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By Paul Chimodo The Central Bank of Nigeria (CBN) is preparing to reshape the way diaspora remittances are paid into the country, introducing a policy that will end the payout of foreign currency to recipients. From May 1, 2026, all international money transfers into Nigeria will be disbursed strictly in naira. This means Nigerians receiving
The Nigerian Aviation Handling Company Plc has announced a total dividend payout of twelve point one eight billion naira for shareholders following its 2025 financial performance. The company proposed a dividend of six naira twenty-five kobo per share, representing an increase compared to the previous year’s payout. In addition to the cash dividend, the company
A new economic report has revealed that non-oil revenue now accounts for seventy-five percent of Nigeria’s federally collected funds, reflecting a gradual shift from dependence on crude oil earnings. The March 2026 report by economic analysts stated that tax revenues, customs duties and other non-oil sources contributed significantly to the country’s fiscal position. The report
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has warned that the global trading system is facing the “worst disruptions in the past 80 years.” Over a four-day meeting in Yaounde, WTO members are set to discuss strategies to revitalise the institution, which has been weakened by geopolitical tensions, stalled negotiations, and rising protectionism.
The federal government has issued a new directive requiring that all oil and gas revenues be paid directly into the federation account. This policy change eliminates previous arrangements that allowed some earnings to be retained by state-owned entities before remittance. Officials say the reform is meant to boost transparency and ensure that revenue from Nigeria’s
The Central Bank of Nigeria (CBN) has reduced the country’s benchmark interest rate by 50 basis points to 26.50 per cent from 27 per cent. The decision was announced on Tuesday at the end of the apex bank’s 304th Monetary Policy Committee (MPC) meeting held in Abuja. The Monetary Policy Rate (MPR), which serves as
The Federal Government has announced plans to adopt the aerotropolis model to drive growth in the aviation industry. The strategy involves developing airport cities that integrate business hubs, logistics centres, and commercial activities around major airports. Authorities also revealed that a global aviation summit would soon be hosted to attract investors, aircraft lessors, and international
The Federal Government has unveiled plans to commit five per cent of the nation’s Gross Domestic Product annually to strengthen the manufacturing sector. The initiative is designed to expand local production, increase exports, and create employment opportunities. Officials said the policy would prioritise sectors such as solid minerals, construction materials, and light manufacturing to reduce
The Presidential Fiscal Policy and Tax Reforms Committee has dismissed as false a viral video alleging that new tax laws will take effect in 2027 and impose a 25 per cent levy on funds designated for building materials and other transactions. In a statement, the committee clarified that the Nigeria Tax Act 2025 has already
The Rivers State Microfinance Agency (RIMA) has announced plans to establish microfinance bank branches in each of the state’s three senatorial districts, aiming to expand access to loans in rural communities. Managing Director Pastor Jonathan Tobin disclosed the plans in an interview, saying the initiative is part of Governor Siminalayi Fubara’s drive to boost small
