Business
FG to Disburse N649.4bn Paris Club Refund Balance to States
States yet to collect their balance of the Paris Club debts refunds would soon be paid, the Supervising Minister of Finance, Zainab Ahmed, said on Thursday.
The Minister who disclosed this in Abuja during her quarterly briefing with journalists on the activities of the Finance Ministry, said about N649.434 billion has been released for that purpose.
“For the final phase of the Paris Club debts refunds, the total sum of N649.434 billion was verified by the Ministry as the outstanding balance to be paid to the State Governments,” the Minister said.
The amount to be paid is lower than about N691.560 billion the Central Bank of Nigeria (CBN) paid as at March 2019 partly as a result of the exchange rate differential at the point of payment.
She assured that States with outstanding balances of the refund would be paid in due course.
‘Exit from recession’
According to the Minister, the implementation of policies under the Economic Recovery & Growth Plan (ERGP) led the economy to exit recession and currently on a path of sustainable, inclusive and diversified growth.
She, however, lamented the country’s “unsatisfactory revenue performance”, particularly in the non-oil sector, saying this has negatively impacted financing of critical sectors such as health, education, and infrastructure.
The Minister said the significant improvement in the country’s external reserves from $28.3 billion in 2015 to $44.69 billion as at May 13, 2019 has helped stabilise the currency exchange rates and economy.
On the role of domestic revenue mobilisation for continued economic success and inclusive growth in the country, Mrs Ahmed said time to act to accelerate all revenue initiatives is now.
She said she has accepted President Muhammadu Buhari’s call to action, by prioritising revenue generation, and strategic revenue growth initiatives and cost-cutting interventions aimed at boosting revenue performance.
On the progress recorded in the economy, the Minister said the country achieved “seven consecutive quarters of Gross Domestic Product (GDP) growth since exiting recession in the second quarter of 2017.”
“As at Q4 2018, the economy grew by 2.38 per cent in real terms (year-on-year), representing an increase of 0.27 per cent compared to Q4 2017 and, a rise of 0.55 per cent, compared with the growth rate in Q3 2018.
“Overall, GDP grew at an annual rate of 1.93 per cent in 2018 compared with 0.82 per cen in 2017, representing an overall increase of 1.11 per cent year on year,” she said.
In 2018, she said the country’s budgeted revenue was about N7.2 trillion, against the realised figure of N3.96 trillion, signifying a negative variance of 45 per cent.
Despite the shortfall, she said the government “was able to fully pay workers’ salaries and service its debts 100 per cent.”
On capital releases, the Minister said, as at May 14, 2019, “seven months overhead was released for 2018, two months for 2019, and N2.079 trillion capital expenditure.”
Strategies
“We have adopted a prudent debt management strategy which ensures we invest what we borrow in capital projects. Although our debt by international standards, at 19.09 per cent Nigeria’s debt to GDP ratio, is well below the threshold of 56 per centfor countries similar to Nigeria. The government is addressing the issue of reducing the debt service to revenue through a combination of debt substitution strategies.”
On ongoing reforms by her Ministry at the Federal Inland Revenue Services (FIRS) and the Joint Tax Board (JTB), she said the country’s taxpayer database has been expanded to 35 million from nine million in the four years of the Buhari-led administration.
She said this figure is expected to grow to 45 million individual and corporate payers when the ongoing integration of different biometric databases is completed.
“Through reforms at the Federal Inland Revenue Services (FIRS) and the Joint Tax Board (JTB), we have been able to harmonise the Tax Identity Number (TIN) database to cover Federal, States and Local Governments to establish a unified identity number system for uniquely identifying tax payers,” she said.
Premium Times
Access Bank Plc, Nigeria’s largest retail bank, is set to unveil DettyFusion, an innovative all-in-one digital platform designed to help Nigerians at home and in the diaspora seamlessly discover, plan, and enjoy entertainment events during the upcoming Christmas and New Year festive season.
Billed as the first-of-its-kind entertainment aggregator in the country, DettyFusion will serve as a centralized hub where users can explore event calendars, purchase tickets, access exclusive discounts, participate in curated festive experiences, and make safe, seamless payments throughout the holiday period.
Speaking on the forthcoming launch, Access Bank’s Head of Mobility, Ishmael Nwokocha, said the platform was inspired by the bank’s commitment to enhancing customer experience during the highly anticipated Detty December season.
“Every December, Nigerians look forward to moments that bring joy, connection, and unforgettable experiences. The launch of DettyFusion will create a single gateway that makes it easier, safer, and more convenient for customers to enjoy the thrills of Detty December,” Nwokocha stated.
He added that the platform reflects Access Bank’s drive to deliver innovative lifestyle solutions that extend beyond traditional banking services. “DettyFusion brings together key features that meet the needs of today’s digitally active and experience-driven audience,” he said.
With this initiative, Access Bank continues to reinforce its position as a leading lifestyle enabler, supporting Nigeria’s creative sector while empowering customers to enjoy top-tier entertainment during the festive season.
With DettyFusion, Detty December just got smarter, more convenient, and even more rewarding.
Across Africa, women are fast becoming the heartbeat of economic transformation. From bustling open-air markets to high-tech boardrooms, women-led enterprises are redefining what is possible for the continent’s future.
Whether as market traders expanding their reach through digital platforms, tech founders scaling innovations across borders, or artisans turning local crafts into global brands, women’s contributions are now central to Africa’s economic resurgence.
Even as they break new ground, many still face formidable barriers. Access to finance, mentorship, business education, and supportive networks remains limited. Structural issues such as weak property rights, gender bias, and inadequate legal protections often hinder women from securing loans or expanding their businesses.
Consequently, many women-owned ventures remain small, informal, and vulnerable to economic shocks.
Recognising both the promise and the obstacles, Access Bank has positioned itself at the forefront of empowering women across the continent. Recently named Africa’s Best Financier for Female Entrepreneurs by the EMEA Finance Awards, the Bank has earned global recognition for its commitment to inclusion, innovation, and sustainable impact.
At the centre of this effort is the W Initiative, one of Africa’s most comprehensive women-focused banking programmes. Unlike conventional banking, it combines finance with mentorship, training, and community support, acknowledging that true empowerment requires more than access to capital. The initiative meets women wherever they are on their entrepreneurial journey, from start-ups to growing enterprises and corporate leadership.
The W Power Loan offers affordable credit with flexible terms, enabling women to invest in expansion, inventory, or technology. The W Academy provides leadership and business training on financial literacy, marketing, and regulatory compliance, while the W Community connects women to peers, mentors, and role models across industries.
Importantly, these offerings extend beyond urban centres. From microloans sustaining traders in rural markets to leadership programmes developing female executives in multinational firms, Access Bank’s approach is deliberately inclusive. By partnering NGOs, business associations, and government agencies, it reaches women in underserved communities, ensuring participation in Africa’s economic rise.
The results are evident. Thousands of women have accessed credit, training, and networks through the Bank’s initiatives, enabling them to launch and scale businesses, create jobs, and uplift their communities. The ripple effects are far-reaching: increased household income, improved family wellbeing, and greater economic resilience. Women who once faced daunting barriers now serve as role models and change-makers, inspiring others to follow their path.
Studies show that when women thrive, societies prosper. The World Bank and African Development Bank note that empowering women fuels GDP growth, improves health outcomes, and enhances social stability. By directly addressing structural gaps in access to finance and information, Access Bank helps to unlock this transformative potential.
Apart from supporting entrepreneurs, Access Bank promotes gender inclusion within its own organisation. Its leadership pipeline identifies and advances talented women, while mentorship and wellness programmes help female professionals thrive. The Bank also uses public platforms, from conferences to policy dialogues, to share success stories and advocate for gender diversity across sectors.
The EMEA Finance recognition thus goes beyond trophies and titles; it affirms that profitability and purpose can coexist. For Access Bank, supporting women’s advancement is smart economics. By embedding inclusion into its DNA, the Bank is shaping a financial ecosystem that views women as equal partners in progress.
Access Bank’s influence also extends into advocacy. Through forums, roundtables, and research collaborations, the Bank engages policymakers, civil society, and business leaders to identify and dismantle barriers facing women entrepreneurs. Its campaigns amplify women’s voices, spotlighting their achievements and driving conversations around inclusive growth.
In another demonstration of its commitment to corporate social responsibility, leading financial institution, Fidelity Bank Plc, has extended support to residents of the Makoko waterfront community in Lagos with the donation of boats, educational materials, food items and other essential relief items.
The donation was championed by the Achievers Inductees Class of 2025 under the Fidelity Helping Hands Programme (FHHP), the bank’s staff-led CSR initiative where members of staff identify areas of critical interventions in their communities, raise funds and receive matching support from the bank’s management to execute the projects.
Speaking on the donation, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr. Meksley Nwagboh, reaffirmed the bank’s dedication to supporting communities and fostering sustainable development.
“At Fidelity Bank, we believe that when communities thrive, businesses prosper. Our commitment goes beyond banking, it is about improving lives, supporting education, and creating opportunities for growth. This donation reflects our dedication to nurturing the next generation and contributing to a better, more sustainable future,” He stated.
Expressing appreciation on behalf of the community, the traditional leader of Makoko, Baale Shemede Emmanuel Ajakaekun, commended Fidelity Bank for its compassionate donation.
“We are grateful that Fidelity Bank came down here to support us. May their work continue to flourish, and may God lift them higher. We hope they will not forget us but come back again to support our people,” he said.
Similarly, the Proprietor, Part of Solution Orphanage, Nursery and Primary School, Shemede Taiwo, described the donation as life-changing for the children and residents.
“Many children here struggle to attend school because boats are expensive to build or hire. Fidelity Bank’s donation will make a huge difference in ensuring our children get to school safely and in ensuring the improved welfare of the residents of this community. We truly appreciate this gesture,” Shemede Taiwo said.
Through the Fidelity Helping Hands Programme (FHHP), the bank continues to empower communities across Nigeria by addressing key social issues in education, health, and welfare. The Makoko outreach comes off the back of a similar FHHP outreach to Old People’s Home in Yaba, Lagos, reaffirming Fidelity Bank’s commitment to the sustainable development that begins with genuine care for people and their environment.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
