The Central Bank of Nigeria (CBN) has announced the successful conclusion of its banking sector recapitalisation programme, with Nigerian banks raising a total of ₦4.65 trillion over a 24-month period to strengthen the financial system and support economic growth.

President Bola Tinubu demonstrated foresight in July 2024, when he approved the use of the naira as the payment currency for crude oil supplied by the NNPC to the Dangote Refinery. Since the launch of the naira-for-crude initiative on October 1, 2024, Nigeria has experienced a strategic breakthrough amid the ongoing economic turmoil resulting from the Iran-Israel-US conflict in the Middle East.

In Nigeria’s bustling informal economy, payments rarely come with clarity, receipts, or even definitions. Across markets and transport hubs, traders and workers navigate a complex web of compulsory levies that are collected routinely but scarcely explained.

The Senate has approved President Bola Tinubu’s request for $6bn in external loans, just hours after receiving his letter. 

Finance Minister Wale Edun says Nigeria is now on a path of stabilisation and recovery, despite current economic hardship.

President Bola Tinubu has asked the National Assembly to approve an adjustment to the 2026 Appropriation Bill, proposing a ₦9 trillion increase to raise the total budget from ₦58.4 trillion to ₦67.4 trillion.