The Federal Government has assured federal civil servants that the outstanding ₦35,000 wage award arrears will be paid before the middle of August, saying the necessary approvals for the release of funds are in the final stages. Government officials also confirmed that outstanding promotion arrears are being processed as part of ongoing efforts to fulfil commitments made to public sector workers.

The assurance follows recent concerns raised by organised labour over delays in the payment of the wage award, which was introduced as a temporary relief measure to cushion the impact of economic reforms and the rising cost of living. The government said it remains committed to honouring its obligations and maintaining constructive engagement with workers’ representatives.

According to the Federal Ministry of Finance, payment of the outstanding wage award is expected to commence before mid-August once the final administrative processes are completed. Officials noted that discussions with labour unions have continued in a bid to resolve outstanding welfare issues through dialogue rather than industrial action.

The wage award was first introduced in 2023 as a temporary intervention following the removal of fuel subsidy and rising inflation, pending the implementation of a new national minimum wage. Although some instalments have already been paid, delays in clearing the remaining arrears prompted renewed demands from labour unions for immediate settlement.

Government officials also confirmed that promotion arrears for eligible civil servants are being processed alongside the wage award payments. The move is expected to address some of the welfare concerns raised by workers and reinforce ongoing efforts to improve industrial relations within the federal public service.

Labour leaders welcomed the renewed commitment but stressed that implementation remains the key test. They have consistently maintained that timely payment of outstanding entitlements is essential to maintaining industrial harmony and improving the welfare of public servants amid prevailing economic challenges.

Analysts say the settlement of wage award arrears could ease tensions between the government and organised labour while supporting household incomes during a period of persistent inflation. They also note that improved worker welfare can have positive effects on productivity and the broader economy if accompanied by sustained fiscal discipline and effective public sector reforms.

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The Federal Government recorded a total of N358.32 billion in electricity tariff shortfall liabilities during the first quarter of 2026. Data released by the Nigerian Electricity Regulatory Commission indicates that the public treasury absorbed the massive fiscal bill to shield end-users from paying cost-reflective power pricing. According to the sector regulator, the quarterly expenditure represents an average monthly intervention of over N119 billion to keep consumer tariffs frozen at the previous benchmark rates established in July 2024.

The financial data highlights a 14.44 percent reduction from the N418.79 billion intervention fund reported in the final quarter of 2025. However, the regulatory commission clarified that this spending drop does not stem from operational enhancements or tariff adjustments. Instead, the primary driver was an 8.56 percent decline in energy offtake by the various distribution companies during the three-month window. Consequently, the national government still wound up financing roughly 52 percent of the cumulative wholesale invoices valued at N689.72 billion issued by electricity generation firms.

Under the current technical remittance framework administered through the Nigerian Bulk Electricity Trading Plc, distribution operators were only billed N331.40 billion for the quarter. The regulatory body warned that this open-ended financing model exposes state resources to unpredictable volatility related to fluctuating generation outputs and shifting thermal energy mixes. Despite the massive public capital injection, power supply reliability across the federation weakened significantly during the period, hampered by a 17.45 percent contraction in average available generation capacity and multiple high-impact system collapses on the national grid.

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The World Bank has approved a $1.25 billion Development Policy Financing (DPF) loan for Nigeria despite growing public concerns over the country’s rising debt profile, while unveiling a new six-year partnership framework aimed at accelerating private sector-led economic growth and job creation.

The approval was announced on Wednesday following a meeting of the World Bank Board, which endorsed both the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing operation and a new Country Partnership Framework (CPF) covering 2026 to 2032.

The latest facility comes amid widespread criticism from many Nigerians over the government’s increasing reliance on external borrowing and calls for greater accountability in the utilisation of previous World Bank loans.

According to the World Bank, the $1.25 billion loan will support reforms designed to strengthen Nigeria’s economic competitiveness, improve the investment climate, and stimulate private sector-led growth.

The institution said the financing would help deepen Nigeria’s capital markets, modernise regulations governing the digital economy and e-governance, advance power sector reforms, reduce trade barriers under the ECOWAS and African Continental Free Trade Area (AfCFTA) frameworks, improve access to quality agricultural inputs, and strengthen domestic revenue mobilisation.

The bank noted that the financing forms part of a broader package of support combining policy-based lending with investments in energy, digital infrastructure, agriculture, social protection, and private sector development.

Alongside the loan approval, the World Bank launched its new Country Partnership Framework for Nigeria, which will guide its engagement with the country between 2026 and 2032.

Under the strategy, the bank aims to support programmes expected to provide electricity access to 32 million Nigerians, broadband connectivity to 58 million people, improved health and nutrition services for 40 million citizens, and increased agricultural productivity for 9.5 million farmers through better access to quality inputs.

The framework also seeks to strengthen human capital development while expanding investments in digital infrastructure and energy to stimulate economic growth.

World Bank Country Director for Nigeria, Mathew Verghis, said the new partnership framework would focus on creating sustainable employment by enabling private sector investment.

According to him, recent macroeconomic reforms have helped stabilise Nigeria’s economy, but sustained improvements in living standards would require addressing structural constraints limiting business growth and investment.

The World Bank also disclosed that its private sector financing arm, the International Finance Corporation, and its political risk insurance agency, Multilateral Investment Guarantee Agency, would play key roles in mobilising private investment under the new framework.

IFC Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s long-term economic prospects depend on its ability to attract investment, improve productivity and unlock private sector job creation.

Similarly, MIGA Vice President and Chief Financial Officer, Ed Mountfield, said the agency would expand the use of guarantees and political risk insurance to encourage investments in critical sectors, including infrastructure and financial services.

The newly approved facility is the second-largest World Bank loan granted to Nigeria under the administration of Bola Ahmed Tinubu, following the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

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Wale Odutola, Chief Executive Officer of ARM Holdings, says the Ministry of Finance Real Estate Investment Fund (MREIF) is transforming Nigeria’s housing market into a credible and investable asset class.

Speaking in an interview with BusinessDay, Odutola explained that the fund was designed to introduce structure, transparency, and governance into a sector long constrained by short-term financing and policy inconsistency.

He said MREIF operates as a regulated, closed-ended collective investment scheme under the Securities and Exchange Commission (SEC), with all transactions managed through independent custodians and trustees to ensure accountability.

Odutola noted that the initiative is building investor confidence by standardising mortgage-backed instruments and creating traceable housing assets with predictable income streams.

He added that the fund aligns public policy and private finance, positioning the Ministry of Finance Incorporated (MOFI) as an anchor investor to de-risk early investments and crowd in pension funds, insurance firms, and development finance institutions.

According to him, MREIF’s multi-layered structure—featuring concessionary, commercial, and hybrid tranches—offers risk protection through MOFI’s first-loss position, while independent governance frameworks safeguard investors’ interests.

Odutola said transparency remains a key differentiator for MREIF, as the fund provides full disclosure through audited reports, performance dashboards, and regulatory oversight, helping to build trust and credibility.

He added that the federal government’s reforms around fiscal discipline and asset optimisation have strengthened investor confidence, with MREIF serving as a model for future infrastructure funds in sectors such as energy, transportation, and manufacturing.

Odutola concluded that MREIF represents a long-term vision for institutional maturity in Nigeria’s financial system, showing that disciplined governance and blended finance can drive sustainable housing and economic development.

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Two major oil unions; PENGASSAN and NUPENG have strongly opposed the Federal Government’s reported plan to divest up to 35% of its stakes in joint venture oil assets managed by the Nigerian National Petroleum Company Limited (NNPCL).

At a joint press briefing in Abuja, PENGASSAN President Festus Osifo warned that the sale would “mortgage the future of Nigerians for temporary gains,” arguing that it could bankrupt NNPCL and reduce its ability to fund salaries and support the national budget.

Currently, the government holds 55–60% of these assets. The unions said any reduction would weaken Nigeria’s national oil company and threaten its contributions to the economy.

“The NNPCL manages JV assets on behalf of the Federation. Every oil well belongs to the Nigerian people,” Osifo stated. “If these stakes are sold, the federation loses.”

The proposal comes as President Bola Tinubu pushes for reforms to optimize spending and boost federal revenue. However, the unions warned that amending the Petroleum Industry Act (PIA) just three years after it was passed would damage investor confidence.

“Investors are just beginning to understand the PIA, and suddenly government wants to change it again,” said NUPENG President Williams Akporeha. “Every serious oil-producing country protects its national oil company. Here, we are doing the opposite.”

They also accused the Ministry of Finance of trying to sideline the Ministry of Petroleum in managing NNPCL, calling it a “backdoor hijack.”

While not announcing a strike, the unions issued a firm warning: “We will fight with everything to stop this,” Osifo declared.

Both unions urged President Tinubu to personally halt the divestment and maintain NNPCL’s core national role.

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The Federal Government has banned all Ministries, Departments, and Agencies from issuing contract award letters without prior approval from the Minister of Finance. The approval must come in the form of a warrant or an Authority to Incur Expenditure. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the policy in Abuja during a stakeholder meeting organised by the Office of the Accountant-General of the Federation. The event gathered permanent secretaries and accounting officers from across government.

Edun explained that the new measure will ensure funds are available before any contract is awarded. It will also make it easier to pay contractors as soon as projects are completed. The reform is designed to improve transparency, prevent delays, and ensure that funding goes only to priority projects. He added that the new approach supports the government’s cash management and bottom-up planning policy. Under the system, payments will go directly to contractors and service providers without intermediaries.

According to the minister, the changes will make contract payments more rigorous, transparent, and accountable. He noted that current government reforms are producing results, with GDP growth at 3.5% and increased allocations to states. However, the administration aims for steady and inclusive growth of 7% per year to lift millions of Nigerians out of poverty.

The Accountant-General of the Federation, Samseldeen Ogunjimi, warned against awarding contracts based only on budgetary provisions. He said some MDAs still transfer funds before contracts are executed. From now on, no contract may be awarded or signed without a warrant or AIE covering the full or committed portion of the contract sum. Ogunjimi assured that contracts already awarded through the proper process will still be funded, while the new rule will apply to all future agreements.

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