President Bola Tinubu has signed an executive order directing the direct remittance of oil and gas revenues to the Federation Account, in a move aimed at curbing leakages, eliminating duplications, and boosting earnings for the three tiers of government. The directive, issued under Section 5 of the Constitution, seeks to strengthen transparency and restore revenue entitlements of federal, state, and local governments under the framework of the Petroleum Industry Act. In a State House statement on Wednesday, the Presidency said the order addresses structural provisions that have allowed substantial deductions from Federation revenues, including retention arrangements by NNPC Limited under…
Author: Abdoulaye Kay
Africa must work together to grow its economies, create jobs, and protect its future from climate risks, Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said. Speaking at the Egypt 30by30 Programme hosted by the Central Bank of Egypt and the International Finance Corporation (IFC), Cardoso painted a picture of both urgency and opportunity for the continent. He said Africa faces the challenge of lifting millions out of poverty while industrialising and adapting to climate change — but also holds the resources and youthful energy to turn that challenge into progress. Cardoso described the initiative as a shared…
The Bank of Namibia kept its benchmark policy rate unchanged at 6.50% following its first Monetary Policy Committee (MPC) meeting of 2026, signaling caution amid easing inflation and shifting regional trends. New Governor Ebson Uanguta chaired the session, extending the December hold as policymakers balance domestic price relief against South African influences and external risks. Namibia’s annual headline inflation eased to 2.9% in January from 3.2% a year earlier, per the Namibia Statistics Agency. Core inflation (excluding food and energy) ticked up slightly to 3.2%, indicating persistent underlying pressures. This divergence prompted the central bank to await firmer evidence of…
Malawian President Lazarus Chakwera has issued an executive order barring employees of public hospitals and state-run health facilities from owning, operating, or holding shares in private clinics or pharmacies. The measure aims to curb conflicts of interest and corruption in the health sector. Issued on Tuesday, February 17, the order also prohibits government health workers from soliciting, demanding, or accepting payments or monetary favors from patients as a condition for treatment. It follows recent remarks by Health Minister Madalitso Baloyi, who alleged that some medical practitioners were demanding large sums from patients and guardians in public hospitals in exchange for…
Mastercard and Ericsson have teamed up to streamline global money transfers and boost financial inclusion by integrating their digital payment platforms. Pavan Bachwal, Ericsson’s Head of Mobile Financial Services, announced the partnership in a Wednesday statement. It links Ericsson’s Fintech Platform—operating in 22 countries and serving over 120 million active users—with Mastercard Move, the company’s suite of money movement solutions. This will enable telecom operators, banks, and fintechs to enhance digital wallets and launch new payment services. The platform processes more than four billion transactions monthly across digital wallets, payments, remittances, lending, and loyalty services, backed by enterprise-grade security, pre-integrated…
The Naira strengthened against the US Dollar on Monday, closing at a two-year high of N1,347.78/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), appreciating by N7.64 or 0.56 per cent from the previous session’s N1,355.42/$1. The local currency also recorded gains against other major currencies in the official market. It appreciated by N5.41 against the Pound Sterling to trade at N1,839.18/£1, compared with N1,844.59/£1 recorded last Friday. Against the Euro, the Naira gained N9.78 to close at N1,598.06/€1 from the prior rate of N1,607.93/€1. However, performance was mixed across segments. At the GTBank forex counter, the Naira weakened marginally…
A majority of Nigerians favour a reduction in borrowing costs ahead of the next policy meeting of the Central Bank of Nigeria (CBN), underscoring pressure on households and businesses grappling with expensive credit. In its latest consumer expectations survey, the apex bank said 65 per cent of respondents indicated a desire for interest rates to decline, while 50.1 per cent explicitly backed a cut in borrowing costs — reinforcing market attention on the direction of the Monetary Policy Rate (MPR) when policymakers meet later this month. The findings come amid moderating inflation and a steadier currency environment. Data from the…
The naira strengthened to N1,390 per dollar in the parallel market on Monday, further narrowing the spread between the unofficial and official foreign exchange windows. Data from street traders indicated the currency appreciated by N30 — about 2.16 per cent — from N1,420 quoted on Friday, underscoring sustained pressure on the dollar in the informal segment. The latest movement trimmed the exchange-rate differential to about N35, down from N92 recorded last Wednesday, pointing to continued convergence between the two markets. ALSO READ CBN inflation expectations index dips as energy, FX pressures dominate outlook By Friday, the gap had already eased…
Senator Aliyu Wamakko has donated food items and household utilities to 1,787 Internally Displaced Persons (IDPs) in Sokoto State ahead of the Ramadan fasting period. The donation, announced on Saturday, is targeted at residents of nine identified IDP camps within the Sokoto metropolis. Represented by his Director of Administration, Al-Mustapha Abubakar, the former Sokoto governor said the intervention was intended to cushion hardship and complement government support for displaced communities. “We have committed to ensuring that the living conditions of IDPs are adequately taken care of. We will continue to identify with them by providing for their needs to ease…
The African Union has elected a new Bureau of its Assembly of Heads of State and Government, setting water security and sanitation as central priorities for 2026. The announcement was made on Sunday on the margins of the 39th Ordinary Session of the Assembly in Addis Ababa, Ethiopia. The summit, held February 14–15 under the theme “Assuring sustainable water availability and safe sanitation systems to achieve the goals of Agenda 2063,” focused on solidarity, financial independence and shaping global policy influence. The newly elected Bureau comprises:Chair — Burundi;First Vice-Chair — Ghana;Second Vice-Chair — Tanzania;Third Vice-Chair — North Africa region (pending);Rapporteur…