Connect with us


BIG STORY

FAAC: FG, States, LGAs Shared N1.6trn In February, Statutory Revenue Dropped By N194bn

Published

on

The federation account allocation committee (FAAC) says it shared N1.67 trillion among the three tiers of government in February.

The figure represents a decrease of N25 billion or 1.49 percent compared to the N1.703 trillion distributed in January.

Bawa Mokwa, the director of press and public relations of office of the accountant-general of the federation (OAGF), spoke on the revenue distribution in a FAAC communiqué, according to NAN.

FAAC said the total revenue of N1.678 trillion comprised a statutory revenue of N827.63 billion and value-added tax (VAT) income of N609.43 billion, electronic money transfer levy (EMTL) revenue of N35.17 billion, solid minerals revenue of N28.21 billion and augmentation of N178 billion.

The committee also said a total gross revenue of N2.34 trillion was available in February.

Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds, and savings was N577.097 billion, the communique reads.

GROSS STATUTORY REVENUE DROPPED IN FEBRUARY

The communiqué further said a gross statutory revenue of N1.65 trillion was received in February. This, it said, was lower than the sum of N1.84 trillion recorded in January by N194.66 billion.

FAAC said a gross revenue of N654.45 billion was available from VAT in February, lower than the N771.88 billion available in January by N117.43 billion.

According to the committee, from the total distributable revenue of N1.67 trillion, the federal government received N569.65 billion, N562.19 billion went to states, while the local governments got N410.55 billion.

A total sum of N136.04 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

Of the N827.63 billion statutory revenue, the federal government received N366.26 billion and the state governments received N185.77 billion, FAAC said.

The local governments received N143.22 billion and the sum of N132.37 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

The committee also said from the N609.43 billion VAT revenue, the federal government got N91.41 billion, state governments had N304.71 billion and the local governments received N213.3 billion.

A total sum of N5.27 billion was received by the federal government from the N35.17 billion EMTL. The state governments received N17.58 billion and the LGCs received N12.31 billion, FAAC said.

From the N28.21 billion solid minerals revenue, the federal government received N12.93 billion and the state governments received N6.56 billion.

The local governments received N5.05 billion and a total sum of N3.66 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue.

FAAC also said oil and gas royalty and EMTL increased significantly while VAT, petroleum profit tax (PPT), companies income tax, excise duty, import duty, and CET levies recorded a decrease.

BIG STORY

New Secondary School Curriculum To Include Journalism, Programming Modules [SEE FULL LIST]

Published

on

Nigeria’s new secondary school curriculum will introduce modules on journalism, programming, artificial intelligence (AI), robotics, and fact-checking, according to details released on Wednesday.

Dada Olusegun, senior special adviser to the president on social media, shared excerpts of the yet-to-be-unveiled curriculum document via his verified social media handle.

The new curriculum, which applies to both junior and senior secondary schools, is part of government efforts to modernise education and align learning with global digital and professional trends.

Breakdown of the curriculum

According to the document, journalism will now be taught under English Language at the senior secondary level, while programming is spread across both junior and senior cadres.

Digital literacy has also been expanded to include artificial intelligence and robotics in senior classes.

For junior secondary school (JSS 1–3), subjects include:

  1. Mathematics & Measurement (covering algebra, geometry, statistics, and more)
  2. English Language (essay writing, grammar, comprehension, oral skills)
  3. Integrated Science (physics, chemistry, biology, earth science, lab safety)
  4. Digital Literacy & Coding (Word, Excel, PowerPoint, Python basics, Scratch, robotics kits)
  5. Social Studies (history, geography, civics, economy, entrepreneurship basics, global issues)
  6. Languages (mother tongue, French/Arabic)
  7. Creative Arts (drama, crafts, music, film basics)
  8. Physical & Health Education (fitness, nutrition, reproductive health, drug abuse awareness).

For senior secondary school (SS 1–3), highlights include:

  1. English & Communication (academic writing, journalism, fact-checking, public speaking)
  2. Technology & Innovation (Python, JavaScript, HTML/CSS, data science, AI & robotics, cybersecurity)
  3. Research & Project Work (final-year project, data collection, presentation & defence)
  4. Social Sciences (economics, government, history, philosophy, entrepreneurship).

Focus on digital and practical skills

The curriculum also introduces modules on digital entrepreneurship, cybersecurity, media production, and mental health awareness.

Officials say the new subjects are designed to equip students with both academic and practical skills needed to navigate the evolving global economy.

The Federal Ministry of Education is expected to formally launch the curriculum in the coming weeks.

Continue Reading

BIG STORY

Fidelity, Sterling, Other Tier-2 Banks Under Pressure As CBN’s 2026 Recapitalisation Deadline Looms — SBM Report

Published

on

Nigeria’s mid-tier lenders are under mounting pressure to scale up operations or face mergers as the Central Bank of Nigeria (CBN) enforces its 2026 recapitalisation programme, a new report has revealed.

The report, released by SBM Intelligence and titled “Capital, Competition, and Consolidation: How Nigeria’s Tier-2 banks are responding to the CBN’s 2026 recapitalisation order,” examined the financial health and capital-raising efforts of First City Monument Bank (FCMB), Fidelity Bank, Stanbic IBTC, Sterling Bank, and Wema Bank.

In March 2024, the CBN directed banks to increase their minimum capital base by 2026. Under the new rule, international banks must raise ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion. The apex bank said the measure will boost financial stability and prepare lenders to support the government’s ambition of building a $1 trillion economy.

Share price rally

The SBM report highlighted how some tier-2 banks have outperformed expectations in recent years. Fidelity Bank’s share price rose from ₦1.65 in 2020 to over ₦21.20 by mid-2025, representing more than 1,100 percent growth. Wema Bank also recorded a surge from ₦1.50 to nearly ₦15.00 over the same period.

FCMB and Sterling Bank posted steady gains, while Stanbic IBTC maintained resilience despite macroeconomic volatility.

Capital-raising strategies

To meet the recapitalisation target, FCMB has embarked on a three-phase plan to raise ₦400 billion through public offers, divestments in subsidiaries, and offshore placements. Fidelity Bank has already secured over ₦270 billion from an oversubscribed rights issue and public offer, with plans to complete the process ahead of schedule.

Sterling Financial Holdings is pursuing a mix of rights issues, private placements, and a $400 million public offering, while Wema Bank has combined a ₦150 billion rights issue with a ₦50 billion private placement after an earlier ₦40 billion issue in 2023.

Mergers expected

SBM predicted that consolidation in the banking sector will intensify as the 2026 deadline approaches, with mergers and alliances likely among mid-tier lenders.

“The financial performance of these banks in 2025 underscores their capacity to compete and thrive, even as Tier-1 institutions consolidate their dominance,” the report noted.

It added that the ability of tier-2 banks to adapt to regulatory demands, strengthen technology adoption, and implement bold capital strategies will determine their future in Nigeria’s evolving financial sector.

Continue Reading

BIG STORY

UBA, Mastercard Launch Prepaid Card To Promote Financial Inclusion

Published

on

Africa’s Global Bank, United Bank for Africa (UBA) Plc, in collaboration with Mastercard, Tuesday announced the launch of the Mastercard prepaid card to further accelerate financial inclusion and expand access to digital payment solutions across Africa.

The card, which does not require a traditional bank account, is designed to serve individuals who have historically lacked access to formal financial services, particularly young adults, gig workers, and low-income earners. It enables users to top up funds easily, transact both locally and internationally, and manage spending with flexibility and security.

With more than 28.9 million adults in Nigeria remaining unbanked, and digital-first tools increasingly demanded by youth and freelancers, the prepaid card directly addresses pressing gaps in the financial ecosystem.

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal and Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, during the the launch of the Mastercard Prepaid Card to further accelerate financial inclusion and expand access to digital payment solutions across Africa, held at the Bank’s headquarters in Lagos on Monday.

Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, who noted this is a demonstration of the bank’s customer-first approach, stated that the bank is committed to ensuring that every Nigerian is banked and gets the best service.

“This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to providing practical solutions that meet the everyday needs of Nigerians, and this card will make payments simpler, safer, and accessible to all”

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal, said: “At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata. Together, we are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”

The prepaid card offers distinct benefits for different user groups. Cardholders can use it as a convenient budgeting tool; freelancers and gig workers gain a flexible expense solution; and the unbanked are empowered through a secure, reloadable allowance card. The product is globally accepted and supported by Mastercard’s trusted infrastructure, providing users with peace of mind and seamless digital payment experiences.

This collaboration aims to pave the way for a more inclusive and sustainable financial future in Africa, by striving to break down long-standing barriers, enable underserved communities, and advance economic growth.

United Bank for Africa (UBA) Plc is a leading pan-African financial institution, offering banking services to more than 45 million customers across 20 African countries, as well as in the United Kingdom, the United States, France, and the United Arab Emirates. With a strong focus on innovation, financial inclusion, and customer service, UBA provides retail, commercial, and institutional banking solutions, empowering individuals, businesses, and governments through cutting-edge digital platforms and inclusive financial products.

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

Continue Reading


 


 

 

 

Join Us On Facebook

Most Popular