The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.300 trillion to the three tiers of government from May 2026 revenue. This marked an increase of ₦43 billion compared to the ₦2.257 trillion distributed in April. The allocation was approved during the committee’s monthly meeting in Abuja, where members reviewed inflows and agreed on the sharing formula for the three tiers of government. The distributable revenue was drawn from statutory revenue, Value Added Tax (VAT) proceeds, and other revenue sources, reflecting an improvement in government earnings compared to previous months. ALSO READ FG, states, LGs share N2.257trn from…
Author: Abdallah el-Kurebe
Nigeria’s foreign exchange reserves have increased by more than $1 billion within two weeks, reinforcing the country’s external liquidity position and reflecting renewed confidence in the foreign exchange market. Latest data from the Central Bank of Nigeria (CBN) showed that the nation’s gross external reserves climbed above the $50 billion mark in early June, reaching approximately $50.11 billion, the highest level recorded in about 17 years. The development represents a significant improvement from the reserve levels recorded in late May and underscores the impact of ongoing reforms aimed at stabilising the foreign exchange market and attracting foreign capital inflows. Analysts…
The Joint Admissions and Matriculation Board (JAMB) has released the results of the 2026 Unified Tertiary Matriculation Examination (UTME) mop-up exercise, setting the stage for the commencement of the admission process for eligible candidates. The announcement was made on Tuesday by JAMB’s Public Communication Advisor, Fabian Benjamin, in a statement. According to the Board, candidates who participated in the mop-up examination conducted on June 13 can now check their results through JAMB’s official result-checking platforms. JAMB also disclosed that it has commenced the ranking of candidates following the release of the mop-up results. The printing of admission-related result slips is…
The Dangote Group has reinforced its long-standing partnership with the Africa Finance Corporation (AFC) by signing a $600 million loan facility to support the expansion of its fertiliser production capacity—an important milestone in advancing food security in Nigeria and across Africa. The financing, extended to GreenView Fertilizer Corporation (GreenView), the Dangote Fertiliser holding company, will partly fund the expansion of urea production capacity in Nigeria and the development of a new fertiliser plant in Ethiopia. This investment is a key component of the Dangote Group’s broader $7 billion fertiliser expansion programme. The initiative is expected to increase production capacity in…
The Federal Government, state governments, and Local Government Councils (LGCs) have shared a total of N2.257 trillion from the Federation Account for April 2026, the Federation Account Allocation Committee (FAAC) announced. The disbursement took place at the May 2026 FAAC meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy. Revenue breakdown The N2.257 trillion distributable revenue comprised: ComponentAmountStatutory RevenueN1.260 trillionValue Added Tax (VAT)N747.088 billionAugmentationN250 billion From a gross total revenue of N3.184 trillion available in April 2026, deductions for cost of collection amounted to N113.756 billion, while transfers, refunds, and savings totaled N813.839 billion.…
Shine Collab has called on African governments and regional institutions to put women at the centre of the continent’s energy transition, warning that energy poverty is deepening inequality, unpaid care work and poor health across the region. Harare call The appeal was made in Harare, Zimbabwe, in June 2026 on the sidelines of the 64th sessions of the UNFCCC Subsidiary Bodies in Bonn, Germany, where the organisation launched a new advocacy brief titled Whose Energy Is It Anyway? Centring Women’s Voices and Realities in Africa’s Energy Future. Dr Melania Chiponda, executive director of Shine Collab and author of the brief,…
The Civil Society Legislative Advocacy Centre (CISLAC) has urged the Federal Government to declare a national emergency on insecurity and launch an independent audit of defence spending, saying the death of retired Major General Rabe Abubakar in captivity exposes a deepening collapse of Nigeria’s security architecture. In a statement signed by Executive Director Auwal Musa Rafsanjani, CISLAC described the killing of the senior military officer while held by bandits as “a tragic symbol” of how far the security crisis has spread — noting that if a decorated general can be taken and killed, ordinary Nigerians are at even greater risk.…
Nigeria and 61 other countries have recorded significant reductions in funding for HIV prevention programmes, raising concerns over a possible setback in global efforts to curb new infections, according to the Joint United Nations Programme on HIV/AIDS (UNAIDS). The agency disclosed that international funding cuts have severely affected access to key HIV prevention services, including pre-exposure prophylaxis (PrEP), condom distribution, and community-based outreach programmes. Data released by UNAIDS showed that the number of people receiving PrEP across the affected countries dropped by about 38 per cent in 2025, declining from 3.3 million in 2024 to 2.1 million. Nigeria was listed…
The Minority Caucus of the House of Representatives, on Thursday, reconstituted its leadership, appointing a ranking lawmaker, Abdussamad Dasuki as the Deputy Minority Leader of the Green Chamber. The announcement was made during plenary by Speaker of the House, Tajudeen Abbas on Thursday, following the submission of a consensus list by opposition lawmakers in the 10th National Assembly (NASS). The reconstitution followed vacancies created by the defection of some former minority principal officers to the ruling All Progressives Congress (APC). Under the new arrangement, Frederick Agbedi of Bayelsa State emerged as Minority Leader, while Abdussamad Dasuki of Sokoto State was…
Nigeria’s fertilizer exports surged to N1.37 trillion in the first quarter of 2026, positioning the commodity group as one of the country’s fastest-growing foreign exchange sources amid a broader expansion in non-oil trade. The latest trade data for Q1 2026 shows that fertilizer shipments have climbed sharply on the back of rising global demand and expanded production capacity, placing the sector among the top contributors to Nigeria’s external earnings alongside traditional export pillars such as crude oil and agricultural commodities. The performance forms part of a wider export boom that lifted Nigeria’s total merchandise exports above N21 trillion during the…