Business
IMF Lauds CBN’s Efforts In Strengthening Banking Sector … Urges Review Of 2025 Budget
World’s apex financial institution, the International Monetary Fund(IMF), has applauded the efforts of the Central Bank of Nigeria (CBN) in strengthening the Banking sector and driving recapitalization.
IMF also urged the fiscal authorities to review the 2025 budget in light of some hiccups they will have in the economy.
In its latest released report on Nigeria’s economic reforms analysis, IMF noted that reforms in the foreign exchange market and ongoing stability of the naira have supported price discovery and enhanced dollar liquidity in the economy.
The report analysis revealed that Nigerian authorities had implemented major reforms over the past two years, which had improved macroeconomic stability and enhanced resilience.
The financial body highlighted a significant risk that Nigeria may face, specifically if the fiscal deficit projections for the year is exceeded.
This risk, the report noted, is driven by a combination of falling oil prices, lower production levels, and challenges in executing capital expenditures.
It called the country’s fiscal authorities to take immediate action to recalibrate the country’s fiscal policies and budget expectations to reflect the current economic realities.
“Ensuring that the fuel subsidy savings accrueable to the government would yield the proposed neutral stance—the full-year savings are estimated at two per cent of GDP.
“If the savings are not realised starting H2-2025 and given that tax policy reforms under consideration are not expected to deliver significant revenue gains in 2025, adjustment would have to come from the expenditure side (0.6 per cent of GDP), with staff recommending to prioritise adjustments to recurrent spending to protect growth-enhancing investments”, the report disclosed.
According to the report, IMF directors had noted that the CBN was rightly maintaining a tight monetary policy stance, which should be sustained until disinflation is firmly established.
They also welcomed the cessation of deficit monetisation and commended ongoing efforts to strengthen central bank governance, which is a crucial steps toward laying a solid institutional foundation for effective inflation targeting.
The Fund stressed the need for the implementation of a robust foreign exchange intervention framework focused on containing excess volatility, noting that the exchange rate was an important shock absorber.
It also agreed with the call to phase out existing capital flow management measures in a properly timed and sequenced manner.
The report also lauded the fiscal authorities for the successful signing of the tax reform bills into law, noting that it is a crucial step toward improving revenue generation and creating fiscal space for development spending, all while maintaining debt sustainability.
Recall that President Bola Tinubu recently signed four tax reform bills into law, marking what he called a bold new era of economic governance in the country.
The four bills that have now become Acts are the Nigeria Tax Bill (Fair Taxation), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The CBN, led by Cardoso, eliminated the long-standing multiple exchange-rate system by introducing a “willing-buyer, willing-seller” framework supported by a digital trading platform called B-Match.
By: Corlins Walter
Continue Reading
The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.
The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.
The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.
He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.
Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.
The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.
He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.
Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.
They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.
The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.
The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.
King Onunwor
-
Editorial4 hours agoDomesticate FG’s Exit Benefit Scheme
-
News5 hours agoDHQ Confirms Deaths Of Terrorists, Soldiers In Borno Attack
-
Rivers3 hours ago
Dep Gov Seeks Collaboration, Transparency Between RIVCHPP, PHCMB
-
Featured3 hours agoFG Reaffirms Nigeria’s Stability As US Embassy Suspends Visa Appointments In Abuja Office
-
Business5 hours ago
NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment
-
Rivers4 hours ago
Experts Converge To Tackle N’Delta Business Challenges
-
Business5 hours ago
NPA Targets N1.489tn Revenue In 2026
-
Business5 hours ago
IGR Firm Applauds Akpe’s Appointment As New D’Gov