Nigeria moved into a net lending position of $320 million in the third quarter of 2025, marking a sharp turnaround from a net borrowing position of $6.90 billion in Q2, the Central Bank of Nigeria (CBN) has said. The apex bank disclosed this in its latest Balance of Payments (BoP) Highlights, noting that the financial account shifted into surplus as the economy acquired more foreign financial assets than it received from external investments and borrowings. According to the CBN, “the financial account recorded a net lending position of US$0.32 billion in Q3 2025, as against a net borrowing of US$6.90…
Author: Abdoulaye Kay
The Pacific island nation of Kiribati has become the first country to welcome 2026, as midnight struck in its Line Islands, officially ushering in the New Year. New Year celebrations are set to roll across the globe over the coming hours, beginning in Oceania before moving through East Asia, South and Southeast Asia, the Middle East, Europe, Africa and, finally, the Americas. Following Kiribati, countries including New Zealand and Australia are preparing to welcome 2026 with major public gatherings and fireworks displays in key cities. Several Asian nations such as Japan, South Korea, China and India are expected to ring…
The Federal Government has halted plans to cede more than 10,000 hectares of Nigerian land to neighbouring Cameroon following concerns over improper boundary demarcation. The lawmaker representing Ikom/Boki Federal Constituency, Mr Victor Abang, disclosed this during a constituency briefing on Wednesday at Keyang II in Boki Local Government Area of Cross River State. Abang said the proposed cession was linked to the 2002 International Court of Justice ruling, which stipulated that the Nigeria–Cameroon boundary be defined in line with the 1913 Anglo-German Treaty. He explained that a joint implementation committee attempted to demarcate the boundary without due regard to established…
One person has been confirmed dead while five others remain trapped following the partial collapse of a private rice mill in Birnin Kebbi, the Kebbi State capital. The incident occurred at a rice mill operated by NIA-AGRI, where a section of the facility reportedly gave way, trapping workers beneath metal debris. As of the time, Kebbi State Deputy Governor, Senator Umar Abubakar Tafida, visited the site on Tuesday evening, rescue operations were ongoing to save the trapped victims. Leading a high-powered government delegation on an on-the-spot assessment, Tafida said the visit was to ascertain the extent of the damage and…
Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act. The development was disclosed in notices issued by financial institutions to customers ahead of the policy’s commencement. The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off ₦50 fee applied to electronic receipts or transfers of funds deposited in any commercial bank or financial institution on transactions of ₦10,000 and above. In a notice to customers, United Bank for Africa (UBA) said the ₦50 EMTL will now be referred…
The Bauchi State House of Assembly passed the N877 billion 2026 Appropriation Bill on Tuesday. The House, presided over by the Speaker, Abubakar Sulaiman, passed the bill after the adoption of a report by Wanzam Mohammed, Chairman, House Committee on Appropriation. Mohammed said the estimate consisted of N308.7 billion recurrent expenditure and N568.3 billion capital expenditure. He said the capital component of the budget would drive infrastructure development, enhance social services and stimulate economic growth. The chairman commended the state government’s key fiscal reforms, including the establishment of a Fiscal Service Commission, capacity building on the new budget framework, enforcement…
The Niger Delta Development Commission (NDDC) has presented its N1.74 trillion 2025 budget to the House of Representatives for consideration and approval. Presenting the proposal to the House Committee on NDDC in Abuja, the Managing Director of the commission, Mr Samuel Ogbuku, said the budget is titled “Budget of Consolidation.” Ogbuku explained that the proposed expenditure represents a nine per cent reduction from the 2024 budget, driven by a no-borrowing revenue approach. According to him, N47.5 billion is allocated for personnel costs, while N96.4 billion is earmarked for overhead expenditures. He said the 2025 budget is designed to strengthen the…
Yobe State Governor, Mai Mala Buni, has signed the N515.5 billion 2026 budget into law following its passage by the State House of Assembly. The governor had presented the “Budget of Economic Growth and Infrastructural Transformation” to the Assembly on November 6, but lawmakers reduced it slightly from N515.6 billion. Speaking in Damaturu on Tuesday, Buni said the budget allocates N291.9 billion, or 62 per cent, to capital expenditure, while N223.6 billion, representing 38 per cent, is earmarked for recurrent spending. He expressed confidence that the budget would drive development in key sectors, including education, health, agriculture, infrastructure and employment,…
The United Nations General Assembly (UNGA)has approved a $3.45 billion regular budget for the organisation’s 2026 financial year, following weeks of negotiations under the UN80 reform initiative. The budget, endorsed by the 193-member Assembly on Tuesday, allocates $3,450,426,300 to support the UN’s core pillars—peace and security, sustainable development, and human rights. It reflects a 15 per cent reduction in financial resources proposed by the Secretary-General, alongside a nearly 19 per cent cut in staffing. The regular budget funds key UN activities, including political affairs, international justice, development cooperation, human rights, humanitarian work and public information. It is separate from the…
Nigeria posted an overall Balance of Payments (BOP) surplus of $4.60 billion in the third quarter of 2025, reversing the deficit recorded in the preceding quarter, according to data released by the Central Bank of Nigeria (CBN). The improvement was driven by a current account surplus of $3.42 billion, supported by stronger trade performance, resilient diaspora remittances, increased financial inflows and continued growth in external reserves. The goods account remained in surplus at $4.94 billion, reflecting higher export earnings during the period. Crude oil exports rose to $8.45 billion, while exports of refined petroleum products increased by 44 per cent…