Index to Nigerian Newspapers

The Federal Government of Nigeria spent only twenty percent of its total budget on capital projects in 2024, leaving critical infrastructure largely underfunded while recurrent costs consumed sixty-five percent of the finances. Research from Agusto and Company indicates that the nation faces a massive infrastructure deficit expected to hit 878 billion dollars by 2040. Although revenue increased, a widening 15.47 trillion naira shortfall forced the country to borrow heavily to fund operational costs, debt servicing, and growing public personnel salaries. Professor Adeola Adenikinju, President of the Nigerian Economic Society, warned that spending on debt servicing does not improve infrastructure or expand the economy, calling it a harsh consequence of past mismanagement. While President Bola Tinubu requested additional funds for infrastructure projects, parliamentary leaders like Senator Solomon Adeola and Representative Abubakar Bichi sharply criticized the slow release of capital project funding. Through communications shared by media adviser Kayode Odunaro, lawmakers urged the government to balance its spending ratio so citizens could actually benefit. To give ministries more time, the National Assembly extended the implementation of the 2024 capital budget, drawing criticism from financial experts who say managing two budgets simultaneously weakens fiscal accountability. In response to these financial constraints, Jobson Ewalefoh, the Director-General of the Infrastructure Concession Regulatory Commission, invited local and international private investors to explore public-private partnerships to help bridge the country's multi-trillion-dollar infrastructure gap.

According to the June 2025 Purchasing Managers’ Index report from the Central Bank of Nigeria, the country’s economy is showing steady growth but faces a serious risk of rising inflation. For the sixth month in a row, business activities expanded across the country, with the agriculture sector leading the growth, followed by industry and services. Out of 36 economic subsectors, 25 reported increased production and business activity. However, the report highlights a worrying trend: the cost of producing goods and running services (input costs) is rising much faster than the prices companies are charging their customers (output prices). Up until now, businesses have been absorbing these extra costs to keep prices stable, which is hurting their profit margins. This problem is most severe in the agriculture sector and lowest in the services sector. The central bank warns that businesses cannot continue to absorb these financial pressures forever. Eventually, companies will be forced to pass these higher costs onto the public, which will likely trigger a new wave of consumer price inflation.

President Bola Tinubu requested approval from the National Assembly for twenty-four billion dollars in fresh foreign loans, alongside a two billion dollar local bond and a seven hundred and fifty-eight billion naira pension bond. If approved, Nigeria's national debt could exceed one hundred and eighty-two trillion naira by 2026. President Bola Tinubu explained the funds would support critical infrastructure, healthcare, and agriculture. However, financial experts and opposition leaders sharply criticized the plan. Johnson Chukwu of Cowry Assets Management Limited and Muda Yusuf of the Centre for the Promotion of Private Enterprise warned that excessive debt servicing costs would overwhelm capital spending and called for private partnerships. Financial analyst Marcel Okeke, alongside civic advocates Auwal Musa Rafsanjani, Debo Adeniran, Emmanuel Onwubiko, and Vahyala Kwaga, condemned the plan over poor transparency and risks of hitting debt thresholds. Politically, the Peoples Democratic Party, represented by Debo Ologunagba, alongside former Vice President Atiku Abubakar and his adviser Paul Ibe, slammed the request as irresponsible and called for its rejection. In contrast, economics professor Segun Ajibola supported the pension bond portion, noting that clearing outstanding liabilities for senior citizens is long overdue due to rising inflation.