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Oil Exports Drive Nigeria’s Current Account Surplus To $4.98bn

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Nigeria’s current account surplus rose sharply by 255.7 per cent quarter-on-quarter to $4.98bn in the first quarter of 2026, driven by higher crude oil, gas and refined petroleum exports, as well as a steep decline in petroleum product imports, according to the latest Balance of Payments report released by the Central Bank of Nigeria on Wednesday.

The apex bank, in its Q1 2026 Balance of Payments Highlights, stated that “provisional balance of payments statistics for Q1 2026 show a current account surplus of $4.98bn, which was higher than the $1.40bn and $3.41bn recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025), respectively.”

The report showed that the current account surplus expanded by 255.71 per cent from the $1.40bn recorded in the fourth quarter of 2025 and was 46.04 per cent higher than the $3.41bn surplus posted in the corresponding period of 2025.

According to the CBN, the improvement was supported by increased earnings from crude oil exports, gas exports and refined petroleum product exports, alongside a significant reduction in refined petroleum product imports and lower net out-payments on the primary income account.

The report noted that crude oil export earnings rose to $8.11bn in Q1 2026 from $6.77bn in Q4 2025, while gas exports increased to $2.53bn from $2.24bn. Refined petroleum product exports also climbed to $2.37bn from $1.97bn during the period. At the same time, refined petroleum product imports plunged by 87.5 per cent to $0.31bn from $2.48bn in the preceding quarter.

A breakdown of the external sector data showed that the goods account, which is the largest component of the current account, recorded a surplus of $5.95bn in Q1 2026, compared with $1.77bn in Q4 2025 and $3.35bn in Q1 2025.

The CBN said, “The goods account (a major sub-account in the current account) recorded a significantly higher surplus of $5.95bn in Q1 2026, as against $1.77bn and $3.35bn recorded in the preceding quarter and corresponding period of 2025.”

The stronger goods account position was underpinned by a rise in total exports to $15.49bn from $13.36bn in the previous quarter, largely due to higher crude oil and gas exports. Meanwhile, total imports fell to $9.54bn from $11.59bn, reflecting lower imports of refined petroleum products and non-oil goods.

Crude oil exports increased by 19.79 per cent quarter-on-quarter to $8.11bn, while gas exports rose by 12.95 per cent to $2.53bn. Refined petroleum product exports jumped by 20.3 per cent to $2.37bn. Non-oil exports also improved marginally by 4.62 per cent to $2.49bn.

On the import side, non-oil imports declined by 10.49 per cent to $7.85bn, while refined petroleum product imports dropped sharply to $0.31bn from $2.48bn. However, crude oil imports rose to $1.39bn from $0.34bn recorded in Q4 2025.

The report also showed mixed performances across other current account components. Net out-payments on services increased to $3.71bn from $3.32bn, driven largely by higher net debits in travel and other business services.

“The increase in net out-payments for services was largely due to increases in net debits in travel and other business services,” the bank stated.

The primary income deficit narrowed to $2.83bn from $3.27bn in the preceding quarter, reflecting lower dividend and interest payments to foreign investors. According to the report, “This was largely attributable to a decrease in out-payments (dividend and interest) to non-residents’ investments, mostly to direct investors.”

The secondary income account surplus, which largely captures remittance inflows, declined to $5.57bn from $6.21bn. Personal transfers from Nigerians in the diaspora fell to $5.30bn from $5.72bn in Q4 2025.

Despite the stronger current account position, the financial account remained in a net borrowing position. The report showed that net borrowing increased to $2.51bn in Q1 2026 from $1.96bn in the previous quarter.

Portfolio investment inflows strengthened during the period, rising to $6.03bn from $5.27bn in Q4 2025, while direct investment inflows moderated slightly to $1.03bn from $1.11bn. Nigerian investments abroad recorded outflows of $0.20bn under direct investment assets and $0.26bn under portfolio assets.

The CBN attributed developments in the financial account to increased portfolio investment inflows, a marginal decline in direct investment inflows, accretion to external reserves, and increased acquisition of portfolio investment assets abroad by residents.

Further analysis of the balance of payments data showed that Nigeria recorded an overall balance of payments surplus of $2.38bn in Q1 2026, lower than the $2.67bn surplus achieved in Q4 2025. The stock of external reserves, however, rose significantly to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.

The report also highlighted a deterioration in net errors and omissions, which widened to negative $7.49bn in Q1 2026 from negative $3.36bn in the preceding quarter.

The latest figures indicate that improvements in oil production, rising petroleum exports and reduced dependence on imported fuel continued to strengthen Nigeria’s external position during the first quarter, helping to offset weaker remittance inflows and higher service-related outflows.

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Tinubu Approves New Recruitment Into Federal Civil Service

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Nigeria, Benin Sign Integration Pact

President Bola Tinubu has approved the recruitment process for 3,252 verified Parent-Teacher Association teachers into the Federal Civil Service, a move aimed at addressing the persistent shortage of teachers in Federal Unity Colleges and improving the quality of education.

The Minister of Education, Dr Tunji Alausa, disclosed this in a statement issued on Thursday by his Special Adviser on Media and Communications, Ikharo Attah.

According to the minister, priority will be given to verified PTA teachers, many of whom have served in Federal Unity Colleges and Federal Technical Colleges for almost 25 years, allowing them to become part of the mainstream public service.

Alausa described the approval as a major intervention by the Tinubu administration and one of the most significant efforts to strengthen the teaching workforce, while recognising the contributions of thousands of PTA teachers who have sustained learning in federal schools over the years.

“This is a president who cares deeply for Nigeria and for the future of our country.

“The president has approved the recruitment of teachers. Priority will be given to absorbing verified PTA teachers, many of whom have served in our Federal Unity Colleges and Federal Technical Colleges for almost 25 years. This approval provides them with the opportunity to become part of the mainstream public service,” the minister said.

He said the recruitment followed a comprehensive verification exercise conducted by an inter-ministerial committee, which screened eligible PTA teachers across Federal Unity Colleges.

The exercise, he said, verified “3,252 teachers across the cadres of Education Officers, Assistant Education Officers and Technical Instructors, paving the way for their regularisation upon completion of all statutory requirements.”

Describing the development as a milestone under the Renewed Hope Agenda, Alausa said the recruitment would improve the teacher-student ratio in Federal Unity Colleges while rewarding teachers who had remained committed despite years of uncertainty.

According to him, integrating experienced PTA teachers into the federal public service would preserve institutional knowledge, strengthen classroom instruction and improve learning outcomes across the colleges.

“The recruitment forms part of the Federal Government’s broader efforts to improve teacher quality and reposition the colleges as centres of academic excellence,” he said.

The minister added that the education ministry would continue to work with relevant government agencies to conclude the remaining statutory processes required for the issuance of the final recruitment approval in line with public service regulations.

He thanked Tinubu for approving the exercise, saying the decision demonstrated the administration’s resolve to place education at the centre of national development.

“Investing in teachers is fundamental to building a stronger education system, as no education system can rise above the quality of its teachers,” he said.

Alausa assured all verified PTA teachers that the regularisation process would be concluded with transparency, fairness and due diligence.

He also reaffirmed the ministry’s commitment to implementing policies that strengthen the teaching profession, improve learning outcomes and ensure that learners in Federal Unity Colleges receive quality education from competent and dedicated teachers.

For years, Federal Unity Colleges have relied on PTA teachers engaged and paid by PTAs to bridge chronic staffing gaps caused by inadequate recruitment into the federal teaching service. Many of the teachers have worked in the colleges for between 10 and 25 years without permanent appointments, despite performing the same classroom responsibilities as regular government-employed teachers.

Successive administrations received appeals from the affected teachers and education stakeholders to regularise their appointments, arguing that the prolonged reliance on PTA-funded staff placed a financial burden on parents and created job insecurity for thousands of qualified teachers.

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BREAKING: Tinubu Takes Fresh Action After EFCC Freezes Osun Government Accounts

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President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately approach the court to vacate an order freezing the bank accounts of the Osun State Government, saying the timing of the action could undermine public confidence in the forthcoming governorship election.

The President made this known in a statement issued on Thursday after it emerged that the EFCC had secured a court order on August 5, 2026, freezing the state’s accounts.

Tinubu said although he respects the independence of anti-corruption agencies and had no prior knowledge of the EFCC’s action, he was concerned that the move came just days before the Osun governorship election.

According to him, actions taken by federal institutions are often attributed to the Presidency, regardless of whether he was involved in the decision-making process.

“I feel deeply embarrassed, not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action,” the President stated.

Tinubu reiterated that since assuming office, he has consistently allowed the EFCC and other law enforcement agencies to carry out their constitutional responsibilities independently, without political interference or executive directives.

He stressed that strong democratic institutions must operate within the law and without fear or favour, adding that he has deliberately avoided interfering in the operational activities of anti-corruption agencies.

The President, however, noted that while he had yet to receive the full details surrounding the EFCC’s decision to obtain the court order, the timing of the action was “inauspicious” given the proximity of the Osun governorship election.

He warned that no action should create the impression that any federal agency was being used to influence or interfere with the electoral process.

“In the overriding public interest of preserving public confidence and the integrity, credibility, and fairness of our democratic process, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” Tinubu said.

The directive is expected to ease concerns over the freezing of the state’s accounts as political parties and stakeholders prepare for the governorship election in Osun State.

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BREAKING: Dangote, BUA, Other Dealers Announce New Cement Prices Nationwide

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Leading manufacturers, including Dangote Cement and BUA Cement, have adjusted cement prices nationwide, with a bag now selling for as high as N12,000 in many parts of the country.

Industry operators say the latest increase marks another sharp jump from previous prices of between N11,000 and N11,500, deepening concerns about affordability and slowing construction activities.

Experts point to rising energy costs as the primary trigger behind the new pricing regime. Manufacturers are grappling with higher fuel prices, which directly impact production processes that rely heavily on energy.

Chairman of the Lagos Chamber of Commerce and Industry Construction and Engineering Group, Soji Adeniji, explained to Legit.ng that the surge in fuel prices has significantly raised factory operating costs.

According to him, the increase in petrol prices from around N1,000 to nearly N1,900 per litre has placed additional pressure on cement producers, forcing them to pass on the cost to consumers.

Stakeholders also link the rising prices to global developments, particularly tensions in the Middle East, which have disrupted energy markets worldwide.

These disruptions have cascading effects on input costs, further compounding the challenges faced by manufacturers already dealing with local economic pressures.

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