The Federal Government recorded N11.89 trillion in fresh borrowings within the first nine months of 2025, while spending just N3.10 trillion on capital projects during the same period, according to the 2025 third-quarter Budget Implementation Report released by the Budget Office of the Federation. The report showed that the new borrowings comprised N7.08 trillion in domestic loans and N4.81 trillion in multilateral and bilateral project-tied loans. Despite a budget provision of N1.38 trillion for foreign borrowing during the period, no foreign loans were recorded. Data from the report showed that actual borrowing surpassed the three-quarter projection of N10.34 trillion by…
Author: Elvis Eromosele
Fidelity Bank Plc recorded gross earnings of N434.95 billion in the first quarter of 2026, representing a 37.9 per cent increase from N315.42 billion posted in the corresponding period of 2025. The strong performance was driven largely by growth in the bank’s core lending business, according to the bank’s interim financial results released on the Nigerian Exchange Limited (NGX). Fidelity Bank’s interest income rose by 22.8 per cent to N314.48 billion in Q1 2026, compared to N256.10 billion recorded in Q1 2025. The bank posted a net interest income of N180.97 billion during the three-month period, helping to lift profitability…
Nigerian Ports Authority (NPA) says 43 ships carrying petroleum products, food items, containers, and other cargoes are expected to arrive at Lagos ports between May 26 and June 6. According to the agency’s Daily Shipping Position, the vessels are scheduled to berth at Apapa Port, Lekki Deep Sea Port, and Tin Can Island Port. The NPA disclosed that the incoming vessels will transport containers, fresh fish, petrol, aviation fuel, diesel, gasoline, wheat, and other general cargoes. Out of the 43 expected ships: Eight vessels are carrying containerised cargoes Thirty-five others are laden with petroleum products and bulk cargoes 11 Vessels…
FCMB Group Plc says the annual Ojude Oba Festival has evolved beyond a cultural celebration into one of Africa’s leading platforms for tourism, enterprise, and cultural commerce. The bank stated that the festival, which attracts thousands of visitors to Ijebu-Ode every year, is increasingly creating economic opportunities across hospitality, transportation, fashion, entertainment, food services, photography, and small businesses. Originally established as a traditional homage-paying gathering before the Awujale of Ijebuland, Ojude Oba has grown into a globally recognised cultural event attracting tourists, investors, creatives, diaspora communities, and international media attention. Speaking ahead of the 2026 edition scheduled for May 29,…
The Federal Government has approved the establishment of a Nigerian aircraft leasing company aimed at helping local airlines acquire aircraft more easily, reduce flight disruptions, and lower airfares. Festus Keyamo, Minister of Aviation and Aerospace Development, disclosed the development in Abuja during a meeting with representatives of the Airline Operators of Nigeria (AON). Keyamo also revealed that the African Development Bank (AfDB) has committed a $7 billion funding package to support its integrated African aviation programme, with Nigeria selected as one of the pilot countries. According to Keyamo, the new leasing company is designed to address one of the biggest…
Fidson Healthcare Plc will allot all 600 million shares offered under its N21 billion Rights Issue after the offer closed oversubscribed by 117.3 per cent, reflecting strong investor demand for the pharmaceutical company’s shares. The company disclosed that investors applied for 704.19 million ordinary shares valued at N24.65 billion, significantly higher than the 600 million shares worth N21 billion available under the offer. The development was contained in the basis of allotment approved by the Securities and Exchange Commission (SEC). Due to the oversubscription, Fidson said applications for additional shares would be scaled down, with about N3.65 billion expected to…
By Elvis Eromosele “The Stone Age did not end because the world ran out of stones, and the Oil Age will not end because we run out of oil.” The quote, widely attributed to former Saudi Arabian Oil Minister Ahmed Zaki Yamani, captures a truth Nigeria has grappled with for decades. Successive governments have long recognised the need to diversify the economy away from oil dependence. Increasingly, experts have pointed to the digital economy as Nigeria’s most promising path to sustainable growth. The sector has already demonstrated enormous potential, and current developments suggest that its biggest gains may still lie ahead.…
Moniepoint Inc. has announced a N3 billion investment to establish innovation hubs in three federal universities as part of efforts to strengthen Nigeria’s technology talent pipeline. The initiative will see the creation of Moniepoint Innovation Hubs at Obafemi Awolowo University (OAU), University of Nigeria Nsukka (UNN), and Ahmadu Bello University (ABU) over the next three years. The company said the selected institutions were chosen to ensure a broader geographic spread of tech opportunities across Nigeria’s regions, rather than concentrating innovation resources in major cities alone. According to Moniepoint, each innovation hub will serve as a dedicated training centre for students…
The Joint Admissions and Matriculation Board (JAMB) has scheduled Saturday, June 13, 2026, for the conduct of the 2026 Unified Tertiary Matriculation Examination (UTME) mop-up exercise for affected candidates nationwide. The announcement was made in a statement issued on Monday by Fabian Benjamin, JAMB;s spokesperson. According to the Board, the mop-up examination is meant for candidates who were successfully biometrically verified during the main UTME but could not sit for the examination due to technical issues, biometric verification problems, or withdrawn results linked to examination infractions. JAMB said the exercise represents the final stage of the 2026 UTME process and…
Nigeria has cancelled $717.7 million in undisbursed funding under the World Bank-backed Power Sector Recovery Operation (PSRO), dealing a fresh blow to efforts aimed at stabilising the country’s troubled electricity sector. The cancellation comes amid worsening tariff shortfalls, foreign exchange pressures, weak revenue collection, and persistent operational challenges across the power industry. According to a restructuring document obtained from the World Bank, the Federal Government formally requested the cancellation on March 26, 2026, as part of a joint decision to discontinue financing under the programme and redirect support to alternative interventions. The document revealed that the programme’s closing date has…