The Central Bank of Nigeria (CBN) has directed banks and non-bank acquiring institutions to implement multi-factor authentication (MFA) for transactions carried out with foreign-issued cards exceeding $200 per day, as part of measures to strengthen payment security in the country. The directive was contained in a circular dated December 18 and signed by the Director of the Financial Policy and Regulation Department at the apex bank, Mrs Rita Sike. The…

The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to configure all automated teller machines (ATMs), POS, and virtual terminals to accept international cards with Nigerian acquirers, comply fully with card association standards, and possess the necessary certifications to enable seamless transaction processing. The CBN gave the directive in a circular signed by its Director, Financial Policy and Regulation Department, Dr. Rita Sike. CBN among other things…

President Bola Ahmed Tinubu has earmarked ₦5.41 trillion for defence and security in the proposed 2026 national budget, making it the single largest sectoral allocation in the spending plan presented to the National Assembly. The allocation marks the third consecutive year that security spending has taken precedence since the Tinubu administration began presenting national budgets in November 2023, underscoring the government’s focus on tackling Nigeria’s persistent security challenges. The President…

The National Orientation Agency (NOA) has launched a massive nationwide campaign to ensure Nigerians understand and trust the country’s landmark tax reforms, describing effective communication as the backbone of successful policy implementation. At the inauguration of the Joint Presidential Committee on Fiscal Policy and Tax Reforms for Public Awareness and Sensitisation, NOA Director-General Lanre Issa-Onilu emphasised that while the reforms are technically sound, their success depends on public buy-in. He…

The Federal Government (FG) has revalidated the licence for the proposed Ondo Deep Sea Port, marking a significant milestone in the state’s drive to become a central hub for international maritime trade. Governor Lucky Aiyedatiwa received the revalidated document on Thursday, from the Minister of Marine and Blue Economy, Adegboyega Oyetola, during a ceremony in Abuja. Originally approved in 2023 by former President Muhammadu Buhari, the licence required revalidation due…

In a major boost to food security and youth empowerment, the Ekiti State Government has presented cheques totalling ₦1 billion to young farmers as profits from the 2025 harvest season. The funds were distributed to 4,657 participants of the “Bring Back the Youth in Agriculture” programme during a ceremony held at the Osuntokun Pavilion, Government House, Ado Ekiti.  Individual payouts ranged from ₦500,000 to ₦1,500,000, representing the net profits earned…

The Chairman of the Ekiti State Internal Revenue Service (EKIRS), Olaniran Olatona, has assured Nigerians that the upcoming Federal Tax Law, scheduled to commence in January 2026, is a strategic move to bolster the national economy and will not result in unauthorised bank deductions or public hardship. Speaking at a news conference on Wednesday in Ado Ekiti, Olatona clarified that the reforms are part of the President Bola Tinubu-led administration’s…

Lagos State has solidified its position as Nigeria’s most competitive business environment, clinching two prestigious titles at the Presidential Enabling Business Council (PEBEC) 2025 Awards: “Best Subnational for Ease of Doing Business” and “Best State Reform Champion” in Nigeria. The honours were announced during a ceremony held recently at the Banquet Hall, Presidential Villa, Abuja, where Lagos was recognised for achieving a top-tier performance score of 85.6%. READ ALSO: 2027: Lagos…

The Chief Digital Officer of Lotus Bank, Akinlabi Adegoke, has cautioned that Nigeria’s newly signed tax cooperation agreement with France must be implemented carefully to safeguard the country’s data sovereignty and strengthen its domestic tax systems. Adegoke made the remarks amid growing public debate over the Memorandum of Understanding (MoU) recently signed between the Federal Inland Revenue Service (FIRS) and France’s Directorate General of Public Finances. The agreement is aimed…

The Federal Government, states and local government areas shared a total of N1.928tn as Federation Account revenue for November 2025, reflecting a notable decline from the N2.094tn distributed in October. The allocation was approved at the December 2025 meeting of the Federation Account Allocation Committee (FAAC), held in Abuja. This was disclosed in a statement issued on Monday by the Director of Press and Public Relations in the Office of…

Nigeria’s headline inflation rate declined further in November 2025, reflecting moderated price pressures following the adoption of a new base year, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). In the report published on Monday, the NBS said the CPI increased to 130.5 points in November from 128.9 points in October, indicating a month-on-month rise in average prices. However, on an…

Lagos State Governor Babajide Sanwo-Olu participated in this year’s Lagos Food Festival yesterday, where he personally cooked and tasted a meal of seafood rice with stir-fry spinach. The event was organised by the Lagos State Ministry of Agriculture and Food Systems at Muri Okunola Park, Victoria Island. The governor stressed that the festival is designed to be a platform for families to come together, unwind and see food from different…