# Nigeria borrowing surge and Dangote refinery export growth > Live situation record from CLSTR: https://clstr.news/situations/nigerias-2026-budget-faces-transparency-and-reporting-lapses > Updated: 2026-09-08T19:25:04.000Z. Sources: 97. Developments: 36. 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. A record N1.20 trn auction on 20 July attracted N1.74 trn in bids and was allocated at 18.34–18.40%. Treasury-bill yields stayed above 17% and long-term gilt yields above 18%. Government borrowing continued to climb, with credit to the federal government reaching N40.38 trn in May. To tap retail markets, the Debt Management Office opened a subscription on 3 August for two new FGN Savings Bonds: a two-year bond at 13.96% and a three-year bond at 14.96%. Fiscal transparency remains a concern following the Budget Office’s failure to publish quarterly reports, with the IMF highlighting off-budget spending of roughly N8–9 trn. In the energy sector, the Dangote Petroleum Refinery has significantly reshaped Atlantic-Basin trade flows. In June, the refinery delivered 466,000 tonnes of aviation fuel to Europe, surpassing the United States as the leading supplier. This trend continued into July, with the refinery supplying over 400,000 tonnes—roughly 20% of Europe’s total jet fuel imports. As Middle Eastern deliveries dropped to a ten-year low of 40,000 barrels per day in May due to maritime uncertainties in the Strait of Hormuz, Nigeria emerged as a critical alternative supplier, helping Europe avoid major kerosene shortages during the summer flight season. ## Timeline ### 2026-09-08: Dangote refinery boosts fuel exports to Europe Nigeria’s Dangote refinery has reached full capacity, boosting diesel and aviation fuel exports to Europe to fill supply gaps caused by Middle Eastern geopolitical tensions. 2 sources. https://clstr.news/cluster/dangote-refinery-boosts-fuel-exports-to-europe ### 2026-08-22: Nigeria becomes key kerosene supplier for Europe amid Middle East tensions Europe avoided a kerosene crisis in 2026 as Nigeria's Dangote refinery emerged as a key supplier, offsetting reduced Middle Eastern imports caused by tensions in the Strait of Hormuz. 2 sources. https://clstr.news/cluster/nigeria-becomes-key-kerosene-supplier-for-europe-amid-middle-east-tensions ### 2026-08-06: Dangote Refinery Becomes Europe's Top Jet Fuel Supplier, Overtaking US Dangote Refinery supplied over 400,000 t of jet fuel to Europe in July, about 20 % of imports, overtaking the US for the second month and reshaping Atlantic fuel trade. 13 sources. https://clstr.news/cluster/dangote-petroleum-refinery-becomes-europes-top-jet-fuel-supplier ### 2026-08-03: Nigeria launches retail savings bonds with 14% interest Nigeria’s Debt Management Office opened subscription (3 Aug) for two retail bonds—2‑year at 13.96% and 3‑year at 14.96%—with a ₦1,000 unit price, closing 7 Aug. 2 sources. https://clstr.news/cluster/nigeria-launches-retail-savings-bonds-with-14-interest ### 2026-07-26: 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. 4 sources. https://clstr.news/cluster/nigerias-dangote-refinery-ends-aviation-fuel-imports ### 2026-07-21: 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. 18 sources. https://clstr.news/cluster/nigeria-central-bank-keeps-benchmark-rate-at-265-amid-global-risks ### 2026-07-20: 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. 3 sources. https://clstr.news/cluster/nigerias-treasury-bills-lead-record-n53-trn-trading-as-real-returns-turn-positive ### 2026-07-20: 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 10 sources. https://clstr.news/cluster/nigeria-conducts-record-n12-trillion-bond-auction-as-debt-figures-disputed ### 2026-07-19: 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. 3 sources. https://clstr.news/cluster/nigerias-finance-sector-expands-noninterest-assets-hit-n577-trillion ### 2026-07-18: 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. 2 sources. https://clstr.news/cluster/alert-microfinance-bank-assets-reach-n50bn-amid-rising-credit-demand-in-nigeria ### 2026-07-18: 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. 2 sources. https://clstr.news/cluster/nigerian-money-market-funds-deliver-over-15-yields-as-interest-rates-surge ### 2026-07-13: 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. 2 sources. https://clstr.news/cluster/nigerias-almajiri-commission-budget-misused-for-roads-and-health-projects ### 2026-07-13: 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. 6 sources. https://clstr.news/cluster/nigeria-raises-n508-trillion-in-bonds-as-yields-stay-high-through-2026 ### 2026-07-11: 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. 4 sources. https://clstr.news/cluster/nigerias-federal-agencies-allocate-over-n206-bn-to-projects-outside-their-mandates ### 2026-07-08: 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. 4 sources. https://clstr.news/cluster/nigerias-dangote-refinery-becomes-europes-top-jet-fuel-supplier ### 2026-07-06: 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. 3 sources. https://clstr.news/cluster/nigerias-offbudget-spending-scandal-spotlights-15millionperkm-lagoscalabar-coastal-road ### 2026-07-05: 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. 2 sources. https://clstr.news/cluster/nigerias-debt-management-office-ramps-up-highyield-bond-issuances ### 2026-07-05: 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. 6 sources. https://clstr.news/cluster/nigerias-local-governments-get-direct-federal-funds-demand-accountability ### 2026-07-04: 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 24 sources. https://clstr.news/cluster/nigeria-government-rejects-claim-of-8-trillion-shadow-budget ### 2026-07-04: 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. 8 sources. https://clstr.news/cluster/dangote-refinery-boosts-nigerian-manufacturing-and-jet-fuel-exports ### 2026-07-04: 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. 2 sources. https://clstr.news/cluster/nigeria-government-rejects-offbudget-spending-claims-as-business-sector-reports-major-updates ### 2026-07-01: 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. 8 sources. https://clstr.news/cluster/imf-says-unrecorded-spending-equals-about-2-of-nigerias-gdp ### 2026-06-29: 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 2 sources. https://clstr.news/cluster/nigeria-hires-advisers-for-new-eurobond-as-sovereign-rating-upgraded ### 2026-06-29: 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. 5 sources. https://clstr.news/cluster/dangote-refinery-expands-output-sources-uae-crude-amid-nigeria-feedstock-shortages ### 2026-06-28: 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. 3 sources. https://clstr.news/cluster/nigeria-hires-advisers-for-first-eurobond-sale-amid-soaring-external-debt ### 2026-06-28: 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. 3 sources. https://clstr.news/cluster/dangote-refinery-secures-first-crude-oil-cargoes-from-uae ### 2026-06-25: 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. 2 sources. https://clstr.news/cluster/dangote-refinery-refutes-claims-of-fuel-export-to-togo-for-reimport-into-nigeria ### 2026-06-24: 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. 4 sources. https://clstr.news/cluster/nigeria-central-bank-reports-75-surge-in-government-borrowing ### 2026-06-23: 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. 9 sources. https://clstr.news/cluster/nigerias-sovereign-bond-market-sees-higher-yields-and-a-7-bn-liquidity-boost ### 2026-06-22: 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. 12 sources. https://clstr.news/cluster/nigerias-dangote-refinery-imports-14bn-litres-of-gasoline-blendstock-as-local-crude-supply-falls ### 2026-06-19: 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. 8 sources. https://clstr.news/cluster/nigerias-debt-burden-and-surge-in-foreign-crude-imports-raise-fiscal-concerns ### 2026-06-17: 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. 7 sources. https://clstr.news/cluster/nigerias-faac-allocates-23-trillion-revenue-to-federal-state-and-local-governments ### 2026-06-15: 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. 2 sources. https://clstr.news/cluster/nigerias-faac-allocates-n2257-trillion-of-april-2026-federation-revenue-to-federal-state-and-local-g ### 2026-06-05: 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. 2 sources. https://clstr.news/cluster/nigerias-federal-government-debt-service-overruns-2025-budget ### 2026-05-13: 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. 29 sources. https://clstr.news/cluster/nigerias-budget-office-misses-quarterly-reports-breaching-fiscal-responsibility-act ### 2026-05-04: 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. 2 sources. https://clstr.news/cluster/nigerias-2026-budget-missing-online-civil-groups-demand-transparency --- Cite as: Nigeria borrowing surge and Dangote refinery export growth. CLSTR, https://clstr.news/situations/nigerias-2026-budget-faces-transparency-and-reporting-lapses