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.

The Federal Government has issued a new tax order reducing the interest rate charged on late payment of taxes, with the changes taking effect from October 1, 2026.   The Nigeria Tax Administration Order 2026, signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, sets out the interest rates applicable when taxes are not paid on time under Section 65 of the Nigeria Tax Administration Act, 2025. According to Channels Television, the new order links the cost of late tax payments more closely to prevailing market rates and is intended to provide taxpayers with greater certainty over the financial consequences of delayed payments. New interest rates for late tax payments For taxes payable in naira, the interest rate will be based on the Central Bank of Nigeria’s Monetary Policy Rate plus one percentage point. This represents a reduction from the previous five-percentage-point spread. However, the applicable rate will not fall below the yield on 364-day Treasury Bills. For taxes payable in foreign currency, interest will be charged at the Secured Overnight Financing Rate (SOFR) plus six percentage points. If SOFR is discontinued, its officially recognised successor rate will be used. The Nigeria Revenue Service has been directed to publish the applicable rates on its website by the third business day of every month. 10% late-payment penalty remains The new order does not alter the 10 per cent penalty for late payment provided under Section 65 of the Nigeria Tax Administration Act. It also replaces the 2017 notice on interest on unpaid taxes and other earlier notices covering the issue. Tax authorities may still waive penalties or interest where good cause is established, in line with Section 66 of the Act. How the transition will work The new rates will apply to interest arising from October 1, 2026, including interest on tax liabilities that became due before that date. However, interest that accrued before October 1 will remain subject to the rules that were applicable when it arose. Oyedele urged taxpayers to file their returns and pay their taxes on time, while those with outstanding liabilities were advised to settle them promptly or contact the relevant tax authority. The minister said the new system is designed to ensure that delaying tax payments does not become a cheaper source of credit than borrowing at market rates.

Nigeria and Italy have strengthened their partnership on a global campaign to mobilise $5 billion in education funding through the Global Partnership for Education (GPE).   The collaboration was announced at a high-level education financing event jointly hosted by Nigeria and Italy on the sidelines of the 81st Session of the United Nations General Assembly in New York on Wednesday. According to Channels Television, the initiative seeks to increase education financing worldwide and support millions of children in developing countries. President Bola Tinubu, in a video message, said the GPE vision aligns with Nigeria’s education agenda, particularly efforts to improve learning outcomes through greater access to education and investment in teacher capacity. Vice President Kashim Shettima, who represented Tinubu at the UN gathering, described education as an investment in Nigeria’s economic future, productivity, prosperity and stability. Shettima said the Federal Government had increased resources for education while pursuing reforms aimed at strengthening basic education financing, improving foundational learning and expanding access to tertiary and technical education. He also highlighted the Nigerian Education Loan Fund, saying it was being used to widen access to higher education and strengthen the connection between education, skills, employment and enterprise. The Vice President said President Tinubu had directed that legally cleared recovered funds from the Economic and Financial Crimes Commission be channelled into the education loan fund. He added that the Federal Executive Council had recently approved consideration of unclaimed dividends and dormant funds for the same purpose, subject to applicable legal requirements. Shettima said Nigeria’s partnership with the World Bank and GPE through HOPE-EDU was expected to reach about 29 million children and 500,000 teachers across the country. He said the global GPE campaign was targeting $5 billion, with domestic resources expected to remain the foundation while development assistance, concessional financing, philanthropy and innovative funding mechanisms complement national investment. The event also featured contributions from UN Deputy Secretary-General Amina Mohammed, GPE Board Chair Jakaya Kikwete and education activist Malala Yousafzai. Italy pledged €50 million towards GPE programmes and interventions. Governments and donors at the event made contributions aimed at supporting education for at least 370 million children globally. Malala called for stronger international collaboration and increased investment in gender equality in education, particularly measures addressing the needs of girls in developing countries.