The Federation Account Allocation Committee (FAAC) has shared a total of N1.894 trillion as Federation Account revenue for February 2026 among the Federal Government, states and local government councils. This was disclosed in a statement issued on Friday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa. The revenue was shared at the March 2026 FAAC meeting held in Abuja. The N1.894 trillion distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT). ALSO READ CBN sets ₦20,000 transaction limit for newly activated banking…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to restrict certain banking services to large loan defaulters in a move aimed at strengthening financial stability and curbing credit abuse within the banking sector. In a circular dated March 12, 2026, and signed by the Director of Banking Supervision, Olubukola Akinwunmi, the apex bank instructed all lenders to deny additional credit facilities to large-ticket obligors whose loans have become non-performing. The circular, titled “Restriction of Banking Services to Non-Performing Large Ticket Obligors,” said the directive is part of the CBN’s mandate to promote a sound financial…
The Central Bank of Nigeria (CBN) has introduced a temporary ₦20,000 transaction limit for customers who activate or reinstall mobile banking applications, as part of new measures to curb rising digital fraud. Under the directive, transactions carried out through a newly activated banking app will be restricted to ₦20,000 within the first 24 hours of activation. After the initial 24-hour period, normal transaction limits will be restored once the bank completes necessary verification checks. The policy is aimed at strengthening security across Nigeria’s rapidly expanding digital banking ecosystem and reducing the risk of unauthorised account access, identity theft and fraudulent…
Nigeria’s deposit money banks (DMBs) placed nearly N7 trillion in excess liquidity at the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF) as of March 12, 2026, underscoring a persistent cash surplus in the banking system. Data released by the apex bank at the close of business on Thursday showed that banks deposited about N6.96 trillion at the facility on Wednesday, March 11, before easing slightly to N6.69 trillion on March 12. The trend reflects sustained liquidity inflows into the financial system, with banks opting to earn overnight interest from the CBN rather than expand lending immediately. Figures from…
The Central Bank of Nigeria (CBN) has introduced stricter controls on suspected fraudulent transactions, Bank Verification Number (BVN) enrolment and access to customer data within the banking system. The measures were contained in a circular dated March 12, 2026, titled “Addendum to the Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry 2021.” Signed by the Director of Payments System Policy Department, Musa I. Jimoh, the circular was addressed to all banks, other financial institutions and payment service providers operating in Nigeria. ALSO READ CBN to banks: Restrict services to large loan defaulters…
The Nigerian Army has directed successful candidates for the Direct Short Service Commission (DSSC) Course 29/2026 to report for officer cadet training at the Officer Cadet Training Wing of the Nigerian Army School of Infantry, Jaji, in Kaduna State on March 27, 2026. The directive was contained in a public announcement signed by the Military Secretary of the Army and published through the Army’s official communication channels. According to the statement, the list of successful candidates has been released online and can be accessed via the Army’s recruitment portal. “The Nigerian Army wishes to inform the general public that the…
The Nigerian Meteorological Agency (NiMet) has issued a public health advisory warning that several northern states face a heightened risk of cerebrospinal meningitis (CSM) as dry season conditions intensify across parts of Nigeria. In a notice shared on its X (formerly Twitter) handle, the agency described meningitis as a serious infection that affects the protective membranes covering the brain and spinal cord. It noted that the disease is commonly caused by the bacterium Neisseria meningitidis and spreads mainly through respiratory droplets, particularly in crowded or poorly ventilated environments. List of states at high risk of meningitis NiMet identified Sokoto, Zamfara,…
Aminu Waziri Tambuwal has said the outcome of elections in Nigeria ultimately depends on voters rather than political office holders, urging Nigerians not to panic over the recent wave of governors defecting to the ruling party.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said ongoing economic reforms are reinforcing the foundations of Nigeria’s financial system and positioning the country to better withstand future economic shocks. Cardoso stated this on Thursday while delivering the 2026 Annual Distinguished Alumni Lecture of the as part of the Founders’ Day celebration of . Speaking on the importance of strong institutions and sound policies, the apex bank chief said the macroeconomic reforms introduced in recent years had strengthened Nigeria’s economic resilience. “The macroeconomic reforms and policy buffers we have built over the past two years have placed…
BUA Cement Plc has distributed agricultural inputs to about 300 farmers from resettled communities in Wamakko Local Government Area of Sokoto State to support dry-season farming and restore livelihoods. The intervention forms part of the company’s Sustainable Livelihood Restoration Programme designed to assist farmers affected by the expansion of its operations in the area. Speaking during the distribution exercise, the Chairman of Wamakko Local Government, Umar Mohammed, commended the company for supporting farmers in the host communities and urged beneficiaries to make effective use of the inputs to improve productivity and boost food production. Managing Director of BUA Cement, Yusuf…