By Ayo Kehinde The International Monetary Fund (IMF) has disclosed that Nigeria recorded public spending equivalent to about two percent of its Gross Domestic Product (GDP) outside recent official budgets. It noted that the anomaly created a gap between the country’s reported fiscal deficit and its actual financing requirements. The IMF Resident Representative in Nigeria, Christian Ebeke, disclosed on Wednesday while addressing business executives in Lagos. He explained that the discrepancy has made Nigeria’s fiscal deficit appear smaller than the level of government borrowing because some capital expenditure was omitted from budget documents and implementation reports. According to Ebeke, the unreported spending is largely linked to major government projects executed outside the formal budget framework, making it difficult to accurately …
Read More

By Ayo Kehinde The Transmission Company of Nigeria (TCN) has declared force majeure on the Oworonshoki 132/33kV and Lekki 330/132kV transmission substations following severe flooding caused by persistent rainfall in Lagos, warning that the development could disrupt electricity supply to customers served by the affected transmission facilities. The declaration followed the inundation of critical infrastructure at the two substations, with floodwaters crippling operations at the Oworonshoki Transmission Substation and posing a serious threat to the Lekki Transmission Substation. In a statement issued on Wednesday by its General Manager, Public Affairs, Ndidi Mbah, TCN said the Oworonshoki substation had been forced out of service after rising floodwaters affected two of its power transformers, while emergency efforts were ongoing to keep the …
Read More

By Ayo Kehinde The Debt Management Office (DMO) has unveiled plans to raise ₦4 trillion through Federal Government of Nigeria (FGN) bond auctions in the third quarter of 2026 as it continues to finance the country’s widening budget deficit and refinance maturing debt obligations. According to the provisional Q3 2026 FGN Bond Issuance Calendar released on June 29, the DMO will conduct bond auctions on July 20, August 17 and September 14. The programme will feature reopenings of three existing bond instruments rather than new issuances. The July auction will offer the 22.60 percent FGN January 2035, 16.2499 percent FGN April 2037 and 15.45 percent FGN June 2038 bonds, with offer sizes ranging from ₦400 billion to ₦600 billion for …
Read More