The International Monetary Fund (IMF) has projected that Nigeria will spend more than half of its revenue on debt servicing in 2026.

The projection is contained in the International Monetary Fund’s (IMF) latest country assessment, which estimates that the federal government’s interest payments will consume 53.7 percent of revenue in 2026, up
from 53.2 percent in 2025 and 40.8 percent in 2024.

The IMF expects the interest-to-revenue ratio to ease marginally to 52.4 percent in 2027.

Also, IMF projected improvements in inflation and external reserves, forecasting average inflation of 16 percent in 2026, while gross
international reserves are expected to rise from $40.2 billion in 2024 to $58.1
billion in 2026 and $62 billion in 2027.

‘NIGERIA’S DEBT IS SUSTAINABLE, BUT DEBT-SERVICE BURDEN IS A
CONCERN’

Speaking on ARISE Television on Tuesday, Christian Ebeke, IMF resident representative for Nigeria, said the country’s debt remained sustainable and the risk of sovereign debt distress was moderate.

“Our latest assessment in the Article IV that we just published on June 9 basically concludes that Nigeria’s debt is sustainable. And second, the risk of sovereign stress is actually moderate. So we don’t see Nigeria as a high-risk debt-distressed country,” Ebeke said.

He said Nigeria’s debt-to-GDP ratio, which remains in the mid-30 percent range, compares favourably with many peer countries, adding that Nigeria’s debt portfolio benefits from a balanced mix of domestic and external borrowing and relatively long maturities.

According to Ebeke, the bigger concern is the amount of revenue being used to service debt.

“We actually estimate that in 2025 to 2028, the interest-to-revenue ratio, how much the federal government pays out of the tax it collects, is actually about 50 percent,” he said.

“When you have more than 50 percent of your tax collection devoted to repaying interest on your federal government debt, it leaves you very little room to actually pay for health, education, cash transfer, including security.”

Ebeke said the IMF’s focus remains on helping Nigeria strengthen domestic revenue mobilisation through effective implementation of recently enacted tax reforms.

He said the IMF’s priority is to support efforts aimed at strengthening Nigeria’s domestic revenue mobilisation while taking into account prevailing economic challenges, including high inflation, widespread poverty and food insecurity.

Ebeke added that the successful implementation and enforcement of the country’s new tax laws would be critical to improving government revenue and reducing fiscal vulnerabilities.

Aprokorepublic

The presidency has mocked the presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, over his recent interview.

Special Adviser to President Bola Tinubu on Media and Policy Communication, Daniel Bwala, threw the taunt in a post on his verified X handle on Wednesday.

He was reacting to Obi’s interview with Oseni Rufai on Tuesday, where Obi said he would not share his ideas on tackling poor electricity supply.

“This is the bold vision of Peter Obi as expressed by himself on a podcast interview.

“Have you taken the time to listen to his interview on a platform of his own, unofficial spokesman? Even with the leading questions, the guy no fit perform,” Bwala said.

During the interview, the former Anambra State governor had
said if elected as Nigerian President, he would negotiate with agitators from
different parts of the country.

Aprokorepublic

The federal government says it is not considering the introduction of new taxes on telecommunications services or petroleum products.

The clarification comes after the International Monetary Fund (IMF) advised Nigeria to extend value-added tax (VAT) to fuel products and to introduce excise duties on telecommunications services to raise government revenue and fund development and social spending.

IMF, in its 2026 Article IV consultation report on Nigeria, said recent tax reforms may not be enough to sustain the government’s spending
plans over the medium term.

In a statement on Wednesday, Maryann Duke, senior specialassistant on communications and press secretary to the minister of finance and coordinating minister of the economy, said reports suggesting the plans or adoption of new taxes were inaccurate.

“The claims are inaccurate and do not reflect the position of the Government,” the statement reads.

“For the avoidance of doubt, the Federal Government is not considering the introduction of any new taxes on telecommunications services or
petroleum products.”

‘RECOMMENDATIONS BY IMF DON’T CONSTITUTE DECISIONS OF FG’

According to the statement, the IMF Article IV consultation report contains the fund’s assessments and policy recommendations for consideration by the relevant country.

Duke said such recommendations do not constitute decisions of the government of Nigeria, nor are they binding on the government.

She said policy decisions are introduced through established constitutional, legislative, and institutional processes, taking into account national priorities and prevailing economic conditions.

“With respect to petroleum products, the Value Added Tax (VAT) waiver currently applicable to fuel remains in place and has not been withdrawn,” she said.

“Similarly, the fuel surcharge in the law requires a specific ministerial order and publication in the Official Gazette to be
implemented. No such action is being contemplated at this time.

“The suspended taxes have helped to moderate domestic fuel prices below international averages and neighbouring countries serving as a cushion on the impact of global energy market disruption on Nigerian households
and businesses.”

The presidential aide also clarified that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is no longer applicable.

Duke urged the public, media organisations, businesses and
other stakeholders to disregard reports suggesting that the government plans to
introduce new taxes on telecommunications services or petroleum products.

She said the government remains committed to a transparent and growth-oriented tax policy framework that supports economic stability.

“Consistent with the objectives of the ongoing fiscal and tax reforms, the focus remains on improving revenue administration, expanding
economic activity, eliminating inefficiencies, and creating a more competitive environment for investment and job creation, rather than increasing the tax burden on citizens,” Duke said.

The spokesperson added that any future tax policy changes, where necessary, would be communicated through official channels and implemented in line with due process and the law.

Aprokorepublic

Former Minister of Petroleum Resources, Diezani Alison-Madueke, has reacted to her acquittal by a London Court following charges of alleged bribery brought against her.

The Southwark Crown Court in London, UK, Wednesday acquitted the former Minister of bribery charges by
British prosecutors.

She was acquitted of five counts of accepting bribes and one count of conspiracy to commit bribery.

Reacting, the former Minister expressed excitement over the court decision, stating that she, her family, and friends have been traumatised for the past 11 years.

The former Minister told News Central that she has been in the UK since the case started 11 years ago.

She said, “I’m just thankful to God, it’s been arduous, almost 11 years. It’s been traumatic not just for me but for my family, friends, my 93-year-old mother in Port Harcourt and for my son.

“It has been a hard journey, but I tell you this, God will always do as he will. God will be God and God is not a man that he should lie; when he promises you something, he will see it through.

“For almost 11 years I have been here. I did my job to thebest of my ability.”

Aprokorepublic

President Bola Tinubu has reaffirmed his administration’s commitment to judicial independence and institutional reforms with the commissioning of a newly completed 10-unit Court of Appeal Judges’ Quarters in Katampe District, Abuja.

Speaking through the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), Tinubu described the project as a strategic investment in democratic governance and the rule of law.

He emphasized that judicial welfare and infrastructure are essential to strengthening independence, efficiency, and service delivery.

“This event is more than the unveiling of physical infrastructure; it is a tangible demonstration of the Federal Government’s enduring commitment to the welfare, independence, efficiency and dignity of the judiciary,” Tinubu stated.

The President disclosed that additional land has been earmarked for future judicial projects, including facilities for the National Industrial Court, the Code of Conduct Bureau, the Federal High Court, and the FCT High Court, noting that the area could soon be known as “Judiciary Boulevard.”

Tinubu commended FCT Minister Nyesom Wike for executing the project efficiently and urged state governments to emulate the Federal Government by investing in judicial infrastructure.

Wike, in his remarks, stressed that governors must take responsibility for federal judicial institutions within their states, citing his own experience in Rivers State where he facilitated the establishment of a National Industrial Court division.

President of the Court of Appeal, Justice Monica Dongban-Mensem, hailed the project as a milestone, noting that secure housing enhances judicial independence and protects officers from undue influence.

The estate, built by Details to Dots Development Nigeria Limited, comprises 10 fully furnished five-bedroom duplexes with boys’ quarters, an event centre, recreational facilities, paved roads, water and electricity systems, and a secured gatehouse.

The commissioning follows the recent inauguration of the new Court of Appeal complex in Abuja, underscoring Tinubu’s broader governance reforms through sustained investment in judicial infrastructure.

Aprokorepublic

The Senate has summoned lawmakers for an emergency sitting on June 23 to deliberate on matters relating to national security and other urgent national issues.

In a notice dated June 15 and signed by Emmanuel Odo, clerk of the Senate, lawmakers were directed to reconvene at 11am in the Senate chamber.

The notice said the emergency sitting was convened at the instance of Godswill Akpabio, the senate president.

“The purpose of this emergency sitting is to enable the Senate consider matters of urgent national importance, particularly issues relating to national security and other critical concerns that require
immediate legislative attention,” the notice reads.

“The Senate deeply regrets any inconvenience that this emergency sitting may occasion.

“Distinguished Senators are kindly requested to make necessary arrangements to attend the sitting.”

The emergency session cuts short the senate’s recess. The upper legislative chamber had adjourned plenary on June 11 and was scheduled to
resume on July 7.

The decision comes amid growing concerns over insecurity across the country, including recent attacks and incidents of abduction in several states.

On Monday, the house of representatives also reconvened for an emergency sitting to consider an amendment to the 2025 appropriation act extending the implementation period for the capital component of the budget from June 30 to September 30.

Aprokorepublic

Joseph Okpe, a 43-year-old commercial bus driver, has died after allegedly being beaten by officers of the Nigerian Air Force (NAF) along the Oshodi-Apapa expressway in Lagos.

The incident happened on May 9, 2026 following a dispute over a traffic incident involving a vehicle belonging to the NAF officers.

According to Punch, Innocent Okpe, deceased’s brother, deposed
to an affidavit deposed at the high court of the Federal Capital Territory
(FCT) in the Maitama judicial division, over the matter.

In the affidavit, the deceased’s brother said Okpe was driving his commercial bus when he was accosted by NAF personnel travelling in a Coaster bus with registration number GO 1–14AF.

The officers allegedly accused him of hitting their vehicle and demanded N100,000 as compensation for the damage.

The officers were alleged to have started beating and punching the commercial bus driver’s face when could not provide the money.

Okpe, a father of three and a wife, was said to have nearly lost consciousness during the punching of his face by the NAF officers

The officers reportedly stopped the beating after passers-by and other commercial bus drivers intervened.

The passers-by were said to have offered N50,000 compensation to the NAF personnel.

According to the affidavit, Okpe was rushed to several hospitals where he was reportedly rejected after the NAF personnel left the scene and continued their journey.

A source told the publication that Okpe was eventually taken to Charing Cross Clinic in Mushin, Lagos, where he was pronounced dead at about 5pm.

A medical certificate of cause of death signed by Okechukwu Ogboo, a medical doctor at Charing Cross Clinic, Mushin listed the primary cause of death as “severe head injury,” while the secondary cause was stated as
“pulmonary failure until his death”.

NAF SPEAKS

When TheCable reached out to Ehimen Ejodame, NAF
spokesperson, for enquiry over the matter, Ejodame said the airforce was
currently investigating the case.

Ejodame said the suspected NAF personnel involved in the
case were immediately taken to the custody.

“The Nigerian Air Force is aware of the reported incident and is deeply saddened by the loss of life,” the NAF spokesperson said.

“Upon receiving information on the matter, the personnel suspected to be involved were immediately taken into custody, and the case is currently under investigation by the appropriate civil and military authorities.

“The NAF has also extended its condolences to the family of the deceased and visited them to express sympathy and support during this
difficult time.

“As investigations are ongoing, it would be inappropriate to make further comments at this stage. The Nigerian Air Force remains committed
to due process, accountability and the rule of law.”

Aprokorepublic

Adewale Elesho, the ace Nigerian actor, has revealed that he regards his wife as the head of his household.

“My wife is my leader,” he said in an interview on African A-List.

The actor also disclosed that he prioritises his wife’s opinion in family matters, particularly when it involves extended relatives.

Elesho, popularly known as Baba Elesho, recounted a situation where his mother developed an eye problem and expressed discomfort while staying with one of his younger siblings. He said he decided to bring her to his home in Lagos.

The film star said when he got home, he went upstairs, prostrated for his wife and told her he had come with a visitor

“My mom had an eye problem and I brought her to my home. The day I went to carry her from my younger sibling’s house, she told me she wasn’t comfortable with where she was. So I brought her to Lagos,” he said.

“Despite the fact that she’s my mother, she is an emergency visitor. When I got home, I drove in. It was a Sunday, I went upstairs and went to prostrate for my wife and told her I had come with a visitor.

“She asked, who? I replied Alhaja. She asked what happened and I explain everything to her.”

He said he consulted his wife before bringing his mother inside because he sees her as the “owner of the home”.

“My wife said if it was her mother that was in that situation, she would also bring her home,” he said.

“She then asked where she was. I said she is inside the car and I came to speak to her first because she had to be happy about it. She owns the home, and her reaction matters.”

Aprokorepublic

The National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians against children’s ibuprofen oral Suspension, which was recalled in the United States.

In a post on X, NAFDAC said it received notification that the United States Food and Drug Administration had announced the recall of approximately 90,000 bottles of the drug due to the presence of foreign
material in the product.

NAFDAC said that Strides Pharma Inc initiated the recall after consumers complained of a “gel-like mass” and “black particles” in the oral suspension.

The agency said that the product was manufactured by Strides Pharma Inc. in India for Taro Pharmaceuticals USA Inc.

NAFDAC said the affected batches are lot numbers 7261973A and 7261974A, with an expiry date of January 31, 2027.

The agency cautioned that the presence of foreign material in medicinal products could compromise their quality, safety, and effectiveness.

NAFDAC said administering contaminated oral suspensions may
result in adverse reactions among children, and could pose choking or
gastrointestinal risks depending on the nature of the contaminant.

The affected product is children’s ibuprofen oral suspension, USP, 100 mg/5 ml, packaged in 120 mL (4 fl. oz.) bottles, and were distributed nationwide in the US.

NAFDAC said although the affected products were distributed and recalled within the US, it is taking precautionary measures to prevent them
from entering Nigeria through authorised or unauthorised channels.

The agency said it had directed all its zonal directors and state coordinators to intensify surveillance activities and remove the products from circulation if found in their jurisdictions.

“NAFDAC remains committed to safeguarding public health and
will continue surveillance activities to ensure the quality, safety, and
efficacy of medicines circulating in Nigeria,” the agency said.

NAFDAC, however, urged importers, distributors, retailers, and healthcare professionals to remain vigilant and ensure that medical products are sourced only from authorised and licensed suppliers.

The agency noted that healthcare facilities should immediately inspect their inventories and quarantine any affected batches if identified.

Aprokorepublic