World Bank + IMF are worried about Nigeria
Nigeria might be crawling out of the trenches, but the drama isn’t over. Buhari’s gone, the IMF is worried (again), and Tinubu has work to do. Let’s get into it.
In this edition:
The aftermath of Buhari’s death.
IMF urges Nigeria to review its 2025 budget.
Dangote to build the largest seaport in Ogun State.
This edition is 1,356 words (approx. 4 min read)
Muhammadu Buhari has died
On July 13, 2025, Nigeria's former President Muhammadu Buhari passed away in London following a “prolonged illness.” His passing has brought mixed reactions, with many reflecting on his eight-year presidency. Let’s be honest, his time in office wasn't exactly smooth sailing.
His administration faced serious challenges: the #ENDSARS crisis, economic instability, rising terrorism, lengthy academic strikes, and a high rate of migration. Many Nigerians also remember the Twitter ban and what felt like a hands-off approach to the country's problems.
After news of his passing, President Bola Tinubu offered his condolences to the family and also instructed Vice President Kashim Shettima to travel to the UK to accompany the body to Nigeria.
Aside from paying condolences, Tinubu also led a special Federal Executive Council session to pay tribute to Buhari, and the University of Maiduguri was renamed in his honour.
While Tinubu’s efforts to honour his predecessor might seem respectful, it creates a contrast with how he has responded to the deadly attacks in several parts of the nation.
Socioeconomics
The IMF is worried about Nigeria
The International Monetary Fund (IMF) says Nigeria will go into deeper financial holes if the FG does not revise out budget targets.
The IMF believes Nigeria will have a lot less money in the bank this year due to falling oil prices, lower production levels and challenges in capital expenditure execution – Nigeria wants to spend more when our earning projections are not looking very good.
Their report advised Nigeria to “take a good look” at the country’s fiscal policies and budget expectations to reflect the country’s realities and stop all this wishful thinking budgeting.
The 2025 budget was created based on the optimistic projections for hydrocarbon revenues, but due to the global fall of oil prices and the ongoing uncertainty in the oil sector, those hopeful predictions didn't quite pan out.
Aside from oil prices and economic instability, Nigeria’s age-long reputation of not executing large-scale infrastructure projects indicates that capital expenditure projects like maintaining or improving fixed assets will be hard.
The IMF is begging the FG to wake up!
The World Bank is also worried about our spending
The World Bank has stated that the Federal Government’s dream to transform Nigeria into a $1 trillion economy by 2030 is probably not going to happen.
The bank says our economy would have to grow fivefold before it can achieve this milestone
In the last quarter of 2024, Nigeria’s GDP grew by 3.84% — barely enough for survival, not to mention economic prosperity. Our economic growth is also not inclusive as it does not include poorer citizens, a factor necessary for long-term growth
The World Bank advised the FG to direct its energy to industries like agriculture, manufacturing, and other services that can accommodate a large percentage of the labour force and generate better economic opportunities.
While the government has implemented some plans (fuel subsidy removal and capitalising on agriculture), the World Bank says that without “structural transformation and improving governance,” the gains of these plans will not be fully achieved.
Meanwhile, the Federal Government spent N1.94 trillion subsidising electricity in 2024, which is double the N610 billion spent in 2023, despite the Band A tariff hike.
But they swear they’re saving money: The Federal Government negotiated a lower cost of N17 billion (down from N27 billion) for fixing the Iddo Bridge in Lagos, which was damaged by fire.
On a slightly brighter note…the naira continues to stabilise
The naira reportedly traded at N1,535/$ in the parallel (black) market, just N1 less than the N1,536/$1 rate recorded at the official market (typically, official and black market rates are alarmingly different). The country’s inflation rate also reduced to 22.22% in June 2025, from 22.97% in May 2025.
And South-East Investment Company…coming soon
President Tinubu has approved the establishment of the South-East Investment Company (SEIC) with a projected capital base of N150 billion. The project is predicted to accelerate industrialisation and unlock private sector growth across Nigeria’s South-East region.
The SEIC will operate as a subsidiary of the South East Development Commission (SEDC). The purpose of the SEIC is to mobilise private capital, drive long-term economic transformation, and promote inclusive development in the region.
Besides the capital base of N150 billion, the SEIC will mobilise more resources through hybrid bonds, equity participation, and callable capital structures. Mobilisation of funds and pilot investments will begin by the fourth quarter of 2025.
The SEIC, if successful, could stimulate industrial growth in the Eastern region, just like how the defunct Eastern Nigeria Development Corporation (ENDC) helped foster industrial growth years ago. 🤞
InSecurity
Armed terrorists suspected to be ISWAP have imposed agricultural restrictions on farming activities near Jakana in Borno and Goniri in Yobe, directly affecting livelihood and food security in the affected states.
Natural disasters
Nigerians often say we don’t experience natural disasters, but flooding – which is the most common natural disaster – has become commonplace in the country.
The Federal Ministry of Environment has issued a warning of potential severe flooding in 11 states, including Adamawa, Borno, Bauchi, Plateau, Yobe, Katsina, Kano, Jigawa, Zamfara, and the FCT, from July 16 to July 20.
These floods are predicted to displace a large number of people and worsen humanitarian needs.
Last month 200+ people died from flooding disasters
Vandalism
Telecom operators in Nigeria have raised an alarm over the rise of vandalism and theft targeting their infrastructure in states like Rivers, Ogun, Osun, Imo, Kogi, Ekiti, Lagos, and the Federal Capital Territory, among others.
Telecom reps say that thieves steal power cables, rectifiers, fibre optic cables, batteries, diesel generators, and solar panels. These attacks have caused connection issues for and more frequent service outages.
The Telcom reps also said that road constructions across the country are affecting their underground wires and contributing to the outages.
So if your MTN does not have services, maybe it's because of that new sexy road you get to drive on.
Policy
New Tax Reform Laws
President Bola Ahmed Tinubu recently signed into law a historic package of tax reform legislation, marking an overhaul of Nigeria’s fiscal architecture in decades.
The new tax reform laws include four Acts: The Nigeria Tax Act, Nigeria Revenue Service (Establishment) Act, Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act. These acts seek to streamline revenue administration, enhance compliance, strengthen intergovernmental coordination, and reposition the tax system to support inclusive growth.
Of course, laws are only as good as how well they're actually implemented, and we all know Nigeria’s track record there.
Nigeria’s Ask for Labour Act reform
There is growing pressure on the Nigerian government to overhaul the country’s Labour Act, which was last updated in 2004. Critics argue that the current legislation is not equipped to protect the rights of millions of workers in today’s rapidly evolving job market, especially those in informal, freelance, and gig sectors.
The push for reform comes as more Nigerians face exploitation in workplaces that operate outside traditional structures — from unpaid teachers and NYSC corps members treated as free labour, to gig workers and creatives who often work without formal contracts. Domestic workers, tech workers, and even job seekers are often mistreated without legal recourse.
Although the House of Representatives is currently considering several labour-related bills, like the Labour Standards Bill and the Occupational Safety and Health Bill, civil society groups say these efforts are not enough.
Among the key demands are protections for all types of workers, mandatory job contracts, caps on notice periods, recognition of mental health as a workplace issue, criminalisation of exploitative recruitment practices, and legal accountability for all employers, including in schools, churches, and households
Other News
The NCC has introduced a new flexible licensing framework to support emerging technologies in Nigeria’s telecom sector - Nairametrics
Nigeria, through the Nigerian Communications Commission, has won the 2025 World Summit on the Information Society prize for its project, the Digital Awareness Programme, recognising Nigeria's efforts in promoting inclusive digital access in education - TechAfrica
Nigeria is set to make history by becoming the first African country to host the Global Interministerial Conference on Antimicrobial Resistance scheduled for June 29–30, 2026 - Nigeria Health Watch
This edition was written by Hope Ibiale, and edited by Muhammed and Adetomiwa. That New News is an independent, self-funded project by me (Adetomiwa). Thank you for reading, sharing and donating. I love you like I birthed you 😘