Welcome to this week’s edition of 234Digest, where Nigeria’s unfolding fiscal story meets reform ambitions amid pressing security and social concerns.

As the nation pushes ahead with landmark tax system overhauls and earns a brighter sovereign credit outlook, calls intensify for clarity over missing public funds that stir debates on accountability. Meanwhile, the recent tragic attack on a girls’ school in Kebbi and a dramatic World Cup qualifying setback remind us of the difficult context in which these reforms and national aspirations unfold.

This week’s briefing, slightly behind the usual Monday release, seeks to offer a clear-eyed overview of these vital stories shaping Nigeria’s future, bringing you insights and concise balanced reporting from across the economic, governance, security, and sports spheres.

As always, thank you for joining me on these weekly chronicles of Nigeria’s evolving story. A huge warm welcome as well to the new email subscribers who recently signed up to receive these dispatches.

It’s just past 6:30 p.m on a sunny Tuesday in Abuja as I hit send on this one.

Let’s dive in.

Samuel Okocha, Editor, 234Digest, here.

Today’s briefs

Nigeria faces fresh call for transparency over missing CBN funds

The Central Bank of Nigeria CBN (CBN) is bracing for increased scrutiny after the Socio-Economic Rights and Accountability Project (SERAP), a Nigeria based advocacy group, last Sunday issued a seven-day ultimatum to the CBN Governor Olayemi Cardoso to account for N3 trillion ($2.1 billion) in public funds highlighted as missing or diverted in the 2022 Auditor-General’s report.

The ultimatum follows the report, published by the Auditor General in September 20025, which alleges that the CBN failed to remit over N1.4 trillion of the federal government’s operating surplus and flagged additional unpaid loans.

SERAP is demanding immediate full recovery and prosecution of those responsible.

Nigeria accelerates fiscal reforms to modernize and widen tax base

Nigeria is taking steps to boost its revenue collection with new international agreements on the back of tax reforms set to take effect in January 2026.

The country has signed agreements with over 100 countries to track income earned abroad by its citizens, targeting remote workers and holders of undeclared foreign assets. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stressed at a National Orientation Agency webinar that all such incomes, whether from platforms like Google or companies in tax havens, must be declared locally. Financial inflows will be monitored via international data-sharing under the Common Reporting Standards.

Nigeria is also partnering with global tech firms to ensure Value Added Tax is paid on online services, a move that has already generated significant revenue. Clarifying concerns over the 2026 capital gains tax, Oyedele confirmed it will not be retroactive and incorporates provisions to protect prior gains and ease compliance burdens.

S&P upgrades Nigeria’s sovereign rating outlook on reform progress

Nigeria’s reform momentum recorded a new milestone after S&P Global Ratings upgraded the country’s sovereign credit outlook to “positive” from “stable,” with the ‘B-’ rating maintained.

The upgrade comes in light of ongoing fiscal, monetary, and economic reforms, which are driving improvements in macroeconomic indicators. The reform momentum is expected to drive Nigeria’s growth, with S&P projecting 3.7% acceleration in 2025-2028, fueled by higher oil production and improved private sector confidence. As fiscal revenue improves, debt servicing costs are anticipated to decline, further strengthening Nigeria’s external and fiscal positions.

That said, challenges remain. High inflation, low GDP per capita, and weak statistical infrastructure are some of them. The S&P upgrade highlights the government’s effort to surmount them.

Nigeria’s inflation rate eases for seventh consecutive month amid economic adjustment pains

Nigeria’s inflation rate continued its steady decline, easing to 16% in October from 18% in September, according to data released by the National Bureau of Statistics.

This marks the seventh consecutive month of falling inflation, offering some reprieve to citizens coping with ongoing reforms. Subsidy removals on fuel and the unification of exchange rates, while necessary to stabilize the economy, have weakened the naira and sharply increased petrol prices, raising transport and consumer costs.

The cooling inflation is a welcome relief for many as the government walks the tight rope of balancing reform with alleviating everyday economic pressures.

Nigerian trade with Africa surges 14%, strengthening regional ties

Trade between Nigeria and other African nations rose by 14% in the first half of 2025, increasing by 600 billion naira ($415 million) to a total of 4.82 trillion naira.

Comptroller General Bashir Adewale Adeniyi attributed the growth to enhanced regional partnerships and Nigeria’s active promotion of continental commerce.

MTN Group reports robust growth from Nigeria and Ghana businesses

MTN Group, Africa’s largest telecom operator with more than 300 million customers in 16 markets on the continent, posted a 25.9% rise in service revenue for the first nine months of 2025, driven by strong performances in Nigeria and Ghana.

Excluding currency fluctuations, the group service revenue rose 22.6%, underscoring continued telecom sector resilience despite regional economic uncertainties. MTN Nigeria led growth with a 57.1% rise in service revenue while MTN Ghana rose 35.9%, supported by lower inflation and more stable exchange rates.

The January 2025 approval of tariff hike in Nigeria raised rates by 50%, contributing to MTN Nigeria’s robust 57.15 rise in service revenue. The move was aimed at helping operators offset the impact of the naira’s collapse and surging inflation, which had squeezed margins.

Bandit attack on Kebbi school leaves vice principal dead and 25 students abducted

Armed assailants invaded the Government Girls Comprehensive Secondary School in Maga, in Nigeria’s northwestern Kebbi State, killing Vice Principal Hassan Yakubu Makuku and abducting 25 students in a pre-dawn attack on Monday.

The attackers scaled the school fence, firing shots and kidnapping the girls from their hostel. One of the abducted students escaped and is safe, according to the school’s principal. Police engaged the bandits, but the students were taken. The Kebbi Deputy Governor has since been dispatched to assess the situation.

The attack, reminiscent of Boko Haram’s kidnapping of 270 Chibok schoolgirls in 2014, highlights the persistent threat of banditry and kidnapping in Nigeria, and raises concern about the safety of schools and students.

DR Congo ends Nigeria’s World Cup dreams in tense shootout

Nigeria’s bid for the 2026 World Cup ended in a 4-3 penalty shootout loss to the Democratic Republic of Congo in Rabat. The game ended 1-1 in regulation time.

Despite a higher ranking and early lead, Nigeria fell to DR Congo’s resilience and goalkeeper Timothy Fayulu’s key saves.

DR Congo, who last appeared at a World Cup in 1974 as Zaire, advances to the inter-confederation playoffs next March, while Nigeria, chasing a seventh appearance, ends its journey.

Words of wisdom: "The future belongs to those who believe in the beauty of their dreams."—Eleanor Roosevelt

Photo of the day

And that concludes it for today’s roundup. Many thanks for joining me. Until next week Monday (or Tuesday), when the next dispatch arrives, have a fantastic week.

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