In the first quarter of 2026, Nigeria’s total Federation Account Allocation Committee (FAAC) disbursements to states reached approximately N2.49 trillion, up from N1.98 trillion in the same period of 2025. While fiscal dominance remains concentrated, the top 10 beneficiary states saw their share of total allocations dip to 40.1%, down from 42.5% the previous year.

A significant shift in Nigeria’s fiscal landscape is the growing reliance on Value Added Tax (VAT) over traditional oil-based statutory allocations. During the quarter, states received over N1.28 trillion from VAT, significantly outpacing the N811.97 billion distributed through statutory allocations.

Lagos retained its position as the top recipient, receiving N200.21 billion, driven largely by its robust VAT intake. Other top recipients included Delta, Rivers, Bayelsa, and Akwa Ibom. While 34 of the 36 states saw year-on-year increases in allocations, Rivers and Ekiti recorded declines, with Ekiti’s total impacted significantly by statutory reconciliation deductions. The data highlights a broader national transition where consumer spending and commercial activity are becoming central drivers of state revenue.

A Federal High Court in Lokoja has nullified the registration of the Nigeria Democratic Congress (NDC), the party linked to presidential candidate Peter Obi. Justice Isah Dashen vacated a previous court order that had compelled the Independent National Electoral Commission (INEC) to register the party. The ruling followed a challenge by the Peace Movement Party, which claims ownership of the logo used by the NDC. As a result, all previous registration actions by INEC must be reversed pending a fresh hearing. Meanwhile, Peter Obi has publicly criticized the Senate’s recent move to establish state police, warning that the administration could exploit the new security architecture to influence the 2027 general election. Obi is calling for the policy’s implementation to be delayed until after the polls to ensure democratic integrity.

The Nigerian government has secured $1.5 billion, the first tranche of a $5 billion derivatives financing deal with First Abu Dhabi Bank. Executed through a Total Return Swap, the transaction uses naira-denominated securities as collateral to help bridge the country’s budget deficit and refinance expensive existing debt. While the government views this as a competitive alternative to traditional Eurobonds, international institutions, including the IMF and credit rating agencies like Moody’s and Fitch, have raised concerns. Critics warn that the complex structure could pressure exchange rates, limit monetary policy flexibility, and introduce credit risks not typically associated with standard commercial borrowing.

First City Monument Bank (FCMB) is positioning itself as a key driver of Nigeria’s agricultural sector by moving away from traditional, high-risk lending in favor of a comprehensive “ecosystem” financing model. Instead of targeting individual farmers—who often lack traditional collateral—FCMB provides support to the entire agricultural value chain, including input suppliers, processors, and exporters.

According to Kudzai Gumunyu, the bank’s Divisional Head of Agribusiness and Non-Oil Exports, this strategy enables the bank to manage risks more effectively. By grouping farmers under aggregators who provide technical support and guaranteed markets, FCMB has helped boost crop yields significantly above the national average. The bank’s agricultural lending exposure, currently at over 13%, stands well above the banking industry average of 4%.

FCMB further supports the sector through digital inclusion tools, such as USSD banking for rural areas, and specialized credit programs for women and youth. By fostering growth in both food production and non-oil exports, the bank aims to help Nigeria diversify its economy and strengthen national food security.

Nigerian mobile users are reporting that their data bundles are depleting significantly faster than in the past, despite no changes in their usage habits. The Nigerian Communications Commission (NCC) has acknowledged a surge in consumer complaints, attributing the phenomenon to technical factors such as automatic app updates, high-definition background syncing, and the prevalence of data-intensive content on modern 4G and 5G networks. While subscribers suspect telecom operators of reducing data value, the NCC encourages users to manage consumption by disabling background data and automatic updates. Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) is considering an audit of telecom operators to investigate these billing concerns.

President Bola Tinubu has established the National Health Technology and Data Analytics Office (NHTDAO) to drive Nigeria’s digital health transformation. Dr. Obi Adigwe, a pharmacist and policy expert, has been appointed as the pioneer National Coordinator.

Operating under the Coordinating Minister of Health and Social Welfare, the NHTDAO will serve as a central platform to improve health data management, standardize digital health solutions, and support technology-driven reforms. The office will not replace existing agencies but will act as a meta-level coordinator to strengthen collaboration across the sector.

A high-level Steering Committee, co-chaired by Health Minister Professor Muhammad Ali Pate and NESG Chairman Olaniyi Yusuf, will provide strategic direction for the new office. This initiative is part of the administration’s broader commitment to achieving universal health coverage through digital innovation.

The Nigerian equities market extended its decline on Thursday, as widespread profit-taking hit major stocks including Aradel Holdings and Oando. The All-Share Index dropped 0.64%, shedding 1,493.71 points to close at 233,580.83. This downturn wiped approximately N958.5 billion from the market capitalization, reducing total investor wealth to N149.89 trillion. Trading activity remained subdued, with volume falling by 19.35% as negative sentiment permeated the oil and gas, banking, and insurance sectors. While 34 stocks closed lower, only 14 recorded gains, pushing the market’s year-to-date return down to 50.10%.

Ellah Lakes Plc has announced a strategic expansion of its agribusiness operations in Edo State, marked by the acquisition of equipment for a new Palm Kernel Oil (PKO) mill and significant growth in its livestock division. The company expects to complete the installation of the mill, which will produce PKO and Palm Kernel Cake, by the end of the third quarter of 2026. Simultaneously, its piggery operation has surpassed 1,000 animals, with the company now beginning the sale of gilts. Future plans include the addition of an abattoir and cold-chain facilities to enhance meat processing and distribution. These moves are part of the company’s efforts to move into higher-value processing and improve revenue, following a 46.8% reduction in operating losses during the first quarter of 2026.

The Central Bank of Nigeria (CBN) has issued a renewed warning against the abuse and mutilation of naira banknotes, citing that these practices significantly increase currency replacement costs and disrupt circulation. CBN Governor Olayemi Cardoso stated that despite the bank’s investment in durable banknotes, improper handling—such as writing on, stapling, and spraying cash—drastically shortens their lifespan. To address this, Cardoso launched the Naira Ambassadors Club, an initiative aimed at educating students on the importance of currency care. The governor emphasized that protecting the naira is a collective duty, as the currency is a vital symbol of national sovereignty and economic integrity.

The top 10 highest-paid players at the 2026 FIFA World Cup generated a combined $924 million over the past year, according to Sportico. Cristiano Ronaldo leads the list with $295 million, followed by Lionel Messi at $140 million. Together, the pair accounts for nearly half of the group’s total earnings. The data reveals a shift in global football economics, driven by significant salary investments from the Saudi Pro League—which claims three of the top eight earners—and the continued commercial power of elite European clubs like Real Madrid. Notably, players aged 27 and under occupy half of the top 10 spots, signaling a rapid rise in marketability for the next generation of football stars.

Nigerian households are seeing significant relief as the price of cooking gas has dropped by approximately 31.8%, falling from N2,200 to N1,500 per kilogramme. The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) attributes this decline to improved product availability, increased domestic supply, and successful collaboration between industry stakeholders and government regulators. Additionally, intensified efforts to combat hoarding and illegal storage have further stabilized the market. With ongoing efforts to bolster local production and imports, stakeholders anticipate continued price stability.

The Federal Government has officially handed over the Akanu Ibiam International Airport in Enugu to Aero Alliance Limited under a 20-year Public-Private Partnership (PPP) agreement. This deal mandates the company to finance, rehabilitate, expand, and operate the facility to international standards.

Aviation Minister Festus Keyamo described the agreement as a landmark achievement, noting that while previous administrations struggled to attract investors to airports outside of Lagos, Abuja, and Kano, the current administration has successfully secured interest for both Enugu and the upcoming Port Harcourt concession. The minister emphasized that the deal aims to leverage private sector efficiency to improve infrastructure and service delivery.

Addressing concerns regarding job security, the Minister assured airport staff that their welfare remains a priority and that labor unions have agreed to the transition. Enugu State Governor Peter Mbah was credited with playing a vital role in attracting investors by proactively presenting a development plan for the airport, which is central to the state’s goal of becoming a regional aviation and logistics hub.

The Federal High Court in Lokoja has vacated its December 2025 judgment that compelled the Independent National Electoral Commission (INEC) to register the Nigeria Democratic Congress (NDC), a party associated with Peter Obi. The court’s decision follows a legal challenge from the Peace Movement Party (PMP), which claimed ownership of the logo used by the NDC. As a result, the court has ordered that all registration processes and actions taken by INEC based on the previous ruling be reversed. All involved parties have been directed to return to their pre-judgment status, and the case will undergo a fresh hearing to ensure all relevant parties are properly included in the proceedings.

Private petroleum depots in Nigeria have begun undercutting the Dangote Refinery’s petrol prices to capture market share. While Dangote recently set its price at approximately N1,127 per litre, several independent depots, including Aiteo and MRS Tincan, are now offering the product at slightly lower rates ranging from N1,125 to N1,126 per litre. Analysts attribute these fluctuations to the ongoing deregulation of the downstream sector, which allows operators to adjust prices based on supply, demand, and competitive pressures. While these wholesale reductions are intended to attract bulk buyers, industry experts note that actual pump prices for consumers will still be influenced by additional logistics, operating costs, and dealer margins. Meanwhile, NNPC retail stations have also begun downward price adjustments in response to the evolving market.

Lebara Nigeria has launched LebaraPlay, a new mobile-first entertainment platform aimed at audiences across Nigeria and Africa. The platform offers a variety of content, including microdrama series, music, and lifestyle programming, and is available to both Lebara subscribers and non-subscribers. According to Lebara Nigeria CEO Teniola Stuffman, the initiative is designed to move the company beyond traditional telecommunications by fostering an ecosystem that supports local creative talent and content development. LebaraPlay features both free and premium options, with the company positioning the platform as a key part of its broader digital expansion strategy in the region.

Nigeria faces mounting electricity supply risks as El Niño-induced drought conditions threaten hydropower generation across West Africa, according to a report by BMI. The country’s reliance on both domestic and imported hydropower, coupled with its integration into the West African Power Pool, leaves it highly vulnerable to climate-driven volatility. BMI warns that reduced water levels could significantly curb output, forcing Nigeria to lean further on gas-fired thermal plants to bridge supply gaps. While the threat highlights the need for a diversified energy mix, including increased investment in solar and wind power, structural challenges such as weak grid infrastructure and financing hurdles remain significant obstacles to long-term energy stability.

A new report from PwC reveals that family-owned businesses in Africa are outperforming their global peers, with 66% reporting sales growth over the past year despite significant economic headwinds. This resilience surpasses the global average of 57%.

According to the Africa Family Business Survey 2025, which polled 79 firms, these companies are prioritizing long-term value creation, with 82% choosing to reinvest profits rather than rely on external financing. Key drivers of this performance include high levels of organizational agility, increased investment in technology and AI, and strategic adaptation to regional challenges. While firms remain optimistic, with 80% targeting future growth, they face persistent hurdles, particularly in the form of complex tax environments, cited as a major concern by 58% of respondents, as well as ongoing inflation and supply chain instability.

Retired Commissioner of Police Balarabe Sule has voiced strong reservations regarding the Senate’s recent move to establish state-run police forces in Nigeria. While Sule acknowledged that localized policing could improve crime fighting through better community knowledge, he warned that the country is not yet prepared for such a transition. His primary concerns center on the financial viability of the initiative, noting that many states lack the resources to consistently fund, equip, and pay officers. Sule warned that poor remuneration could lead to widespread corruption, while the power given to governors to appoint police commissioners raises significant risks of political interference and abuse of authority. The Senate’s bill, which aims to decentralize the current security architecture, is part of a broader push to address Nigeria’s ongoing security challenges.

The Trump administration has requested $1.4 billion in supplemental funding from Congress to bolster efforts against the escalating Ebola outbreak in Central and East Africa. The initiative aims to prevent the virus from reaching the United States and support the evacuation and treatment of exposed Americans.

The proposed budget allocates $800 million for a quarantine center in Kenya, a project that has sparked significant local protests due to concerns regarding community safety. An additional $500 million is earmarked for global health security programs, including disease surveillance and cross-border coordination, while $90 million is designated for diplomatic response and medical evacuations. The request follows the recent confirmation of an Ebola case in France, underscoring fears of international transmission as the virus spreads across African nations. The proposal may face scrutiny in Congress, where lawmakers have previously questioned the oversight of global health spending.