FG, States, LGs Share N3.007tn fro July Revenue – FAAC The Federal Government, 36 states and 774 local government councils shared a total of N3.007 trillion in federation revenue for July 2026, following a significant increase in statutory collections. The disbursement was approved at the August 2026 meeting of the Federation Account Allocation Committee (FAAC),
EFCC Recovers N115bn, $84m in NDDC Levies From Oil Firms The Economic and Financial Crimes Commission has recovered more than N115bn and $84m in outstanding statutory levies owed the Niger Delta Development Commission by oil companies, the anti-graft agency told the Senate on Wednesday. The disclosure was made before the Senate Public Accounts Committee during
Motorists have begun shifting patronage away from Nigerian National Petroleum Company Limited (NNPCL) filling stations and other outlets selling petrol at higher prices, following fresh price reductions by some independent marketers in Abuja. Filling station attendants disclosed this on Monday, attributing the sharp decline in patronage at some outlets to the widening difference in petrol
Senate Moves to Strengthen Nigeria’s Financial System Through Coordinated Reforms The Senate Committee on Banking, Insurance and Other Financial Institutions has intensified efforts to strengthen Nigeria’s financial system through closer collaboration with regulators and industry stakeholders. The committee convened an expanded stakeholders’ engagement in Lagos on Saturday, bringing together representatives of key financial institutions, including
India Buys 4m Barrels of Nigerian Crude as US-Iran Tension Persist India’s state-owned Hindustan Petroleum Corporation Limited (HPCL) has purchased four million barrels of Nigerian crude as Indian refiners increasingly turn to alternative suppliers amid disruptions to Middle Eastern oil shipments linked to tensions between the United States and Iran. According to Reuters, HPCL recently
President Bola Ahmed Tinubu has announced plans to list the Nigerian National Petroleum Company Limited ,NNPCL, on the Nigerian stock market as part of efforts to deepen investment and strengthen the country’s capital market. Tinubu disclosed this on Thursday while receiving a performance report from the leadership of the Nigerian Exchange Group, NGX, at the
NDIC Begins Payouts to Depositors of 46 Failed Microfinance Banks The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of insured deposits to customers of 46 failed microfinance banks (MFBs) whose operating licences were revoked by the Central Bank of Nigeria (CBN). The corporation has also stepped up efforts to recover loans owed to
Nigeria’s Foreign Reserves Rise to $52.5bn, Highest in 17 Years — CBN Nigeria’s foreign exchange reserves have risen above $52.5 billion, reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) has said. The CBN attributed the increase to stronger foreign exchange inflows and renewed investor confidence in the Nigerian economy. Acting
Naira strengthens to N1,408/$ in parallel market The naira strengthened against the US dollar on Monday, appreciating to N1,408 per dollar in the parallel market from N1,415 recorded at the weekend. The local currency also gained ground in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar. Data from the Central
Nigeria’s headline inflation rate declined marginally to 15.91 per cent in June 2026 from 15.93 per cent recorded in May, marking the first slowdown in headline inflation in three months, according to the National Bureau of Statistics (NBS).In its Consumer Price Index (CPI) report released on Wednesday, the NBS said the June headline inflation rate