Nigeria’s three tiers of government shared a total sum of N2.036 trillion, being March 2026 Federation Account Revenue at the April 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja. The N2.036 trillion total distributable revenue comprised distributable statutory
The West African Tax Administration Forum (WATAF) has called for accelerated digitalisation of Value Added Tax (VAT) systems across the region, warning that inefficiencies in current systems continue to limit revenue mobilization and economic growth. The call was made during
The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), have announced the introduction of the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners under the Purchase and Assumption (P&A) resolution
The Arab Bank for Economic Development in Africa (BADEA) has signed a EUR 40 million Line of Credit Facility Agreement with the Development Bank of Nigeria (DBN) to further strengthen private sector development and entrepreneurship in Nigeria. The agreement was
Signs of internal strain have emerged at the National Insurance Commission (NAICOM), after the regulator confirmed that it moved to contain what it described as an attempt to discredit its leadership from within. The Commission disclosed that the incident, which
Sub-Saharan Africa’s economic recovery from a decade of global shocks is showing signs of stalling, with growth projections for 2026 revised downward by 0.3 percentage points from estimates previously published in October 2025, according to the latest edition of the Africa
The National Insurance Commission (NAICOM) has introduced a new regulatory framework aimed at protecting insurance policyholders from losses arising from failing insurers. The new guidelines, issued in a circular dated April 7, 2026, establish the operational structure for the Insurance
The Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis. Afreximbank in a
Minister of State for Finance Mr Taiwo Oyedele has said that reform is not optional but the seed for progress, hence an inevitable choice for Africa to combat illicit financial flows(IFFs) Oyedele who was speaking at the closing of the
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