Business
Nigeria’s oil revenue drops further, as N389.9 bn is shared
Nigeria’s earnings from crude oil exports continued to decline in September, as the three tiers of government shared only N389.936 billion for the month.
Apart from May and June, when the country earned revenues higher than preceding months, statutory earnings have been on the decline since July.
In July, the country’s revenue dropped by N52.4 billion; N64.36 billion in August; and N47.14 billion in September.
The Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwaobia, said at the end of the meeting of the Federation Accounts Allocation, FAAC, that gross statutory revenue for September stood at N328.326 billion.
Of that figure, Mrs. Daniel-Nwaobia said about N7.2 billion was deducted as cost of collection for the various revenue generating agencies, including the Federal Inland Revenue Service, FIRS, and the Nigeria Customs Service, NCS.
She said grand statutory revenue for the month was N321.996 billion, which was lower by N47.144 billion than the N369.14 billion collected in August.
The decline in revenue for the month was attributed to the negative impact of shut down and shut-in of oil production in various terminals in the Niger Delta for maintenance and repairs.
Specifically, the country lost about $32.07 million during the month as a result of the drop in average crude oil price from $56.76 per barrel in July to about $47.32 in August.
The Organisation of Petroleum Exporting Countries, OPEC, price stood at $42.40 per barrel on Tuesday, October 27, 2015, compared to $43.13 recorded the previous day.
The current revenue challenge, Mrs. Daniel-Nwaobia noted, was further worsened with a decline of over N44 billion in non-oil revenue collections.
The value added tax, VAT, for the month was N56.399 billion, while refund to the Federal Government from the Nigerian National petroleum Corporation, NNPC was N6.33 billion and N5.211 billion exchange gain.
The grand total revenue available for distribution among the three tiers of government for the month stood at N389.936 billion as against N442.606 billion in August.
The Permanent Secretary said the balance in the Excess Crude Account, ECA, as at October 28 remained at about $2.256 billion.
“No excess money has been added to the account as the country has not made any excess revenue from the sale of her crude oil,” she explained.
Details of the revenue distribution showed that the Federal Government collected N151.343 billion (about 52.68 percent); state governments N76.763 billion (about 26.72 percent); Local Governments N59.181 billion (about 20.6 percent) and N27.505 billion as 13 percent derivation to oil producing states.
On the dwindling oil prices, Mrs. Daniel-Nwaobia said the Federal Government was seriously worried about the impact on the economy and the ability to carry out development programmes.
“The committee is very worried. Almost all economies of the world are facing difficulties in the form of headwinds,” she said.
“It’s how one manages ones’ situation that matters. The Federal Government is already aware of this challenge the country is facing. Reforms are already being undertaken. The impact of the reforms may not come as quick as one would expect, but with time, they would manifest,” the Permanent Secretary said.
With the country’s dependence on more than 70 percent of her revenue on oil, she said the volatility in the price of crude oil has exacerbated the country’s poor revenue base.
The government, she pointed out, was talking about diversifying the economy away from oil, with its focus now shifting to other sectors of the economy, especially the non-oil sector.
The concentration of government effort, the Permanent Secretary pointed out, was now on domestic resource mobilisation in the area of improvement on the country’s tax administration to widen the tax net to cover the formal sector, to generate more revenue.
Nigeria’s population is very large. There are a lot of small economic activities around that have not been properly captured in the tax net.
Discussions, she stated, are on to review of the VAT rate, adding that a lot of sensitization were ongoing.
“We are beginning to see some improvements in revenues coming in from those sectors. Government is also looking at the mining sector. A lot of discussions are on-going to check illegal mining activities. The Ministry is working with the Ministry of Mines and Steel to improve on the revenue from that sector,” said.
On capital allocations in the budget, Mrs. Daniel-Nwaobia said the government has so far released approved appropriation for two quarters.
Although she could not confirm whether the releases included about N100 billion demanded by the National Assembly for the controversial constituency projects, the Permanent Secretary said most of the ministries, departments and agencies, MDAs, have received their capital votes.
She said those that may not have collected their allocations may be as a result of the requirements under the new Treasury Single Account, TSA policy demands an authority to incur expense, AIE, from the office of Accountant General of the Federation, OAGF before accessing such funds.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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