President Bola Tinubu has authorised the cancellation of $1.42 billion and N5.57 trillion in debts owed by the state oil company to the Federation Account. The decision, disclosed in documents from the petroleum regulator, eliminates approximately 96 per cent of dollar-denominated obligations and 88 per cent of naira debts that accumulated through production-sharing contracts and royalty receivables.
The approval followed recommendations from a stakeholder committee that reconciled accounts between NNPC and the Federation. Fresh debts totalling $56.8 million and N1.02 trillion accumulated between January and October 2025 remain on the books. The write-off coincides with the regulator collecting N660 billion in November against a monthly target of N1.2 trillion, leaving a cumulative revenue shortfall of N5.65 trillion for the year.
NNPC’s chief executive has announced that the $2.8 billion Ajaokuta-Kaduna-Kano pipeline is nearing completion, with welding finished on the main line, including the River Niger crossing. Bayo Ojulari informed President Tinubu that the 614-kilometre pipeline could begin delivering gas to northern Nigeria early next year.
The pipeline is designed to transport 2.2 billion standard cubic feet of gas daily to fertiliser plants, power stations, and industrial facilities across Kaduna, Kano, Abuja, and Ajaokuta. NNPC executives expect the infrastructure to support industrial development in a region that has experienced chronic power shortages. First conceived in 2008 and formally launched in 2020, the project has missed several completion deadlines.
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Nigeria’s capital market raised more than N753 billion through commercial paper issuances between April and October 2025, the Securities and Exchange Commission has disclosed. Director-General Emomotimi Agama said the funds supported short-term financing needs across the manufacturing, energy, and agriculture sectors.
The commercial paper market formed part of broader capital-raising activities that included landmark debt transactions. The market recorded a N500 billion Climate Funding Special Purpose Vehicle issuance and a N200 billion Elektron Finance bond transaction during the period. Agama attributed improving investor sentiment to Nigeria’s sovereign credit rating upgrade and removal from the Financial Action Task Force grey list.
The SEC chief acknowledged market volatility in November, when the Nigerian Exchange lost N6.54 trillion in market capitalisation. He attributed the decline to profit-taking ahead of a proposed 30 per cent capital gains tax, weak banking stock sentiment, and global economic uncertainties. The market has since rebounded following policy reassurances. The Commission recently migrated the equities settlement cycle from T+3 to T+2, with plans to transition to T+1 and eventually T+0 settlement.
South Africa’s currency is set to close 2025 approximately 13 per cent stronger against the dollar, marking its best annual performance since 2009. Foreign investors purchased 72.4 billion rand in local bonds this year, compared to 15.6 billion rand in 2024, whilst the currency has appreciated on a trade-weighted basis against major trading partners.
Analysts attribute the gains to elevated commodity prices for gold and platinum group metals, controlled inflation, and investor confidence in the coalition government’s fiscal management. The rand has reached levels not seen since early 2023, though economists note that structural challenges, including infrastructure problems, energy shortages, and high unemployment, could affect future performance.
President Bola Tinubu left Lagos on Sunday for Europe, continuing an end-of-year break before travelling to Abu Dhabi for the 2026 Sustainability Week Summit. The United Arab Emirates president invited Tinubu to participate in the annual event, which brings together government officials, business leaders, and civil society organisations to advance sustainable development.
The week-long summit, themed “The Nexus of Next: All Systems Go,” will focus on connecting innovation, finance, and implementation across sectors. The president’s office confirmed he will return to Nigeria after the conference concludes in early January. Opposition parties have questioned the timing of the trip given ongoing security challenges.