Author: Ogochukwu Ndubuisi

FAAC: FG, States, LGs Share N1.681trn April Revenue The Federation Account Allocation Committee (FAAC), has shared N1.681 trillion, being April revenue among the Federal Government, states and the Local Government Councils (LGCs) . This is acccording to a communiqué made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant- General of the Federation (OAGF). The communiqué said that the revenue was shared at the May meeting of FAAC on Friday in Abuja. It said that the N1.681 trillion total revenue comprised statutory revenue of N962.882 billion, Value Added Tax (VAT) revenue of N598.077 billion, and…

Global Economy Stands at Fragile Turning Point -UN The UN Department of Economic and Social Affairs (UN DESA) has said that the global economy stands at a fragile turning point amid escalating trade tensions and growing policy uncertainties. UN DESA, in a report published on Thursday, stated that tariff-driven price pressures were adding to inflation risks, leaving trade-dependent economies particularly vulnerable. It stated that higher tariffs and shifting trade policies were threatening to disrupt global supply chains, raise production costs, and delay key investment decisions – all of this weakening the prospects for global growth. The economic slowdown is widespread,…

Customs Intercepts N1.5bn Contraband in Lagos The Federal Operations Unit, Zone A, Ikeja said it intercepted contraband goods worth N1.5 billion and arrested four suspects within a three-week operation. Comptroller Muhammed Shuaibu, the Customs Area Controller, revealed this during a briefing in Lagos on Friday while handing over seizures to NDLEA and NAFDAC officials. Shuaibu, who assumed duty on April 23, confirmed the seizures with a Duty Paid Value of N1.5 billion were made between April 23 and May 16. He pledged to use his experience to manage the unit effectively, saying the command had stayed true to that goal.…

Renaissance Exceeds Oil Output Target by 40 % in One Month Renaissance Africa Energy Company Limited, the consortium that acquired former Shell Petroleum Development Company (SPDC) says it exceeded production target by 40 per cent within its first month of operation. A statement by Mr Michael Adande, Spokesperson for Renaissance on Friday, noted that the energy firm has demonstrated immediate impact by surpassing production targets by 40 per cent. The that although Renaissance did not state the actual volume of output, SPDC hitherto produced around 290,000 barrels of oil equivalent per day from onshore and shallow waters in the Niger…

Inflation Decline, not by Chance – FG The Federal Government says the gradual decline of headline inflation rate, as reported by the National Bureau of Statistics (NBS), is not by chance, but benefit of the administration’s reforms and focused interventions. The Minister of Information and National Orientation, Alhaji Mohammed Idris, stated this on Friday in Abuja at the eighth edition of the Ministerial Press Briefing Session. “The NBC released the Consumer Price Index (CPI) for April 2025, yesterday. “According to the report, the headline inflation rate for April stood at 23.71 per cent, representing a decrease of 0.52 per cent…

Access Holdings Charts Bold Growth path for 2025 Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings, on Thursday expressed confidence in the institution’s ability to sustain its strong 2024 growth trajectory. Speaking at the company’s 3rd Annual General Meeting in Lagos, Agbede projected stronger outcomes for 2025 and the years ahead. She stated that the institution’s strategic focus will be on scaling non-banking subsidiaries and accelerating digital transformation across its operational ecosystem. For the banking segment, Agbede said the company would prioritise growth in Nigeria while expanding across high-growth African and international markets. She added that these plans…

IFC, Canada, Invest $5M in Husk Nigeria to Expand Renewable Energy The International Finance Corporation (IFC) has signed a $5 million investment in Husk Nigeria to expand access to reliable, renewable energy in underserved communities across Nigeria. The funding, done with the support of the Government of Canada, was disclosed in a statement on Thursday in Lagos. The financing will support the rollout of Husk’s portfolio of solar hybrid mini grids in Northern Nigeria, helping address one of the country’s most urgent development challenges: access to electricity. It marks the first investment under the IFC Distributed Access through Renewable Energy…

NGX Index Surges as Equities Investors Gain N257bn The Nigerian Exchange (NGX) index increased as equities investors gained N257 billion due to significant buying interest. The market closed in positive territory, extending the previous day’s rally with key market performance indicators up by 0.37%. The bullish sentiment was driven by sustained buying interest in medium- and large-scale stocks such as NESTLE, HONYFLOUR, and OKOMUOIL, among others, underscoring continued investor confidence in the market’s upward momentum. The Nigerian Exchange All-Share Index increased by 408.31 basis points to close at a new all-time high of 109,467.64 points, representing a 0.37% increase from…

Africa50, BRVM Unite for Infrastructure Financing Africa50 has partnered with the Bourse Régionale des Valeurs Mobilières (BRVM) to expand infrastructure financing across West Africa. Mr Alain Ebobissé, Chief Executive Officer of Africa50, the pan-African infrastructure investor and asset manager, announced the partnership in a statement on Thursday. The Memorandum of Understanding (MoU) was signed on the sidelines of the Africa CEO Forum in Abidjan. The agreement aims to develop project bonds and other financial instruments tailored to infrastructure projects within the West African Economic and Monetary Union (WAEMU). WAEMU comprises eight countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger,…

We Have FIRS To Thank For Fiscal Stability Of Nigeria — RMAFC The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has described the Federal Inland Revenue Service (FIRS) as the cash cow responsible for the fiscal sustainability of the three tiers of government. RMAFC member, Bimbo Kolade, who doubles as the commission’s Inland Revenue Monitoring Committee (IRMC), said this in Abuja on Thursday during the inauguration of a joint FIRS-RMAFC Technical Committee at the FIRS headquarters. A statement by Sikiru Akinola, Technical Assistant on Media to the FIRS chairman said the federal, quoted Kolade as stating that federal, state and…