Subnational external debt rose sharply in 2025, with 32 states and the Federal Capital Territory (FCT) accumulating nearly $5.7bn, despite higher inflows from the Federation Account Allocation Committee (FAAC).  

The Nigerian Exchange (NGX) closed April 2026 at a record high, with total market capitalisation hitting ₦155.9tn and investors gaining ₦2.68tn, despite volatility in banking stocks.  

OPEC+ raised oil production quotas by 188,000 barrels per day for June, in a move analysts say was designed to project stability after the sudden withdrawal of the United Arab Emirates (UAE).

The Federal Government has said work is going on smoothly on the Kaduna-Kano-Maradi rail line, and the project is expected to be delivered by the end of 2027.

That was the dilemma facing the Central Bank of Nigeria at the height of the foreign exchange crisis: how to sustain difficult reforms in an environment defined by volatility, speculation, and public anxiety.

There is a growing tension in Nigeria’s political space—one that is no longer whispered in private conversations but voiced openly in markets, offices, and homes.