News in Brief: AfDB Backs Tinubu's Reforms with $500 Million Loan as Fuel Prices and 2027 Politics Stir Nigeria

The African Development Bank(AfDB) has pledged a $500 million loan to support Nigeria's economic reforms, a significant endorsement of President Bola Tinubu's policies. This financial boost comes amid domestic challenges, including fluctuating fuel prices and a burgeoning political debate over former President Goodluck Jonathan's eligibility for the 2027 election .

Economics and Finance

· Budget Support Loan: The AfDB will lend Nigeria $500 million before the year ends, as part of a $1 billion budget support programme. This follows an initial $500 million disbursed last year. The bank's executive director stated the support is a direct response to the "bold and aggressive macroeconomic reforms" under President Tinubu .

· President Tinubu's Reform Agenda: In a recent independence anniversary address, President Tinubu framed his reforms—including the removal of fuel subsidies and the unification of exchange rates—as essential for long-term growth. He cited encouraging signs of progress, such as a 4.23% GDP growth in the second quarter of 2025 and a fall in inflation to 20.12% in August .

· Fluctuating Fuel Prices: Nigerians are paying more for petrol, with prices in Abuja rising to between N905 and N945 per litre. This hike is attributed to recent supply disruptions caused by a strike at the Dangote Refinery. Although the strike has been resolved, its effects are still being felt at the pumps. Meanwhile, despite Dangote's initiative to deliver fuel without logistics costs, many partner stations have not reduced their prices from around N865 per litre as intended .

Politics and Law

· Legal Challenge to Jonathan: A lawsuit has been filed at the Federal High Court in Abuja seeking to prevent former President Goodluck Jonathan from contesting the 2027 presidential election. The plaintiff argues that if Jonathan were to win and serve a four-year term, he would exceed the constitutional eight-year cumulative limit for the presidency .

· Security Dispute in Kwara: The Kwara State Government has strongly dismissed claims by 2023 Labour Party presidential candidate Peter Obi that nine local government areas in the state are under siege by bandits. The government described the claims as "reckless and totally false," accusing Obi of spreading inaccurate information .