NEWS
OPEC Sees Borrowing Dragging Down Nigeria’s Higher Oil Output
Nigeria’s economic growth is at the risk of headwinds from elevated borrowing costs and persistently high inflation despite stronger oil production, improved macroeconomic stability and ongoing economic reforms.
The Organisation of the Petroleum Exporting Countries (OPEC) expressed the view in its July Monthly Oil Market Report.
According to the OPEC Nigeria’s near-term economic outlook remained positive, supported by improved macroeconomic stability, steady oil production, recovering private-sector activity and continued reform momentum.
According to the report, the country’s economy expanded 3.9 percent year-on-year in the first quarter of 2026, only slightly below the 4.0 percent growth recorded in the fourth quarter of 2025, indicating that growth remained close to recent highs.
ALSO READ: Lokpobiri Lures Investors with PIA
The oil cartel, however, warned that rising inflation, high borrowing costs and the need to maintain exchange-rate stability remained significant risks to the country’s economic outlook.
The OPEC stated, “Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges”.
The report noted that the non-oil sector continued to drive economic expansion, with agriculture, manufacturing, construction, trade, finance and insurance providing the main support for growth.
“The non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign-exchange inflows and external buffers. Survey indicators also point to continued near-term momentum,” the organisation noted, adding that increased oil production had strengthened government revenues, foreign exchange inflows and external reserves.
The OPEC also cited business survey data showing sustained private-sector expansion, noting that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index eased marginally to 53.4 in June from 54.1 in May but remained above the 50-point threshold that signals expansion.
According to the report, the improvement was driven by higher output, stronger new orders and resilient customer demand, although manufacturing activity softened slightly during the period.
The organisation also said increased domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to enhance energy availability and reduce import-related pressures on the economy.
It stated, “At the same time, manufacturing activity was slightly softer. Higher domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to support energy availability and reduce some import-related pressures.”
On inflation, the OPEC noted that consumer prices continued to rise, with the inflation rate increasing to 15.9 percent year-on-year in May from 15.7 percent in April, as food prices continued to erode household purchasing power.
It said the inflationary trend meant monetary policy was likely to remain cautious despite improved exchange-rate stability and stronger oil-related inflows.
“Inflation rose further to 15.9 percent y-o-y in May, up from 15.7 percent, y-o-y in April, with food prices still putting pressure on household purchasing power. This means that monetary policy is likely to remain cautious, despite improved exchange-rate stability and stronger oil-related inflows,” the report noted.
NEWS
PTDF Succour 15,000 Nigerians with Scholarships
The Petroleum Technology Development Fund (PTDF) said it has sponsored nearly 15,000 Nigerians for studies at home and abroad, with 1,571 scholars currently studying in 15 countries, as of July 2026.
This is as the Fund is now asking the United Kingdom (UK) to help address visa rejections, high tuition fees and the monitoring of its scholars, which it says are putting pressure on the programme.
The executive secretary of the Fund, Prof Shu’aibu Shehu Aliyu, made the request on Tuesday at a meeting with the British High Commissioner to Nigeria, Pete Vowles. The meeting was held at the General Shehu Musa Yar’adua University of Geological Sciences and Engineering Technology, Kaduna.
According to Aliyu, the Fund had sponsored the beneficiaries through its Overseas Scholarship Scheme and In-Country Scholarship Scheme, for undergraduate and postgraduate studies.
He said that as of July 2026, 1,571 scholars were studying in 15 countries and more than 120 partner institutions. He added that demand for PTDF scholarships was still rising.
READ MORE: Investors Embrace DPRP IPO Globally, 120 Countries, 54 African Nations
The executive secretary said the UK had for decades been the Fund’s main partner in building skills for Nigeria’s energy sector.
He said the PTDF worked with 24 British universities, including Robert Gordon, Strathclyde, Portsmouth, Aberdeen, Newcastle, Birmingham, Glasgow, Leicester, Liverpool and Manchester.
He said the partnership had helped train thousands of Nigerian engineers, geoscientists, researchers and energy professionals.
Aliyu also said the Fund worked with institutions in Germany, France and Malaysia, where it sought cheaper ways to train Nigerians. He said the Fund still wanted to keep its long-standing ties with the UK.
The ES told the High Commissioner that the Fund was facing problems with its UK partners. He listed these as tuition fees that were high compared with other European countries, and visa rejections.
“I would like to take this opportunity to highlight several challenges we are facing with our UK partners for the High Commissioner’s attention,” he said.
He said the Fund also wanted a plan to monitor its scholars in the UK, with support from the UK government and the host universities.
Aliyu did not give figures for the fee increases or the number of visa rejections.
In response, Vowles said the British High Commission understood the difficulties, especially those linked to visas and increases in tuition fees.
“We will take these concerns away as a team and communicate them to the relevant stakeholders within the UK system,” he said.
The High Commissioner said the PTDF and the High Commission had worked together to simplify the process. He said the PTDF’s recognition as a government-approved sponsor was expected to help.
“Having the PTDF recognised as a government-approved sponsor will hopefully make the process much smoother,” he said.
He did not promise any change in fees or visa rules.
NEWS
Lagos Warns Hospitals Against Denying Emergency Care Over Payment
The Lagos State Government has warned healthcare providers against denying emergency medical treatment to patients because of financial constraints, insisting that patients must be stabilised before payment or health insurance details are discussed.
Governor Babajide Sanwo-Olu gave the warning on Wednesday while flagging off the enforcement of Executive Order EO/BOS/01 of 2024 and unveiling the Lagos Private Health Plans (LPHP).
The governor said the policy was designed to protect residents from the financial burden of unexpected medical expenses and ensure that access to healthcare does not depend solely on their ability to pay when illness or an emergency occurs.
SEE MORE: Sanwo Olu, Oba Of Elegushi Told Us They Don’t Know Sam Larry – Police
“We are also setting a firm boundary for all healthcare providers, no hospital in Lagos is permitted to turn away anyone needing emergency care due to financial constraints,” Sanwo-Olu said.
“Patients must be stabilized first before any payment or insurance details are discussed,” he added.
Under the arrangement, Lagos residents have until December 31, 2026, to obtain health insurance coverage, with formal enforcement scheduled to begin on January 1, 2027.
Explaining the need for the policy, the governor said rising healthcare costs had made reliance on direct payments during emergencies increasingly difficult for families.
“Healthcare costs are rising rapidly and relying on cash payments when an emergency strikes simply does not work,” he said.
“We are changing that system today so that quality care is accessible to all without putting your life savings at risk.”
The initiative introduces the Lagos Private Health Plans to extend insurance coverage to salaried workers and corporate organisations, complementing the existing Ilera Eko scheme, which caters to vulnerable residents and people working in the informal sector.
According to Sanwo-Olu, 21 Health Maintenance Organisations (HMOs) have already joined as partners to expand coverage across the private sector.
Lagos Increases Health Equity Fund to ₦3bn
As part of efforts to ensure that low-income residents are not excluded from healthcare coverage, the state government has increased its Health Equity Fund from ₦1 billion to ₦3 billion.
Sanwo-Olu said the expanded fund would enable the government to pay insurance premiums directly for more than 500,000 residents who cannot afford coverage on their own.
“To ensure no one is left behind, we tripled our Health Equity Fund from ₦1 billion to ₦3 billion,” he said.
“This allows us to pay premiums directly for over 500,000 residents who cannot afford insurance on their own.”
The governor also emphasised that employers must take responsibility for the healthcare coverage of their workers, describing it as a mandatory obligation comparable to pension contributions.
“To our business owners and employers, employee healthcare is not an optional extra, it is a mandatory responsibility just like pensions,” he said.
He added that strengthening healthcare financing would help retain medical professionals in the country.
“To our doctors and medical professionals, strengthening our healthcare financing builds the solid foundation we need to keep your talents right here at home,” Sanwo-Olu said.
The governor maintained that the reform would help families avoid financial hardship caused by unexpected medical bills while encouraging more residents to seek treatment when necessary.
“We are protecting families from the burden of unexpected medical bills, helping more people seek care when they need it and building a healthcare system that works for everyone,” he said.
He added: “No one should have to choose between getting medical care and protecting their household finances.”
With the December 31 deadline approaching, residents, workers and employers are expected to obtain the required health insurance coverage before formal enforcement begins on January 1, 2027.
Sanwo-Olu said the ultimate objective was to build a healthcare system in which quality medical services were accessible and affordable to residents across the state.
NEWS
₦70,000 Monthly Allowance: FG, NLC Leave Minimum Wage Dispute Unresolved
The Federal Government and the Nigeria Labour Congress (NLC) have agreed on a ₦70,000 monthly transport allowance for workers for six months, beginning in November 2026, but failed to resolve their disagreement over the effective date for implementing the national minimum wage.
The agreement was reached at a conciliation meeting between the Federal Government and organised labour at the Ministry of Labour and Employment in Abuja on October 27, 2026.
The transport intervention is part of measures proposed by the Federal Government to cushion the effects of rising petroleum pump prices and the resulting pressure on workers’ finances.
SEE ALSO: NLC Ultimatum: Wage Demands Can Be Resolved in Two Weeks – HR Expert
Under the resolutions reached at the meeting, the government will provide the monthly transport allowance for six months, beginning in November.
However, despite the agreement on transport support and other welfare measures, the minimum wage implementation date remains unresolved.
FG, NLC to Begin Minimum Wage Negotiations
As part of efforts to address the disagreement, the meeting agreed that the Minimum Wage Negotiation Committee should be constituted and commence meetings immediately.
The move is expected to provide a platform for further discussions between the government and organised labour on workers’ minimum wage demands.
The failure to agree on an implementation date leaves the issue open even as both parties pursue other measures aimed at easing the financial pressure on Nigerian workers.
FG Agrees to Pay Outstanding Allowances
The resolutions also provide for the payment of peculiar allowance arrears in three equal monthly instalments beginning in November 2026.
For health workers, the Federal Government agreed to redeem 19 months of outstanding allowances within three months, starting in December 2026.
The meeting also addressed the proposed hazard allowance for agricultural officers.
According to the resolutions, the Federal Ministry of Agriculture and Food Security had submitted the list of beneficiaries and the associated cost implications to the National Salaries, Incomes and Wages Commission for verification.
The commission is expected to complete the verification exercise within two weeks and issue an implementation template.
Decision on Health Workers’ Salary Adjustment Pending
The proposed adjustment to the Consolidated Health Salary Structure (CONHESS) was also discussed during the meeting.
The National Salaries, Incomes and Wages Commission is expected to complete an updated assessment of the cost implications within three weeks.
The assessment will be forwarded to the Presidential Committee on Salaries for consideration.
No final decision on the proposed adjustment was announced in the resolutions.
Tax Relief Referred to NEC
On tax relief for workers, the meeting agreed that the matter should be referred to the National Executive Council (NEC) for consideration.
The resolutions stated that, “Since tax is a statutory matter, the issue of tax relief for workers will be taken to National Executive Council (NEC).”
The meeting did not specify the proposed tax relief measures or when a final decision would be made.
FG, NLC to Review Implementation
The Federal Government and the NLC also urged state and local governments to participate in the intervention process.
The parties agreed to reconvene after one month to assess progress on the resolutions reached at the meeting.
The agreement was signed on behalf of the Federal Government by the Minister of Labour and Employment, Dr Muhammad Maigari Dingyadi; the Director-General of Budget, Timi Yakubu; and the Permanent Secretary of the Service Welfare Office in the Office of the Head of the Civil Service of the Federation, Dr Garba Abdul S.U.
NLC President, Comrade Joe Ajaero, signed on behalf of the Congress, while Olowoyo Gbenga signed for the Joint National Public Service Negotiation Council (JNPSNC).





