Business
FG Pushes For N17.89tn New Loans To Finance 2026 Budget
The Federal Government plans to borrow N17.89tn in 2026 to fund a widening budget deficit as revenue projections fall sharply below expenditure needs, according to the 2026 budget framework obtained from the Budget Office of the Federation.
Official figures in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning show that total new borrowing will jump from N10.42tn in 2025 to N17.89tn in 2026. This is an increase of N7.46tn (72 per cent) in fresh loans over one year, amid concerns over rising debt costs.
The borrowing requirement is driven by a larger fiscal deficit and a weaker revenue outlook, even though overall expenditure is projected to fall slightly compared with the current year. The framework puts the 2026 fiscal deficit at N20.12tn, up from N14.10tn approved for 2025.
This represents an increase of N6.02tn, or about 43 per cent year-on-year. Despite this jump in the nominal deficit, the deficit to gross domestic product ratio is projected to decline from 4.17 per cent in 2025 to 3.61 per cent in 2026, reflecting a higher projected GDP base. The deficit ratio is expected to ease further to 3.24 per cent in 2027 and 1.92 per cent in 2028.
Revenue figures explain why the government is resorting to much larger borrowing. The amount available for the federal budget, excluding the retained revenue of government-owned enterprises, is projected to fall from N38.02tn in 2025 to N29.35tn in 2026.
This is a drop of N8.67tn or about 23 per cent between the two years. The government expects revenue to recover modestly to N31.53tn in 2027 and N34.90tn in 2028.
That implies growth of about seven per cent between 2026 and 2027 and about 11 per cent between 2027 and 2028, but the recovery is not strong enough to remove the need for heavy borrowing in the medium term.
The PUNCH further observed that the bulk of the 2026 borrowing will come from domestic creditors. The document shows that of the planned N17.89tn new loans for 2026, N14.31tn will be raised from the domestic market, while N3.58tn will be sourced from external creditors. Domestic borrowing, therefore, accounts for 80 per cent of new loans in 2026, while foreign borrowing contributes 20 per cent.
This strong tilt towards the local market is not new. In 2025, domestic borrowing is put at N8.58tn out of total new loans of N10.42tn, which is about 82 per cent of the borrowing requirement. External borrowing of N1.84tn makes up the remaining 18 per cent.
The same pattern is projected to continue after 2026. In 2027, the Federal Government plans to borrow N21.18tn, comprising N16.94tn in domestic debt and N4.24tn in external loans.
Domestic borrowing thus remains at 80 per cent of the total, with foreign loans at 20 per cent. In 2028, planned borrowing drops to N15.84tn, but the structure remains almost unchanged, with N12.67tn expected from domestic creditors and N3.17tn from external lenders, again roughly 80 and 20 per cent respectively.
When the numbers for the three budget years are added together, the scale of reliance on debt becomes clearer. Between 2026 and 2028, the Federal Government plans to borrow N54.91tn in total. Domestic creditors are expected to provide N43.92tn of this amount, while external creditors will supply N10.98tn.
This means domestic borrowing will account for exactly 80 per cent of new loans over the three-year period, with external debts making up the remaining 20 per cent. Year-on-year analysis of borrowing after 2026 shows a continued heavy dependence on debt, even though the trend turns downward towards the end of the period.
From 2026 to 2027, total new borrowing rises from N17.89tn to N21.18tn, an increase of about N3.29tn or roughly 18 per cent. Between 2027 and 2028, planned borrowing falls from N21.18tn to N15.84tn, a decline of about N5.34tn or roughly 25 per cent.
Debt service costs are also rising. According to the framework, debt service is projected at N13.94tn for 2025 and N15.52tn for 2026, an increase of N1.58tn, or about 11 per cent year-on-year.
The burden of these payments relative to revenue is captured in the debt service to revenue ratio. For 2025, the ratio is put at 34 per cent. In 2026, it is forecast to jump to 45 per cent, meaning nearly one naira out of every two naira of revenue available to the Federal Government will be used to pay interest and principal on existing debt.
The ratio is projected to rise further to 53 per cent in 2027 before easing to 47 per cent in 2028. Total federal expenditure is expected to edge down from N54.99tn in 2025 to N54.46tn in 2026, but the composition of spending continues to tilt towards recurrent items and debt service.
Recurrent non-debt expenditure is projected to rise from N13.59tn in 2025 to N15.27tn in 2026. Within this, personnel costs for ministries and departments will take N8.36tn, while pensions, gratuities, and retirees’ benefits will cost N1.38tn. Other service-wide votes, including key national programmes, will rise from N1.06tn in 2025 to N1.85tn in 2026.
Capital expenditure is set to fall from N26.19tn in 2025 to N22.37tn in 2026. The reduction is linked to a policy decision that ministries and agencies will roll over 70 per cent of their 2025 capital allocations into 2026 rather than seek fresh approvals for the same projects.
Capital spending is projected to recover slightly to N23.28tn in 2027 and then ease to N21.26tn in 2028. Even with this sizeable capital envelope, the combination of recurrent spending and debt service still dominates the budget and squeezes the room for new infrastructure.
Other financing items are relatively small when compared with the borrowing figures. Privatisation proceeds are projected at N312.33bn in 2025 and are expected to fall to N189.16bn in 2026. They are then forecast to rise modestly to N197.23bn in 2027 and jump to N486.54bn in 2028.
Even at that peak level, privatisation receipts would still amount to less than three per cent of total financing. Project-tied loans from multilateral and bilateral partners are also expected to decline from N3.36tn in 2025 to N2.05tn in 2026, then to N1.17tn in 2027, and N556.66bn in 2028.
Speaking earlier in separate interviews with The PUNCH, experts said the deficit, which represents more than one-third of the proposed N54.43tn spending envelope, raises fresh questions about debt sustainability, fiscal discipline, and the government’s ability to manage inflationary and exchange rate pressures in 2026.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said Nigeria must be cautious not to destroy the fragile stability achieved in recent months.
He warned that high deficits and rising debt levels pose a serious threat. Yusuf said he was worried about what he described as the risk of a debt trap, stating that “we need to worry about debt sustainability” because “high levels of deficits and high levels of debt… can choke the fiscal space and lead to a kind of vicious circle of debt.”
He explained that Nigeria has only recently regained some macroeconomic footing and that any disruption could quickly worsen inflation and exchange rate pressures.
Dangote Group has announced fresh employment opportunities for qualified candidates across several departments at its refinery site.
The vacancies are listed under Dangote-Refinery as the business unit, with the location stated as Dangote Petrochemicals (DPRP) and the department identified as Refinery Site.
The available positions cover procurement, warehouse management, logistics, supply and material planning, compliance, information technology, sustainability and data analytics.
List of Dangote Refinery jobs The 24 positions advertised on the company’s careers platform are:
Industrial Hygienist
Sanitary Inspector
Employee Relations Specialist
Procurement Contract Specialist
Warehouse Team Lead – PPU
Warehouse Manager – PPU
Head, Supply and Material Planning
Head, Logistics & Road Safety Operations
Sales & Operations Planning Manager (S&OP)
Procurement Supplier Specialist
Compliance and Governance Lead
Contract Management Lead
Risk Management Lead (Supply Chain)
Governance and Compliance Specialist
Procurement Supplier Lead
Transport/Dispatch Manager – PPU
Transport/Dispatch Lead – PPU
System Administrative Officer
ESG & Sustainability Manager
ESG / Sustainability Analyst
Lead, System Administration
ISO Management System Coordinator
Data Analytics/System Analyst
Decarbonization Manager
Requirements for Dangote Refinery jobs
The requirements differ depending on the position, and applicants are expected to check the full job description for their preferred vacancy.
Several of the positions require relevant bachelor’s degrees, HNDs or specialised diplomas in fields such as engineering, supply chain management, logistics, business administration, environmental science, public health, information technology and related disciplines.
Some roles also require or favour professional certifications. Depending on the position, these may include certifications in supply chain management, logistics, quality management, information technology and other relevant professional fields.
Work experience is another major requirement, particularly for senior positions.
The experience requested varies from role to role, with some managerial and leadership positions requiring several years of relevant industry experience.
For example, the Warehouse Team Lead – PPU position requires relevant experience in warehouse, logistics or supply chain operations, while the Warehouse Manager – PPU role requires significantly more experience, including managerial exposure.
Applicants for technology-related positions may also need experience with SAP, ERP systems, databases, system administration, Microsoft Excel, Power BI, data analytics and system integration, depending on the vacancy.
For the ISO Management System Coordinator position, candidates are expected to have relevant academic qualifications and experience with international management standards.
The Sanitary Inspector role has more specialised requirements, including qualifications in sanitary inspection, environmental health or public health technology, with related experience preferred.
How to apply for Dangote Refinery jobs Interested candidates should visit the official Dangote careers platform and select the position that matches their qualifications and experience.
Applicants should carefully read the individual job description because the educational qualifications, professional certifications, technical skills and years of experience differ across the 24 positions.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol by N5 per litre at its retail outlets in Lagos from N1,360 to N1,355.
Motorists in Lagos and Rivers now pay N1,355 per litre, making them the cheapest locations on NNPC’s updated price list. Abuja buyers are paying N1,370 per litre under the new arrangement.
NNPC petrol prices across Nigeria
Yobe has the highest petrol price at N1,435 per litre, followed by Niger State at N1,433.
Borno, Gombe, Nasarawa and Sokoto are all priced at N1,430 per litre, placing them among the states with the highest fuel prices.
Several south-western states fall within the lower price range. Ogun and Oyo both sit at N1,367, while Osun is priced at N1,358.
Akwa Ibom is at N1,360, just above the Lagos and Rivers rate.
In the south-east, Anambra, Enugu and Imo are each priced at N1,372, with Ebonyi slightly higher at N1,375. Abia is priced at N1,370, the same as Abuja.
Further north, Kaduna is at N1,400, Zamfara at N1,414, while Adamawa, Jigawa, Kebbi, Plateau and Taraba are all priced at N1,420. Bauchi and Kano share a rate of N1,385, while Benue is at N1,410.
In the South-South, Delta is priced at N1,379, Bayelsa and Edo at N1,380, and Cross River at N1,390. Kwara is at N1,375, while Kogi is priced at N1,390. The full breakdown of the new NNPC petrol prices per litre is as follows:
Lagos: N1,355 Rivers: N1,355 Akwa Ibom: N1,360 Osun: N1,358 Ogun: N1,367 Oyo: N1,367 Abia: N1,370 Abuja: N1,370 Anambra: N1,372 Enugu: N1,372 Imo: N1,372 Ebonyi: N1,375 Kwara: N1,375 Ekiti: N1,377 Ondo: N1,377 Delta: N1,379 Bayelsa: N1,380 Edo: N1,380 Bauchi: N1,385 Kano: N1,385 Cross River: N1,390; Kogi: N1,390 Kaduna: N1,400 Benue: N1,410 Zamfara: N1,414 Adamawa: N1,420 Jigawa: N1,420 Kebbi: N1,420 Plateau: N1,420 Taraba: N1,420 Borno: N1,430 Gombe: N1,430 Nasarawa: N1,430 Sokoto: N1,430 Niger: N1,433 Yobe: N1,435
Business
From Kabiru to Khalifa: How Abdul Samad Rabiu is Quietly Positioning his Son in the Corridors of Business and Power
Once, his younger brother Kabiru was one of the familiar family figures around the BUA empire. Now another generation is moving steadily into view as Abdul Samad Rabiu brings his son, Khalifa, closer to the business, relationships and rarefied circles surrounding one of Africa’s largest industrial fortunes.
On Friday, October 2, 2026, when Abdul Samad Rabiu went calling on President Bola Ahmed Tinubu at his Ikoyi residence in Lagos, he did not go alone. Beside the billionaire industrialist was his son, Isyaku Abdulsamad “Khalifa” Rabiu, the young BUA executive whose presence increasingly seems to accompany his father into rooms where business, government and influence converge. Rabiu said the visit afforded an opportunity to reflect on Nigeria’s journey and its future, while other reports confirmed that the BUA chairman was among several prominent business and political figures received by the President that day.
On the surface, there was nothing extraordinary about it. Wealthy fathers travel with their sons, introduce them to friends and take them to important engagements every day. Yet, when the father is Abdul Samad Rabiu, founder of an industrial empire painstakingly assembled over decades, and the son has recently moved into a strategic executive position within that empire, the optics acquire a different texture. A photograph becomes more than a photograph; a handshake begins to look like an introduction, and what appears to be a simple father-and-son outing starts to resemble that ancient ritual through which successful men gradually acquaint the next generation with the world they may one day have to navigate without them.
For those who have watched Abdul Samad through the years, the changing silhouette around him is difficult to miss. There was a time when his younger brother, Kabiru Rabiu, represented one of the most prominent family presences within the BUA establishment, rising through the group’s operations and eventually becoming Group Executive Director, while also serving as a non-executive director of BUA Foods and BUA Cement. He remains firmly embedded in the conglomerate, with more than two decades of experience across edible oils, cement and infrastructure.
Kabiru belongs to Abdul Samad’s generation, however, and that distinction matters because every family empire, no matter how vast or professionally managed, eventually encounters the question that money alone cannot answer: what happens when the generation that built it begins to make room for the generation that must preserve it?
It is within that quiet, complicated passage that Khalifa is increasingly becoming interesting.
His emergence has not arrived with trumpets, ceremonial titles or the public unveiling of a successor. Abdul Samad has not declared him heir to BUA, and nothing in the public record justifies such a conclusion. What has become visible instead is something subtler and perhaps more meaningful: a gradual accumulation of responsibility, exposure and proximity, the three ingredients through which the children of powerful business families are often introduced to the burden behind the privilege.
Khalifa is no longer merely the billionaire’s son appearing occasionally beside his father. On January 29, 2026, BUA Foods appointed him Chief Officer, Global Procurement and Strategic Operations, giving him responsibility for the company’s end-to-end global procurement function and strategic operational initiatives. Before that appointment, he served as Director for Special Operations at BUA Group, where his work included transformation projects, supplier relationships, wheat sourcing, animal-feed production, the commercial reintroduction of BUA rice and other operational initiatives.
There is something instructive about where he has been placed. For the son of one of Africa’s wealthiest industrialists, a grand office and ornamental designation would have been easy enough to manufacture, the sort of corporate embroidery with which family businesses sometimes decorate heirs who have yet to acquire the scars of enterprise. Khalifa, however, has been taken closer to procurement, supply chains and operations, into the less glamorous entrails of an industrial organisation where fortunes are not discussed in abstract terms but depend on the relentless movement of wheat, sugar, machinery, ships, suppliers, currencies, warehouses and markets.
Perhaps that is the more revealing education his father is giving him. Abdul Samad appears less interested in merely showing the young man the assets than in allowing him to understand how those assets breathe.
Factories photograph beautifully, particularly when they rise from acres of land in steel and concrete, but the real life of an industrial empire occurs away from the cameras, in the anxious arithmetic of raw-material costs, shipping schedules, exchange rates, energy, regulation, financing and distribution. The young man who may someday occupy a larger place within such a system must learn that wealth is not sustained by the serenity of the chairman’s office but by countless decisions made under pressure, many of them invisible to the public until one of them goes wrong.
Khalifa’s academic preparation seems almost tailored to the wider world awaiting him. He studied International Relations at Regent’s University London and later earned a Master’s in Management from Georgetown University’s McDonough School of Business, combining an education in states, diplomacy and institutions with the language of management and enterprise.
That marriage of disciplines becomes particularly interesting when considered against the circles into which he has been born and the ones into which he is now increasingly being introduced.
There is, of course, another dimension to his story. Khalifa is one of the children from Abdul Samad Rabiu’s former marriage to Hannatu Musawa, the lawyer, writer and public official who currently serves in President Tinubu’s cabinet as Minister of Art, Culture, Tourism and the Creative Economy. Musawa has herself spoken publicly about her former marriage to Rabiu and the enduring ties between their families.
There is nothing publicly established to suggest that he is preparing to contest an election or embark on a conventional political career. What he possesses instead is exposure: a father situated at the commanding heights of Nigerian private enterprise and a mother operating within the upper reaches of government, two worlds that remain distinct but inevitably encounter each other wherever industry, regulation, investment and public policy meet.
That is why Friday’s visit to President Tinubu is noteworthy without needing to be exaggerated. Its importance lies less in whatever may have been discussed behind closed doors than in the simple fact that Khalifa was there, standing beside his father and becoming familiar with another environment in which his surname, responsibilities and future may eventually carry their own weight.
Such encounters form a peculiar education unavailable in lecture halls. Universities can teach capital allocation and international relations, but they cannot completely teach the temperament of power: how an industrialist speaks to a president without becoming obsequious, how one carries disagreement without converting it into hostility, how old relationships are tended, how new ones are cultivated, or how to distinguish those who are merely attracted to wealth from those whose trust survives difficult seasons.
Those lessons are absorbed by watching.
They reside in airport lounges and factory inspections, private dinners and waiting rooms, board meetings and courtesy visits, in introductions that appear inconsequential until, perhaps ten years later, a name remembered from a handshake becomes the person sitting across a negotiating table.
This is how relationships are inherited, if relationships can ever truly be inherited at all. A father may leave his son factories, shares, houses and an enviable portfolio of assets, but he cannot simply insert forty years of trust into an estate document. The son must accumulate his own credit among bankers, investors, regulators, political leaders, employees and business partners, even when the father’s name opens the first door.
Abdul Samad should understand the intricacies of that inheritance better than most. He was himself born into the formidable commercial tradition of the late Khalifah Isyaku Rabiu, the Kano merchant, scholar and industrialist whose name carried considerable weight long before BUA became the corporate colossus it is today. Abdul Samad inherited a tradition of enterprise but did not merely preserve it; he recast it for another age, moving far beyond the familiar pathways of trading into manufacturing on a scale that turned cement, sugar, flour and other essential commodities into the pillars of a modern industrial fortune.
Now the wheel appears to be turning again.
There is an almost poetic symmetry in the fact that another Khalifa is moving towards the centre of the Rabiu story, although it would be simplistic to describe what is happening as a transfer of the crown. BUA is today too sprawling and professionally structured to be reduced to a princely succession tale, and Kabiru Rabiu remains an important figure in its leadership. The more compelling point is that Khalifa has moved beyond merely being part of the family photograph; he now occupies a position where he can be tested by responsibility, measured by results and introduced gradually to the ecosystem surrounding the family enterprise.
That is how serious succession often begins, not with coronation but with apprenticeship. A young man is first handed work that can expose his weaknesses, then brought into relationships that can test his temperament, before the people who have dealt with his father for decades begin, cautiously, to deal with him in his own right. The family name may secure the introduction, but eventually the young man must demonstrate whether there is substance behind it.
For Abdul Samad, therefore, legacy will one day amount to considerably more than deciding how factories, shares and investments are distributed among heirs. The harder inheritance will be culture, discipline, judgement and the instinct for survival that allowed a family trading heritage to become an industrial institution. Kabiru represents an important part of the generation that travelled that journey alongside him; Khalifa increasingly represents the question of what follows after it.
Seen from that perspective, the young man’s growing presence around his father acquires a meaning beyond privilege. He is watching a man who has spent decades learning the peculiar choreography of Nigerian capitalism, where enterprise lives constantly in conversation with government, regulation, foreign capital, infrastructure and politics without necessarily becoming politics itself. He is being allowed to observe not simply how a fortune is enjoyed but how influence is managed, relationships are preserved and institutions are kept alive through changing governments and economic seasons.
That may ultimately be the most valuable thing Abdul Samad can give him.
Factories can be inherited. Shares can change names on a register. Houses and aircraft can pass from father to son with the neat efficiency of lawyers and trustees. What cannot be transferred so easily is the confidence of people who matter, the discipline to remain composed when markets rebel, the instinct to recognise danger before it announces itself and the ability to enter a room full of powerful men without being diminished by them or intoxicated by their attention. Those things take time.
And perhaps that is the deeper meaning of Khalifa walking beside his father into President Tinubu’s Lagos residence on Friday: the young man is no longer being shown only the empire.
He is being introduced, carefully and gradually, to the world around it.
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