Federation Revenue Tops ₦10 Trillion THE Federation Account Allocation Committee (FAAC) distributed a total of ₦10.456 trillion to the Federal Government, the 36 state governments, the 774 local government councils and oil-producing states during its first five allocation meetings of 2026, reflecting sustained growth in federation revenue despite fluctuations in Value Added Tax (VAT) and […]
Federal Government Counters IMF Allegations THE Federal Government has firmly rejected claims that it operates a shadow budget or spent more than ₦8 trillion outside Nigeria’s approved fiscal framework, insisting that every government expenditure is backed by constitutional and statutory provisions. The rebuttal followed observations contained in the International Monetary Fund (IMF)’s 2026 Article IV […]
FAAC Allocates ₦2.3 Trillion to Federal, State and Local Governments THE Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.3 trillion among the Federal Government, state governments and the 774 local government councils as revenue allocation for May 2026. The allocation was approved during the June 2026 FAAC meeting held in Abuja, according […]
Delta Reaffirms Commitment to Accountability DELTA State Governor, Sheriff Oborevwori, has reiterated his administration’s commitment to transparency, accountability and prudent management of public resources as officials of the Revenue Mobilisation, Allocation and Fiscal Commission (RMFAC) commenced a nationwide data verification exercise in the state. The governor gave the assurance while receiving a delegation of the […]
Nigeria’s Oil Production Recovery Faces Structural Threats Rising Output Offers Temporary Relief NIGERIA’S crude oil production recorded a second consecutive monthly increase in April 2026, raising cautious optimism over improved government revenue and foreign exchange inflows. Latest data released by the Nigerian Upstream Petroleum Regulatory Commission showed that crude production rose to 1.49 million barrels […]
By IKHIDE R IKHELOA A Budget Built on Trade-Offs A sweeping fiscal proposal linked to Donald Trump has ignited debate over the future of U.S. public spending, as plans to fund a $1.5 trillion military budget appear tied to deep cuts across social, economic, and scientific programmes. The proposed reallocation reflects a broader shift in priorities—one […]
Government Restates Import Ban Schedule THE Federal Government has again drawn attention to its list of items prohibited from importation into Nigeria, reinforcing trade restrictions aimed at protecting local industries, conserving foreign exchange, and strengthening domestic production. The updated schedule, widely circulated in recent reports, reflects the existing Nigeria Customs Service Import Prohibition List, which […]
Nigeria Rejects Fresh IMF Bailout Option THE Nigerian government has ruled out seeking a fresh bailout from the International Monetary Fund (IMF), insisting that ongoing domestic reforms are already rebuilding the economy despite global shocks linked to tensions in the Middle East. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the […]
Nigeria Launches Its Largest Budget Yet PRESIDENT Bola Ahmed Tinubu has formally signed Nigeria’s ₦68.32 trillion 2026 budget into law, marking the country’s biggest appropriation package to date and reinforcing the federal government’s strategy of aggressive public investment. The new fiscal plan was approved after weeks of legislative review and follows an upward revision from […]
A Troubling Revenue Reality NIGERIA’S public finance system is under renewed scrutiny following revelations that deductions from the Federation Account Allocation Committee (FAAC) consumed a staggering 41 per cent of the country’s ₦84 trillion revenue over the past three years. The figures paint a troubling picture: while revenue inflows appear to be rising, a significant […]