RFA Breakfast Paper - October 29, 2026
Tinubu Defends $21.7bn Borrowing Plan
President Tinubu on Thursday defended his proposed external borrowing plan of $20.52bn and €1.05bn (about $21.7bn) for 2026–2027, arguing in a published essay that loans should be judged by what they build. He tied the financing to the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, grid upgrades and Lagos port modernisation, and to a $1trn economy target by 2030. He cited Q2 GDP growth of 4.43%, September inflation of 14.63% (20.98% a year earlier), gross reserves of $55.1bn (about $46bn net) and a tax-to-GDP ratio of 12.5%. The defence follows calls for project-by-project disclosure, as DMO data show total public debt rose to ₦166.79trn at end-June from ₦159.35trn in March. For investors, longer-tenor external funding eases near-term refinancing pressure but adds to Eurobond supply; spreads will depend on visible project delivery and reserves holding above $55bn.
Alphabet Slide Drags Nasdaq Down 1.38%
The S&P 500 fell 0.30%, snapping a three-day winning streak, and the Nasdaq lost 1.38% as Alphabet had its worst day on record after its first double miss since 2022 and negative free cash flow. Breadth was strong beneath the surface: the equal-weight S&P 500 rose 1.20%, led by health care and real estate. Q3 GDP grew 3.4% annualised and September PCE prices rose 3.6% y/y, yet the 10-year yield fell 7bps to 4.98% on safety demand. December hike odds eased to 78%; AI spending that outruns cash flow is now the key equity risk.
Dangote Cement Lifts NGX ASI to Record
The NGX All-Share Index rose 0.47% to a record 254,083.02 on Thursday, reversing Wednesday's loss as market capitalisation gained ₦779.31bn to an all-time high of ₦164.97trn. Dangote Cement drove the move, rising 5.82% to ₦1,420.00 and lifting the NGX Industrial Index 3.41%. Banks moved the other way: First Holdco fell the 10% daily limit to ₦125.55 on 343.8m shares, pulling the Banking Index down 2.10%, with mild losses in UBA and GTCO. Volume rose 61.88% to 654.14m shares across 35,789 deals, and eTranzact (+10.00%) led gainers. The split leaves the record resting on one heavyweight while profit-taking in banks persists.
