Babagana Zulum said the blasts caused casualties and injuries, condemning the attacks as “utterly condemnable, barbaric, and inhumane,” though he did not provide a breakdown of victims or identify those responsible.

Security sources and residents said the first explosion occurred at a post office in the city centre, followed shortly by another at the popular Monday market nearby.

Additional blasts were reported at the University of Maiduguri Teaching Hospital and in the Kaleri neighbourhood in the eastern part of the city.Witnesses said they saw bodies at the market site, but the number of casualties and the cause of the explosions were not immediately confirmed.

Police spokesperson Nahum Daso Kenneth said security personnel and emergency responders were deployed to affected areas following the incidents.

Authorities urged residents to remain calm and avoid blast sites while assessments and rescue efforts continued.

The attacks came hours after the Nigerian military said it had repelled assaults on the outskirts of Maiduguri by suspected Islamist insurgents.

Militant groups including Boko Haram and Islamic State West Africa Province have intensified operations in Borno State in recent weeks, targeting military bases, killing troops and seizing weapons.

Finance Minister Wale Edun convened the country’s Economic Management Team to assess how rising geopolitical tensions could affect crude oil prices, capital flows and logistics costs, the ministry said in a statement.

Officials said instability linked to the conflict is already pushing up global crude prices, with concerns centred on possible disruptions near the Strait of Hormuz, one of the world’s most critical oil shipping routes.

The ministry said higher oil prices could translate into increased domestic costs for fuel, diesel, cooking gas and fertiliser, potentially placing additional pressure on households and businesses.

Authorities warned that prolonged instability in the Middle East could also intensify inflationary pressures and raise living costs.

Government officials said they are closely tracking a range of economic indicators, including crude price movements, exchange-rate pressures, capital flows, fiscal risks and foreign reserve levels.

The review comes as policymakers weigh potential spillover effects from global market volatility on the country’s financial stability.

The finance ministry said Nigeria entered the period with strengthening macroeconomic fundamentals, citing gross domestic product growth of 4.07% in the fourth quarter of 2025.

Authorities said policies would remain under review to protect households and businesses while maintaining investor confidence as global market conditions evolve.