The funding is part of the federal government’s plan to close connectivity gaps and improve internet access across the country.

Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, confirmed the approval on Wednesday after completing a two-week investment tour across six European countries.

The funds will help lay 90,000 kilometres of fibre-optic cable and bring in private partners to manage parts of the network.

Project BRIDGE: Closing the Connectivity Gap

Launched in August 2025 as a Special Purpose Vehicle (SPV), Project BRIDGE (Broadband Infrastructure Development and Grounding Efficiency) was created to attract private investment while moving away from traditional government procurement methods.

The government aims to reach 70% internet penetration and provide connectivity to 80% of underserved areas by 2027.

Tijani said the EBRD’s board approved the investment after “extremely positive engagements” during the European tour.

A Multi-Layered Funding Approach

The €100 million from the EBRD is part of a larger financing plan. It complements a $500 million package from the World Bank Group and a €22 million European Union (EU) grant dedicated to Project BRIDGE.

The EU grant is part of a €45 million support package for Nigeria’s digital economy.

Supporting Human Capital and Public Services

The EU funding will also support digital skills and e-governance. Minister Tijani said €18 million is earmarked to digitise government services, while €5 million will fund the 3 Million Technical Talent (3MTT) programme.

This ensures the new network will have the skilled workforce needed to operate it effectively.

Making Nigeria a Digital Hub

In combining low-interest loans with grants, the government hopes to attract more private investment.

The fibre-optic rollout is expected to reduce data costs and improve internet reliability, which is vital for Nigeria’s fintech, agri-tech, and creative industries.

Project BRIDGE is now moving from fundraising to implementation, with private partners set to play a key role in managing the network

The decision, approved by President Bola Tinubu, aims to strengthen Nigeria’s domestic shea processing industry and boost local value addition.

The announcement came from the Presidency on Wednesday, just hours before the initial six-month emergency ban, introduced on August 26, 2025, was set to expire.

Driving Industrialisation and Local Value Addition

Bayo Onanuga, special adviser to the President on Information and Strategy, described the extension as part of the administration’s “Renewed Hope” Agenda.

The policy is designed to move Nigeria from being primarily a raw commodity exporter to an industrial hub with a focus on domestic processing and higher-value exports.

Key objectives of the ban extension include:

• Deepening processing capacity:Encouraging the establishment and growth of local shea butter refineries.
• Supporting local livelihoods:Increasing income opportunities for women and youth in shea-producing communities by keeping processing within the country.
• Boosting export quality:Shifting Nigeria’s export focus from low-margin raw nuts to high-margin shea butter and derivative products for the global cosmetic and food industries.

New Regulatory Framework and NCX Role

To ensure effective implementation, the President has directed a multi-agency approach. The Federal Ministry of Industry, Trade and Investment, alongside the Presidential Food Security Coordination Unit (PFSCU), will develop a unified national framework linking industrialisation with trade and investment priorities across the shea value chain.

A major regulatory change is the centralisation of raw shea nut exports under the Nigerian Commodity Exchange (NCX):

• Revocation of previous waivers:All direct export waivers have been cancelled.
• NCX as the exclusive channel:Any surplus raw shea nuts not processed locally must now be exported through the NCX, following approved guidelines.

Financial Support for Local Stakeholders

Recognising that a ban alone cannot build a sustainable industry, President Tinubu has instructed the Federal Ministry of Finance to provide targeted funding via a Nigerian Export Supervision Scheme (NESS) Support Window.

This fund will pilot a Livelihood Finance Mechanism to support local producers and processors in scaling up operations to meet the demand generated by the export restriction.

Balancing FX Concerns and Long-Term Profits

The ban extension follows extensive government deliberation where stakeholders, including producers, exporters, and FX analysts, had previously been assured that the policy would be reviewed.

Experts warn of short-term foreign exchange losses and the potential risk of domestic oversupply if local refineries cannot process all harvested nuts.

Despite these issues, the Federal Government emphasises that the long-term benefits, transforming Nigeria into a competitive player in the global shea market, outweigh temporary disruptions.

Nigeria aims to capture a larger share of the multi-billion-dollar global shea industry by focusing on domestic manufacturing, currently filled with products processed in Europe and Asia from West African raw materials.

The Debt Management Office (DMO) explained that the Medium-Term Debt Management Strategy (MTDS) for 2024–2027 is designed to guide how the government meets its funding needs while keeping public debt sustainable.

The plan considers both cost and risk, aims to improve the structure of Nigeria’s debt portfolio, and seeks to further deepen the local debt market through fresh financial products.

“In furtherance of the adoption of international debt practices, Nigeria’s Medium-Term Debt Management Strategy (MTDS) for 2024 – 2027 has been approved by the Federal Executive Council.

“In preparing the MTDS, the Debt Management Office (DMO) collaborated with other stakeholders in the monetary and fiscal space. The DMO also received technical support from the World Bank and the IMF,” the agency said.

According to the DMO, the framework was developed with input from key players in fiscal and monetary policy and benefited from technical assistance provided by the World Bank and the International Monetary Fund (IMF). The Federal Executive Council has already given its approval.

A major highlight of the strategy is the shift towards more borrowing within the country. The portfolio mix has been set at 55% domestic debt and 45% external debt, a move aimed at reducing exposure to exchange rate volatility.

In addition, debt service payments are expected to remain below 4.5% of GDP, so that repayments do not swallow a large share of government revenue.

The plan also places restrictions on short-term foreign borrowing. Such loans must not exceed 10% of Nigeria’s external reserves, while the government will steer clear of loans that require quick repayment in order to avoid pressure on public finances.

Aviation Minister Festus Keyamo confirmed the development on Wednesday through his official X account, revealing that the decision came after extensive consultations with stakeholders, public appeals, and expressions of remorse from both parties.

Emmanson, who had been held at Kirikiri Prison since her arrest on 10 August 2025, will be released this week following Ibom Air’s withdrawal of its criminal complaint. 

The Airline Operators of Nigeria (AON) has also agreed to remove the lifetime ban it placed on her. According to Keyamo, “When the police took her statement in the presence of her lawyer, she exhibited great remorse for her conduct.”

Battle for the Boarding Pass: Air Peace vs. Ibom Air on Key Nigerian Routes

The case of Comfort Emmanson began during a flight from Uyo to Lagos, when she reportedly refused to switch off her mobile phone during take-off, later escalating into an altercation with Ibom Air crew members. She was charged at the Ikeja Magistrates’ Court before being remanded.

In a separate incident, Wasiu Ayinde, known as KWAM 1, had faced a six-month no-fly sanction for allegedly attempting to board a ValueJet flight at Abuja’s Nnamdi Azikiwe International Airport on 5 August 2025 with a flask suspected to contain alcohol. 

Reports say he refused to hand it over and proceeded to walk onto the tarmac, obstructing the aircraft’s movement.

The Nigerian Civil Aviation Authority (NCAA) had also suspended the licences of ValueJet’s Captain Oluranti Ogoyi and First Officer Ivan Oloba for taxiing while individuals were still on the runway. 

Under the new resolution, their licences will be reinstated after serving the same one-month suspension, followed by a professional reappraisal.

Industry bodies had earlier intervened, with the National Association of Aircraft Pilots and Engineers (NAAPE) urging the NCAA to reconsider the pilots’ suspension, citing their clean professional records. 

However, some aviation law experts, including Professor Ismail Adua Mustapha, had warned that failing to prosecute KWAM 1 could harm Nigeria’s Grade A safety rating and breach obligations under international aviation rules, such as Annex 17 of the Chicago Convention.

Keyamo stressed that the decisions were made purely on compassionate grounds, stating they do not reflect a soft approach to aviation misconduct. He announced that KWAM 1 will now serve as an ambassador for airport security protocol, a role aimed at promoting awareness of proper conduct in aviation environments.

The Federal Airports Authority of Nigeria (FAAN) will work with him to drive the campaign. The decision has divided public opinion, some view it as a smart way to turn a high-profile infraction into an educational effort, while others question the optics of appointing someone recently sanctioned to champion discipline in aviation spaces.

As part of the measures, a nationwide aviation security retreat will be held to retrain personnel on handling disruptive passengers and de-escalating tense situations. Airlines will also undergo targeted sessions to improve staff professionalism and passenger relations.

Data from the Central Bank of Nigeria, CBN, Monthly Economic Reports, showed that the increase was from N9.8 trillion recorded in the same period of 2023.

This further revealed that the Federal Government, in the first ten months, surpassed its Budget 2024 deficit target of N9.8 trillion by 31 per cent.

The increase in deficit spending was in spite of a 36 per cent YoY increase in FG’s revenue during the period.

An analysis of the fiscal activities of the FG showed that in the first quarter of 2024 (Q1’24), deficit spending stood at N4.18 trillion and grew by 1.9 per cent quarter-on-quarter (QoQ) to N4.26 trillion in Q1’24.

In Q3’24 deficit spending fell by 23 percent to N3.3 trillion. In October 2024, deficit spending stood at N361.89 billion.

The increase in FG’s revenue was driven by a 54.5 per cent YoY increase in revenue to the Federation Account during the 10-month period.

The report also showed that revenue to the Federation Account rose to N20.214 trillion in the 10 months, 10m’24, from N13.079 trillion in the same period in 2023, 10m’23.

From N4.973 trillion in the first quarter, Q1’24, revenue to the Federation Account rose quarter-on-quarter, QoQ, to N6.388 trillion in Q2’24.

It rose further by 7.5 per cent QoQ to N6.865 trillion in Q3’24. However, in October, revenue to the Federation Account fell Month-on-Month, MoM by 7.9 per cent to N1.988 trillion.

FG recorded 36.6 per cent YoY growth in revenue to N6.86 trillion in 10m’24 from N5.02 trillion in 10m’23.

QoQ revenue grew by 71 per cent to N2.4 trillion in Q2’24 from N1.4 trillion in Q1’24.

In Q3’24, revenue fell by 4.2 per cent QoQ to N2.3 trillion. In October 2024, revenue stood at N763.79 billion.

The report also showed that expenditure grew by 17.8 per cent QoQ to N6.7 trillion in Q2’24 from N5.6 trillion in Q1’24. In Q3’24, expenditure dropped by 16.4 per cent QoQ to N5.6 trillion.

In October, expenditure rose MoM by 28.4 per cent to N1.83 trillion from N1.43 trillion in September.

In its Economic Report for October, the apex bank said: “From the federally collected revenue of N1, 988.47 billion, a net balance of N1, 298.87 billion was distributed to the three tiers of government after accounting for additional revenue and statutory deductions and transfers.

The federal, state, and local governments received N424.87 billion, N450.96 billion, and N332.63 billion, respectively, while the balance of N90.42 billion was allocated to the 13% Derivation Fund for oil-producing states.

Net disbursement was 7.90 per cent above the previous month’s level but was 43.76 per cent short of the target.

“At N1.83 billion, provisional aggregate expenditure in October 2024 was 28.43 per cent above the level in the preceding month, but 23.6 per cent short of the target of N2.4 trillion.

“The rise in expenditure was attributed, largely, to the higher capital spending which rose by N463.49 billion relative to the preceding month, but was short of the target by 44.03 per cent.

“FGN retained revenue rose during the review period owing, largely, to higher receipts from FGN’s share of excess non-oil revenue. At N763.79 billion, provisional FGN retained revenue was 6.07 per cent above the level in the previous month but 53.23 per cent short of the target.

“The overall fiscal balance of the FGN expanded in October 2024. Provisional data showed that the primary deficit and overall deficit widened by N362.85 billion and N361.89 billion, respectively, relative to the preceding month.

“The expansion reflected a higher increase in expenditure relative to revenue, underscoring the need to improve fiscal space through the broadening of the tax base and diversified revenue streams.”

Bagudu said this while briefing the joint session of the Senate and House of Representatives Committees on National Planning and Economic Affairs regarding the proposed Supplementary Appropriation Bill.

According to him, the proposed 2024 budget will be partly financed with the N50 billion Presidential Infrastructure Development Fund (PIDF) currently held by the National Sovereign Wealth Investment Authority (NSWIA).

However, he noted that the N50 billion was insufficient to fund the “Renewed Hope Transformational Projects”.

Further revealing the World Bank’s management would soon convene to decide on the loan’s approval, Bagudu noted the entire supplementary budget, which is still being formulated, would be allocated to four identified transformational projects.

The projects include the Lagos-Calabar Coastal Road, the proposed Sokoto-Badagry Road, the completion of ongoing railway projects for which the federal government has not yet provided counterpart funding and the rehabilitation as well as expansion of dams and irrigation schemes to boost agricultural production.

Bagudu also stated that the budget would allocate more funds to support Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to enhance energy competitiveness.

The Chairman of the Senate Committee, Senator Yahaya Abdullahi, added that amending the 2024 budget might be more efficient than drafting a new appropriation bill due to the high cost associated with processing it.

This is according to the Development of the National Integrated Electricity Policy & Strategic Implementation Plan: Policy Recommendations by State Governments to the Federal Ministry of Power document from the Nigeria Governors’ Forum.

The state governments criticize the Rural Electrification Programs as a “Sovereign Debt Trap” for Nigeria. The document noted that the Federal Government has borrowed at least $1.3 billion from the World Bank and African Development Bank (AfDB) since 2018.

Furthermore, under the Nigeria Electrification Project (NEP), the Federal Government, through the Rural Electrification Agency (REA), secured financing of $350 million from the World Bank and $200 million from AfDB. In December 2023, a further loan of $750 million was secured from the World Bank under the Distributed Access through Renewable Energy Scale-up (DARES) program.

It also noted that additional borrowings from the Central Bank of Nigeria (CBN) were used to finance renewable energy projects in healthcare centres during the COVID-19 pandemic.

The document read: “The loans from the World Bank & AfDB have been used to provide grants and subsidies to private sector developers to catalyse private sector investments in rural electrification projects. Under the NEP, the REA provided capital grants of US$600/per new connection to private sector mini-grid developers. The total PV capacity of renewable energy installed under the NEP is 16.3MW (REA website) with the bulk of supply to largely Tier 1 & 2 customers. Tier 1 refers to four hours of electricity with capacity to run a few light bulbs and charge a phone. Under the NEP, Nigeria has the highest deployment of pay-as-you-go (PAYGo) standalone solar home systems (SHS) in the world. These SHS systems are not manufactured in Nigeria and are imported.

“States are concerned about the increasing reliance on sovereign debt by the REA to finance rural electrification projects and the (un)sustainability of these foreign loans to Nigeria. As stated earlier, these sovereign loans are disbursed as grants or subsidies to private sector developers who fund mini-grids or deploy SHS in rural communities. To demonstrate the unsustainability of the debts, the total revenues over 20 years from the projects funded under the NEP cannot repay the interest component on the USD$350million loan provided by the World Bank. States also note with concern that even with the grants and subsidies to private developers, mini-grid tariffs and SHS pay-as-you-go tariffs are higher than Band A tariffs.”

State governments stated that they are troubled by the growing dependence on sovereign debt to finance rural electrification projects.  The states recommend that the REA should reduce and eventually cease the use of foreign loans for grants and subsidies to private developers.

According to the document: “States recommend that the REA should scale down and eventually cease the use of foreign loans to provide grants and subsidies to private developers and investors. Rather, the REA, in collaboration with States should design and adopt a more holistic approach to provide sustainable public sector financing for rural electrification programs like the Kenyan and Indian Governments did.

“In general, the use of grants and subsidies funded from public resources to incentivize private investors to develop mini-grids in rural communities and deploy SHS on a PAYGo basis should be discouraged by the Federal Government. “Rather, the FG and States should collaborate to create the right legal, policy & regulatory framework and broad fiscal incentives that would support more private capital and also unlock long-term local currency financing for project developers in rural electrification sustainably.

The House of Representatives recently mandated its Committee on Renewable Energy to investigate various Ministries, Departments, and Agencies (MDAs) involved in the investment, procurement, and receipt of grants aimed at developing the renewable energy sector in Nigeria.

This investigation, covering the period from 2015, is to be completed within four weeks, with a report submitted to the House for further legislative action. The lawmakers argued that despite attracting over $2 billion in renewable energy investments in the past decade, as reported by the Rural Electrification Agency in 2023, there has been no noticeable improvement in the sector.

Earlier, it was reported that the Federal Government plans to provide subsidies to developers and operators of solar mini-grids in unserved and underserved areas in the country. The subsidy will be provided through a World Bank-approved loan of $750 million under the Distributed Access through Renewable Energy Scale-up (DARES) project.

Administered through the Bank of Industry (BOI) at an interest rate of 9%, these funds are targeted at enhancing economic revitalization and job creation.

Under the stewardship of Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, this initiative aligns with President Tinubu’s goal of generating 50 million jobs, ushering in economic prosperity.

The funds, categorized into the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, cater to diverse segments of the business sector, highlighting the government’s aim at facilitating entrepreneurship and innovation.

The PCGS, valued at N50 billion, targets Nano Business owners, with a commitment to support a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the nation, prioritizing women and youth empowerment.

Beneficiaries of the PCGS are exempt from repayment obligations, provided they meet specific eligibility criteria.

Again , the FGN MSME Intervention Fund, valued at N75 billion, seeks to alleviate the challenges faced by Micro, Small, and Medium Enterprises (MSMEs), offering a maximum of N1 million per beneficiary at a 9% interest rate.

Similarly, the N75 billion FGN Manufacturing Sector Fund aims to bolster eligible manufacturing companies, extending support of up to N1 billion per beneficiary at a comparable interest rate, enabling growth and innovation within the sector.

In tandem with this initiative, the Corporate Affairs Commission (CAC) collaborated with Moniepoint Micro Finance Bank to register two million MSMEs, in a bid to formalize their operations.

Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, articulated the commission’s objective of formalizing 20 million small businesses this year, anticipating a surge in job creation and revenue generation.

In a statement released on Thursday by the Permanent Secretary of the Ministry of Interior, Oluwatoyin Akinlade, the ministry addressed the misinformation circulating on social media regarding the proposed fee hike.

“The ministry has become aware of a report circulating on social media that misinforms the public about a planned increase in the cost of obtaining CERPAC. The ministry wishes to clarify that this information did not originate from our ministry,” the statement clarified.

The ministry further urged relevant organizations and the general public to disregard the false information.

The CERPAC is a permit that grants foreigners the ability to work and reside in Nigeria for two years, with the possibility of renewal. The renewal process is contingent upon the validity of the expatriate quota held by the employer.

The Nigerian government’s swift response aims to quell any concerns and assure individuals and businesses that there are no immediate plans to raise the CERPAC fees.

During the ongoing National Conference on Teacher Professional Development in Abuja, UBEC Executive Secretary Hamid Bobboyi shared this information.

He mentioned that the funds were distributed to all states across Nigeria over the past 13 years.

Bobboyi emphasized that despite the significant amount disbursed, it is insufficient to meet the training requirements of teachers.

He pointed out that the states relying heavily on federal funding for Teacher Professional Development (TPD) without contributing adequately is a significant challenge in ensuring quality learning outcomes at the basic education level.

Expressing concern about the lack of teacher training in recent years, Bobboyi cited the UBEC 2022 National Personnel Audit, which revealed that 67.5% of teachers in public schools and 85.3% in private schools had not participated in any in-service training between 2018 and 2022.

He stressed that this prevailing situation negatively impacts the delivery of quality education.

Bobboyi also expressed his dismay regarding the unfavorable learner/pupil ratio in Nigerian schools, which has resulted in poor learning outcomes.

Funds Not Yielding Results

Last year, Bobboyi faulted how funds have been disbursed without yielding remarkable results.

In a typical year, excluding the COVID-19-affected year of 2020, UBEC dispenses billions of naira annually, he said in a statement.

Based on the statement, each state receives a minimum of around N1.5 billion (presumably Nigerian Naira) individually, while the total amount disbursed across all states is at least N3 billion per year.

However, the concern raised by Bobboyi is regarding the effectiveness of the funds allocated to states and agencies for implementing basic education.

The statement questions how much of the money and resources actually reach the classroom level and make a tangible difference in teaching and learning.

Bobboyi expresses worry that success is often measured solely by the amount of money disbursed rather than the impact on education.

Despite providing resources like textbooks to states, the process of distributing these materials to schools seems to face challenges. Textbooks are sometimes left locked up in headmasters’ offices, awaiting instructions from the ministries on how to proceed.