Category: #Finance
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FAAC ALLOCATION RISES AS FG, STATES, LGs SHARE 2.257 TRILLION NAIRA FROM APRIL REVENUE
The Federal Government, 36 states and the 774 local government councils shared a total of 2.257 trillion naira from the Federation Account as revenue generated in April 2026, reflecting improved collections from major tax and non-oil revenue sources. The allocation was approved at the May 2026 meeting of the Federation Account Allocation Committee (FAAC) held…
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INVEST LAGOS SUMMIT: SANWO-OLU WOOS INVESTORS
The Governor of Lagos State, Babajide Sanwo-Olu, says Lagos is Africa’s foremost investment gateway, offering unparalleled opportunities for trade, innovation, infrastructure development, and economic expansion across the continent. Sanwo-Olu said this at the opening of the third edition of Invest Lagos Summit 3.0, where investment stakeholders gathered to explore opportunities across strategic sectors of the…
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AFDB SEEKS URGENT REFORMS TO UNLOCK AFRICA’S $4 TRILLION SAVINGS
The President of the African Development Bank (AfDB), Sidi Ould Tah, has called for urgent reforms to unlock Africa’s estimated four trillion dollars in domestic savings. Tah made the call at the official opening of the 2026 AfDB Annual Meetings in Brazzaville, Democratic Republic of Congo on Tuesday. According to him, Africa’s challenge is not…
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OVER 3,000 DELEGATES SET FOR AFDB MEETINGS IN CONGO AS AFRICA FACES $400BN FINANCING GAP
The African Development Bank (AfDB) says more than 3,000 delegates will gather in Brazzaville, Republic of Congo, for its 2026 Annual Meetings. The meeting, scheduled for May 25 to 29, will focus on addressing Africa’s widening development financing gap, estimated at $400 billion annually. Key discussions will cover infrastructure, energy, food security, climate adaptation and…
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U.S. SUPPORTS EBOLA RESPONSE WITH FUNDING FOR 50 CLINICS IN DRC AND UGANDA
The United States says it is supporting efforts to contain the Ebola outbreak in the Democratic Republic of the Congo (DRC) and Uganda by funding up to 50 treatment clinics. According to the U.S. Department of State, the clinics are being rapidly deployed to strengthen emergency response in affected areas. They will provide Ebola screening,…
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NIGERIA BACKS BRICS PUSH FOR REFORM OF GLOBAL FINANCIAL SYSTEM
Nigeria has expressed support for calls to reform international financial institutions and strengthen cooperation among developing countries under the BRICS framework. The position was presented at the 18th BRICS Foreign Ministers Meeting in New Delhi, India, by the Permanent Secretary of the Ministry of Foreign Affairs, Amb. Dunoma Ahmed, on behalf of the Foreign Affairs…
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NIGERIA’S INFLATION RISES TO 15.69% IN APRIL – NBS REPORT
Nigeria’s inflation rate rose slightly to 15.69% in April 2026, according to the National Bureau of Statistics (NBS). The latest report shows a marginal increase from 15.38% recorded in March. The NBS said the rise was influenced by higher prices in food, transport, accommodation services, and other household essentials. Food inflation stood at 16.06% year-on-year,…
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PENCOM LAUNCHES FREE HEALTHCARE SCHEME FOR LOW-INCOME PENSIONERS
The National Pension Commission (PenCom) has introduced a free healthcare initiative for low-income pensioners under the Contributory Pension Scheme. In a statement, PenCom said the programme—known as PenCare is designed to reduce medical costs and improve the wellbeing of retirees. The scheme targets retirees aged 60 and above who earn less than N70,000 monthly from…
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CHINA’S YUAN GAINS SLIGHTLY AGAINST U.S. DOLLAR
China’s currency, the Yuan, strengthened slightly against the U.S. dollar on Monday, according to the China Foreign Exchange Trade System. The central parity rate rose by 35 pips to 6.8467 per dollar ahead of trading activities in the interbank foreign exchange market. China’s forex system said the daily rate is determined using a weighted average…
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PenCom urges states to implement pension reforms
The National Pension Commission (PenCom) Director-General, Omolola Oloworaran, has urged states to fully implement contributory pension reforms to protect retirees and guarantee workers’ retirement benefits nationwide Oloworaran said stronger compliance with pension reforms would reduce liabilities, improve accountability, and strengthen sustainable pension administration across the country. Oloworaran spoke Thursday May7 in Abuja during a consultative…
