pursues a single‑digit inflation target by early 2027 and seeks to preserve exchange‑rate stability.

Overall, Nigeria’s debt‑raising pace, elevated yields, and steadfast monetary policy illustrate a coordinated effort to manage financing needs while containing inflationary risks.

Timeline

  1. 4 days ago

    [BUSINESS] 4 sources
    Nigeria’s Dangote refinery ends aviation fuel imports

    Nigeria’s Dangote refinery has enabled total domestic supply of aviation fuel, with no imports recorded for 13 months, marking a major step toward fuel self‑sufficiency.

  2. 9 days ago

    [BUSINESS] 18 sources
    Nigeria's Central Bank Holds Rate at 26.5% Amid Global Shocks

    Nigeria's CBN held the benchmark rate at 26.5%, noting a slight dip in inflation to 15.91% and rising external reserves, while global Middle East tensions keep policy cautious.

  3. 10 days ago

    [BUSINESS] 3 sources
    Nigeria's Treasury Bills Lead Record N5.3 trn Trading as Real Returns Turn Positive

    Nigeria’s fixed‑income market logged over N5.3 trn in trades, led by Treasury Bills, while falling inflation enabled government bonds and T‑bills to deliver positive real returns for the first time in years.

  4. 10 days ago

    [BUSINESS] 10 sources
    Nigeria Finance Minister Refutes ₦80 trillion Debt Claims, Cites Naira Depreciation

    Nigeria’s finance minister says ₦80 trn debt claims are exaggerated, attributing the rise to naira depreciation and accounting moves; July bond auction saw ₦1.2 trn offered and ₦1.74 trn subscribed, underscuing

  5. 11 days ago

    [BUSINESS] 3 sources
    Nigeria's finance sector expands, non‑interest assets hit N5.77 trillion

    Nigeria's non‑interest finance assets reached N5.77 trillion in 2025, with banking assets at 65% of total, while financial inclusion rose to 64% in 2023, prompting calls to apply inclusion lessons to health.

  6. 11 days ago

    [BUSINESS] 2 sources
    Alert Microfinance Bank assets reach N50bn amid rising credit demand in Nigeria

    Alert Microfinance Bank’s assets rose to N50bn, up from N2.5bn in three years, driven by a strategy for financial inclusion amid high inflation and staffing challenges in Nigeria.

  7. 12 days ago

    [BUSINESS] 2 sources
    Nigerian Money Market Funds Deliver Over 15% Yields as Interest Rates Surge

    Nigerian money market funds now yield over 15% due to high T‑Bill rates, holding 65% of the sector’s N3.6 trillion NAV, while a new fund screener offers detailed bond rating and maturity data for investors.

  8. 17 days ago

    [POLITICS] 2 sources
    Nigeria's Almajiri Commission Budget Misused for Roads and Health Projects

    Nigeria's Almajiri Commission received N8.4 bn in the 2026 budget for roads, ambulances and dental projects, duties outside its education mandate, sparking criticism of budget abuse.

  9. 17 days ago

    [BUSINESS] 6 sources
    Nigeria raises N5.08 trillion in bonds as yields stay high through 2026

    Nigeria’s government issued N5.08 trn in bonds in H1 2026, cutting yields to 16.8 % while analysts warn high bond and bill rates will persist through late 2026.

  10. 19 days ago

    [POLITICS] 4 sources
    Nigeria’s Federal Agencies Allocate Over N206 bn to Projects Outside Their Mandates

    Sixteen Nigerian federal agencies have been allocated over N205 bn for projects outside their core mandates, with some spending more than 70 % of their budgets on unrelated activities.

  11. 21 days ago

    [BUSINESS] 4 sources
    Nigeria's Dangote refinery becomes Europe's top jet fuel supplier

    Dangote’s Lagos refinery shipped 466,000 t of jet fuel to Europe in June 2026, overtaking the US, and aims to expand to 1.45 m b/d, potentially becoming the world’s largest refinery.

  12. 24 days ago

    [POLITICS] 3 sources
    Nigeria’s off‑budget spending scandal spotlights $15‑million‑per‑km Lagos‑Calabar coastal road

    IMF says Nigeria spent about N8‑9 trillion off‑budget, highlighting the costly Lagos‑Calabar highway and sparking opposition calls for investigations and the president’s resignation.

  13. 24 days ago

    [BUSINESS] 2 sources
    Nigeria's Debt Management Office ramps up high‑yield bond issuances

    Nigeria's DMO sold a 1.2 trillion‑naira bond in June, lifting yields, and launched July savings bonds paying up to 15.7% to fund its 2026‑27 borrowing plan.

  14. 25 days ago

    [POLITICS] 6 sources
    Nigeria's local governments get direct federal funds, demand accountability

    Nigeria's local governments now receive direct federal allocations, prompting calls for transparency on spending and linking the funding to poverty‑reduction efforts.

  15. 25 days ago

    [POLITICS] 24 sources
    Nigeria Finance Minister Refutes ₦8 trillion Shadow‑Budget Allegations

    Nigeria’s finance minister denied allegations of an ₦8 trillion ‘shadow budget,’ saying the IMF report was misinterpreted and all spending follows constitutional procedures, while opposition leaders call for an

  16. 26 days ago

    [BUSINESS] 8 sources
    Nigeria's Dangote Refinery Surpasses U.S. in Jet Fuel Shipments to Europe

    Dangote Refinery exported 466,000 t of jet fuel to Europe in June, valued at N757 bn, overtaking U.S. shipments and making Nigeria the continent’s top supplier, while easing Nigeria’s domestic Jet A1 scarcity.

  17. 26 days ago

    [BUSINESS] 2 sources
    Nigeria government rejects off‑budget spending claims as business sector reports major updates

    Nigeria's Tinubu government denies off‑budget spending amid PDP criticism, while business news covers Dangote fuel price cut, FCMB dividend, World Bank $1.25 bn partnership, and other sector updates.

  18. 29 days ago

    [BUSINESS] 8 sources
    Nigeria grapples with 2% GDP gap in public spending and weak procurement transparency

    IMF reports Nigeria’s unrecorded spending equals 2 % of GDP, while a NEFGAD survey highlights major gaps in procurement transparency, prompting calls for e‑procurement and stronger oversight.

  19. about 1 month ago

    [BUSINESS] 2 sources
    Nigeria hires advisers for new Eurobond as sovereign rating upgraded

    Nigeria’s Debt Management Office opened a bidding process for advisers to support a new Eurobond, the first since its oversubscribed 2025 issue, following a sovereign rating upgrade to B and a $5 bn swap with a

  20. about 1 month ago

    [BUSINESS] 5 sources
    Dangote refinery expands output, sources UAE crude amid Nigeria feedstock shortages

    Dangote’s Nigerian refinery, now fully operating and boosted by higher oil prices, is buying UAE crude for the first time as domestic feedstock shortages persist, while it plans to double capacity by 2028.

  21. about 1 month ago

    [BUSINESS] 3 sources
    Nigeria hires advisers for first Eurobond sale amid soaring external debt

    Nigeria seeks advisers for a Eurobond sale to fund its 2026 budget as external debt tops $51.8 bn and debt‑service costs surge.

  22. about 1 month ago

    [BUSINESS] 3 sources
    Dangote Refinery Secures First Crude Oil Cargoes from UAE

    Dangote Refinery, Nigeria's 700,000‑bpd plant, ordered its first two UAE crude cargoes after a US‑Iran pact eased Hormuz shipping, part of a broader feedstock diversification and capacity‑doubling plan.

  23. about 1 month ago

    [BUSINESS] 2 sources
    Dangote Refinery refutes claims of fuel export to Togo for re‑import into Nigeria

    Dangote Refinery denied claims that its fuel is exported to Togo and re‑imported into Nigeria, calling the allegations unfounded and highlighting prohibitive logistics costs and contractual bans on resale.

  24. about 1 month ago

    [BUSINESS] 4 sources
    Nigeria Central Bank reports 75% surge in government borrowing

    Nigeria's central bank says government borrowing jumped 75% YoY to N40.38 trn in May 2026, while private‑sector credit grew modestly, raising concerns of credit crowding.

  25. about 1 month ago

    [BUSINESS] 9 sources
    Nigeria’s Federal Government Borrowing Jumps 76% to ₦40.4 trn

    Nigeria’s central bank says government borrowing rose 76% to ₦40.4 trn in a year, cash outside banks stays over ₦5 trn, and banks are shifting liquidity to government bonds.

  26. about 1 month ago

    [BUSINESS] 12 sources
    Dangote Refinery hit with SEC ban on IPO promotions as its exports boost Nigeria's trade surplus

    Nigeria’s SEC bans promotion of a Dangote Refinery IPO, ordering refunds, while the refinery’s exports lift the country’s trade surplus and it refutes claims of re‑exporting fuel to Lomé.

  27. about 1 month ago

    [BUSINESS] 8 sources
    Dangote Refinery drives Nigeria's fuel import plunge and jet fuel price cuts

    Dangote Refinery cut jet fuel prices and boosted local refining, prompting a $1.39 bn surge in crude imports while refined‑product imports fell 87.5 % in Q1 2026.

  28. about 1 month ago

    [BUSINESS] 7 sources
    Nigeria's FAAC allocates N2.3 trn May revenue, earmarks N500 bn for security fund

    Nigeria's FAAC shared N2.3 trn of May revenue among federal, state and local governments and set aside N500 bn for an emergency security fund amid rising insecurity.

  29. about 1 month ago

    [BUSINESS] 2 sources
    Nigeria's FAAC allocates N2.257 trillion of April 2026 federation revenue to federal, state and local governments

    Nigeria's FAAC allocated N2.257 trillion of April 2026 federation revenue, giving the federal government N787 bn, states N772 bn and local councils N540 bn, with a 13% derivation to oil‑producing states.

  30. about 2 months ago

    [BUSINESS] 2 sources
    Nigeria's Federal Government Debt Service Overruns 2025 Budget

    Nigeria’s federal debt service overshot the 2025 budget by N1.90 trillion, consuming about 68 % of revenue, while oil revenue missed targets by N2.79 trillion, tightening fiscal space.

  31. 3 months ago

    [POLITICS] 29 sources
    Nigeria's Budget Office Misses Quarterly Reports, Breaching Fiscal Responsibility Act

    Nigeria's budget office skipped three quarterly reports, breaching fiscal law amid inflation and subsidy cuts.

  32. 3 months ago

    [POLITICS] 2 sources
    Nigeria's 2026 budget missing online, civil groups demand transparency

    Civil society group C​SJ urges Nigeria’s government to upload the 2026 budget online within 48 hours amid transparency concerns.

Sources

247ureports.com · 933thedrive.com · aepet.org.br · africa.businessinsider.com · apike.ca · arise.tv · atqnews.com · bairdmaritime.com · bentelevision.com · bizwatchnigeria.ng · blueprint.ng · brainnewspaper.com · brandspurng.com · businessday.ng · businessdayonline.com · businesselitesafrica.com · championnews.com.ng · chronicle.ng · creebhills.com · cryptobriefing.com · dailyreport.ng · dailytrust.com · dailytrust.com.ng · digitalchew.com · dmarketforces.com · economicconfidential.com · encomium.ng · europesays.com · fellowpress.com · financialafrik.com · freefincal.com · ghanaguardian.com · gistlover.com · gistmania.com · gistreel.com · globalupfront.com · helpdeskgeek.com · insidebusiness.ng · insideoyo.com · investorsking.com · isolavirtuale.it · laradiodehoy.com · marketingedge.com.ng · mix929.com · modernghana · myjoyonline.com · naijanews.com · nairametrics.com