Business
FG to Disburse N649.4bn Paris Club Refund Balance to States
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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
Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to environmental sustainability and climate resilience through its support for environmental education and community-based conservation at the 20th edition of the Walk for Nature in Lagos.
The bank reaffirmed this commitment at this year’s event, organised in partnership with the Nigerian Conservation Foundation (NCF) and the Lagos State Government, held on Saturday, October 17, 2026, at Lagos State University (LASU), Ojo, Lagos.
Speaking at the event, themed, “Inspired for Climate Action”, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, described the milestone event as a testament to the power of sustained partnerships in advancing environmental conservation and encouraging responsible environmental practices.
“At Fidelity Bank, we recognise that environmental sustainability is integral to building resilient communities and supporting long-term economic growth. Our commitment goes beyond advocacy to practical initiatives that promote cleaner energy, environmental awareness and responsible resource management,” Nwagboh said.
Reaffirming the bank’s commitment to environmental preservation, Nwagboh highlighted Fidelity Bank’s continued support for renewable energy solutions, environmental education, tree-planting programmes, recycling initiatives and community beautification projects.
“The theme, ‘Inspired for Climate Action” reminds us that environmental awareness must translate into practical action. Every individual has a role to play, whether through conserving resources, reducing waste, planting trees or adopting more sustainable lifestyles. By working together, we can build a cleaner, greener and more resilient Nigeria for future generations”. He said.
Nwagboh also commended the Nigerian Conservation Foundation and the Lagos State Government for their longstanding collaboration with the bank, noting that meaningful progress in addressing environmental challenges required sustained commitment from public and private sector stakeholders.
Delivering the keynote address on behalf of Lagos State Governor, Mr. Babajide Sanwo-Olu, the Permanent Secretary, Office of Environmental Services, Lagos State Ministry of the Environment and Water Resources, Dr. Gaji Omobolaji Tajudeen, stressed the importance of protecting wetlands, mangroves and waterways to reduce flooding risks.
He disclosed that the state was targeting the planting of 20,000 trees in 2026 to improve environmental quality and strengthen urban resilience.
“Protecting our wetlands, waterways and green spaces is essential to reducing flooding and building a climate-resilient Lagos. Residents must also take responsibility by disposing of waste properly and adopting environmentally friendly practices,” Dr. Gaji said.
In a goodwill message, environmental advocate and Founder of Green Education for the Youth, Chief Olufunso Amosun, urged young people to champion environmental conservation beyond organised events.
“Environmental protection requires consistent action. Young people can make a difference by educating their peers, promoting sustainable habits and becoming ambassadors for conservation in their communities,” Amosun said.
The Walk for Nature partnership forms part of Fidelity Bank’s broader commitment to environmental sustainability and community development, reflecting its continued efforts to promote responsible environmental practices through strategic partnerships and stakeholder engagement.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 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 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Business
EIB-Backed Boost Africa Fuels Daya’s Ambition to Connect African Businesses to Global Markets
Moving money across borders should not be more difficult than doing business across borders. Yet, for many African businesses, international payments remain slow, expensive and complicated.
Nigerian fintech company Daya is working to address these challenges by developing financial solutions designed to make cross-border transactions faster, simpler and more accessible.
Through Boost Africa, a joint initiative of the European Investment Bank (EIB), supported by the European Union (EU), financing is reaching innovative African businesses through venture capital funds.
Daya, backed by Janngo Capital, a venture capital firm supported by Boost Africa, demonstrates how this investment model is helping African entrepreneurs develop solutions to real-world challenges and pursue new growth opportunities.
In a video, Tomiwa “Aleph” Lasebikan shares the story behind Daya, the challenges the company is addressing and how investment is helping transform an ambitious idea into a growing business with aspirations to connect Africa to global markets.
The story highlights the role of investment beyond capital provision, showing how financial backing can support innovation, business development and solutions to challenges affecting African businesses.
Through initiatives such as Boost Africa, the EIB and its partners are supporting entrepreneurs working to unlock opportunities across the continent.
Watch the video to learn more about Daya’s growth journey and the impact of Boost Africa:
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.
The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.
Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.
The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.
The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.
Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.
