Economy

President Bola Ahmed Tinubu has directed Nigeria’s financial and capital market regulators to intensify oversight of stablecoins and digital currencies, warning that the rapid shift away from traditional banking poses emerging risks that must be addressed proactively. The President, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, gave the directive on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. “There is a digital revolution. So many people now are not using the banking system to make payments. They’ve turned to stablecoins, they’ve turned to digital currency. To this end, I have directed capital market and banking authorities to get hold of this narrative and track it whilst it is still evolving,” Tinubu said. Read Also: Wike Appoints Acting Head of Service for FCT Administration Engr. Ganduje’s Mega Empowerment Transforms Lives of Kano Youths Aminu Kano Teaching Hospital Launches Free Emergency Ambulance System The Securities and Exchange Commission (SEC) has already begun tightening regulation under the Investment and Securities Act 2025, which classifies digital assets as securities. The law empowers the SEC to license and supervise Virtual Asset Service Providers—including exchanges and custodians—under strict Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. Beyond regulation, Tinubu stressed the need for Nigeria to reinvent its economy through digital adoption, artificial intelligence, and open banking to drive industrialisation and job creation. “Yes, our GDP is growing, but the industrial contribution from manufacturing is not where it should be to create the jobs we need. Innovation is key for adopting digital, AI, and open banking to enhance efficiency,” he noted. The President also reiterated his administration’s commitment to harnessing Nigeria’s youthful population, projected to become the world’s largest workforce by 2050. “Our young population is an asset. By 2050, Nigeria will provide the largest workforce in the world. That is why we are investing in education, infrastructure, and digital skills to prepare them for the opportunities of tomorrow,” he affirmed. On fiscal reforms, Tinubu pointed to measures linking state accounts with the Central Bank of Nigeria (CBN) to boost transparency and revenue. “That linkage with the Central Bank now gives us full visibility on government finances, and that will yield dividends by increasing government revenue,” he said. He emphasised that financial inclusion must be tied to job creation, particularly for young Nigerians. “Inclusion means jobs—quality, attractive jobs, especially for our young men and women. Households must have reliable access to affordable financial services and reputable loans,” he added. Tinubu pledged that his administration will continue to stabilise the economy, reduce poverty, and attract private investment. “Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he declared. Meanwhile, CBN Governor Olayemi Cardoso announced plans to attract at least $1bn in monthly diaspora remittances by 2026. “The Nigerian diaspora is one of the most vibrant in the world. If we are able to harness even a fraction of their earnings and direct them into our economy, the impact will be transformative,” he said. Cardoso revealed that partnerships with banks such as Access Bank and Zenith Bank have already helped boost inflows. “When we started, remittances stood at $250m a month. We set a target to double that to $500m. Now, we are at $600m,” he noted. CIBN President and Council Chairman, Prof. Pius Olanrewaju, highlighted the significance of the conference in shaping economic policy, noting that listed banks have raised N2.5tn since 2024 and non-oil exports generated $3.23bn in the first half of 2025. He also lauded Tinubu’s approval of four tax reform bills consolidating over 100 tax agencies into the Nigeria Revenue Service, which will take effect in January 2026. The conference attracted stakeholders from banking, finance, and technology, focusing on digital innovation, policy reforms, and private investment as drivers of inclusive growth and economic transformation.

Speaker of the House of Representatives, Tajudeen Abbas, has expressed concern over Nigeria’s rising debt profile, warning that it has reached a level capable of undermining the country’s economic stability. Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, Abbas described the debt situation as alarming and called for urgent reforms to avert a crisis. According to him, Nigeria’s total debt stock stood at N149.39 trillion (about $97 billion) as of the first quarter of 2025, representing a sharp increase from N121.7 trillion recorded the previous year. He noted that the debt-to-GDP ratio has now climbed to 52 percent, significantly above the legally prescribed ceiling of 40 percent. Read Also: FCT Resident Doctors Begin Seven-Day Warning Strike NLC, Workers Demand Urgent Review of N70,000 Minimum Wage Amid Inflation Wali Hosts Annual Maulud, Calls for Unity, Prayers and Emulation of Prophet’s Virtues “This is no longer just a budgetary issue but a structural crisis,” the Speaker said. “We must strengthen oversight, embrace transparency, and ensure that every loan taken delivers tangible benefits to citizens.” Abbas warned that across Africa, many governments are already trapped in unsustainable debts, with more resources devoted to debt servicing than to essential services such as health and education. He cautioned that Nigeria must avoid falling into the same trap. To mitigate the risks, he announced plans to champion the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative, he explained, would establish transparency standards, harmonise debt reporting, and empower parliaments across the region to scrutinise borrowing practices. The Speaker also unveiled plans for regional training programmes aimed at equipping Public Accounts and Finance Committees with the skills to assess debt sustainability and fiscal risks. “Borrowing should be tied strictly to infrastructure, education, healthcare, and industries that create jobs,” Abbas stressed. “Reckless loans that fuel consumption or corruption must be exposed and rejected. Oversight is about lives and futures, not just figures.” He further pledged that the 10th House would promote accountability through its Open Parliament policy, which would subject major borrowing proposals to public hearings and ensure that debt reports are accessible to citizens. The WAAPAC conference, attended by lawmakers from across West Africa, development partners, and financial experts, is focusing on strengthening parliamentary oversight of public debt across the sub-region.

President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Bill, 2025, a landmark legislation aimed at strengthening Nigeria’s financial sector and fast-tracking the nation’s ambition to build a $1 trillion economy. This was conveyed in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy. The statement noted that the reforms are expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa. The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates multiple outdated insurance laws into a single modern legal framework. It introduces robust regulation and oversight of all insurance and reinsurance businesses operating in the country. Read Also: Tinubu Has Transformed FCT Within Two Years – Dr. Mariya Bunkure The Act reflects the Tinubu administration’s commitment to financial stability, inclusive growth, and sustainable economic development under its Renewed Hope Agenda. Some of the key highlights of the new law include stricter capital requirements for operators, mandatory enforcement of compulsory insurance policies, digitisation of the insurance market, and zero tolerance for delays in claims settlement. It also provides for the creation of policyholder protection funds in cases of insolvency and expands Nigeria’s participation in regional insurance schemes such as the ECOWAS Brown Card System. The National Insurance Commission (NAICOM) has been mandated to implement the provisions of the Act in a way that unlocks the sector’s full potential and significantly improves insurance coverage across the country.

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it has successfully drilled four oil wells in the Kolmani area of Bauchi State as part of its ongoing exploration and development initiatives in northern Nigeria. This was revealed by the company’s Director, Yusuf Usman, during a two-day interactive session on Government-Citizens Engagement, organised by the Sir Ahmadu Bello Memorial Foundation in Kaduna on Wednesday. Read Also: NNPC Rules Out Sale of Port Harcourt Refinery, Reaffirms Commitment to Rehabilitation “So far, the NNPCL has drilled four wells in the Kolmani area of Bauchi State,” Usman stated. “We are currently evaluating the appropriate technology to be deployed for the next phase of drilling operations.” He also highlighted the company’s broader efforts to expand oil and gas infrastructure in the northern region, including the construction of five gas processing facilities in Kogi State. “In support of President Tinubu’s Compressed Natural Gas (CNG) Initiative, five CNG and Liquefied Natural Gas (LNG) plants are under construction in Kogi,” he said. “These plants are expected to significantly boost gas supply and accessibility across northern Nigeria.” Usman noted that the projects align with NNPCL’s mission to drive energy development nationwide, especially in previously under explored region.