Nigeria has surpassed the 70 per cent financial inclusion target under the National Financial Inclusion Strategy, but millions of adults remain financially vulnerable despite increased access to formal financial services.

The 2026 Access to Financial Services in Nigeria (A2F) Survey, conducted by Enhancing Financial Innovation & Access (EFInA) and weighted by the National Bureau of Statistics (NBS), found that formal financial inclusion rose to 73 per cent in 2026.

However, only 30.7 per cent of formally included adults were classified as financially healthy, leaving approximately 60.4 million adults financially vulnerable or merely coping.

Financial Inclusion Rises To 79%

The survey showed that overall financial inclusion, covering both formal and informal access, increased to 79 per cent in 2026, from 74 per cent in 2023 and 68 per cent in 2020.

Formal financial inclusion rose from 64 per cent in 2023 to 73 per cent in 2026, representing approximately 87.2 million adults.

Overall financial inclusion now covers about 94.2 million adults.

Digital financial services recorded significant growth, rising from 45 per cent in 2023 to 64.4 per cent in 2026, equivalent to roughly 77 million adults.

However, the survey identified a substantial gap between access and financial wellbeing.

Only about 25 per cent of Nigerian adults overall were classified as financially healthy, compared with 73 per cent who were formally included.

The report described the resulting 48-percentage-point difference as an “access-health gap.”

Access To Credit Rises As Coping Loans Increase

Formal credit use increased to about 10 per cent of Nigerian adults, equivalent to 11.9 million people, compared with six per cent in 2023.

The figure, however, remains below the 40 per cent NFIS target cited in the survey.

The composition of formal borrowing also changed significantly.

Borrowing for coping and consumption became the largest reported purpose for formal credit, rising from 31.7 per cent in 2023 to 40.8 per cent in 2026.

By comparison, productive enterprise borrowing fell from 40.2 per cent to 34.3 per cent, while household-asset borrowing declined from 25.2 per cent to 23.4 per cent.

The shift represents a reversal from 2023, when productive borrowing exceeded coping and consumption borrowing by 8.5 percentage points.

By 2026, coping and consumption borrowing exceeded productive enterprise borrowing by 6.5 percentage points.

Repayment Stress Remains High

The survey found that 45.8 per cent of formal-credit users reported some or serious repayment stress, while 83.8 per cent experienced ongoing financial stress.

Formal credit use among informally employed Nigerians increased from five per cent to 15 per cent.

Among adults aged 18 to 35, formal credit usage doubled from four per cent to 10 per cent.

The findings indicate that the expansion of access to credit has not necessarily translated into greater financial resilience.

Insurance, Pension Coverage Remain Low

Insurance and pension participation continued to lag behind banking, payments and other formal financial services.

Formal insurance penetration stood at 5.2 per cent, representing approximately 6.2 million adults, while pension participation covered about nine per cent of adults.

The survey found that approximately 93 per cent of formally included adults, or about 81 million people, remained uninsured.

Among insured adults, 59.9 per cent were classified as financially healthy.

Rural Areas Still Lag Behind

The gains in financial inclusion were uneven across regions, gender and location.

The urban-rural gap in formal financial inclusion widened from 24 percentage points to 27 percentage points.

Formal inclusion reached 85 per cent among urban adults, compared with 58 per cent in rural areas.

The South-West recorded formal inclusion of 96.4 per cent, while the figure stood at 61.4 per cent in the North-East and 62.7 per cent in the North-West.

Digital financial services were used by 78 per cent of urban adults compared with 47 per cent of rural adults.

Usage also stood at 70.5 per cent among men and 58 per cent among women.

Trust Remains Key To Financial Service Usage

The survey also identified trust as an important factor influencing continued use of formal financial services.

It found that 96.9 per cent of consumers who trusted their financial service provider had used the provider within the previous 90 days.

This compared with 65.6 per cent among consumers who distrusted their provider.

The report identified fraud control, service reliability, transparent pricing, data protection and effective complaint resolution as important factors in achieving meaningful and sustained financial inclusion.

Challenge Shifts From Access To Financial Resilience

The survey indicates that Nigeria has made greater progress in bringing adults into formal accounts, payments and digital financial services than in providing products that strengthen long-term financial security.

The report therefore points to a growing challenge: translating increased access into financial health, resilience and productive economic participation.

The survey itself does not attribute the increase in coping and consumption borrowing to specific factors such as inflation, food prices, rent, school fees or medical expenses.

Additional market reporting cited in the material points to a difficult consumer-credit environment, including a decline in consumer credit and increased borrowing costs.

The broader implication is that expanding access to financial services alone may not be sufficient if households and businesses continue to face limited financial buffers.

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The Council for the Regulation of Engineering in Nigeria (COREN) and the Nigeria Building and Road Research Institute (NBRRI) have partnered with the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) to strengthen the investigation of engineering failures in Nigeria.

The partnership was announced in Abuja during the induction of the inaugural cohort of Certified Forensic Engineering Failure Investigators (CEFFI).

Speaking at the event, the President and Chairman of the Governing Council of CIFCFIN, Dr Iliyasu Gashinbaki, said engineering failures could have consequences beyond the collapse of structures or failure of projects, affecting lives, public resources, safety and institutional trust.

He attributed engineering failures to factors including defective designs, substandard materials, negligent workmanship, inadequate supervision and compromised safety standards.

Gashinbaki, however, noted that some failures that appear to be technical could also have deeper links to fraud, procurement abuse, falsification, conflicts of interest and deliberate circumvention of engineering controls.

He cited a 2026 engineering study which identified 111 validated building collapses in Nigeria between 2015 and 2025. According to him, the incidents resulted in 321 deaths and 344 injuries.

He also cited an analysis of documented fire incidents between 2022 and 2025 which estimated at least N4.6tn in losses involving destroyed goods, property and business assets.

Gashinbaki said the figures highlighted the need for Nigeria to move away from reactive responses to engineering and infrastructure failures towards evidence-based investigations capable of establishing their root causes.

He described the partnership with COREN and NBRRI as timely, noting that it brings together engineering, forensic science, law, regulation and investigation.

According to him, regulators, project owners, contractors, professional bodies and law-enforcement agencies need to move beyond situations where engineering failures end with repairs, abandonment or silence without determining what caused them.

He said properly conducted forensic engineering could preserve technical evidence required for regulatory and legal action where negligence, fraud, malpractice or deliberate compromise of safety was suspected.

COREN seeks more forensic investigators

The President of COREN, Prof. Sadiq Zubair Abubakar, said the collaboration with CIFCFIN was designed to equip engineers with dual competencies that combine engineering expertise with forensic investigation skills.

Abubakar described the initiative as a significant development for Nigeria’s engineering profession, particularly in addressing longstanding gaps in the investigation of engineering failures within the construction and built environment.

He called for the development of a critical mass of professionally trained forensic engineering investigators who could strengthen investigations into infrastructure failures across the country.

According to him, forensic engineering should not be limited to the construction sector.

He identified mining, oil and gas, telecommunications, transportation, aviation and aerospace as other sectors where certified engineering failure forensic investigators could play important roles.

Abubakar said the ultimate objective was to develop internationally recognised forensic engineering professionals capable of working both in Nigeria and globally.

He expressed the hope that the partnership would continue to expand and contribute to stronger engineering regulation and professional capacity in the country.

Partnership builds on earlier training

The latest initiative follows earlier efforts by COREN, NBRRI and CIFCFIN to build capacity in forensic engineering.

In June 2026, COREN organised a three-day training and certification workshop on engineering failure and forensic investigation for licensed engineering practitioners from academia, industry and government agencies.

The workshop was organised in collaboration with NBRRI and CIFCFIN and focused on strengthening the ability of engineers to investigate structural failures, building collapses and other engineering-related incidents.

COREN Registrar, Prof. Uche Okorie, said the training was intended to create a pool of qualified experts capable of investigating failures and identifying their root causes.

He said the council was also working to ensure that qualified professionals and experts were responsible for construction and that, where failures occurred, they were investigated using appropriate tools to help prevent recurrence.

NBRRI Director-General, Prof. Samson Duna, said the institute had participated in several building-collapse investigations and conducted research aimed at reducing structural failures.

He said NBRRI’s laboratories, equipped for destructive and non-destructive testing, could provide technical support for forensic investigations, including the testing of construction materials and assessment of infrastructure.

The partnership is expected to strengthen Nigeria’s capacity to investigate engineering failures, establish their causes and improve accountability across the construction and wider infrastructure sectors.

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Personal loans obtained by Nigerians rose to an estimated N2.06tn in May 2026 as consumer credit continued to expand amid persistent cost pressures and weak consumer spending, according to the latest Economic Report of the Central Bank of Nigeria.

The figure, derived from data contained in the CBN’s May 2026 Economic Report, represents about 64.78 per cent of the N3.18tn total consumer credit outstanding during the month.

The report covers developments across the real, fiscal, financial and external sectors of the Nigerian economy.

According to the apex bank, consumer credit increased by 1.60 per cent from N3.13tn in April to N3.18tn in May, indicating that Nigerians borrowed an additional N50bn within one month.

The CBN attributed the increase to growth in both personal and retail loans, which rose by 1.98 per cent and 0.90 per cent respectively.

The bank said personal loans remained the largest component of consumer credit, accounting for 64.78 per cent, while retail loans represented the remaining 35.22 per cent.

Based on those proportions, personal loans stood at approximately N2.06tn at the end of May, while retail loans amounted to about N1.12tn.

The 1.98 per cent month-on-month increase in personal loans represents an increase of roughly N40bn during the period. Retail loans, which are more directly associated with the purchase of goods and services, recorded a slower 0.90 per cent increase.

The figures indicate that personal borrowing remained the main driver of Nigeria’s consumer-credit market, accounting for nearly two-thirds of outstanding consumer credit.

Economic pressures drive borrowing

The increase in borrowing occurred against a challenging economic backdrop, with the CBN reporting weak economic activity during May.

The bank’s composite Purchasing Managers’ Index stood at 49.60 points in May, slightly higher than the 49.40 points recorded in April but still below the 50-point mark that separates expansion from contraction.

The CBN said the contraction reflected subdued demand, declining new orders and elevated production costs. It also identified weak consumer spending and higher energy-related costs as major pressures on the industry and services sectors.

Inflation also remained elevated during the period. Headline inflation increased to 15.93 per cent in May from 15.69 per cent in April, with the CBN attributing the increase to persistent cost pressures and higher energy prices.

However, month-on-month inflation slowed to 1.75 per cent in May from 2.13 per cent in April.

The combination of rising consumer credit and weak consumer spending indicates that more households were turning to credit at a time when living and operating costs remained under pressure.

More Nigerians borrowing for consumption

The trend is also reflected in findings from the 2026 Access to Financial Services in Nigeria Survey by Enhancing Financial Inclusion & Advancement.

The survey found that 40.8 per cent of Nigerians borrowing from formal financial institutions now use loans mainly for coping and consumption needs, up from 31.7 per cent in 2023.

The increase of 9.1 percentage points made coping and consumption the largest purpose of formal borrowing, overtaking productive enterprise borrowing, which fell from 40.2 per cent in 2023 to 34.3 per cent in 2026.

Borrowing for household assets also declined from 25.2 per cent to 23.4 per cent.

The report warned that the shift towards consumption and coping borrowing raises concerns about whether credit is helping households build productive capacity or simply helping them manage financial pressures.

The survey covered 18,679 adults across Nigeria’s 36 states and the Federal Capital Territory, with data collected between April and June 2026 under the supervision of the National Bureau of Statistics.

Formal credit use increased from six per cent of adults in 2023 to 10 per cent in 2026, representing about 11.9 million Nigerians borrowing from regulated financial institutions.

When informal sources were included, 36 per cent of adults had access to some form of credit.

Credit use among informally employed Nigerians tripled from five per cent to 15 per cent during the period. Among Nigerians aged between 18 and 35, borrowing increased from four per cent to 10 per cent.

Borrowing among business owners also rose from four per cent to 10 per cent, while farmers recorded an increase from two per cent to six per cent.

Borrowers face repayment pressure

Despite the increase in access to credit, the survey highlighted significant financial stress among borrowers.

About 45.8 per cent of formal-credit users reported experiencing some or serious repayment stress, while 83.8 per cent reported ongoing financial stress.

The findings suggest that the growth in credit access has not necessarily translated into improved financial wellbeing for many Nigerians.

The survey also found that overall financial inclusion had reached 79 per cent, equivalent to about 94.2 million adults, while formal financial inclusion stood at 73 per cent.

However, only about one-quarter of Nigerian adults were considered financially healthy.

EFInA Chief Executive Officer, Foyinsolami Akinjayeju, said the findings showed that Nigeria needed to look beyond simply increasing access to financial services and focus on whether those services were improving people’s financial wellbeing.

EFInA Board Chairman, Dr Agnes Martins, similarly said access to financial services should be viewed as the beginning rather than the ultimate objective of financial inclusion.

The latest CBN figures therefore show a continued expansion in consumer credit, while the financial inclusion survey highlights a shift in the reasons Nigerians are borrowing, with a growing share turning to loans to cope with household pressures and consumption needs.

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Rising house rents in the Federal Capital Territory are putting increasing pressure on household incomes, with some residents now spending a substantial portion of their annual earnings on accommodation and cutting back on food, education, transportation and other essential expenses.

A News Agency of Nigeria study cited by The Whistler found that the rising cost of accommodation has forced many Abuja households to reduce their standard of living as rent increases continue to outpace incomes.

The report comes as the National Bureau of Statistics recorded a sharp increase in rent inflation, with the rate rising to 33.8 per cent in July 2026 from 14.79 per cent in June.

Residents interviewed across different parts of the FCT described significant increases in annual rents, with some saying the increases had affected their businesses, savings and ability to meet other household obligations.

Abuja residents face steep rent increases

Olusegun Daniels, a businessman living in Karu, said the annual rent for his two-bedroom bungalow increased from N1.5 million to N3.5 million.

He said the more than 100 per cent increase had affected his business, which was already experiencing weak turnover.

Daniels also said the rent for his business premises had risen from N300,000 to N450,000, adding to the financial pressure on his household and business.

Another resident, Emeka Okafor, who lives in Wuse, said the rent for his one-bedroom apartment increased from N1 million to N1.8 million before rising further to N2 million.

Although the higher rent had become difficult to afford, Okafor said he had continued living in the area because of its proximity to his business.

He said the combination of weak business activity and rising rents had left him and others struggling to keep up with their financial obligations.

Families cut back on household needs

Evelyn Bode, a civil servant living in Kubwa, said a two-bedroom apartment that previously rented for between N600,000 and N800,000 was now going for between N1.5 million and N2 million a year, depending on the location and condition of the building.

The rising rent has forced her family to make changes to its household spending.

Bode said she had moved her children to cheaper schools and reduced spending on food as the cost of maintaining the household became increasingly difficult.

She said the pressure had reached a point where meeting basic needs had become a challenge.

Another civil servant, Livinus Anya, who lives in Nyanya, said his annual rent increased from N600,000 in February 2025 to N1.6 million in December 2025.

Anya said he previously made monthly contributions and savings to raise money for his annual rent, but the new rent was beyond what his savings could comfortably cover.

He said the pressure had also affected his ability to use his vehicle because he could no longer afford to combine fuel costs with rent, school fees and feeding expenses.

According to him, a two-bedroom apartment in a new building in the area now rents for between N2 million and N2.5 million annually.

Two-year rent demands add to pressure

Sani Musa, a teacher living in Lugbe, said the demand for two years’ rent upfront by some landlords was making it increasingly difficult for low-income earners to secure accommodation.

Musa linked the increase in rents to several factors, including the housing deficit, rural-to-urban migration and the rising cost of building materials.

He called for government intervention and regulations to address sharp increases in rent and prevent what he described as unreasonable hikes by landlords.

He also argued that any regulation introduced to address the problem would need to be properly enforced.

Workers struggle to keep pace with housing costs

Abigail Abidolu, a civil servant living in Apo Resettlement, said her one-bedroom apartment had increased from N500,000 to N1.2 million.

She said the increase in rent had come at a time when salaries had not increased substantially.

According to her, some additional income opportunities and training-related benefits previously available at her workplace had also been cancelled, further reducing her family’s financial flexibility.

The experiences of the residents interviewed reflect the broader challenge created when housing costs rise faster than household incomes.

For many workers, annual rent payments are not the only housing-related expenses. Agency fees, legal charges, service charges and other costs can increase the amount required before a tenant can move into a property.

Housing affordability remains a major challenge

The rising rents are occurring alongside broader pressures on household budgets.

Residents are also dealing with higher costs for food, transportation, healthcare, education and other necessities, leaving less disposable income for housing.

The NBS rent-inflation figure cited in the report highlights the scale of the pressure facing tenants across the country, while the individual experiences in Abuja show how the increase is affecting households at different income levels.

The continued increase in rent also raises concerns about housing affordability in the FCT, particularly for low- and middle-income workers who depend largely on fixed salaries.

As rents rise, households may be forced to move farther away from employment centres, reduce the quality or size of their accommodation, share housing with others or divert money meant for other household needs towards rent.

Calls for affordable housing and rent regulation

Residents interviewed in the study called for stronger government intervention to expand access to affordable housing and address rising rental costs.

Anya urged governments at different levels to provide low-cost housing for workers, while Musa called for measures that would regulate rent increases.

The residents also pointed to the need for more affordable housing units to reduce pressure on the existing rental market.

The housing challenge in Abuja is further complicated by population growth, demand for accommodation around employment centres and the cost of developing new housing.

As construction costs remain high and demand for housing continues, residents face the challenge of finding accommodation they can afford without sacrificing other essential household needs.

For many Abuja households, the rising cost of rent has therefore become more than a housing issue. It is increasingly affecting how families allocate their income across food, education, transport, healthcare and other basic needs.

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The Court of Appeal in Abuja has upheld the nullification of several provisions of the Companies and Allied Matters Act 2020 that gave the Corporate Affairs Commission powers over incorporated trustees, including religious organisations and other voluntary associations.

A three-member panel of the appellate court unanimously held that Sections 839, 842, 843, 844, 845, 846, 847 and 848 of CAMA infringed constitutionally protected rights to freedom of thought, conscience and religion, freedom of association and peaceful assembly.

The judgment was delivered on September 17, 2026, by Justice Donatus Okorowo, with Justices Abba Mohammed and Eberechi Nyesom-Wike concurring.

The case followed a legal challenge brought by Emmanuel Ekpenyong, a lawyer and member of a registered religious association, against the National Assembly, the CAC and the Attorney-General of the Federation.

Ekpenyong had challenged provisions of CAMA that he argued violated his fundamental rights under Sections 38 and 40 of the 1999 Constitution.

Dispute over CAC powers

One of the central provisions in the case was Section 839, which gave the CAC powers, under specified circumstances, to suspend trustees of an association and appoint interim managers to oversee its affairs.

The provision became controversial because incorporated trustees cover a wide range of organisations, including churches, mosques, charities, NGOs and other associations.

Religious organisations and civil society groups had raised concerns that the provision could give the government excessive influence over the internal management of such organisations.

The Christian Association of Nigeria had previously called for amendments to the law, while the CAC maintained that it would not arbitrarily suspend trustees and that its decisions remained subject to judicial review.

Ekpenyong instituted the case at the Federal High Court in Abuja on August 31, 2020.

In April 2023, Justice James Omotosho ruled in his favour and declared Sections 839 to 848 unconstitutional, null and void.

The Federal High Court held that the powers granted to the CAC to regulate and administer incorporated trustees under those provisions interfered with constitutionally protected rights.

The court also ruled on Section 851, which empowers the Administrative Proceedings Committee to determine matters arising under CAMA. Justice Omotosho held that the provision was inconsistent with the constitutional jurisdiction of the Federal High Court.

CAC challenges Federal High Court ruling

The CAC appealed the decision, arguing, among other things, that the Federal High Court should not have assumed jurisdiction over Ekpenyong’s fundamental rights case.

The commission also challenged Ekpenyong’s legal standing to institute the action.

The Court of Appeal, however, rejected that argument and affirmed that Ekpenyong had standing to challenge the provisions based on his personal interest and membership of a registered religious association.

Justice Okorowo, who delivered the appellate judgment, held that voluntary associations generally have authority over the management of their internal affairs, subject to their own constitutions.

The court found that the disputed CAMA provisions interfered with constitutional freedoms protected under Sections 38 and 40 of the Constitution.

It also rejected the argument that the restrictions could be justified under Section 45(1) of the Constitution.

The Court of Appeal consequently affirmed the Federal High Court’s decision striking down Sections 839, 842, 843, 844, 845, 846, 847 and 848 of CAMA.

Court modifies ruling on Section 851

The appellate court, however, did not uphold the Federal High Court’s wholesale nullification of Section 851.

Section 851 establishes the Administrative Proceedings Committee and provides for its role in dealing with matters arising under CAMA.

The Court of Appeal held that the provision was unconstitutional only to the extent that it gave the committee the power to determine justiciable disputes at first instance, to the exclusion of the Federal High Court, and to impose penalties in the manner of a court.

The court preserved the committee’s remaining administrative and regulatory functions, subject to the supervisory jurisdiction of the Federal High Court.

The appellate court therefore modified the Federal High Court’s decision concerning Section 851 while affirming the nullification of Sections 839 and 842 to 848.

It consequently dismissed the CAC’s appeal in substantial part, with each party ordered to bear its own costs.

What the ruling means for incorporated trustees

The decision places constitutional limits on specific powers that the CAC can exercise over incorporated trustees.

However, the ruling does not mean that incorporated trustees, churches, charities, NGOs or other voluntary organisations are completely outside the CAC’s regulatory framework.

The Court of Appeal specifically preserved the administrative and regulatory functions of the Administrative Proceedings Committee under Section 851, subject to the jurisdiction and supervision of the Federal High Court.

The ruling therefore distinguishes between legitimate administrative regulation and powers that the court found would interfere with constitutionally protected freedoms.

The case also remains capable of further legal proceedings because the Court of Appeal is not Nigeria’s final court. Any further appeal to the Supreme Court could determine the final position on the constitutional questions raised by the dispute.

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Flooding has destroyed residential homes, rice farms and other property in five agrarian communities in Lafiagi, Edu Local Government Area of Kwara State, leaving residents counting their losses.

The affected communities are Pututa, Tswako, Likpata, Godangi and Ekko, all within Lafiagi Ward 4.

The flooding followed heavy rainfall on Tuesday and affected homes, farmlands and other community infrastructure.

No lives were reportedly lost in the incident, but residents suffered significant damage to property and agricultural produce, with rice farms among the affected farmlands. A source of drinking water was also destroyed.

The flooding has renewed concerns over the vulnerability of riverine communities in Kwara North, particularly those located around the River Niger basin.

Governor visits affected communities

Kwara State Governor AbdulRahman AbdulRazaq visited Pututa and other affected communities to assess the situation and sympathise with residents.

Speaking at the palace of the Emir of Lafiagi, Alhaji Muhammed Kudu Kawu, the governor described the recurring flooding as unfortunate.

He said the state was concerned about the destruction caused by the latest incident and noted that the government was working to provide support to affected residents.

“The purpose of this visit is to come and commiserate with the communities over the flood incident and to see how we can bring succour to the affected communities,” AbdulRazaq said.

He said the absence of fatalities was welcome but acknowledged that significant property had been destroyed.

The governor also identified the dredging of the River Niger as a possible long-term measure for addressing recurring flooding in the area.

According to him, dredging is beyond the capacity of the state government alone, but the state would continue to engage relevant federal agencies for support.

These include the Ministry of Marine and Blue Economy, the National Inland Waterways Authority and the Hydro-Electric Power Producing Areas Development Commission.

SEMA ordered to assess losses

AbdulRazaq directed the Kwara State Emergency Management Agency to visit the affected communities and document the losses recorded during the flooding.

The assessment is expected to provide information on the extent of damage to homes, farms and other property and help determine the assistance required by affected residents.

The governor also announced N10 million in immediate support for residents of Pututa.

The money is intended to help provide basic needs, including food, medical assistance and drinking water, following the destruction caused by the flood.

PUNCH had earlier reported that the state government described the N10 million intervention as part of its immediate response to the disaster after floodwater submerged parts of Pututa.

Rice farms washed away

The flooding also caused losses for farmers whose rice farms were affected by the rising water.

The five affected communities are predominantly agrarian, meaning that damage to farmland could have wider consequences for household incomes and local food production.

Residents said the floodwater washed away crops and affected agricultural land that communities depend on for their livelihoods.

The destruction of a drinking-water source has also created an additional concern for residents who need access to safe water in the aftermath of the flooding.

Communities seek lasting solution

Residents of the affected communities have called for more permanent measures to prevent recurring flooding.

The communities are located in a riverine area, and residents have experienced flooding during periods of heavy rainfall.

The head of Pututa, Alhaji Muhammed Manko Ibrahim, appealed to the state government to assist the community in finding a lasting solution to the problem.

Lafiagi Ward 4 contains about 31 villages, according to the head of the Pututa community, who said the riverine nature of the area makes residents particularly vulnerable to flooding.

The governor’s proposal to pursue the dredging of the River Niger has therefore become part of the wider discussion around long-term flood management in the area.

Radio Nigeria also reported that AbdulRazaq described dredging of the River Niger as a lasting solution and said the state would continue engaging federal agencies over the matter.

Flooding remains a recurring risk

The latest incident highlights the continuing flood risk facing communities located along the River Niger and other waterways.

While emergency assistance can help affected families recover from immediate losses, residents and authorities continue to face the challenge of finding longer-term measures to reduce the impact of flooding.

Such measures may include improved flood monitoring, protection of waterways, resilient infrastructure and better preparedness in vulnerable communities.

For the affected residents of Pututa, Tswako, Likpata, Godangi and Ekko, the immediate priority remains recovery from the latest disaster, replacement of damaged property and farmland, and access to food, water and other basic necessities.

The state government’s damage assessment and emergency support are expected to provide the basis for further intervention as residents begin to recover from the flooding.

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The Nigerian National Petroleum Company Limited recorded about N27.76 trillion in cost of sales, selling and distribution expenses, and general and administrative expenses in 2025, according to an analysis of its audited financial statements.

The figure represented about 80.4 per cent of the company’s N34.52 trillion revenue for the year and has prompted attention on the cost structure of the national oil company.

However, the N27.76 trillion figure does not appear as a single line item called “operating expenses” in NNPC’s accounts. It is derived from separate components of the audited financial statements, including N25.14 trillion in cost of sales, N33.1 billion in selling and distribution expenses and N2.59 trillion in general and administrative expenses.

The figures came as NNPC reported a profit after tax of N7.2 trillion for 2025, up from N5.4 trillion in 2024. The company also reported revenue of N34.5 trillion, EBITDA of N18 trillion and operating cash flow of N12.8 trillion.

Cost structure compared with other oil companies

The scale of NNPC’s expenditure becomes more notable when compared with financial figures reported by other national oil companies.

Using an average exchange rate of N1,518 to the dollar for 2025, the N27.76 trillion cost translates to approximately $18.29 billion, while the company’s revenue was about $22.74 billion.

Brazil’s state-controlled Petrobras reported $89.2 billion in sales revenue and approximately $16.3 billion in operating costs in 2025.

On the figures reported, NNPC’s operating costs were about 13 per cent higher than Petrobras’ despite Petrobras generating almost four times as much revenue.

The comparison also shows a difference in revenue generated for each dollar spent on operating costs. NNPC generated approximately $1.24 in revenue for every dollar spent on the identified operating costs, compared with about $5.46 for Petrobras.

Saudi Aramco reported $445.65 billion in revenue and other income related to sales in 2025, alongside $257.17 billion in operating costs. Its operating costs represented approximately 57.7 per cent of revenue.

Norway’s Equinor reported $106.46 billion in revenue and other income and $81.11 billion in total operating expenses, putting its operating expenses at about 76.2 per cent of revenue.

Angola’s Sonangol reported consolidated turnover of $9.15 billion, EBITDA of $2.63 billion and net profit of more than $750 million in 2025.

The comparisons provide context for NNPC’s cost structure, although differences in production volumes, business portfolios, downstream activities and accounting treatment mean that revenue-to-cost ratios alone do not establish which company is more efficient.

Cost of sales accounts for most expenditure

The largest component of NNPC’s identified operating costs was cost of sales, which stood at N25.14 trillion in 2025.

The figure was lower than the N33.3 trillion recorded in 2024 but still represented the overwhelming share of the company’s total costs for the year.

Petroleum products accounted for N1.79 trillion, while depreciation of oil and gas properties stood at N3.71 trillion.

Depreciation is an accounting expense that allocates the cost of an asset over its useful life and does not represent a direct cash payment during the year.

Royalties accounted for N4.66 trillion, while direct well expenses were N4.15 trillion.

NNPC also reported N1.69 trillion in flow-station expenses, N1.86 trillion for gas purchased and N2.79 trillion for crude oil purchased.

Other production-related expenditure included N1.06 trillion for crude handling and port charges, N499 billion for gas flaring and N144.4 billion in allocated technical and production costs.

The company also recorded N514.7 billion as a Niger Delta Development Commission levy, N66.2 billion for freight, insurance and other charges and N74.5 billion for safety, environmental and pollution-control expenses.

Another N174.6 billion was recorded for variation in crude stock.

Other direct and administrative costs

NNPC spent N13.8 billion on pipeline maintenance, N213.9 billion on insurance and security, N254.5 billion on labour, N14.1 billion on technical and consultancy charges and N61.6 billion on medical expenses.

The company also reported N1.28 trillion in other direct costs.

According to NNPC, these costs cover the maintenance and operation of oil and gas production assets, including wells, production facilities, pipelines and processing infrastructure.

They also include production chemicals, integrity management, repairs and other field-support services directly connected to production activities.

Beyond the cost of sales, NNPC recorded N33.1 billion in selling and distribution expenses.

The company said these costs were related to services acquired by NNPC Retail for transporting petroleum products to depots within and outside Nigeria.

General and administrative expenses amounted to N2.59 trillion, compared with N3.5 trillion in 2024.

Employee benefits represented N813.9 billion and covered salaries and wages, staff allowances, welfare expenses and other long-term employee benefits.

Depreciation of other property, plant and equipment amounted to N665.8 billion, while depreciation of right-of-use assets stood at N109.3 billion.

Other administrative expenses included N87.3 billion in professional and consultancy fees, N86.4 billion for software licences and maintenance, N129.1 billion for security, N114.8 billion for transport and travelling and N111 billion for training and recruitment.

NNPC also recorded N89.3 billion in insurance costs, N29.2 billion for local community development, N10.3 billion in donations, N33.5 billion for rent and rates and N9.2 billion in bank charges.

Another N282.7 billion was reported under other expenses, which the company said related to joint-venture material-handling expenses and JV personnel costs.

Profit increased despite lower revenue

The high cost structure came in a year when NNPC’s revenue declined by 24 per cent to N34.5 trillion, largely due to lower crude oil prices and reduced volumes of white products following market deregulation in 2024.

Despite the decline in revenue, profit after tax increased by 33 per cent to N7.2 trillion from N5.4 trillion in 2024.

NNPC attributed the improved performance to stronger operational efficiency, cost discipline and improved recovery of outstanding receivables.

The company said it also reduced general and administrative expenses by about a quarter during the year.

According to NNPC’s financial management, G&A expenses fell from about eight per cent of revenue in 2024 to about seven per cent in 2025 despite the lower revenue base.

The recovery of long-standing receivables also contributed to the improvement in profit because some provisions previously made against those receivables were reversed.

Production reaches five-year high

NNPC’s 2025 results also showed improvements in production.

Crude oil and condensate production averaged 1.77 million barrels per day, the company’s highest level in five years.

Natural gas output averaged 7.2 billion standard cubic feet per day, representing a three-year high.

The company said crude oil and condensate production increased to 565.8 million barrels for the year, while natural gas production reached 2,606.2 billion standard cubic feet.

NNPC said its improved production performance, stronger collections and cost-management measures contributed to the stronger financial result.

NNPC targets further cost reductions

The company has said it intends to continue improving operational efficiency and reducing costs.

Its Chief Financial Officer, Adedapo Segun, said unit operating costs in the upstream business fell year-on-year and that further reductions were expected.

NNPC is also targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.

The company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 while advancing major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System and the Obiafu-Obrikom-Oben gas pipeline.

The financial results therefore present two sides of NNPC’s 2025 performance: a significant increase in profit and production alongside a substantial cost base.

The company’s ability to reduce unit costs, improve collections and translate higher production into stronger earnings will remain important as it pursues its longer-term investment and production targets.

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Canada is expected to unveil its new Immigration Levels Plan for 2027–2029 in early November, setting targets for permanent resident admissions and new temporary residents, including international students and temporary foreign workers.

The upcoming plan will establish Canada’s first official permanent resident admission target for 2029 and will confirm or revise the indicative targets for 2027 and 2028 contained in the current 2026–2028 Immigration Levels Plan.

The announcement is expected to be closely watched by prospective immigrants, international students and foreign workers as the federal government determines the future size and composition of immigration to Canada.

Current immigration targets

Canada’s existing 2026–2028 Immigration Levels Plan sets permanent resident admissions at 380,000 for each of the three years.

For temporary residents, the current plan sets overall arrival targets of 385,000 in 2026 and 370,000 in both 2027 and 2028.

The temporary resident targets cover new arrivals through international student and temporary worker programmes. The 2026 plan includes targets of 155,000 new international student arrivals and 230,000 temporary worker arrivals.

The government has also committed to reducing the temporary resident population to less than five per cent of Canada’s total population by the end of 2027.

For permanent residents, Ottawa has committed to keeping admissions below one per cent of the country’s population beyond 2027.

New plan to determine 2027–2029 direction

The 2027–2029 plan will determine whether the indicative numbers already set for 2027 and 2028 remain unchanged or are revised.

It will also establish the permanent resident target for 2029.

The plan is being developed through discussions between the federal government and provinces and territories. At a June 2026 meeting, federal, provincial and territorial immigration ministers discussed the upcoming plan, including sustainable immigration levels, regional and rural needs, labour shortages, key economic sectors and Provincial Nominee Program allocations.

The federal government has said immigration planning is being shaped around Canada’s labour-market requirements and the need to support economic growth while managing pressures on housing, infrastructure and public services.

Focus on economic immigration

Canada’s immigration policy has increasingly placed emphasis on attracting workers and skills considered important to the economy.

Under the current levels framework, permanent economic immigration is planned to account for 64 per cent of total immigration in 2027 and 2028.

The government says the approach is intended to prioritise people with skills needed to address labour shortages and support Canada’s economic sectors.

The government is also working to increase the proportion of French-speaking permanent residents outside Quebec.

The current plan targets Francophone admissions at 9 per cent in 2026, 9.5 per cent in 2027 and 10.5 per cent in 2028, with a broader commitment to reach 12 per cent by 2029.

International students and temporary workers

International students and temporary foreign workers are also expected to remain a major part of the 2027–2029 discussions.

Canada introduced targets for new temporary resident arrivals into its Immigration Levels Plan beginning with the 2025–2027 plan.

Under the current 2026–2028 plan, new student arrivals are targeted at 155,000 in 2026 and 150,000 in both 2027 and 2028.

Total temporary worker arrivals are set at 230,000 in 2026 and 220,000 in 2027 and 2028. The Temporary Foreign Worker Program itself has targets of 60,000 in 2026 and 50,000 in each of the following two years.

These figures could change when the new plan is announced.

Canada has been reducing temporary resident numbers

The upcoming immigration plan follows several years of measures aimed at reducing the number of temporary residents in Canada.

The federal government says the temporary population has declined significantly and that the measures are intended to reduce pressure on housing, infrastructure and public services.

Canada’s current policy target is to bring temporary residents below five per cent of the total population by the end of 2027.

The government has also stated that it wants permanent resident admissions to remain below one per cent of the population beyond 2027.

As of July 31, 2026, Canada had recorded approximately 188,800 new permanent residents between January and July against its annual target of 380,000.

Prospective immigrants await November announcement

For people planning to move to Canada, study or work there, the 2027–2029 Immigration Levels Plan could provide a clearer picture of the number of opportunities available across different immigration categories.

However, individual eligibility will continue to depend on the specific immigration programme, selection criteria and requirements in force at the time of application.

The government has not yet released the final 2027–2029 targets.

The plan is expected to be presented in November, when Ottawa will set out its official admission targets and provide greater clarity on Canada’s immigration priorities for permanent residents, international students and temporary foreign workers over the three-year period.

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The International Finance Corporation has committed $50 million in long-term financing to Infrastructure Credit Guarantee Company Plc, InfraCredit, to strengthen its capacity to support infrastructure development and mobilise more domestic capital for projects across Nigeria.

The financing is structured as a 10-year unsecured subordinated debt facility and will be disbursed in two equal tranches of $25 million.

The agreement was formalised in Lagos between the IFC, a member of the World Bank Group, and InfraCredit, Nigeria’s specialised infrastructure credit guarantee institution.

The facility is expected to strengthen InfraCredit’s capital base and increase its capacity to support a growing pipeline of infrastructure transactions.

It will also support the mobilisation of long-term financing in naira for projects across sectors including renewable energy, climate-smart agriculture, digital infrastructure, telecommunications, healthcare and transportation.

Financing to support infrastructure projects

InfraCredit provides credit guarantees for infrastructure-related debt transactions, helping project developers and businesses access long-term funding from domestic capital markets.

Through its guarantee structure, the company helps make infrastructure debt instruments more accessible to institutional investors seeking long-term investment opportunities.

The new IFC facility is expected to increase InfraCredit’s ability to support additional infrastructure transactions while attracting more domestic institutional capital into the sector.

The financing is supported by the International Development Association Private Sector Window Blended Finance Facility and the Concessional Capital Window.

According to the IFC, the investment is intended to help channel domestic savings towards infrastructure projects that can contribute to economic growth, employment and sustainable development.

InfraCredit has mobilised more than N600bn

Since commencing operations in 2017, InfraCredit said it has facilitated more than N600 billion in long-term local-currency financing for 28 infrastructure projects in Nigeria.

The company has also supported 14 first-time issuers in accessing the country’s domestic debt capital market.

Its guaranteed transactions have included Nigeria’s first 15-year green infrastructure bond, while some corporate infrastructure bonds have achieved maturities of up to 20 years.

The company said 20 of Nigeria’s 25 pension fund administrators have participated in InfraCredit-guaranteed securities.

The use of domestic institutional capital is significant for infrastructure projects because many of them require financing over periods that are considerably longer than the maturities commonly available through conventional bank lending.

By providing credit guarantees, InfraCredit helps infrastructure developers access the domestic bond market and secure longer-term naira financing.

CEO says facility will strengthen capacity

InfraCredit Chief Executive Officer, Chinua Azubike, said the additional capital would strengthen the company’s ability to support its expanding transaction pipeline and develop new financing solutions.

He said building institutional capacity had become increasingly important as the company’s pipeline grows and its financing products evolve.

Azubike described the IFC facility as evidence of continued confidence from international development finance institutions in InfraCredit’s business model and its role in mobilising long-term domestic capital for infrastructure.

He also pointed to the company’s wider network of development finance institutions and partners, which have provided support through different capital and risk-sharing structures.

These include equity investments, subordinated debt, portfolio risk-sharing arrangements, counter-guarantees, first-loss capital, specialised financing facilities and technical assistance.

Focus on long-term naira financing

The facility comes as Nigeria continues to seek ways to increase the availability of long-term financing for infrastructure projects.

The targeted sectors include renewable energy, climate-smart agriculture, digital infrastructure, telecommunications, healthcare and transportation.

For infrastructure developers, access to long-term local-currency funding can help reduce exposure to foreign-exchange risks associated with borrowing in international currencies.

InfraCredit’s guarantee model is designed to connect infrastructure projects requiring long-term financing with domestic investors such as pension funds and other institutional investors.

The company said the new facility would strengthen its ability to mobilise these sources of capital as its project pipeline expands.

The IFC investment therefore adds another layer of capital to InfraCredit’s existing financing and risk-sharing structure as the company works to expand its role in Nigeria’s infrastructure financing market.

The company said it would continue developing financing structures and co-financing platforms capable of attracting long-term domestic investment into infrastructure projects across the country.

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Public sector unions under the Joint National Public Service Negotiating Council (JNPSNC) have directed federal, state and local government employees to commence a three-day warning strike from midnight Friday, October 2, 2026.

The action follows the expiration of the council’s September 30 deadline for the Federal Government to respond to demands on petrol prices, a wage award and negotiations for a new national minimum wage. The JNPSNC had earlier announced the planned strike, and reports on October 1 confirm that the action is proceeding. 

In a circular dated October 1 and signed by the council’s National Secretary (Trade Union Side), Olowoyo Gbenga, affiliate unions were directed to ensure compliance with the industrial action.

The strike is scheduled to run from October 2 to October 4.

Why Public Servants Are Striking

The JNPSNC said the decision followed what it described as worsening economic and mental hardship among workers and other Nigerians.

The council’s major demands include:

• Reduction of petrol prices to N500 per litre.
• Immediate approval of a wage award for workers.
• Establishment of a tripartite committee to begin negotiations for a new national minimum wage ahead of 2027.
• Measures to reduce the impact of rising living costs.

The council had written to President Bola Tinubu on September 21 outlining the demands and subsequently gave the government until September 30 to respond. 

Eight Unions Under JNPSNC

The JNPSNC comprises eight public-sector unions, including the Nigerian Civil Service Union, Medical and Health Workers Union, Association of Senior Civil Servants of Nigeria and National Association of Nigerian Nurses and Midwives.

Others are the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Employees; Nigeria Union of Public Service, Reportorial, Secretarial, Data Processors and Allied Workers; National Union of Printing, Publishing and Paper Products Workers; and National Union of Agriculture and Allied Employees. 

Workers Demand N500 Petrol

The council is demanding that the Federal Government take steps to reduce petrol prices to N500 per litre.

It proposed measures including intervention funding to address landing costs and support oil and gas operators.

The unions also called for crude oil to be supplied to the Dangote Refinery and modular refineries on terms that would support increased domestic refining and potentially reduce petroleum product prices. 

Wage Award, New Minimum Wage Also Demanded

The JNPSNC is also demanding an immediate wage award to cushion workers against the prevailing cost-of-living pressures.

It further wants the government to establish a tripartite committee to begin negotiations for a new national minimum wage expected to become due in 2027.

The council said early negotiations would help prevent administrative delays in implementing a new wage framework once an agreement is reached and enacted.

NLC Supports Public Sector Unions

The Nigeria Labour Congress (NLC) has expressed support for the position of the public-sector unions.

In its Independence Day message, NLC President Joe Ajaero highlighted petrol prices, inflation, stagnant wages, unemployment and insecurity as factors affecting workers and other Nigerians.

The NLC also called for measures to reduce petrol prices, an immediate nationwide wage award and negotiations for a new minimum wage ahead of 2027. 

The labour centre also called for implementation of tax-relief measures it said were agreed during the October 2023 dialogue between government and labour.

Government Response

Reports published before the strike said efforts to obtain a detailed response from the Federal Ministry of Labour and Employment were unsuccessful.

A source within the ministry, however, said the matter was being handled by the appropriate government authorities. 

For now, the JNPSNC has directed its members across federal, state and local government services to participate in the three-day warning strike beginning October 2.

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