Business
NEITI Remits N30.09trn To Federation Account
The Nigeria Extractive In
dustry Transparency Initiative (NEITI) has said N30.09 trillion was remitted into the Federation Account between 2007 and 2011 from mineral and non-mineral revenues.
The NEITI Chairman, Mr Ledum Mitee, made this known at the public presentation of Independent Audit Reports of 2007 to 2011 Fiscal Allocation and Statutory Disbursement (FASD) audit in Abuja.
Mitee said the audit established that mineral and non-mineral revenues were two major revenue streams that flow into the Federation Account through the office of Account General of the Federation.
He said that mineral revenue remittances account for N23.7 trillion (less joint Venture Cash Calls and Nigerian National Petroleum Corporation subsidy claims), while non-mineral revenues stood at N4.01 trillion.
The chairman said that during the same period, the country earned N2.3 trillion from the Value Added Tax.
“From the Report, total transfer to Excess Crude Account (ECA) between 2007 and 2011 stood at N8.53 trillion with the highest transfer of N3.15 trillion was recorded in the year 2011.
“The report indicated that transfers to ECA dropped below one trillion naira in year 2009, recording only N339.54 billion in the whole year.
“The report further disclosed that N31.15 billion was reported by Federal Allocation Committee as under remittance of funds by NNPC in December 2011.
“We have confirmations that NNPC made remittances in February 2012, while the NNPC cited nationwide strike at the same time as reason for delay before the audit window closed,” he said.
He said that the fiscal allocation statutory disbursement audit also revealed that the total oil and gas revenue to the federal, state, local governments was N22.35 trillion.
Mitee said the beneficiaries of the 13 per cent derivation also shared in the sum within the period under review.
He said the breakdown showed that N9.75 trillion was disbursed in 2007, N5.42 trillion in 2008, while N4.28 trillion and N2.80 trillion were disbursed in 2009 and 2010, respectively.
The chairman said the report also showed that there was a general allocation of N7.44 billion to the nine state offices of the Niger Delta Development Company (NDDC).
The amount, he said, was shared to the commission for the completion of their projects.
“It highlighted that most of the projects were neither identifiable nor scheduled for monitoring and proper management.
“The report observed that the NDDC enabling Act is silent on the issue of how the budgets of the oil producing companies are obtained by the commission,” he said.
He said the report further showed that Petroleum Pricing Products Regulatory Agency paid the subsidy on Household Kerosene between 2007 and 2009.
He, however, noted that no such payment was made for the product in 2010 and 2011.
Mitee said subsidy was paid by Debt Management Office as a result of which the agency’s account was not funded in 2011.
“It is underestimated that NNPC deducts its subsidy payment at source from domestic crude sale,” he said
The report, he said, showed that the NDDC received N593.96 billion between 2007 and 2011 and spent N459.24 billion on recurrent and capital projects.
He said the report revealed that the share of Derivation and Ecology Fund stood at N164 billion between 2007 and 2011, while receipt from excess crude account stood at N53 billion.
He said the report disclosed that the total signature bonus collected by the Federal Government between 2007 and 2011 was N109.67 billion.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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