The Federal Government will deploy 10,000 electric tricycles across Nigeria in August as part of its drive to modernise public transportation, reduce mobility costs, and accelerate the country’s transition to cleaner energy solutions. Vice President Kashim Shettima disclosed this on Monday while receiving members of Transporters for Tinubu/Shettima 2027 during a courtesy visit to the Presidential Villa, Abuja. According to Shettima, the initiative will be implemented by the North East Development Commission (NEDC), with the electric tricycles initially distributed across the North-East and other parts of the country. He added that President Bola Tinubu has approved the replication of the…
Author: Elvis Eromosele
The Lagos State Employment Trust Fund (LSETF) has created more than 320,000 direct and indirect jobs and disbursed over N15 billion in loans to more than 20,000 micro, small and medium enterprises (MSMEs) since its establishment in 2016. Feyisayo Alayande, Executive Secretary of LSETF, disclosed this during a media briefing in Lagos to commemorate the agency’s 10th anniversary. Alayande said the agency was established by the Lagos State Government to address unemployment and promote wealth creation through access to finance, skills development, capacity building, market opportunities, and support for the technology ecosystem. According to her, the agency’s impact over the…
A Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties for failing to meet constitutional requirements on electoral performance. Justice Peter Lifu delivered the judgment on Monday, ruling that the affected parties failed to secure the minimum electoral threshold required to retain their registration. The parties affected by the ruling are the African Democratic Congress (ADC), Accord (A), Action Alliance (AA), Action Peoples Party (APP), and Zenith Labour Party (ZLP). The suit, marked FHC/ABJ/CS/2637/2026, was filed by the Incorporated Trustees of the National Forum…
The Central Bank of Nigeria (CBN) has introduced sweeping new regulations for banks, fintech companies and other payment service providers, mandating that all payment transaction data generated within Nigeria be stored locally from January 1, 2027. The directive was contained in a circular signed by Rakiya O. Yusuf, Director of the Payments System Supervision Department, as part of efforts to strengthen regulatory oversight, improve transparency and reduce systemic risks in Nigeria’s rapidly expanding digital payments ecosystem. Under the new framework, all institutions involved in processing payments within Nigeria, including banks, fintech firms, mobile money operators and payment processors, must ensure…
The United Nations Development Programme (UNDP), alongside other international development partners and the Federal Government, has committed more than N25 billion to a range of environmental and climate-related projects aimed at strengthening Nigeria’s resilience to climate change and accelerating its transition to a greener economy. The funding, drawn from various international climate and environmental programmes, is being channelled into projects focused on climate adaptation, emissions reduction, biodiversity conservation, pollution control, coastal protection, and sustainable development across the country. Data obtained from the Nigeria Development Cooperation Dashboard and implementation reports from the UNDP indicate that several major environmental initiatives are currently…
Nigeria’s Value Added Tax (VAT) collections rose to N2.42 trillion in the first quarter of 2026, representing a 17.06 per cent increase compared to the N2.07 trillion generated in the same period of 2025, according to the latest figures released by the National Bureau of Statistics. The report also showed that VAT revenue increased by 9.98 per cent quarter-on-quarter from the N2.20 trillion recorded in the fourth quarter of 2025, reflecting stronger tax collections across major sectors of the economy. Of the total VAT generated during the period, local transactions accounted for N1.11 trillion, while foreign VAT payments contributed N830.47…
…Concerns over cyberattack vulnerabilities prompt government restrictions on foreign access The United States government’s decision to restrict foreign access to some of Anthropic’s most advanced artificial intelligence models was reportedly triggered by security concerns raised by Andy Jassy, Amazon’s Chief Executive Officer. According to a report by The Wall Street Journal, Jassy alerted senior US officials, including Treasury Secretary Scott Bessent, after Amazon researchers discovered that Anthropic’s Fable 5 model could be manipulated into revealing information that might facilitate cyberattacks. The concerns prompted a review by US authorities and ultimately led to restrictions preventing foreign governments, businesses and individuals from…
The IMF’s recommendation that Nigeria impose excise duties on telecommunications services and extend VAT to petroleum products raises a fundamental question: How do you tax people deeper into poverty and then promise to help them with social interventions? That logic is difficult to defend. That is precisely where the IMF’s latest recommendation runs into trouble. The contradiction is glaring. In the same report, the IMF acknowledges that poverty remains widespread, food insecurity is increasing, inflation continues to strain household budgets, and millions of Nigerians are struggling to cope with the aftermath of fuel subsidy removal and currency depreciation. Yet the…
…Fund says additional tax reforms needed to create fiscal space for development and social spending The International Monetary Fund (IMF) has urged Nigeria to consider imposing excise duties on telecommunications services and extending Value Added Tax (VAT) to petroleum products as part of broader efforts to strengthen government revenue and improve fiscal sustainability. The recommendation is contained in the IMF’s latest Article IV Consultation Report on Nigeria, which argues that stronger revenue mobilisation will be necessary to support development projects, social interventions and long-term economic growth. The proposal comes at a time when Nigerians are grappling with rising living costs,…
The long wait is finally over for the New York Knicks. The Knicks clinched their first NBA championship in 53 years on Saturday night, defeating the San Antonio Spurs 94-90 in a thrilling Game 5 of the 2026 NBA Finals to secure the franchise’s third NBA title and first since 1973. At the heart of the historic triumph was superstar guard Jalen Brunson, who delivered a performance for the ages, pouring in 45 points to lead New York to glory and earning the NBA Finals Most Valuable Player (MVP) award. The victory capped a remarkable playoff run that showcased resilience,…