A disagreement between the House of Representatives and the Senate over the appropriate crude oil price benchmark has emerged as a major point of contention in the consideration of Nigeria’s 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). The divergence has raised concerns over fiscal planning coherence as the Federal Government prepares to present the 2026 budget proposal. The crude oil benchmark, which plays a central role in determining projected government revenue and overall expenditure, has become the focal point of debate between both chambers of the National Assembly. While the House of Representatives approved a benchmark of $64.85…
Author: Temitope N.
The Federal Government has confirmed that 149 companies will continue to enjoy tax holidays under Nigeria’s newly revised fiscal and investment incentive framework, easing concerns among investors over the fate of pioneer status benefits following recent tax and economic reforms. The confirmation was made amid growing public debate triggered by the enactment of a new law aimed at tightening tax exemptions, broadening the revenue base and improving fiscal sustainability. While the reforms initially raised fears that several firms could lose long-standing tax incentives, government officials clarified that qualifying companies approved under the Pioneer Status Incentive (PSI) scheme would retain their…
Nigeria is on the brink of securing a major financial boost as the World Bank is expected to approve a $500 million loan facility aimed at expanding access to finance for micro, small and medium enterprises (MSMEs), a sector widely regarded as the backbone of the nation’s economy. The approval, scheduled for consideration by the World Bank’s Board, comes at a time when the Federal Government is intensifying efforts to stimulate growth, create jobs and support small businesses amid economic reforms. The proposed loan is designed to strengthen Nigeria’s financial ecosystem by improving credit availability for MSMEs, which account for…
Stanbic IBTC Holdings Plc has reinforced its commitment to social responsibility by empowering children across Nigeria through education-focused and skills-building initiatives, aimed at improving learning outcomes, promoting financial literacy and supporting vulnerable young people. The intervention aligns with the group’s long-standing strategy of investing in human capital development, especially among children and youths who represent the foundation of the country’s future workforce. The latest initiative, implemented through the Stanbic IBTC Blue Blossom Initiative (BBI) and other corporate social investment platforms of the group, targets pupils in public schools, children living with disabilities and those from underserved communities. It reflects growing…
The Rural Electrification Agency (REA) has partnered with global technology firm Huawei to carry out an extensive solar power safety and reliability test, as Nigeria intensifies efforts to expand off-grid and renewable energy solutions across underserved communities. The exercise marks another step in government’s drive to ensure that renewable energy installations deployed nationwide meet international safety and performance standards while delivering sustainable power to rural and peri-urban areas. The safety test, which was conducted on solar power components used in mini-grid and standalone solar projects, focused on assessing system durability, fire resistance, operational stability and compliance with established electrical standards.…
Nigeria’s crude oil industry is facing a fresh challenge as reports indicate that large volumes of Nigerian crude remain unsold, driven largely by global oversupply and market imbalances. Industry analysts warn that this situation could impact federal revenues, affect cash flow for oil companies, and complicate government budgeting plans for 2026. The persistent oversupply in the international crude oil market has led to weaker demand for Nigerian grades, particularly the lighter, sweet crudes that traditionally attract premium pricing. Trading sources indicate that while countries such as the United States and members of the European Union have reduced imports, other major…
The National Pension Commission (PenCom) has officially announced the extension of the pension fund administrators (PFAs) recapitalisation deadline to June 2027, giving operators additional time to meet the regulator’s revised capital requirements. The move underscores the commission’s commitment to ensuring a robust, well‑capitalised pension industry capable of protecting contributors’ savings and sustaining long‑term financial stability. The recapitalisation exercise, which aims to strengthen the financial and operational capacity of PFAs, was initially scheduled for completion earlier but had faced challenges as some operators struggled to meet the stringent capital thresholds. The new timeline provides PFAs with a strategic window to raise…
First Bank of Nigeria Limited (FirstBank) has announced a strategic partnership with the University of Benin (UNIBEN) to enhance digital banking services and financial inclusion for students and staff. The collaboration is aimed at providing seamless, cashless banking solutions, improving financial literacy, and encouraging the adoption of modern digital financial tools within the university community. Under the partnership, FirstBank plans to integrate its digital platforms with UNIBEN’s administrative and student service systems, allowing users to perform banking transactions, pay tuition fees, and access other financial services through mobile applications and online portals. The initiative also includes the deployment of dedicated…
The National Pension Commission (PenCom) has successfully recovered N4.04 billion in unpaid pension funds, reaffirming its commitment to safeguarding the retirement savings of Nigerian workers and ensuring timely benefits for contributors under the Contributory Pension Scheme (CPS). The recovered funds, traced to various employers who had defaulted on pension remittances, reflect PenCom’s intensified regulatory oversight and proactive measures to enforce compliance with pension laws. The commission emphasized that such recoveries are critical to maintaining trust in the national pension system and reinforcing the security of contributors’ investments. PenCom’s Director‑General stated that the recovery was achieved through a combination of audits,…
Commercial banks in Nigeria are undertaking significant measures to bolster their capital base in response to the Central Bank of Nigeria’s (CBN) tighter regulatory oversight and renewed focus on financial stability. The development comes amid growing concerns over liquidity management, risk exposure, and the need to safeguard the integrity of the country’s banking sector. The CBN has in recent months enhanced prudential regulations, emphasizing the importance of adequate capitalisation, robust risk management frameworks, and compliance with liquidity thresholds. The central bank’s initiatives aim to ensure that banks remain resilient to financial shocks, capable of meeting depositor obligations, and positioned to…
The Nigerian Ports Authority (NPA) has reported a staggering 1,085% surge in export container traffic during the third quarter of the year, marking a significant rebound in Nigeria’s export activities and highlighting the country’s growing role in global trade. According to reports from Punch and other Nigerian news outlets, the surge in export containers is attributed to a combination of factors, including improved logistics, enhanced port operations, and the growing demand for Nigerian goods in international markets. The NPA’s quarterly report revealed that containerised exports surged to record levels, with an increase in both the volume of goods and the…
No fewer than 132 Nigerian companies have accessed a combined N51.7 billion and $359 million in funding through local content intervention schemes coordinated by the Nigerian Content Development and Monitoring Board, highlighting sustained efforts to deepen indigenous participation in the oil and gas industry. Reports by Punch and other Nigerian news outlets indicate that the funds were disbursed under various financing initiatives designed to support capacity building, project execution, and long-term growth of Nigerian-owned firms. According to information released by the NCDMB, the funding was provided through structured local content financing programmes established in partnership with financial institutions. The intervention…
The Federal Government generated ₦12.81 trillion from crude oil exports in the third quarter of the year, underscoring the continued importance of oil revenue to Nigeria’s fiscal position despite ongoing efforts to diversify the economy. Reports by Punch and other Nigerian news outlets indicate that the figure was released by the National Bureau of Statistics as part of its foreign trade data for the period. According to the NBS, crude oil remained Nigeria’s dominant export commodity during the quarter under review, accounting for a substantial share of total export earnings. The strong revenue performance was attributed to a combination of…
Nigeria’s inflation rate eased to 14.45 per cent, providing cautious optimism for the economy as organised private sector groups renewed calls for stronger credit support for micro, small and medium enterprises to sustain growth and employment. Reports by Punch and other Nigerian news outlets indicate that the moderation in inflation reflects a slowdown in price increases across key consumer segments, although underlying economic pressures persist. According to data released by the National Bureau of Statistics, the latest inflation figure represents a decline compared to the previous period, driven largely by a moderation in food and core inflation components. Analysts noted…
The Nigerian Civil Aviation Authority has unveiled a new digital platform designed to accelerate the processing and issuance of pilot licences, marking a significant step in the modernisation of aviation regulatory services in the country. Reports by Punch and other Nigerian news outlets indicate that the initiative is aimed at reducing delays, improving transparency, and enhancing efficiency in the certification process for pilots and other aviation personnel. According to the NCAA, the newly launched platform digitises key aspects of pilot licensing, including application submission, document verification, payment processing, and status tracking. The authority said the system replaces largely manual and…
The Federal Government, states and local government councils shared a total of ₦1.93 trillion as revenue for the month of November, reflecting improved inflows from statutory sources amid ongoing fiscal pressures across all tiers of government. Reports by Punch and other Nigerian news outlets indicate that the allocation was approved at the meeting of the Federation Account Allocation Committee, where revenues collected by key government agencies were distributed in line with existing revenue-sharing formulas. According to details from the FAAC meeting, the shared amount was drawn from statutory revenue, value added tax, exchange rate differentials, and other income streams paid…
The Nigerian Exchange recorded a slight increase in market capitalisation of about ₦3 billion despite cautious trading activities by investors, reflecting a mixed sentiment in the equities market as participants weighed macroeconomic uncertainties against selective bargain-hunting opportunities. Reports by Punch and other Nigerian news outlets indicate that trading during the session was subdued, with investors largely adopting a wait-and-see approach amid ongoing economic reforms and expectations around monetary policy direction. Market data showed that the marginal gain was driven by price movements in a few mid- and large-cap stocks, particularly in the banking and consumer goods sectors, even as overall…
Dangote Petroleum Refinery has announced a new ex-depot petrol price of ₦739 per litre, marking another adjustment in the domestic fuel market as stakeholders continue to navigate the realities of deregulation, exchange rate pressures, and rising operational costs. Reports by Punch and other Nigerian news outlets indicate that the price review reflects prevailing market conditions and ongoing changes in Nigeria’s downstream petroleum sector. According to industry sources, the new price applies to petrol supplied directly from the Dangote Refinery and is expected to influence pump prices across the country, depending on logistics, distribution margins, and retailer pricing strategies. The adjustment…
The Nigeria Customs Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority have stepped up coordinated efforts to tighten export controls in a bid to curb the diversion and smuggling of petroleum products across Nigeria’s borders. Reports by Punch and other Nigerian news outlets indicate that the move is part of broader measures to protect domestic fuel supply, enforce regulatory compliance, and reduce revenue losses linked to illegal exports. According to officials familiar with the development, the two agencies have strengthened monitoring at border points, export terminals, and depots, while enhancing intelligence sharing to track suspicious fuel movements. The…
The National Information Technology Development Agency has linked Kano State’s economic growth prospects to the development of digital skills, stressing that technology-driven capacity building is critical to unlocking productivity, innovation, and job creation in the state. Reports by Punch and other Nigerian news outlets indicate that the agency made this position known during engagements with stakeholders in Kano as part of efforts to deepen digital inclusion and accelerate regional economic development. According to NITDA officials, equipping youths, entrepreneurs, and public sector workers with relevant digital competencies is essential for Kano to compete effectively in the evolving digital economy. The agency…