Sufthan ®™

[Taiwo Oyedele @taiwoyedele]

𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐌𝐈𝐍𝐈𝐒𝐓𝐑𝐘 𝐎𝐅 𝐅𝐈𝐍𝐀𝐍𝐂𝐄

𝐏𝐑𝐄𝐒�� 𝐑𝐄𝐋𝐄𝐀𝐒𝐄
𝐀𝐛𝐮𝐣𝐚, 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 - 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 10, 2026

𝐅𝐢𝐭𝐜𝐡 𝐑𝐞𝐯𝐢𝐬𝐞𝐬 𝐍𝐢𝐠𝐞𝐫𝐢𝐚'𝐬 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝐭𝐨 𝐏𝐨𝐬𝐢𝐭𝐢𝐯𝐞, 𝐀𝐟𝐟𝐢𝐫𝐦𝐬 '𝐁' 𝐑𝐚𝐭𝐢𝐧𝐠, 𝐂𝐢𝐭𝐢𝐧𝐠 𝐑𝐞𝐟𝐨𝐫𝐦 𝐌𝐨𝐦𝐞𝐧𝐭𝐮𝐦, 𝐒𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐁𝐮𝐟𝐟𝐞𝐫𝐬 𝐚𝐧𝐝 𝐃𝐢𝐬𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧

The Federal Government notes the decision by Fitch Ratings on October 9, 2026 to revise the Outlook on Nigeria's Long-Term Issuer Default Ratings to Positive from Stable, while affirming the ratings at 'B'. A Positive Outlook signals that the rating could be raised if current trends are sustained. Fitch said the action reflects ongoing reform of Nigeria's policy framework and its increased confidence that reform momentum will be sustained.

Fitch attributed the improved outlook to greater naira flexibility, disinflation and faster-than-expected accumulation of foreign exchange reserves. Gross reserves stood at USD54.9 billion on September 25, 2026, up from USD32 billion in mid-April 2024, supported by increased formalisation of foreign exchange transactions, strong portfolio inflows, and higher export receipts and remittances. The agency noted that improved reserve quality has strengthened Nigeria's resilience to external shocks, and it projects a current account surplus of 6.4 per cent of GDP in 2026.

Fitch also pointed to improving performance in the real economy. It forecasts real GDP growth of 4.3 per cent in 2026, up from 4 per cent in 2025, and expects growth to remain above 4 per cent in 2027 and 2028, led by non-oil activity. Crude oil production has met Nigeria's OPEC target of 1.5 million barrels per day since May 2026, while the ramp-up of domestic refining is reducing refined product imports and demand for foreign exchange. Average inflation is forecast to moderate to 15.4 per cent in 2026, less than half its 2024 level.

On public finances and the financial sector, Fitch expects tax reforms to lift non-oil revenue to GDP ratio. It projects general government debt to average 32 per cent of GDP over 2026 to 2028, well below the 'B' median of 56 per cent. The agency also recognised Nigeria's liquid domestic debt market and the bank recapitalisation exercise, with many banks at capital adequacy ratios above 20 per cent, well above regulatory minimums.

With this action, all three major international rating agencies have taken positive rating actions on Nigeria in 2026. S&P Global Ratings upgraded Nigeria to 'B' from 'B-' in May, and Moody's Ratings revised its outlook to Positive in August. Separately, FTSE Russell returned Nigeria to Frontier Market status with effect from September 21, 2026. Taken together, these decisions reflect a converging and increasingly favourable assessment of Nigeria's reform trajectory.

Fitch's Positive Outlook further validates the difficult but necessary reforms implemented under the leadership of President Bola Ahmed Tinubu, GCFR, from removing a costly and inequitable fuel subsidy to unifying the exchange rate and the landmark tax reforms. Our medium-term ambition is to place Nigeria firmly on the path to investment grade. We are committed to this work, not for the rating itself, but because these reforms will lower Nigeria's cost of capital, crowd in private investment and create decent jobs at scale.

The Government also takes note of the areas where Fitch sees room for further progress. Inflation, although falling, remains above that of peer countries; government revenue is still low relative to the size of the economy; and interest costs absorb a high share of that revenue. These are the constraints the Government's reform programme is designed to address.

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭'𝐬 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐝 𝐑𝐞𝐟𝐨𝐫𝐦 𝐅𝐨𝐜𝐮𝐬

- The Government reaffirms its commitment to the priorities that underpin Nigeria's improving credit profile, including:

- Sustaining reform momentum and a disciplined, market-reflective and transparent foreign exchange regime;

- Raising revenue through full implementation of the new tax laws and efficient tax administration;

- Improving fiscal governance through spending efficiency, budget execution and transparent debt management;

- Advancing structural reforms that support non-oil growth and economic diversification; and

- Accelerating conversion of macroeconomic stability into shared prosperity through food security, decent jobs, human development and support for small businesses.

The Ministry notes Fitch's guidance that positive rating action could follow from sustained disinflation and reform implementation, further strengthening of external reserves, and stronger mobilisation of non-oil revenue, all of which remain central pillars of the administration's economic strategy.

𝐓𝐚𝐢𝐰𝐨 𝐎𝐲𝐞𝐝𝐞𝐥𝐞
𝘏𝘰𝘯𝘰𝘶𝘳𝘢𝘣𝘭𝘦 𝘔𝘪𝘯𝘪𝘴𝘵𝘦𝘳 𝘰𝘧 𝘍𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘊𝘰𝘰𝘳𝘥𝘪𝘯𝘢𝘵𝘪𝘯𝘨 𝘔𝘪𝘯𝘪𝘴𝘵𝘦𝘳 𝘰𝘧 𝘵𝘩𝘦 𝘌𝘤𝘰𝘯𝘰𝘮𝘺

[Arsenal @Arsenal]

Congratulations, David 👏

Our Spanish stopper has won Save of the Month for his penalty heroics against Sunderland ❤️

[Taiwo Oyedele @taiwoyedele]

The margin discount is just one of 17 measures already introduced or being considered by the Federal Government to address rising fuel prices and cushion the impact on Nigerians.

Learn more about these interventions at https://t.co/DoO6AB0i4z.

#UnstoppableNigeria #BetterDaysAhead

[Segun(🦁)Showunmi (PhD) @SegunShowunmi]

We have not asked you to support continuity because his name is Asiwaju @officialABAT. He could just as well have been named Peter Atiku Tinubu, and it would make no difference to our argument.

This is not about a name. It is about a national project.

Our plea is simple: give Nigeria the opportunity to continue this journey of national rebirth. The process is underway. Its effects are beginning to emerge, and the ambition is for its benefits to reach every Nigerian, everywhere. There is still work to be done, and the hardship many people face must never be dismissed. But we must not confuse the pain of transition with the failure of the journey.

What we ask is that you look beyond the noise, think deeply, examine the direction of the country, and interrogate the records of those who now offer themselves as alternatives. What exactly are they proposing? How does it differ from what is being done? What did they do when they had the opportunity? And, most importantly, can their promises withstand the scrutiny of their own records?

Nigeria cannot afford to make consequential decisions on the strength of slogans, sentiments, personalities or political resentment. We must judge ideas by their substance, leadership by its record, and policies by their outcomes.

The argument is not that everything is perfect today. The argument is that the work of rebuilding Nigeria must be judged honestly, and the journey must be given the opportunity to deliver its full promise.

That is why we ask you to look again, think deeply, and consider the national interest above every other sentiment.

This is bigger than Asiwaju. It is about Nigeria, the country we must rebuild for ourselves and the generations coming after us.

Otunba Segun Showunmi
The Alternative.

[HandofArsenal @HandofArsenal]

- Rusty performance, no excuses
- Bruno only scores winners / bangers
- Konsa is insanely composed
- Our attack HAS to do more
- Our bench is a cheat code
- Decent Gyökeres cameo
- Calafiori has been sensational all season

[Sufthan ®™ @mammanwhy]

@MukhtarUmar9 @jamesbenge I think it's 2002 actually.

[HandofArsenal @HandofArsenal]

One man saw us in the gutter, the laughing stock of the league and said I am willing to take on the criticism, hate and abuse to connect us back to the club we love. First managerial role, made us Champions of England and still not satisfied. To the very end Mikel Arteta.

[Sufthan ®™ @mammanwhy]

So it has finally come to this. Our politicians don't even rate us 😄😄😄

[David Offor @DavidsOffor]

So Amaechi dressed up, carry an old car in his fleet, drove Atiku in the front seat, wore a mic, arranged a man to ask him question, arranged some people from a section of the country, in company of their full security details to just go and buy fuel of N10,000.

I mean they didn’t even fill their tank, he even paid with cash

All these just to score a political point

Who else noticed that the two men looked as if they forced them to act the script?

[Sufthan ®™ @mammanwhy]

Definitely a duck. Even if it has a flu.

[HandofArsenal @HandofArsenal]

So apparently the owner claims he was not aware NINE HUNDRED MILLION of HIS MONEY was used to fund ILLEGAL payments.

If a duck quacks, its a duck.

[WelBeast @WelBeast]

They were talking to us about mentality when it was just cheating.

[Sufthan ®™ @mammanwhy]

Things I love to see.

[❣️Anne❣️ @USA_Anne711]

⚠️ Cuteness Overload⚠️

Pure innocence meets a golden goddess… and both 💛💛 melt. 🥰

[Sufthan ®™ @mammanwhy]

@ThatG4m Bebeto of Brazil

[AFTV @AFTVMedia]

What Arsène Wenger achieved will forever remain untouched. 👑

The Invincibles. 3 Premier League titles. 7 FA Cups. All achieved while managing stadium debt and strictly adhering to financial regulations, fighting against competitors who completely ignored the rules.

There will only ever be one Arsène Wenger. 🫡

[Premier League @premierleague]

Jay-Jay Okocha. The definition of a baller ✨

[Sufthan ®™ @mammanwhy]

@Sheriff_Jimmy Her name is stuck in my head now. A daddy's dream.

[Adebayo Salami #Dado 🇳🇬 @WASalam_01]

No one is talking about the deteriorating quality of service from mobile service operators.

It’s terrible!

Where is the @NgComCommission ???!

[Sufthan ®™ @mammanwhy]

@dawisu @atiku My son always says " you are copying me"

[Patrick Timmons @PatrickTimmons1]

3 Premier League titles, the Invincibles & 7 FA Cups.

All while obeying the financial regulations, playing under a different set of rules to his competitors & paying off stadium debt.

One Arsène Wenger. 🫡

[Sufthan ®™ @mammanwhy]

@YusufAsunmogejo If they don't have knowledge of little things like, you can't help but wonder what they actually know. People that social media is their classroom. SMH

[Nasir Ahmad El-Rufai @elrufai]

📌