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AFRICAN STARTUPS RAISED $705M Budget analysis: debt service claim now 23% of total spending; IMF flags emerging market vulnerability Nigeria will spend more on servicing its debts in 2026 than on running the entire federal recurrent operations of government, according to figures contained in the ₦68.32 trillion Appropriation Act signed by President Tinubu on Friday. The budget allocates ₦15.8 trillion to debt service, representing approximately 23% of total expenditure. Recur

AFRICAN STARTUPS RAISED $705M Nigeria leads in deal count but trails Egypt and South Africa in capital raised; debt overtakes equity African startups raised between $597 million and $705 million across 59 disclosed deals in the first quarter of 2026, a year-on-year increase of more than 26%, but new data shows the capital is concentrating in fewer, larger companies while early-stage businesses are increasingly being locked out. Nigeria recorded the highest number of deals in

JRB AND POLICE LAUNCH NATIONAL TASK FORCE TO DESTROY ILLEGAL TAX ROADBLOCKS Joint enforcement unit to operate across all 36 states; legislation passed in 15 states The Joint Revenue Board and the Nigeria Police Force announced Sunday the formation of a joint national task force to identify, dismantle, and prosecute illegal tax operators and the roadblocks they run across Nigeria's transport corridors. The initiative was unveiled during a high-level engagement between JRB Exec

TINUBU SIGNS ₦68.32 TRILLION 2026 BUDGET: Capital Spending Hits 50% of Total Infrastructure allocation the largest in the budget; 2025 spending extended to June President Bola Tinubu signed Nigeria's 2026 Appropriation Bill into law on Friday, authorising ₦68.32 trillion in government spending for the fiscal year that took effect on April 1. The budget allocates ₦4.799 trillion for statutory transfers, ₦15.8 trillion for debt service, ₦15.4 trillion for recurrent expenditure

OGUN STATE APPROVES ₦10,000 WORKER ALLOWANCE AND A WEEKLY DAY OFF Ikeja West–Osogbo 330kV line down; SMEs across South-West face renewed grid disruption The Transmission Company of Nigeria declared force majeure on the Ikeja West–Osogbo 330kV transmission line Sunday, after a severe rainstorm brought down a critical grid tower last Thursday, cutting a major bulk electricity corridor linking Lagos to the South-West. TCN confirmed that Tower No. 515 collapsed during the storm o

OGUN STATE APPROVES ₦10,000 WORKER ALLOWANCE AND A WEEKLY DAY OFF State-level intervention comes as March inflation data confirms price reversal Ogun State has approved a ₦10,000 cost-of-living allowance and a designated weekly day off for workers in the state, becoming one of the first state governments to take direct action on the wage squeeze tightening across Nigeria. The Ogun State government approved the allowance this week, framing it as a direct response to inflationa

DANGOTE CUTS PETROL PRICE TO ₦1,200: But Experts Warn Relief May Be Short-Lived Ex-gantry reduction follows US-Iran ceasefire; Brent crude drops 13% Dangote Petroleum Refinery reduced its ex-gantry petrol price to ₦1,200 per litre this week, reversing a run of increases that had pushed prices above ₦1,275, as a conditional ceasefire in the Middle East dragged global crude prices sharply lower. The refinery cut its price by ₦75 per litre, confirming the reduction was linked to

Refinery to List on Multiple African Exchanges Washington D.C. Spring Meetings: Fund tells Abuja to target support, protect reform gains The International Monetary Fund has lowered Nigeria's 2026 economic growth forecast to 4.1%, down from its January projection of 4.4%, attributing the revision to the cost pressures unleashed by the Middle East war. The revision reflects higher fuel and fertiliser prices, rising shipping costs, and tighter financial conditions globally, all

Refinery to List on Multiple African Exchanges $5 billion share sale could nearly double NGX market cap; prospectus filing expected this month Aliko Dangote has appointed financial advisers and confirmed plans for a pan-African initial public offering of his $20 billion Lekki refinery, in what would be the largest equity offering in Africa's history. Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap have been engaged to lead the transaction, which is structured to

Nigeria's 11-Month Price Slide Is Over NBS data shows March 2026 headline inflation at 15.38% — the first rise in a year Nigeria's headline inflation climbed to 15.38% in March 2026, reversing a steady decline that had run for eleven consecutive months, the National Bureau of Statistics reported Wednesday. The Consumer Price Index rose to 135.4 in March from 130.0 the previous month, a 5.4-point jump. On a monthly basis, prices rose 4.18%, the sharpest single-month increase s

Every Registered Nigerian Business Should Act Now Corporate Affairs Commission confirms cyberattack; NITDA investigation ongoing The Corporate Affairs Commission confirmed Wednesday that its systems were compromised in a cyberattack, potentially exposing data for millions of registered Nigerian businesses. The CAC said it detected unauthorised access to parts of its information systems and immediately activated response protocols. The agency is working with NITDA and other go

Dangote just confirmed Africa's biggest-ever IPO is moving Aliko Dangote is planning a landmark cross-border public offering of his $20 billion refinery across multiple African stock exchanges, the first pan-African IPO of its scale. Advisers appointed include Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap. The share sale is expected to open as early as May 2026. Analysts value the refinery between $40 billion and $50 billion. A 5%-10% free float would create up