FG, states, LGs divide N2.001trn July earnings The three tiers of the Nigerian government—federal, state, and local government councils—have allocated a remarkable total of N2.001 trillion, representing the Federation Account Revenue for July 2025. This substantial revenue was distributed during the Federation Account Allocation Committee (FAAC) meeting held in the capital, Abuja, in August 2025….
The Nigerian government has promised to uphold its crude oil production above a monthly average benchmark of 1.5 million barrels per day. Gbenga Komolafe, the esteemed Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, unveiled this commitment at the recent Project One Million Barrels Initiative. In July, Nigeria’s average daily crude production soared to…
The Office of the National Security Adviser (NSA) has announced that the federal government is dedicated to reaching a crude oil production target of 2.5 million barrels per day. Nuhu Ribadu, the National Security Adviser, made this announcement on Friday in Yenagoa during a stakeholders meeting hosted by Pipeline Infrastructure Nigeria Limited (PINL) to review…
The Federal Government has clarified that its naira-for-crude initiative with local refineries is not a temporary solution but a crucial policy aimed at promoting sustainable local refining. Officials stated that the initiative is still operational and will resume immediately, countering the previous decision made by the NNPCL under former CEO Mele Kyari, which had suspended…
The Federal Competition and Consumer Protection Commission (FCCPC) has instructed MultiChoice Nigeria to maintain its current subscription rates while investigations are ongoing. It was previously reported that the Pay-TV provider planned to implement a 21% increase in subscription fees for its DStv and GOtv packages, set to take effect on March 1, 2025. In response…
On Thursday, the Federal Executive Council (FEC) approved a proposed national budget of N47.9 trillion for the 2025 fiscal year. Atiku Bagudu, the Minister of Budget and Economic Planning, shared this information with State House correspondents following the FEC meeting chaired by President Bola Tinubu. This approval is part of the Medium Term Expenditure Framework…
The Federal Government reiterated its commitment to rebuilding confidence in the Nigerian economy, urging banks and financial institutions to support current economic initiatives. During the 17th Annual Banking and Finance Conference held by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, the government detailed its implementation of both short-term and long-term strategies aimed…
The revenue distributed by the Federation Accounts Allocation Committee (FAAC) to federal, state, and local governments has surged by over 344 percent, reaching approximately N8.5 trillion in the first seven months of 2024. This marks a significant increase from about N1.912 trillion allocated during the same period last year. This data reflects the revenue distribution…
Deficit spending by the Federal Government increased by 2.05 percent year-on-year (YoY), reaching N1.99 trillion in the first four months of 2024 (4M’24), compared to N1.95 trillion during the same period in 2023 (4M’23). An analysis of the Federal Government’s fiscal activities, based on data from the Central Bank of Nigeria (CBN) Economic reports, revealed…
The President of the Manufacturers Association of Nigeria, MAN, Francis Meshioye, has said that the policies of the federal government in the last one year have made manufacturing businesses unattractive in Nigeria. Meshioye who stated this in an interview with Channels Television, noted that manufacturers are worse hit by fuel subsidy removal, Naira devaluation, recent…
