FAAC shares N1.969tn as December revenue to FG, states, LGCs in Nigeria
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.969 trillion as revenue for December 2025 to the Federal Government, state governments, and local government councils across Nigeria. The allocation was approved at the January 2026 FAAC meeting held in Abuja, according to a statement from the Office of the Accountant General of […]
Geopolitical Zones‘ Contribution To VAT Pool & Received Without Lagos & Rivers
Data from 2025 shows a clear picture of how Nigeria’s six geopolitical zones contributed to the Value Added Tax (VAT) pool and what they received back—after removing Lagos and Rivers from the calculation. The figures highlight wide differences between what regions generated and what they eventually got through federal allocation. This has again brought the […]
Federal Government approves N1trn Kano Metropolitan Rail project
The Federal Government has approved a N1 trillion Kano Metropolitan Rail Service, a major infrastructure project aimed at transforming urban transportation and boosting economic growth in Kano State. The announcement was made by Governor Alhaji Abba Kabir Yusuf during the 2025 National Qur’anic Recitation Competition in Borno State. Governor Yusuf explained that the rail project […]
Shutting down Onitsha market is putting fire to fire — Shop owner
A shop owner at the Onitsha Main Market, Gibson Okafor, has criticised the decision to shut down the market, saying it will only make things worse. He described the move as “putting fire to fire,” warning that it could deepen the economic hardship already faced by traders and customers. Okafor spoke on Wednesday during an […]
CBN issues fresh directive to Nigerian banks on NAFDAC licenses for import
The Central Bank of Nigeria (CBN) has issued a new directive allowing Nigerian banks to temporarily accept National Agency for Food and Drug Administration and Control (NAFDAC) licences that expired on December 31, 2025, for import-related transactions. The directive is aimed at ensuring smooth processing of Forms M and access to foreign exchange for affected […]
Nigerian naira continues depreciation against US dollar
The Nigerian naira continued its downward movement against the United States dollar at the official foreign exchange market on Thursday, reflecting ongoing pressure on the local currency. Data from the Central Bank of Nigeria (CBN) showed that the naira weakened slightly compared to the previous trading day. According to the CBN figures, the naira exchanged […]
Nigeria, China $1bn investment deal requisite for self-sufficiency in sugar production — NSDC Boss, Bakrin
The National Sugar Development Council, NSDC, has said the proposed $1 billion investment agreement between Nigeria and China is crucial for achieving self-sufficiency in sugar production. The council’s Executive Secretary, Kamar Bakrin, explained that the deal would help Nigeria reduce heavy reliance on imported sugar. Bakrin noted that Nigeria has the land, manpower, and climate […]
Shettima arrives Switzerland for World Economic Forum
Nigerian Vice President, Kashim Shettima, has arrived in Switzerland to participate in the annual World Economic Forum (WEF). The forum brings together global leaders, business executives, and policymakers to discuss pressing economic, social, and political issues. During his visit, Shettima is expected to engage in discussions on global economic trends, investment opportunities, and strategies to […]
Nigerian economy better under British colonists than Tinubu, others – Kalu Aja
Economist and public commentator, Kalu Aja, has stirred debate after claiming that Nigeria’s economy performed better during British colonial rule than it does under current and past democratic leaders, including President Bola Tinubu. He shared the opinion while reacting to Nigeria’s present economic struggles. According to Aja, basic economic indicators such as infrastructure planning, currency […]
NGX rebounds with N30bn gain after SEC hikes capital requirements
The Nigerian Exchange (NGX) rebounded with a gain of about N30 billion following a new policy move by the Securities and Exchange Commission (SEC) to increase capital requirements for market operators. The development helped restore confidence among investors after recent market fluctuations. Market analysts say the rebound reflects optimism that the new SEC policy will […]