President Bola Ahmed Tinubu has commended the Bank of Industry (BOI) for disbursing a record N636 billion to more than 7,000 businesses in 2025; the highest annual financing in the bank’s history.

According to a State House statement, N202 billion went to agro-allied enterprises, N100 billion to critical infrastructure such as broadband, power and transportation, N79 billion to manufacturing, N77 billion to extractive industries, and N55 billion to services. An additional N73 billion was deployed as managed and matching funds.

Breakdown by business size shows large enterprises received N375 billion, SMEs N178 billion, nano businesses N51 billion, and micro enterprises N32 billion.

Under the Federal Government’s N200 billion MSME intervention programme, BOI reportedly achieved over 95 percent performance as a disbursing institution, while the Presidential Conditional Grant Scheme reached 957,400 beneficiaries in 2025.

The bank’s financing activities contributed to the creation and retention of about 1.6 million jobs and supported over 7,000 MSMEs and 570 startups.

Inclusive programmes saw women-owned enterprises access funding under a N10 billion facility, while youth-owned businesses received N12 billion. In rural areas, 880 enterprises accessed N6.5 billion across the 36 states and the FCT.

BOI maintained a non-performing loan ratio below 1.5 percent and strengthened its lending capacity with a €2 billion syndicated facility secured in 2024 and €210 million mobilised in 2025.

President Tinubu described the milestone as evidence that ongoing economic reforms are expanding access to long-term capital and supporting industrial growth.

The Senate has raised fresh concerns over the budget performance and projections of the Nigerian Bulk Electricity Trading (NBET) Plc and the Fiscal Responsibility Commission (FRC), directing both agencies to return with revised 2026 estimates.

Speaking during a budget defence session before the Senate Committee, NBET Managing Director, Mr. Akinawo Johnson, revealed that the agency could not fully implement its 2025 budget due to delays in approval and release of funds. He explained that the budget was passed late in the fiscal year, leaving little time for execution of planned activities.

Johnson stated that although N858 billion was appropriated for the agency in 2025, only N60 million was released and the funds were yet to be accessed. He said the unspent allocation had been incorporated into the proposed 2026 budget, which now stands at N601 billion, to enable NBET meet critical operational and financial commitments within the electricity sector.

However, members of the committee expressed dissatisfaction with the figures presented and ordered the agency to submit a comprehensive breakdown of its 2026 proposal to the committee secretariat before Monday for further examination.

In a related development, the Managing Director of the Fiscal Responsibility Commission, Mr. Charles Abana, also appeared before the lawmakers to defend the commission’s budget proposal.

Chairman of the committee, Senator Sani Musa, emphasised the need for transparency, accuracy and fiscal discipline in budget presentations. He directed both agencies to review their submissions and return with corrected documents after conducting detailed internal assessments.

The committee reiterated its resolve to enforce accountability and ensure strict compliance with budgetary provisions through its oversight mandate.

Vice President Kashim Shettima has departed Abuja for Addis Ababa, Ethiopia, to represent President Bola Ahmed Tinubu at the 2026 African Union (AU) Summit.

The summit, themed “Assuring Sustainable Water Availability and Safe Sanitation Systems to Achieve the Goals of Agenda 2063,” will focus on strengthening continental commitments to sustainable water management, improved sanitation infrastructure, and broader development targets outlined in the AU’s long-term Agenda 2063 framework.

While in Ethiopia, Shettima will participate in the 39th Ordinary Session of the Assembly of AU Heads of State and Government and the 30th General Assembly, scheduled for February 14 and 15, respectively.

According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), the Vice President is also expected to attend high-level side events and hold bilateral meetings with political and business leaders to advance Nigeria’s diplomatic, economic, and strategic interests across Africa.

Shettima is accompanied on the trip by cabinet ministers and other senior government officials and is expected to return to Nigeria after completing his official engagements at the summit.