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The Federation Account Allocation Committee (FAAC) has disbursed N1.894 trillion to Nigeria’s three tiers of government for February 2026. The distribution, approved during a meeting in Abuja on Friday, saw the Federal Government take N675.088 billion, while the 36 states shared N651.525 billion. The 774 local government councils received N456.467 billion. Although the total shared…
The Nigerian currency recorded its second consecutive daily depreciation in both the official Nigerian Foreign Exchange Market and the parallel market, reversing some of the gains achieved during February’s appreciation rally. The naira extended its losing streak against the United States dollar yesterday, depreciating across both the official and parallel foreign exchange windows as…
Nigeria’s net foreign exchange reserves have climbed by 772 per cent in two years, marking a sharp recovery in the country’s external buffers. Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, revealed on Monday that net reserves rose from a lowly $3.99 billion at the end of 2023 to $34.80 billion by December 2025. This…
Nigeria’s central bank has reduced its benchmark lending rate for the first time in years, signalling a cautious but consequential shift in monetary policy direction as the country’s economic managers begin to ease the aggressive tightening that defined much of the past two years. The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced on…
Nigeria’s headline inflation rate declined marginally to 15.10 per cent in January 2026, down from 15.15 per cent recorded in December 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics on Monday. The development defied earlier projections by analysts who had anticipated that Nigeria’s inflation could climb…
The Nigerian Exchange Limited sustained a remarkably positive trajectory during the final trading sessions of the week. Investors effectively added four trillion naira to their collective wealth over a brief five-day operational period. This significant appreciation reflects a renewed confidence in the underlying fundamentals of the domestic corporate sector. Market capitalisation reached an unprecedented peak…
Nigeria’s energy and maritime landscape is set for a major shift as President Bola Tinubu has approved the commencement of commercial oil drilling in Ogun State, officially positioning the state as an emerging oil-producing hub. Ogun State Governor, Dapo Abiodun, disclosed the approval on Thursday during a courtesy visit by the Flag Officer Commanding, Western…
Nigeria pumped more crude oil in the first half of 2025, but the money did not follow. Despite a modest recovery in production, the Federal Government earned ₦16.2 trillion less than projected from oil between January and June, once again exposing the fragility of an economy still heavily tied to a volatile commodity. According to…
