According to recent information from the National Bureau of Statistics (NBS), the 36 states of Nigeria collectively received a substantial allocation of N22.90 billion from the federation account allocation committee (FAAC) as an ecological fund between January and May 2025.

This ecological fund serves as a crucial component of Nigeria’s federal revenue system, specifically dedicated to addressing pressing environmental challenges that the country faces, including erosion, desertification, flooding, oil spills, and droughts.

The management of this fund falls under the jurisdiction of the Ecological Fund Office, which operates within the Office of the Secretary to the Government of the Federation.

In April, the Nigeria Hydrological Services Agency (NIHSA) issued a stark warning that 1,249 communities across 30 states and the federal capital territory (FCT) are at high risk of flooding this year.

Additionally, another 2,187 communities spanning 293 local government areas were categorized as facing moderate flood risk. States such as Abia, Benue, Lagos, Bayelsa, Rivers, and Jigawa have been identified as particularly high-risk areas.

The repercussions of flooding were severely felt in 2024, where the natural disaster tragically claimed the lives of 321 individuals, impacted over 1.37 million people, and displaced more than 740,000 across the nation.

During the five-month period in question, Kano State emerged as the largest beneficiary of the ecological fund, receiving the highest allocation of N1.29 billion.

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This was closely followed by Lagos, which secured N1.09 billion, and Borno, which received N1.01 billion. Other allocations included Katsina with N997.04 million, Bauchi with N970.20 million, and Oyo with N909.73 million.

Interestingly, Bayelsa, identified as one of the high-risk states, was allocated N358.80 million.

A detailed analysis by TheCableIndex revealed regional disparities in fund allocation, with the north-west zone receiving the most significant share of N5.85 billion.

The south-west followed with an allocation of N4.59 billion, while the north-east received N4.36 billion. The south-east was granted N3.15 billion, and the north-central zone received N2.54 billion, leaving the south-south region with the smallest allocation of N2.40 billion.

Here is a list of the ecological funds allocations to states in five months (January – May 2025):

Delta State Governor, Rt. Hon. Sheriff Oborevwori, on Thursday urged the Brazilian business community to seize the vast investment opportunities available in the state and maintained that Delta is strategically positioned to become a hub for trade, agriculture, energy, and industrial development in Nigeria and West Africa.

The Governor made the call while delivering his remarks at the “Delta State-Focused Business and Investment Roundtable” in São Paulo, where he highlighted the state’s natural endowments, strategic location, and ongoing reforms aimed at creating a friendly environment for investors.

Oborevwori noted the strong ties between Nigeria and Brazil, citing similarities in population size, agricultural potential, cultural diversity, tropical climate, and a shared passion for football.

He described the roundtable as an avenue to forge strategic partnerships that would accelerate sustainable growth for both countries.

He explained that since its creation in 1991, Delta State has grown into one of the top five largest economies in Nigeria with a landmass of over 18,000 square kilometres and a population of more than six million people.

According to him, “Delta is blessed with vast natural resources and youthful human capital, making it an attractive destination for investors.

“Delta is Nigeria’s leading producer of crude oil and holds the largest natural gas reserves in the country, with two major export terminals in Escravos and Forcados”.

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He also drew attention to the state’s long coastline, four seaports, and the on-going concession of the Burutu Seaport, which he said has the potential to become a major trans-shipment hub for West and South-West Africa.

He added that Delta is richly endowed with fertile soil for agriculture, with strong prospects in cassava, palm produce, rice, maize, aquaculture, and livestock.

“The state also has deposits of kaolin, silica, coal, lignite, and iron ore available for commercial exploitation,” he added.

On infrastructure, Oborevwori emphasized Delta’s advantage as a connecting point to major Nigerian markets such as Lagos, Onitsha, and Aba, while also boasting of three functional airports to enhance accessibility.

He stressed that his administration has invested massively in road networks to improve connectivity and ease of movement of goods and services.

Since assuming office in May 2023, the Governor said his administration has worked deliberately to improve the ease of doing business through tax harmonisation, the establishment of economic free trade zones in Koko and Kwale, and the enactment of business-friendly laws.

He also noted Delta’s recognition in 2024 by the Federal Ministry of Petroleum Resources as the safest state in Nigeria for oil and gas investments.

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Oborevwori further disclosed that the state is advancing its agro-industrialisation drive with the development of a 180-hectare Agro-Industrial Park designed to host between 20 and 30 processing plants, along with new public-private partnership models for housing, energy, and manufacturing.

He explained that Delta has adopted a decentralized mini-grid model to boost sustainable energy and drive industrialisation.

The Governor expressed particular interest in learning from Brazil’s world-renowned ranching system, noting that Delta is eager to replicate aspects of the model to boost livestock production.

“I eagerly look forward to partnering with the business community of Brazil for our mutual benefit,” Oborevwori concluded.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has initiated a range of strategic programs aimed at fostering entrepreneurship, stimulating economic growth, and enhancing the capacities of micro, small, and medium enterprises (MSMEs) throughout the nation.

A primary component of these initiatives is the SMEDAN Conditional Grant Scheme for Micro Enterprises, specifically designed for nano and small businesses.

This scheme provides conditional financial grants to assist nano enterprises in workforce development and the procurement of essential equipment. Its objective is to promote job creation and ensure business sustainability at the grassroots level. Click link to apply

Vice President Shettima

Beneficiaries, which include kiosks, vulcanisers, recharge card vendors, and other petty traders, will receive financial assistance tailored to their specific needs. Each nano business that hires at least one employee will be eligible to receive N50,000, thereby promoting employment and bolstering local economies.

Interested entrepreneurs may apply through several designated channels, including online portals, application forms, and specific government offices. Applicants are required to submit comprehensive documentation and project proposals that comply with the program’s guidelines, with an emphasis on the necessity of hiring at least one employee. The initiative aims to support projects that enhance the competitiveness, productivity, and sustainability of MSMEs. Such projects may encompass investments in technological advancements, infrastructure development, capacity building, market expansion, and innovation initiatives.

The grant amount is firmly set at N50,000 per beneficiary. Participating micro-enterprises can expect to realize various advantages, including improved operational performance, enhanced competitiveness, increased market access, job creation, and overall enterprise growth and development. Link to apply: grant.fedgrantandloan.gov.ng.

This scheme is part of the broader intention of the Nigerian government to stimulate small business development on a national scale. Vice President Kashim Shettima recently inaugurated a cutting-edge information and communication technology center for MSMEs in Cross River State, reflecting the current administration’s commitment to equipping entrepreneurs with essential tools and skills.

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During the inauguration, Vice President Shettima announced that each distinguished MSME recognized would receive an unconditional grant of N50,000. He emphasized that this financial assistance serves as a gift to facilitate their business growth rather than as a loan. Furthermore, additional initiatives include a N75 billion MSME Intervention Fund through the Bank of Industry, a N50 billion Presidential Conditional Grant Scheme targeting one million nano businesses, and N75 billion allocated to support manufacturers, enabling each eligible manufacturer to access up to N1 billion at low interest rates.

As the government implements the Presidential Conditional Grant Scheme to support nano businesses across the nation, it has earmarked significant financial resources to ensure that these initiatives benefit all local government areas. This comprehensive framework underscores a robust commitment to enhancing the entrepreneurial landscape in Nigeria.

The Governor of Delta State, Sheriff Oborevwori, has authorized the immediate allocation of N10 billion to address outstanding pension arrears owed to retirees within the state.

This announcement was made on Tuesday during a meeting with Edwin Ogidi-Gbegbaje, the Chairman of the Bureau of State Pensions, as well as Anthony Osanekwu, the State Chairman of the Association of Contributory Retirees, in Asaba, as reported by the News Agency of Nigeria (NAN).

Governor Oborevwori indicated that the purpose of the meeting was to discuss various issues pertaining to the welfare of retirees, including the settlement of backlog payments and challenges related to the migration under the Contributory Pension Scheme (CPS). He noted that his administration has thus far disbursed over N36 billion for pension services in the state. Furthermore, he highlighted that N1.4 billion has been allocated monthly for pension payments since he assumed office.

The governor emphasized that the state has consistently fulfilled its monthly pension obligations during his administration. However, he acknowledged the necessity of urgently addressing the arrears that predated his tenure. “Our retirees are individuals who have devoted their best years to service in the state. It is both just and necessary that they receive the benefits to which they are entitled, and ensuring their welfare remains a top priority under my administration,” he stated.

In conjunction with this announcement, the governor established an oversight committee to monitor the implementation of the released N10 billion, underscoring the importance of maintaining transparency in the process. He reiterated his administration’s dedication to prioritizing the welfare of senior citizens who have contributed significantly to the state.

Ogidi-Gbegbaje characterized the governor’s announcement as a “pleasant surprise,” expressing confidence that the N10 billion allocation would provide substantial relief to retirees. He assured that the funds would be exclusively utilized for pension payments, emphasizing that the system is designed to ensure transparency and accountability.

Osanekwu also expressed gratitude to the governor for this unexpected and generous decision, remarking, “You took us by surprise; our expectations were significantly lower than the N10 billion you have just approved. I am elated, and I am confident that this news will bring significant joy to pensioners across the state.”

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In May, Governor Oborevwori reaffirmed his administration’s commitment to the welfare of workers, noting that Delta State was among the first to implement a new minimum wage of N77,500, exceeding the national benchmark of N70,000. This adjustment increased the monthly wage bill from N11.5 billion to N15.3 billion.

As part of its civil service reforms and engagements, the administration has facilitated three town hall meetings and a notable dinner with senior civil service staff. “We have upheld our commitments in this area. Over 8,000 public servants have received training, including 450 senior management staff who participated in a comprehensive seven-weekend training program in collaboration with the Administrative Staff College of Nigeria (ASCON), thus marking a significant advancement in leadership development,” he stated.

The governor conveyed that to enhance understanding of the MORE Agenda, the government organized a strategic retreat with Sewa Assets Management for commissioners and heads of inter-ministerial agencies.

Regarding workforce expansion, he reported that 13,497 new teaching and non-teaching staff members have been recruited across the state’s 25 local government areas to address manpower shortages. Furthermore, promotion interviews have been conducted for over 2,193 officers, reflecting the administration’s commitment to career advancement.

President Bola Tinubu’s assumption of office on May 29, 2023, came at a critical juncture in Nigeria’s history, characterised by many challenges.

His declaration, “Subsidy is gone,” has sparked significant backlash against his administration, particularly as his tough policies have led to increased hardship for many Nigerians.

Former Nigerian military leader Ibrahim Gbadamosi Babangida has provided a comprehensive analysis of President Bola Tinubu‘s administration. …CONTINUE READING.

Fresh prophecy reveals who wins 2027 election as Tinubu warned

Babangida, a man of immense power and wealth, Babangida ruled the country as military Head of State from 1985 to 1993, leaving behind a legacy of economic reforms, political controversies, and an empire of investments that continues to fuel speculation decades later.

His administration was marked by sweeping economic policies, including introducing the Structural Adjustment Program (SAP), which aimed to stabilize the economy through privatization, foreign investment, and currency devaluation.

According to BusinessDay report, IBB has urged Nigerians to exercise patience and resilience during this challenging period, emphasizing that the difficult decisions being made by Tinubu are necessary for the long-term economic advancement of the nation. Babangida believes that these measures, while tough in the short term, are crucial for positioning Nigeria competitively on the global economic stage.

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His insights reflect a hope that with perseverance, the country will ultimately reap the benefits of these strategic reforms.
The Nigerian people will reward that kind of strength, Babangida announced.

He acknowledged the challenges that Nigerians are experiencing as a result of the financial reforms currently being implemented, but he insisted that Tinubu’s policies would be validated by the long-term benefits. Pain does not last forever.

He said, “I have witnessed governments in the past making difficult decisions, and I am confident that Nigerians will see the results if patience is managed effectively.”
He emphasized that Tinubu’s ability to navigate complex political challenges has positioned him favorably for continued leadership, highlighting the significance of his past achievements and adaptability in the ever-changing political arena.

It is said that Tinubu is an expert in political survival. Despite the fact that he has been subjected to pressure, criticism, and enormous challenges, he continues to move forward.

Fresh prophecy reveals who wins 2027 election as Tinubu warned

According to data obtained from the Central Bank of Nigeria (CBN), TheCable Index analysis showed that the foreign reserves declined by 6.23 percent from $40.88 billion reported on January 2 to $38.33 billion on March 27.

Analysis further showed that the decline is the highest in the first quarter of the last five years.

In Q1 2024, the foreign reserves declined by $810.66 million (2.45 percent); in Q1 2023, it dropped by $1.57 billion (4.24 percent); during the same quarter the next year, the external reserves depreciated by $971.35 million (2.39 percent); and in Q1 2022, the foreign reserves dwndled by $827.34 million (2.32 percent).

NIGERIA’S FOREIGN INVESTMENT DROPPED BY 30% WITHIN REVIEWED PERIOD

The decline in the foreign reserves coincides with a drop in foreign portfolio investment (FPI) during the first quarter.According to data obtained from the Nigerian Exchange Limited (NGX), TheCable Index analysis showed that the FPI declined by 30.3 percent between January to February.

The NGX has not released March data.

In January, NGX reported that Nigeria recorded $17.35 million in foreign direct investments through equities; however, in February, the foreign inflow dropped to $12.09 million.

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During the same period, foreign outflows outstripped foreign inflows each month, with $31.01 million recorded in January and $16.48 million reported the next month.

The data on foreign direct investments (FDI) for the period is yet to be released.

‘LOW PETRODOLLAR, CBN INTERVENTION CONTRIBUTED TO EXTERNAL RESERVES DECLINE’

The decline in foreign reserves in Q1 2025, according to Charles Abuede, the research lead at Cowry Asset Management Limited, indicates a lack of foreign exchange (FX) inflows into the economy.

Abuede said “minimal petrodollar earnings” and the CBN’s intervention in the FX market to support the naira through the sale of $25,000 weekly to bureau de change (BDC) operators are possible contributors to the decline.

“The depletion of Nigeria’s foreign reserves in the first quarter of 2025 clearly indicates a lack of foreign exchange (FX) inflows into the economy,” he said.

“This is largely due to minimal petrodollar earnings, as crude oil prices remain uncertain, fluctuating between $65 and $70 per barrel.

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“It may also reflect the Central Bank of Nigeria’s (CBN) ongoing efforts to defend the Naira, alongside the $25,000 weekly FX sales to Bureau de Change (BDC) operators to maintain liquidity in the market.”

Also, Muda Yusuf, the chief executive officer (CEO), the Centre for the Promotion of Private Enterprise (CPPE), echoed Abuede’s stance, saying that regular interventions by the CBN must have been depleting the reserves gradually.

“Because if we are having that, and we are not having sufficient inflows to balance out those outflows, that could be a possibility. You know, the CBN has been very consistent in defending the currency, which is not a bad idea. What is important is to ensure that we are doing so within a sustainable framework so that it doesn’t create an unnecessary crisis for us,” the economist said.

“Secondly, is the fact that the very depletion of reserves is also possibly triggering some speculative pressure, you know, on the market. In other words, if people begin to look at the trend and they notice that the reserves have been declining, it’s possible that that could also be increasing the pressure of demand, you know, on the foreign exchange market.

“And if demand is increasing, that means the amount that is made available to ensure stability will also be increasing. So, that speculative component is also a possibility. So, mind you, I’m talking about possibilities because I don’t have all the facts. So, that is also a possible factor.

“The third possible factor is the fact that NNPC seems to have stepped up or given a window for increased importation of petroleum products. Now, when we had only Dangote (refinery), substantially, you know, supplying the PMS, I think that there was a reduction in the pressure. Because when you look at our import bill, the importation of petroleum products historically has been about between 30 to 40 percent.

“In other words, the pressure of importation of petroleum products has been accounting for almost 30 to 40 percent of our import bill. So, when you have a situation where the dependence on domestic petroleum refinery is declining because NNPC and some of these agencies in the petroleum downstream or regulators seems to be supporting the continuous importation of petroleum products, that is also a factor. Because the importation of fuel is a significant factor in the pressure on our reserves.”

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Yusuf also linked the decline to the drop in FPI, which he said could be worsened by the increase in import tariff in the United States and the possibility of a hike in US interest rate in response to an impending increase in the inflation rate.

“Then, portfolio flows (is another reason). You know, right now, we are beginning to see some geopolitical factors. Now, we are beginning to see a trend of rising inflation in the United States. And the inflation is likely to continue to trend upwards, and it is likely that the Federal Reserve may very soon begin to also tighten monetary policy,” he said.

“Which means that interest rates in the United States may begin to go up any time from now. If Trump continues with his tariff imposition trajectory. That means if interest rates eventually begin to go up in the United States, that may affect portfolio flows.

“Because the returns on investment in those other countries and in other advanced countries may now begin to improve. So, it is also possible that it may have also decelerated the portfolio flows to the economy. So, for me, those are the variables that one can see that may be responsible.

“Then, of course, because I don’t have the data, you know, we have external debt obligations that we need to service. So, if you look at this quarter, some of them had fal due, which also needed to be serviced. So, that is also a possible factor.”

‘FOREIGN RESERVES DECLINE WILL PUT PRESSURE ON NAIRA’

During the reviewed period, the exchange rate in the official window of the FX market was N1,534 per dollar on January 3, compared to N1,539/$ on March 26.

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In the parallel market, the value of the local currency appreciated from N1,650/$ to N1,560 per dollar — indicating a 5.45% percent appreciation.

However, Abuede said the decline in the foreign reserves could put pressure on the naira, threatening the gains in Q1.

“This decline will exert further pressure on the local currency, as the apex bank continues its intervention. The key issue is that FX outflows are not being matched by sufficient inflows,” the research lead said.

“The recent, albeit minimal, appreciation of the Naira since January has largely been driven by CBN interventions rather than organic market forces.”

Yusuf also said the decline will fuel speculation in the FX market and create “anxiety about the current stability,” thereby triggering additional pressure on the exchange rates, which may lead to further depreciation in the currency.

“And then there is depreciation, and, of course, you know the implication of that for inflation in particular. And you know the implication of inflation for business performance and for the welfare of the people,” Yusuf said.

WHAT FG, CBN MUST DO TO RAISE FOREIGN RESERVES

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Abuede said achieving the 2025 budget target of 2.06 million barrels per day (mbpd) of crude oil production is crucial to increasing the foreign reserves.

He added that diversifying FX sources beyond crude oil will also contribute to the international reserves.

“To mitigate this challenge, Nigeria must ensure a steady influx of FX into the economy. Achieving the ambitious 2025 budget target of 2.06 million barrels per day (mbpd) of crude oil production is crucial,” he said.

“Additionally, diversifying FX sources beyond crude oil and implementing policies that attract foreign investment and boost remittance inflows will be essential in stabilising the currency and strengthening external reserves.”

On his part, Yusuf advised the CBN not to stop what it is currently doing in the FX market to ensure that Nigeria has a market that is liberal and has minimum encumbrances.

“You know, that allows for seamless flow of autonomous funds into the economy,” he said.

“So, the market-driven system has helped that. So, that should be sustained. Because if you look at inflows and outflows relationship over the last one year, we have seen a significant improvement in net flows, you know, into the economy, when you look at outflows of forex and inflows, you know, inflows have been much more than outflows over the last 10 months or so.

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“The second other thing has to happen on the fiscal side, and that is about oil production. You know, I am not sure we are still making up our oil output as of now. There are issues around the Niger Delta and this Rivers state crisis is also possibly contributing to it.”

The economist said ramping up production and continued support for all the initiatives around investment in gas could boost the foreign reserves

“Of course, there are also the non-oil exports, which have been increasing over time, but we haven’t gained such critical traction in that yet,” he said.

Yusuf added that the government should also continue to encourage Nigerians in the diaspora to continue to invest in Nigeria through financial instruments and more.

TheCable

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