By Ezinne Blessing

The Lagos State Government has announced that more than ₦15 billion has been disbursed to over 20,000 micro, small and medium-sized enterprises (MSMEs) through the Lagos State Employment Trust Fund (LSETF), contributing to the creation of more than 320,000 direct and indirect jobs across the state over the past decade.

The Executive Secretary of LSETF, Feyisayo Alayande, disclosed this during a media briefing held in Ikeja, where she presented the agency’s 10-year impact report and highlighted its achievements in employment generation, business growth and economic empowerment.

Alayande explained that since its establishment in 2016, the fund has played a pivotal role in addressing unemployment by improving access to finance, skills acquisition, market opportunities and technological support for entrepreneurs and job seekers across Lagos.

According to her, the agency has also helped preserve more than 173,000 jobs that were at risk, while over 82,000 businesses have participated in various capacity-building programmes aimed at improving productivity and long-term sustainability.

She further revealed that more than 30,000 young people have received training and employment support through different initiatives, while the Lagos Innovates programme has assisted over 1,200 technology startups and nurtured more than 3,300 technology talents.

Alayande described the achievements as proof that strategic investments in entrepreneurship and human capital development can significantly impact economic growth.

“Over the past decade, we have disbursed more than ₦15 billion through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” she said.

The Executive Secretary also highlighted the agency’s strong loan repayment culture, noting that beneficiaries have maintained a repayment rate of 94.53 per cent.

“Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity,” she stated.

Speaking on the challenges confronting many entrepreneurs, Alayande stressed that access to opportunities remains a major barrier to success.

“The difference between someone who succeeds and someone who does not is often access. Access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.

She also underscored the importance of partnerships in expanding the agency’s impact, citing collaborations with development organisations and private sector stakeholders, including GIZ, UNDP, King’s Trust International, Lafarge and several government ministries.

Alayande shared success stories of beneficiaries whose lives have been transformed through the agency’s interventions, including a woman living with disability who acquired mobile phone repair skills through a programme supported by Lafarge and successfully established a sustainable business.

She also referenced a female entrepreneur who participated in the Lagos Innovates initiative and later showcased her innovation at GITEX, one of the world’s foremost technology exhibitions.

According to her, such achievements demonstrate the far-reaching benefits of providing opportunities to individuals who may otherwise be excluded from economic participation.

Looking ahead, the LSETF boss said the agency intends to expand its support for businesses, increase access to funding, strengthen youth-focused training programmes and deepen investment in technology-driven enterprises.

She announced plans for the Lagos Employment Summit 4.0, scheduled for the fourth quarter of 2026, which will bring together government institutions, private sector operators, development partners and civil society organisations to discuss strategies for sustainable job creation and enterprise development.

While expressing satisfaction with the agency’s accomplishments over the last decade, Alayande maintained that greater efforts are required to extend economic opportunities to more residents.

“We are proud of what has been achieved over the last 10 years, but we are focused on doing even more. The next decade must deliver greater access to finance, more jobs, more training opportunities and stronger support for businesses that are ready to grow,” she said.

By Ezinne Blessing

The Federation Account Allocation Committee (FAAC) has shared a total of ₦2.257 trillion among the Federal Government, state governments and local government councils as revenue generated in April 2026.

The allocation was approved during the committee’s meeting held in Abuja in May, with details of the distribution released in an official communiqué made public on June 15, 2026.

According to FAAC, the distributable revenue comprised ₦1.260 trillion from statutory earnings, ₦747.088 billion generated through Value Added Tax (VAT), and an augmentation of ₦250 billion.

The committee disclosed that the Federation recorded a gross revenue inflow of ₦3.184 trillion during the month under review. However, deductions amounting to ₦113.756 billion were made for collection costs, while ₦813.839 billion was set aside for transfers, refunds and savings before the final distribution.

The communiqué indicated a significant improvement in revenue performance compared to the previous month. Gross statutory revenue increased to ₦2.378 trillion in April, representing a rise of ₦678.224 billion from the ₦1.699 trillion recorded in March 2026.

Similarly, VAT collections rose from ₦664.425 billion in March to ₦806.617 billion in April, reflecting an increase of ₦142.192 billion.

Under the approved sharing formula, the Federal Government received ₦787.351 billion from the total distributable pool, while state governments received ₦772.360 billion. Local government councils were allocated ₦540.152 billion.

In addition, oil-producing states received ₦157.254 billion as 13 per cent derivation revenue from mineral resources.

A breakdown of the statutory revenue allocation showed that the Federal Government received ₦580.942 billion, states got ₦294.661 billion, and local governments received ₦227.172 billion. The derivation allocation of ₦157.254 billion was also distributed among eligible states from the statutory component.

From the VAT revenue of ₦747.088 billion, the Federal Government received ₦74.709 billion, while states and local governments received ₦410.898 billion and ₦261.481 billion respectively.

The ₦250 billion augmentation was shared with the Federal Government receiving ₦131.700 billion, states ₦66.800 billion, and local government councils ₦51.500 billion.

FAAC further reported that several key revenue sources recorded growth during the month. These include Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Import Duties, Oil and Gas Royalties, and Value Added Tax collections.

However, the committee noted declines in revenue generated from Petroleum Profit Tax (PPT), Hydrocarbon Tax, Excise Duties and Common External Tariff (CET) levies.

The increase in April revenue collections is expected to provide additional fiscal support for government activities at the federal, state and local levels as authorities continue efforts to strengthen revenue generation and economic growth.

By Rukevwe Odeh

The International Monetary Fund (IMF) has stated that Nigeria’s current debt profile remains sustainable, but expressed concern about the large share of government revenue being used to service debt obligations.

According to the IMF, while Nigeria’s overall debt level does not presently pose a major threat to fiscal stability, the country is spending more than half of its federal revenue on interest payments. The Fund noted that this trend limits the government’s ability to invest in critical sectors such as infrastructure, healthcare, education, and social development.

The IMF’s assessment followed its recent review of Nigeria’s economic performance and policy reforms. The organization acknowledged progress made by the government in implementing fiscal and monetary measures aimed at strengthening economic stability and boosting investor confidence.

However, the Fund emphasized that improving revenue generation remains essential. It recommended further tax reforms, stronger revenue collection mechanisms, and continued efforts to broaden the tax base in order to create more fiscal space for development spending.

Recent IMF projections indicate that federal government interest payments are expected to remain above 50 percent of revenue, highlighting the need for sustained fiscal discipline and policies that support long-term economic growth. The Fund stressed that reducing the pressure of debt servicing would enable Nigeria to allocate more resources toward productive investments and economic development.