Economy

The Federation Account Allocation Committee (FAAC) on Wednesday distributed the sum of N1.659 trillion the Federal, States and Local Government Councils as May allocation   The amount shared at the end of its meeting in Abuja, comprised of statutory revenue of N863.895 billion, Value Added Tax (VAT) revenue of N691.714…

The federal government has said that that it needs committed partners that would help Nigeria build it infrastructure to world class standard. Speaking as the guest of honour at the opening ceremony of the Nigerian Public-Private Partnership Summit 2025, Tuesday in Abuja, President Bola Tinubu noted that the country’s infrastructure…

Nigeria is set to lose $4 million fro a World Bank-backed loan after failing to meet critical audit standards tied to reforms in the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service. The forfeited sum was part of the $103 million Fiscal Governance and Institutions Project, designed to…

The National Security Adviser, Malam Nuhu Ribadu, has said the Federal Government is prioritising the fight against illicit drugs due to its far-reaching impact on national security and the wellbeing of citizens.   He linked the use of illicit substances—especially among young people—to rising insecurity, noting that many terrorists are…

ActionAid Nigeria has raised the alarm that illicit financial flows-estimated at over $18 billion annually, is bleeding the nation’s economy of much-needed resources. The Country Director, Andrew Mamedu at the Civil Society National Dialogue on Transforming the Financing for Development in Abuja said the consequences are not abstract but they are…

Nigerian Maritime Administration and Safety Agency (NIMASA) says the recent incident of pirates’ attack of a vessel was not in Nigerian coastal waters. According to a statement signed by Head, Public Relations, NIMASA, Osagie Edward, explained that the incident occurred of the waters of Sao Tome and Principe. “The piracy…

The domestic equity market on Monday opened on a bullish run, appreciating by N173 billion. Market capitalization of listed equities appreciated by 0.25 per cent to close at N70.635 trillion from N70.462 trillion reported the previous day. The NGX All Share Index also increased 273.94 points to 112015.95 points from…

The Federal Government has commenced the disbursement of the long-awaited N35,000 wage award arrears to federal civil servants, fulfilling a key part of its promise to cushion the impact of recent economic reforms on public workers. The announcement was made on Monday by the Office of the Accountant General of…

The House of Representatives on Thursday, has approved the tax reform bills passed by President Bola Ahmed Tinubu’s after months of debate and controversy. The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. Presidential spokesperson and…

The Federal Government of Nigeria has launched the National Electronic Assets Register to enhance transparency in the management of public funds and improve the tracking and accessibility of national assets. Speaking at the official launch on Thursday, the Accountant General of the Federation, Dr. Oluwatoyin Madein, explained that the initiative…