Nigeria’s national budget is among the smallest of the world’s 10 most populous countries, Minister of Budget and Economic Planning, Abubakar Bagudu, has said.   Bagudu made the statement on Monday at the Senate Press Corps Capacity-Building Workshop in Abuja, where he called for a broader national conversation on revenue mobilisation and the expansion of Nigeria’s fiscal space. The workshop was organised around the theme, “Leveraging Legislative Oversight and Media Collaboration to Safeguard the National Budget from Unlawful Insertion.” The minister said Nigeria’s population and development needs raised questions about whether the country’s current level of public spending was sufficient to achieve its development objectives. “Out of the top 10 most populous countries in the world, we have the smallest national budget,” Bagudu said. He asked Nigerians to consider whether the country should continue with its existing budget structure or explore ways to mobilise additional resources for development. Bagudu also urged journalists to scrutinise budget provisions thoroughly and avoid concluding that unfamiliar allocations were irregular without investigating their origin, purpose and beneficiaries. He said effective budget oversight should consider the constitutional roles of the Executive and National Assembly, as well as the rationale behind spending decisions and the development needs they are intended to address. The minister linked the revenue and spending debate to President Bola Tinubu’s Renewed Hope Agenda and the country’s long-term development plans under Agenda 2050. He said achieving the ambition of building a $1tn economy would require Nigerians to confront difficult questions around revenue generation, public expenditure and borrowing. Bagudu further stressed the importance of public confidence in major fiscal decisions, saying citizens’ understanding and support were essential to the ability of the government and National Assembly to implement significant economic policies. On alleged budget insertions, the minister cautioned against assuming that every unfamiliar provision was unlawful. “We are dealing with human processes and human errors. Therefore, vigilance is necessary, and the media and legislative oversight should remain vigilant,” he said. He also called for balance between budget transparency and national security, noting that disclosure of some sensitive information could have implications for strategic interests. According to an August analysis by PUNCH Online, the combined budgets of Nigeria’s 36 states and the Federal Capital Territory increased by 47.5 per cent from N27.22tn in 2025 to N40.14tn in 2026. However, the share allocated to capital projects declined from 73.24 per cent to 64.34 per cent, although the actual capital expenditure rose from N19.94tn to N25.83tn. The Federal Government’s 2026 budget is N68.32tn.

Lagos State representative, Danielle Adewusi, has been crowned Miss Universe Nigeria 2026, emerging winner after competing against 19 other contestants at the grand finale in Lagos.   The finale was held on Sunday at Balmoral Hall, Federal Palace Hotel, Victoria Island, following weeks of competition featuring camp activities, advocacy projects, talent showcases and stage performances. According to PUNCH, citing Silverbird, Adewusi impressed the judges with her confidence, intelligence, elegance and commitment to social impact before securing the crown after the final question-and-answer session. Edo representative Anita Osikhena emerged as the first runner-up, while Myya Jones of Cross River finished as second runner-up. Oluwafunmibi Ajaja of Ekiti and Melissa Toghanro of Delta completed the top five. Jones had earlier received the highest number of votes in the fast-track voting process, earning an automatic place in the Top Five. Toghanro was selected to represent Nigeria at Miss Supranational, while Osikhena won the Pitch Your Dream Competition and Best Advocacy Project award. Other special award winners included Miss Akwa Ibom for Most Photogenic, Miss Ekiti for Miss Amity, Miss Edo for Best Evening Dress, Miss Oyo for Top Model, Miss Osun for Best National Costume and Miss Ogun for Best Talent. President of the Silverbird Group and National Director of Miss Universe Nigeria, Guy Murray-Bruce, crowned Adewusi at the end of the ceremony. Adewusi will represent Nigeria at the 75th Miss Universe Festival, scheduled for November 24 in San Juan, Puerto Rico. She will also take her “Scrub the Stigma” advocacy project, which focuses on women’s health, to the global stage.

The Federal Government is seeking three new World Bank loans worth a combined $1.5bn as Nigeria’s public debt rose to N166.79tn by the end of June 2026.   According to documents obtained by The PUNCH, the proposed facilities comprise three separate $500m International Development Association credits for climate resilience, social protection and early childhood development. The first facility is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank is expected to consider the facility on October 29, 2026. The additional funding would increase ACReSAL’s total financing from $700m to $1.2bn and support landscape restoration, watershed rehabilitation, erosion and flood management, irrigation, drainage, water harvesting, reforestation and other climate-resilience measures. ACReSAL currently operates in 19 northern states and the Federal Capital Territory. The second proposed $500m facility is for the Household Prosperity and Empowerment-Social Protection Project, or HOPE-SP. The programme is designed to provide regular social assistance to poor and vulnerable households, including targeted cash transfers and improvements to Nigeria’s social registry. The proposed project also seeks to integrate National Identification Numbers into the social protection information system and strengthen implementation at federal, state and local government levels. The third $500m facility would fund the Nigeria Early Childhood Development programme. The project is expected to cover all 36 states and the FCT, focusing on health, nutrition, early learning, childcare, water and sanitation for children aged zero to five. Nigeria’s debt rises The proposed borrowing comes after the Debt Management Office reported that Nigeria’s total public debt increased from N152.40tn in June 2025 to N166.79tn in June 2026, representing a N14.39tn or 9.44 per cent rise. The DMO published the latest debt figures on September 25, 2026. In dollar terms, total public debt rose from $99.66bn to $120.93bn over the same period. Domestic debt stood at N91.59tn, while external debt was N75.20tn at the end of June. Federal Government domestic debt increased to N87tn, with Treasury bills recording a significant rise. Outstanding Treasury bills climbed from N12.76tn in June 2025 to N19.48tn in June 2026. World Bank exposure Nigeria’s debt to the World Bank Group also increased during the period. According to figures cited by The PUNCH, Nigeria owed the World Bank Group $20.73bn at the end of June 2026, including $19.12bn to the International Development Association and $1.61bn to the International Bank for Reconstruction and Development. The proposed facilities would therefore come against a backdrop of rising overall public debt and increased borrowing from multilateral institutions. Economist Adewale Abimbola told The PUNCH that World Bank loans are generally concessionary, with lower interest rates and longer repayment periods than many market-based loans. He said the impact of such borrowing would depend on how effectively the funds are structured and deployed towards projects capable of supporting growth, improving public services and strengthening revenue. The latest proposals remain subject to the World Bank’s review and approval processes. The dates cited for the HOPE-SP and Early Childhood Development programmes are March 2027, while the additional ACReSAL financing is scheduled for consideration in October 2026.

The Ogun State Government and DP World MEA FZE have signed Memoranda of Understanding (MoUs) for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone, in a deal expected to attract more than $7 billion in initial investment.   The projects are also projected to create more than 50,000 direct jobs. The agreements were signed in Paris, France, on Thursday, September 24, with President Bola Ahmed Tinubu witnessing the ceremony alongside Minister of Marine and Blue Economy Adegboyega Oyetola and Nigerian Ports Authority Director-General Abubakar Dantsoho. According to Channels Television, the agreements bring together the Federal Government, Ogun State Government, DP World, financial advisers and other private-sector partners to address trade and logistics constraints while expanding Nigeria’s manufacturing and export capacity. The proposed Gateway Deep Sea Port in Ogun Waterside will have a four-kilometre berth and an 18-metre draft. The facilities are planned to accommodate larger vessels, help decongest the Lagos port corridor and reduce costs and delays for importers and exporters. The port will be integrated with the proposed 10,000-hectare Blue Marine Special Economic Zone, which is expected to support manufacturing, processing and export-oriented industries. Tinubu said the projects would provide an integrated platform connecting maritime commerce with industrial production and access to African and global markets. The President also highlighted the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway as a key transport link between the port, industrial zone, Lagos, the Nigerian hinterland and wider African markets. The emerging corridor is also expected to connect with strategic projects, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project. Tinubu assured investors of regulatory clarity and policy stability, while promising federal support for road, rail and power connectivity, investment security and the maritime sector. Ogun State Governor Dapo Abiodun said the deep seaport formed part of a wider plan to strengthen trade, attract investment, improve connectivity and expand the state’s maritime economy. He said the project would create opportunities across maritime services, logistics, manufacturing and technology, while the Blue Marine Special Economic Zone would provide a platform for investment, technology and industrial development. The development is part of Ogun State’s broader multimodal infrastructure plans, which include the Gateway International Airport, dry ports, the coastal highway and the deep seaport. The MoUs mark a significant step in the revival of Ogun’s long-standing plans for coastal infrastructure, although the projects will ultimately depend on implementation of the agreements and development plans.