By Rukevwe Odeh

The Federal Government has announced a target of generating ₦2.5 trillion in independent revenue in 2026 as part of efforts to improve public finance management, reduce revenue leakages, and lessen the country’s dependence on oil earnings.

The new target was disclosed in Abuja by the Acting Executive Chairman and Chief Executive Officer of the Fiscal Responsibility Commission (FRC), Charles Abana, during a meeting with the Secretary to the Government of the Federation (SGF), Senator George Akume. According to Abana, the commission’s decision follows its monitoring of approximately ₦1.84 trillion generated by Ministries, Departments, and Agencies (MDAs) as independent revenue by September 2025.

Abana explained that the commission is intensifying oversight of government-owned enterprises and MDAs to ensure that operating surpluses are correctly calculated and promptly remitted into the Consolidated Revenue Fund. He also revealed that the Operating Surplus Calculation Template, first introduced in 2016, has been upgraded and fully automated in line with the Finance Act 2020. The updated system is expected to improve transparency, accuracy, efficiency, and compliance in revenue reporting.

Speaking at the meeting, Senator Akume stressed the importance of stronger collaboration among institutions responsible for fiscal oversight. He urged the Fiscal Responsibility Commission to work more closely with the Federal Ministry of Finance, the Budget Office of the Federation, the Office of the Accountant-General, the Debt Management Office, and other relevant agencies to eliminate overlapping responsibilities and enhance accountability in public finance.

Akume described the commission as a key institution in Nigeria’s financial governance framework, noting that prudent management of public resources is essential for maintaining macroeconomic stability, attracting investment, and ensuring sustainable debt management. He added that stronger fiscal discipline would support the efficient use of government resources and contribute to the implementation of the administration’s economic agenda.

The ₦2.5 trillion revenue target forms part of the Federal Government’s broader strategy to expand non-oil revenue sources, strengthen transparency, and build a more sustainable fiscal system capable of meeting the country’s growing expenditure needs.

By Tama Peretengboro

President Bola Ahmed Tinubu has approved the free registration of 250,000 Micro, Small, and Medium Enterprises (MSMEs) with the Corporate Affairs Commission (CAC), in a move aimed at strengthening Nigeria’s small business sector and promoting economic growth.

The initiative is designed to remove the financial burden associated with business registration, enabling more entrepreneurs to formalize their operations and gain access to government support programmes, financial services, and broader market opportunities.

The programme will be implemented through a partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Under the arrangement, CAC will waive the statutory registration fees, while SMEDAN will identify and profile eligible businesses for the scheme.

Speaking on the initiative, CAC Registrar-General Hussaini Ishaq Magaji said the agency is committed to ensuring a smooth registration process and timely issuance of certificates to successful applicants. He added that the collaboration is intended to simplify business formalisation and encourage more entrepreneurs to operate within the formal economy.

SMEDAN Director-General Charles Odii described the programme as a major step toward empowering Nigerian entrepreneurs. According to him, formal business registration will improve access to grants, training opportunities, business financing, and other government interventions that can help MSMEs expand and create jobs.

The initiative forms part of the Federal Government’s broader efforts to promote entrepreneurship, increase economic inclusion, and support the growth of small businesses across the country.

By Rukevwe Favour Bibaikefie

The Dangote Petroleum Refinery has increased its crude oil processing capacity to 700,000 barrels per day (bpd), exceeding its initial design capacity of 650,000 bpd. The milestone follows successful performance testing and marks another significant step in the refinery’s operational expansion.

According to company officials, the achievement reflects the refinery’s engineering strength and operational efficiency, further reinforcing its position as the world’s largest single-train refinery. The higher output is expected to improve the supply of refined petroleum products within Nigeria while strengthening exports to international markets.

Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, disclosed that the company plans to expand refining capacity even further to about 1.4 million barrels per day over the next 30 months. The long-term expansion is aimed at making the refinery one of the largest refining complexes globally.

Since commencing fuel production, the refinery has steadily increased supplies of petrol, diesel, aviation fuel and other refined products, serving both the Nigerian market and customers across Africa, Europe, the United States and the Middle East. Industry analysts believe the growing capacity will help reduce Nigeria’s dependence on imported fuel while enhancing the country’s role as a major exporter of refined petroleum products.

The latest capacity increase is also expected to strengthen Nigeria’s energy security, improve foreign exchange earnings through exports, and support industrial growth by ensuring a more reliable supply of refined petroleum products for domestic and international markets.