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BY CHIKA OKEKE, Abuja Engr David Umahi President Bola Tinubu has called on the Minister of Works, Engr David Umahi to accelerate road construction, rehabilitation, and delivery, in line with the Renewed Hope Agenda’s objective of improving citizens’ quality of life and boosting economic activity. This was even as the President described Umahi as one of his outstanding and hardworking ministers, who is passionate about the job and delivering durable roads and bridges that will last for about a century. This followed his congratulatory message to Umahi who marked his birthday on July 25. Before he was appointed Minister of Works, Umahi served as the Senator representing Ebonyi South District. He was also a two-term Governor of Ebonyi State from May 2015 to May 2023, during which the state recorded landmark infrastructure development. The President recognised the Minister's sustained efforts in delivering durable road infrastructure, just as he praised Umahi for his passi...

BY CHIKA OKEKE, Abuja R–L: Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele presenting a commemorative plaque to the outgoing International Monetary Fund, IMF, Resident Representative to Nigeria, Dr. Christian Ebeke, during a dinner organised to bid farewell to Ebeke in Abuja on Friday. The Federal Government has reiterated its commitment to the implementation of far-reaching reforms aimed at restoring macroeconomic stability, strengthening public finances, improving investor confidence and laying the foundation for sustainable economic growth. Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele stated this at a dinner organised in honour of the outgoing Resident Representative in Nigeria, Dr. Christian Ebeke on Friday in Abuja. He promised to deepen the longstanding partnership with the International Monetary Fund, IMF, commending Ebeke for his significant contributions to the country's economic reform programm...

BY CHIKA OKEKE, Abuja Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, 3 rd L; Group Head, Strategy and Performance Management at Federal Mortgage Bank of Nigeria, FMBN, Mr. Oladapo Fakeye, 5 th R; flanked by others at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions, ANDFI, held in Abuja over the weekend. The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria, FMBN, Shehu Usman Osidi has encouraged development finance institutions to mobilise domestic capital and strengthen partnerships to accelerate Nigeria's development. He stated this at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions, ANDFI, over the weekend in Abuja. Represented by the Group Head, Strategy and Performance Management, Mr. Oladapo Fakeye, he disclosed that sustainable housing finance is a critical catalyst for economic growth, job creation and nation...

BY CHIKA OKEKE, Abuja Taiwo Oyedele Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele has insisted that the Tax Reform Acts, which came into effect on 1 January 2026, will strengthen competitiveness, protect vulnerable Nigerians and create a stronger foundation for sustainable economic growth. Oyedele who stated this at the inauguration of Inter Ministerial Committee on 2026 VAT Modification Order over the weekend in Abuja, described the reforms as the most extensive changes to Nigeria's tax system in decades. He enjoined the committee to deliver a modern and practical VAT framework that reflects the intent of the Tax Reform Acts and responds to the realities of today's economy. The Minister described the committee as a major step towards ensuring the smooth implementation of Nigeria's new tax laws and providing greater certainty for businesses, investors and tax administrators. He stated that while the previous VAT Modification Ord...

BY CHIKA OKEKE, Abuja The United Nations Development Programme, UNDP, has uplifted 600 Nigeran-owned businesses nationwide under its Support to Potential and Established Nature-Positive MSMEs, SPENM, project. Implemented through the International Trade Facilitators Association, ITFA, the UNDP Global Environment Facility-Small Grants Programme UNDP/GEF-SGP had enabled benefitting enterprises to transition from donor dependence to sustainable and market-ready businesses. National Coordinator of UNDP/GEF-SGP, Dr Ibirounke Olubamise stated this at the unveiling of Nature Positive Organisation Online Directory in Abuja, an initiative that supports the Federal Government’s efforts to create an enabling environment for Micro, Small and Medium Enterprises, MSMEs, to grow. She stated that the SPENM project will strengthen local capacity, improve market access and prepare eco-conscious businesses for international trade, adding that it would be achieved through compliance with green ...

BY CHIKA OKEKE, Abuja The Family Homes Funds Limited, FHFL, has finalised plans to build 10,000 social housing units by 2030, meant to empower 100,000 women and train 100,000 artisans nationwide. To be implemented under its Social Housing Implementation Plan, SHIP, the major crux of the project is building sustainable communities and improving livelihoods, while closing the huge housing deficit gap. Domiciled in the Presidency, the FHFL is a social housing finance institution established to expand access to affordable housing through innovative financing, strategic partnerships, and sustainable housing development. It also supports families on low-income to attain their home ownership dreams by financing affordable housing projects that align with the New Urban Agenda and the Global Goals. While the housing projects would be executed in phases across key regions based on identified housing needs, the initiative would combine innovative financing, sustainable construction me...

BY CHIKA OKEKE, Abuja Stakeholders in trade and investment have formed strong alliance to create jobs and enhance economic prosperity for Nigerians in line with the Renewed Hope Agenda of President Bola Tinubu. This played out during stakeholders’ high-level webinar organised by the Abuja Chamber of Commerce and Industry, ACCI, with the theme: “From Lab to Market: Driving Nigeria’s Industrial Transformation through Research Commercialisation”. The Second Deputy President of ACCI, Dr Aliyu Hong stated that Nigeria must bridge the gap between research discoveries and commercial application, noting that commercialisation of research will accelerate industrial growth and strengthen global visibility.   Hong, who is also the Chairman of National Policy Advocacy Centre, NPAC, harped on the need for stronger synergy among government, academia, industry, investors and development partners to promote technology transfer and indigenous innovation. The virtual talks attracted poli...

BY CHIKA OKEKE, Abuja Taiwo Oyedele The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele has unveiled an empowerment scheme for 500,000 entrepreneurs, designed to close the employment gap for the youth. Tagged YouthCred, the initiative was also planned to unlock the entrepreneurial potential of young Nigerians and accelerate economic growth through access to affordable credit. At the launch of the initiative on Wednesday in Abuja, the minister stated that the initiative will unlock the entrepreneurial skills of young Nigerians and accelerate economic growth through access to affordable credit. Implemented by the Nigerian Consumer Credit Corporation, CREDICORP, the programme is intended to bridge the financing gap of young entrepreneurs and also provide them with the resources needed to start, sustain and scale their enterprises. The Minister stated that the programme reflects the Federal Government’s commitment to building a more inclusive econ...

BY CHIKA OKEKE, Abuja The Nigeria Deposit Insurance Corporation, NDIC, has commenced the payment of insured deposits to customers of the 46 failed microfinance banks whose operating licenses were revoked by the Central Bank of Nigeria, CBN. The Apex bank revoked the operating licenses of 46 Microfinance Banks effective July 1, 2026, over insufficient assets and other regulatory issues. This followed the MFB’s failure to meet the regulatory requirements for continued operation as licensed financial institutions, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act ,BOFIA, 2020. Managing Director and Chief Executive of the NDIC, Thompson Sunday informed journalists in Abuja, that plans are underway to reimburse the depositors, encouraging depositors without valid Bank Verification Numbers, BVNs, to report to the nearest NDIC zonal office to complete the verification process and receive their payments. He hinted that NDIC is tapping the Niger...

BY CHIKA OKEKE, Abuja The Nigeria Customs Service, NCS, has cautioned applicants against succumbing to traps set by scammers through the fake recruitment update circulating on some social media platforms. Describing the information as fake, the Service hinted that the announcement did not originate from the NCS.   The purported announcement reads in part: “Nigeria Customs service wishes to officially clarify its recruitment procedures following ongoing inquiries to firmly reiterate that the entire recruitment process is entirely free of charge. Under no circumstances should any candidate be requested to make any form of payment at any stage of the verification or selection process.” Worried by the activities of scammers, the NCS advised members of the public to disregard the publication and rely only on information disseminated through the official communication channels of the Nigeria Customs Service. The Service enjoined Nigerians to stay vigilant and verify informati...

BY CHIKA OKEKE, Abuja Taiwo Oyedele The Federal Government has advanced plans to rescue the electricity sector from years of underinvestment by floating N729bn bonds in August, meant to offset the mounting debts owed by individuals and corporate organisations.  Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who disclosed this at the Nigerian Bulk Electricity Trading Plc, NBET, Investors Forum in Abuja, blamed underinvestment on liquidity shortages, tariff shortfalls, mounting debts to generation companies and weak market confidence. The bond, which is part of the Presidential Power Sector Debt Reduction Programme, is expected to be set aside for the payment of verified obligations to generation companies and gas suppliers to improve liquidity, boost plant availability, and restore investor confidence in the power sector. Oyedele informed that the bonds will be raised through the second tranche of its Power Sector Multi-Instrument Issuance P...

BY CHIKA OKEKE, Abuja Kashim Shettima Vice President Kashim Shettima has challenged African countries to collaborate in developing affordable broadband connectivity, strengthening cybersecurity and promoting responsible Artificial Intelligence, AI, governance. He stated this on Thursday in Abuja at the opening of the 7th Ordinary Session of the African Telecommunications Union, ATU, ahead of the forthcoming 2026 ITU Plenipotentiary Conference in Doha, Qatar. Shettima disclosed that effective partnership will accelerate digital trade, adding that no single nation, regardless of its size or resources, will fully realise Africa’s digital ambitions in isolation. The Vice President stated that Nigeria is committed to the African Union’s Agenda and the Digital Transformation Strategy for Africa through sustained investments in broadband expansion, digital infrastructure, AI, innovation, cybersecurity and digital skills. He pointed out that Africa must assume a stronger role in sh...

BY CHIKA OKEKE, Abuja The Federal Mortgage Bank of Nigeria, FMBN, has set out plans to build 962 housing units on the Kaba District, Abuja land recovered by the Independent Corrupt Practices and Other Related Offences Commission, ICPC. This followed a Federal High Court order mandating the return of the forfeited property to FMBN, as the victim of the unlawful diversion of funds originally meant for the housing project. Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, who received the property, described the development as a significant milestone in the Bank's drive to expand affordable housing delivery and safeguard the contributions of millions of National Housing Fund, NHF, subscribers. ‎He noted that the event represented a significant milestone in its collective efforts to advance affordable housing and expand access to decent homeownership for Nigerians. ‎Osidi praised the ICPC for its diligence, professionalism and commitment in recovering and return...

BY CHIKA OKEKE, Abuja Taiwo Oyedele The Federal Government has hinted that public confidence in financial institutions contributed to increased savings among Nigerians, expanded investments and provided multiple opportunities for the economy. Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele disclosed this at the 2026 International Association of Deposit Insurers, IADI, Africa Regional Committee Annual Meeting and Workshop, organised by the Nigeria Deposit Insurance Corporation, NDIC, in Abuja. He said: “Financial stability is often discussed in technical terms, yet its impact is felt in the everyday lives of citizens. It affects the ability of businesses to access credit, households to save securely, investors to commit capital, and governments to deliver development programmes. “Monetary and fiscal policy alone cannot drive prosperity if the financial sector is vulnerable to panic, capital flight, or systemic distress. The banking system is th...

BY CHIKA OKEKE, Abuja President Bola Tinubu The outgoing British High Commissioner to Nigeria, Richard Montgomery has stated that though President Bola Tinubu’s reforms inflicted deep pains on Nigerians but it would restore the economy and place the country on a pedestal.  This was even as he praised the country for its resilience and accommodating nature, describing his three-year stay in Nigeria as awesome.  Montgomery disclosed this during a farewell visit to Chairman of the Nigeria Revenue Service, NRS, Dr Zacch Adedeji in Abuja. He said: “Although the reforms might have caused short-term pain for ordinary people, they are fundamental to restoring vitality to the economy. “I know that a lot of the economic reforms are tough, and they can cause short-term pain for ordinary people, you know, devaluation, inflation, and so forth. “However, I stand by and continue to brief our new Prime Minister, Andy Burnham, who’s hoping to speak to Mr President at some point in ...

BY CHIKA OKEKE, Abuja The Federal Government of Nigeria, FGN, bond auctioned in July 2026 was oversubscribed by 45 percent, approximately N540 billion, thereby attracting a subscription rate of N1.74 trillion as against the N1.2 trillion offered by the Debt Management Office, DMO. This was an indication of strong demand by investors for the FGN debt instruments. A result released by the DMO on Tuesday containing the July FGN Bond Auction, revealed that investors submitted bids worth N1.74 trillion for bonds valued at N1.2 trillion, while total allotments declined by 23.8 percent to N929.32 billion in July, from N1.22 trillion allotted in June. In the report, three instruments were offered during the auction namely: the 22.6 percent FGN JAN 2035, the 16.25 percent FGN APRIL 2037, and the 15.45 percent FGN JUN 2038 bonds, with N400 billion prescribed for each instrument. It indicated that investors exhibited high interest in the APRIL 2037 bond, even as it attracted N665.19 b...

BY CHIKA OKEKE, Abuja Committed to promoting cleaner energy alternatives and the adoption of sustainable transportation solutions, the Nigeria Customs Service, NCS, has clarified guidelines on importation of duty-free vehicles and other eligible items in the list. The guidelines were issued by the Federal Ministry of Finance for the Fiscal Incentives under the Presidential Gas for Growth Initiative. President Bola Tinubu had approved the implementation of the 2026 Fiscal Policy Measures and Tariff Amendments reforms, expected to strengthen Nigeria's fiscal and trade policy framework, promote economy and enhance revenue generation. But in line with the approved fiscal incentives, the NCS revealed the implementation of additional guidelines on importation of specified environmentally friendly and gas-powered vehicles, equipment, and components that would be exempted from the payment of Import Duty and Value Added Tax, VAT. The categories expected to benefit from waivers a...