From Victor Osula, Abuja Nigeria’s oil revenue performance suffered a major setback in the third quarter of 2025, falling far below government projections and exposing the nation’s fragile fiscal position despite slight improvements in earnings. According to the latest Fiscal Performance Report released by the Budget Office of the Federation, gross oil revenue for Q3 2025 stood at N4.87 trillion, representing a staggering shortfall of N7.88 trillion or 61.8 percent below the quarterly budget target of N12.76 trillion. The development raises fresh concerns over Nigeria’s heavy dependence on crude oil earnings at a time of rising debt obligations, widening fiscal deficits, and intensified government efforts to boost non-oil revenue through tax reforms and improved collection systems. Under the 2025 fiscal …
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By Ayo Kehinde The Federal Government has cancelled $717.7 million in undisbursed funding under the World Bank-backed Power Sector Recovery Performance-Based Operation (PSRO), dealing a major blow to Nigeria’s efforts to restore stability and financial sustainability in the electricity sector. According to a World Bank restructuring document obtained on Tuesday, the cancellation followed a formal request by the Federal Government on March 26, 2026. Both parties also agreed to discontinue financing under the programme and redirect support to alternative interventions. The restructuring paper stated that the programme’s closing date had been moved forward from June 30, 2027, to May 31, 2026, effectively ending further disbursements under the facility. The decision comes as Nigeria battles worsening electricity shortages, mounting subsidy obligations, …
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The Governments of Nigeria and the Republic of Türkiye have signed a Memorandum of Understanding (MoU) to strengthen bilateral cooperation in the solid minerals sector, marking a significant step towards deepening economic collaboration between both countries. The agreement was signed on the sidelines of the Istanbul Natural Resources Summit (INRES) in Istanbul, Türkiye. Speaking during the signing ceremony, Nigeria’s Minister of Solid Minerals Development, Dele Alake said Nigeria is ready to leverage Türkiye’s technological advancement and expertise in mining exploration, training, digitisation, licensing systems, and capacity building to accelerate reforms and growth within the sector. According to the minister, President Bola Ahmed Tinubu has given full backing to efforts aimed at strengthening bilateral relations with Türkiye in the mining and …
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