Business
Nigeria’s debt increases to N31tr
Nigeria’s total debt stock has risen in the last three months to N31.009 trillion ($85.897 billion), from N28.628 trillion ($79.303billion), according to the Debt Management Office (DMO).
DMO on Wednesday in Abuja’s new total debt figure comprises the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory (FCT).
The N2.381trillion (or $6.593 billion) increase recorded in the debt Stock, the DMO said, “was accounted for by the $3.36 billion Budget Support Loan from the International Monetary Fund (IMF).”
Other contributors to the nation’s growing debt profile include “New Domestic Borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557 billion Sukuk and Promissory Notes issued to settle Claims of Exporters”.
The DMO has also warned that it expects the Public Debt Stock to grow. “The nation’s debt will grow because of “the balance of the New Domestic Borrowing and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank, which were arranged to finance the 2020 Budget”.
The DMO said more Promissory Notes would be issued later, adding: “This and new borrowings by state governments are also expected to increase the Public Debt Stock”.
It will be recalled that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on the Government’s Revenues and increased expenditure needs on health and economic stimulus, amongst others.
As a result of these borrowings from multilateral financial institutions, the federal government will be compelled to meet some stringent conditionalities like the removal of petroleum products subsidy, adjusted electricity tariffs, currency value adjustments and the IMF auditing of the books of the Central Bank of Nigeria (CBN).
Agriculture
PULA, Leadway Assurance Disburse ₦396 Million to Climate-Affected Farmers, Strengthen Food Security Efforts
In a major intervention to shield smallholder farmers from climate shocks, agri-insurtech firm PULA has spearheaded the disbursement of ₦396,697,672 in insurance claims to over 40,000 farmers impacted during the 2025 wet season.
The payout, executed in partnership with Leadway Assurance and supported by the Presidential Food Systems Coordinating Unit (PFSCU), covered farmers across Taraba, Borno, Kaduna, and Plateau States who suffered climate-related losses.
The initiative was made possible in part by Bayer Foundation, whose $450,000 premium subsidy support in 2025 wet season helped lower the cost of insurance for thousands of vulnerable smallholders in 8 states, with 4 states receiving payouts. The Foundation is set to scale up its contribution to match the growing aspirations of state governments.
Speaking at the cheque presentation ceremony in Abuja during the 2025 Wet Season Insurance Claims Payout under the National Agribusiness Planning Mechanism (NAPM), PULA’s Nigeria Country Director, Dr. Michael Enahoro, said the initiative goes beyond compensation, insisting that it’s about securing Nigeria’s food systems.
“Our focus is not just on payouts but on increasing food production. We must continue to support farmers who work tirelessly under harsh conditions to feed the nation,” Dr. Enahoro said. He called for stronger policies that directly impact farmers and reaffirmed PULA’s commitment to expanding agricultural insurance as a tool for resilience.
PULA’s data-driven approach to climate risk was key to identifying affected farmers and triggering payments. The company worked with Leadway Assurance to underwrite the risk, while PFSCU aligned the program with the national food security agenda. State governments also supported grassroots enrollment.
Gboyega Lesi, MD/CEO of Leadway Assurance, described the payout as “a reinforcement of a safety net that protects the hard work of thousands of farmers,” adding that “through climate insurance, we ensure that a bad season does not translate into total loss of livelihood.” He commended PULA’s technology and field structure for making rapid, transparent payouts possible.
Ayoola Fatona, Global Head of Agric Solutions at Leadway Assurance, noted that the 2025 wet season brought significant climate variability and yield fluctuations. “The true value of insurance lies in claims payment, especially in challenging periods. Our data-driven partnership with PULA helped mitigate losses,” he said.
Looking ahead, PULA and Leadway Assurance plan to scale coverage to 73,000 farmers in the 2026 farming season, deepening penetration of climate insurance across Nigeria’s food-producing belts.
Commissioners from the beneficiary states commended PULA and Leadway Assurance for de-risking agriculture, restoring farmers’ confidence, and building a more resilient agricultural sector
State-by-state breakdown of claims facilitated by PULA:
- Taraba State: ₦154,308,035
- Borno State: ₦127,192,472
- Kaduna State: ₦69,726,150
- Plateau State: ₦45,471,015
Total: ₦396.7 million.
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