January 26, 2026

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Wale Edun

FAAC Disburses ₦2.225tn to FG, States, LGs in August

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The Federation Account Allocation Committee (FAAC) shared ₦2.225 trillion among the three tiers of government for August, out of a gross ₦3.635 trillion. FG received ₦810bn, states ₦709bn, and LGs ₦522bn, while oil-producing states got ₦183bn as 13% derivation. VAT and oil royalties rose, but corporate tax and imports weakened....

Nigeria Suspends 4% Import Levy After Industry Backlash

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Nigeria’s finance ministry has suspended a 4% levy on imports after fierce opposition from businesses and industry groups. Finance Minister Wale Edun said the policy, introduced by the Nigeria Customs Service, threatened trade facilitation, economic stability, and competitiveness. Airline operators and manufacturers welcomed the decision, calling it proof of government’s responsiveness...

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