Economy
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FG, states, LGs share N2.1trn as FAAC reports surge in VAT revenue
The Federation Account Allocation Committee (FAAC) has distributed a total of N2.1 trillion to the federal, state, and local governments as allocation for September 2025. According to a communiqué issued after its October meeting chaired by Shamsudeen Ogunjimi, Accountant-General of the Federation, the total distributable revenue was drawn from a gross revenue of N3.05 trillion. A statement by Mohammed Manga,…
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FG, Anambra partner to establish creative and cultural villages
The Federal Ministry of Art, Culture, Tourism, and the Creative Economy (FMACTCE) has signed a Memorandum of Understanding (MoU) with the Anambra State Government to establish Renewed Hope Creative and Cultural Villages aimed at preserving historic sites and promoting economic growth through tourism and job creation. The initiative seeks to restore historic sites, palaces, and monuments while conserving their cultural…
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CBN, Bank of Angola sign deal to strengthen financial cooperation across borders
The Central Bank of Nigeria (CBN) has signed a memorandum of understanding (MoU) with the Bank of Angola aimed at fostering closer bilateral relations and enhancing capacity in central banking operations. The agreement was signed on Thursday on the sidelines of the ongoing annual World Bank/International Monetary Fund (IMF) meetings in Washington DC. During the signing ceremony, which was attended…
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CBN to support fintech innovation under strict oversight, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the apex bank’s commitment to supporting innovation and growth in the financial technology (fintech) sector, while maintaining strong regulatory oversight to safeguard the integrity of the financial system. Cardoso gave the assurance during a strategic session with Nigerian fintech chief executives held on the sidelines of the…
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Nigeria developing a new framework to enable national currencies in bilateral trade settlements, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that Nigeria is developing a new framework to enable the use of national currencies in bilateral trade settlements. Speaking at a press briefing at the IMF/World Bank Annual Meetings in Washington DC, Cardoso explained that while the country had previously experimented with local currency trade agreements,…
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Nigeria reaffirms commitment to South–South Cooperation at World Food Forum 2025
By Kunle Sanni – Nigeria has reiterated its commitment to strengthening South–South and Triangular Cooperation (SSTC) as a key strategy for transforming agrifood systems and promoting sustainable development among developing nations. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, CON, made the declaration during the Ministerial Dialogue on SSTC at the World Food Forum (WFF) 2025, held in…
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Partner to deploy $4trn domestic capital, Elumelu urges African leaders
Chairman of Heirs Holdings, Tony Elumelu has urged African nations to partner in mobilising over $4 trillion in domestic capital across the continent. Elumelu spoke on Wednesday on the sidelines of the annual meetings of the World Bank-International Monetary Fund (IMF) meetings. The businessman said “it is estimated that Africa has over $4 trillion in domestic capital on the continent”.…
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First Lady urges collective action to boost food production
By Kunle Sanni – First Lady Oluremi Tinubu has called on Nigerians to work together to strengthen food production and ensure a healthier, more prosperous nation for future generations. In her message to mark World Food Day 2025, celebrated globally on October 16 with the theme “Hand in Hand for Better Food and a Better Future,” Mrs. Tinubu said food…
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Nigeria drives climate resilience through innovative finance
As the world grapples with the impacts of climate change, Nigeria is taking bold steps to integrate climate resilience into its economic and financial policies. At the 14th meeting of the Coalition of Finance Ministers for Climate Action, held on the sidelines of the 2025 WBG/IMF Annual Meetings in Washington D.C, on Wednesday, the Minister of State for Finance, Dr.…
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Cardoso assures investors of FG’s commitment to advancing reforms, unlocking opportunities
The governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso on Wednesday assured investors of the Federal Government’s commitment to advancing reforms and unlocking opportunities for sustainable investment and growth Cardoso who is also the leader of the Nigerian delegation to the meetings stated this at the Nigeria Investors Forum held on the sidelines of the 2025 WBG/IMF Annual Meetings…
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