Nigeria’s federally collected revenue received a major boost in August 2026 as the Nigeria Revenue Service (NRS) generated N3.70 trillion in tax and related revenue, driven largely by strong petroleum taxes, royalties and Value Added Tax (VAT) receipts. The performance came despite a sharp shortfall in revenue collected by the Nigeria Customs Service (NCS), which missed its monthly target by N144.13 billion and also recorded a decline compared with its July collection. Details of the revenue performance were contained in a report presented during the technical session of the September meeting of the Federation Account Allocation Committee (FAAC) at the Federal Ministry of Finance headquarters in Abuja. The document, prepared by the Technical Sub-Committee of FAAC under the Office of …
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By Ayo Kehinde  Data from the Central Bank of Nigeria showed that reserves increased from $55.08bn on October 9 to $58.81bn on October 12, representing a gain of $3.73bn. The latest figure is also $4.91bn, or approximately 9.1 percent, above the $53.90bn recorded on September 1. The increase strengthens Nigeria’s external buffer, potentially improving its capacity to manage foreign exchange pressures and meet external obligations. However, the specific drivers of the sharp three-day increase have not been established by the available data. Oil and gas remain central to Nigeria’s foreign exchange earnings, making investment in production, infrastructure and export capacity important to sustaining reserve growth. Higher crude oil prices can improve export receipts, but the benefits depend on production volumes, …
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The Intergovernmental Group of 24 (G24) has urged the International Monetary Fund (IMF) and the World Bank to make concessional financing more affordable for developing countries facing rising debt burdens and high borrowing costs. The chairman of the G24, Taiwo Oyedele, made the call during a press briefing at the ongoing IMF and World Bank Annual Meetings in Thailand, stressing the need for financing arrangements that would help vulnerable economies manage fiscal pressures without undermining growth and social welfare. Oyedele said developing countries, particularly those in Africa, were grappling with elevated debt levels and the increasing cost of servicing their obligations. He cited estimates suggesting that developing countries were paying about $500bn more in borrowing costs than developed economies, highlighting …
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