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NASS Passes N8.916tn Budget, Proposes N23.7bn for Lawmakers’ Severance

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The National Assembly on Tuesday passed the 2019 Appropriation Bill, raising the size by about N17bn from the N8.83tn proposed by the Executive to N8.916tn, with N23.7bn earmarked for lawmakers’ severance gratuities and allowances.

The key components of the budget, as passed by the parliament, include N502,058,892,965 for statutory transfers, against the N492.36bn proposed; N2,254,014,113,092 for debt service, against the proposed N2.14tn; N4,055,940,383,684 for recurrent (non-debt) expenditure, against the proposed N4.04tn.

Although a sinking fund of N120bn was proposed for the retirement of maturing bonds to local contractors, the lawmakers approved N110bn.

While the sum of N2.031tn (including capital supplementation but excluding the capital component of statutory transfers) was proposed, the lawmakers approved N2,094,950,709,632 “for contribution to the Development Fund for Capital Expenditure for the year ending on December 31, 2019.”

The Senate and House of Representatives Committees on Appropriations, in their reports considered concurrently by the chambers, had recommended a total budget estimate of N8,906,964,099,373.

Both the Senate and the House of Representatives, however, resolved to add N10bn to the Service Wide Vote for the rehabilitation of Zamfara State over the destructions caused by bandits in the North-West state.

The lawmakers also raised the amounts voted to other items in the budget, raising the total proposed amount of N8,826,636,578,915 to N8,916,964,099,373, a difference of about N90.3bn.

A close observation of the estimates passed by the House showed that under Statutory Transfers, the National Assembly raised its budget from the proposed N125bn to N128bn. The legislature got N139.5bn appropriation in 2018.

Under Recurrent (Non-Debt) Expenditure, N1bn was voted for severance benefits to retired heads of government agencies and parastatals, and N2.3bn for the entitlements of former Presidents/Heads of State, Vice-Presidents and Chiefs of General Staff.

Also, about N23.7bn will be spent on “severance gratuity for outgoing legislators and legislative aides, allowances for incoming legislators and legislative aides, and induction programme/inauguration of the Ninth Assembly.”

The sum of N22,682,832,166 was appropriated for the payment of outstanding terminal benefits of Nigerian Airways’ ex-workers.

Operation Lafiya Dole and other special operations by the Armed Forces got N75bn.

Under the executive sub-column, the Presidency will get N430.8bn for recurrent and N18bn for capital expenditures.

Earlier during consideration of the bill at the House, a member from Kano State, Mr Damburam Nuhu, noted the large amount allocated to the Office of the National Security Adviser as against what came to sections of the National Assembly. He said it was important for Nigerians to note that one office got as much as N86bn.

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Fidelity Bank, NCF Deepen Partnership on Environmental Sustainability

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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.

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EIB-Backed Boost Africa Fuels Daya’s Ambition to Connect African Businesses to Global Markets

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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:

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Wema Bank Unveils Top 21 Finalists for Hackaholics 7.0 Grand Finale

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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.

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