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FG Rebuffs Govs, Won’t Share $1Bn Oil Money

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Ngozi Okonjo-Iweala, minister of finance
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President Goodluck Jonathan has rebuffed state governors  who are demanding additional $1 billion from the Excess Crude-oil Account (ECA), a week after the three tiers of government shared about N567.70 billion from the same account.

Dr. Yerima Ngama, minister of State for Finance, said in Abuja at the monthly Federation Accounts Allocation Committee (FAAC) meeting that the government would not release the ECA funds at least for now.

However, he made a detour when he stated that the Federal administration ‘accessed’ one billion dollars from the account in December to offset the fuel subsidy claims to oil marketers. This was sequel to legislative approval of N161 billion supplementary budgets for fuel subsidy payments.

“We withdrew the amount (one billion dollars) to pay subsidy to oil marketers but not on the account for distribution to governors based on their request. Because of the withdrawal, we had a dip in the excess crude account, but yet we have credited the account (in December) with N91.70 billion and that will bring the total to 9.20 billion dollars,” said Ngama.

The deputy finance minister noted that the President Jonathan administration met its’ “target of having to save 10 billion dollars in the ECA for the year 2012.” He included the $1B withdrawal for the fuel subsidy claims payments.

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He maintained that with over 42 billion-dollar foreign reserves, Nigeria has enough to pay for three months’ imports. “The finances of this country are in solid state and this is credit to the exemplary leadership style of President Goodluck Jonathan’s administration,” said Ngama.

A breakdown of the allocation to the various tiers of government showed the Federal Government received N217.42 billion (52.68 per cent), state governments N110.28 billion (26.72 per cent) and the local governments got N85.02 billion.

Ngama said Value Added Tax (VAT) distributed for the period under review stood at N57.53 billion, compared with N62.7 billion in November.

Oil producing ‘communities’ were also credited with receiving a total of N49.7 billion, representing about 13 per cent oil derivation fund.

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History as Lagos Becomes First Nigerian State to Launch Greenhouse Gas Registry

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Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.

History as Lagos Becomes First Nigerian State to Launch Greenhouse Gas Registry

The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.

Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.

According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.

He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.

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Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.

Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.

He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.

Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.

He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.

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Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.

In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.

He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.

 

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See Verified 20 Countries Nigerian Passport Holders Can Travel Visa-Free

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A recently released  Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.

See Verified 20 Countries Nigerian Passport Holders Can Travel Visa-Free

This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.

Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.

Visa-Free Countries outside Africa for Nigerian Passport Holders:

Barbados

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Cambodia – Visa on arrival

Comoros Islands – Visa on arrival

Cook Islands

Dominica

Fiji

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Haiti

Iran – Visa on arrival

Kiribati

Lebanon

Maldives – Visa on arrival

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Micronesia

Montserrat

Niue – Visa on arrival

Palau Islands – Visa on arrival

Samoa – Visa on arrival

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St. Kitts and Nevis

Timor-Leste – Visa on arrival

Tuvalu

Vanuatuul

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Nigeria, Israel Strengthen Research, Technology Collaboration

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Nigeria and Israel yesterday reaffirmed their commitment to deepening bilateral cooperation in research, technology and innovation as both countries pledged to expand partnerships that will drive entrepreneurship, commercialise research and accelerate economic development.

The commitment was made at the closing ceremony and innovation showcase of the I-FAIR Cohort of the Israel-Nigeria Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR) in Abuja, where the Ambassador of Israel to Nigeria, Michael Freeman, announced that funding had been secured for the fifth edition of the programme, scheduled to begin in October 2026.

Freeman described I-FAIR as a practical demonstration of the growing partnership between both countries, saying it had enabled Nigerian innovators to develop local solutions to national challenges through Israeli mentorship and expertise.

He said, “This programme has never been about bringing Israeli solutions to Nigeria. It’s been about helping brilliant Nigerian innovators develop Nigerian solutions to Nigerian challenges supported by Israeli experience, mentorship and innovation.”

The envoy noted that the initiative had brought together government, academia, investors, engineers and entrepreneurs to transform innovative ideas into businesses capable of creating jobs and stimulating economic growth.

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Announcing the continuation of the programme, he said, “I am so proud to stand here today and announce that we have secured with our partners funding for I-FAIR 5 and I-FAIR 5 will be launching in October 2026.”

Freeman said the relationship between Nigeria and Israel had grown significantly over the past four and a half years through cooperation in innovation, agriculture, healthcare, education, water management and technology.

He expressed confidence that stronger collaboration between both countries would unlock greater opportunities for startups, research institutions and businesses.

According to him, “Israel brings experience and innovation, technology, agriculture, healthcare, cyber security, security and water management. Nigeria brings extraordinary talent, creativity, entrepreneurship and one of the most dynamic young populations anywhere in the world.”

He added, “I have no doubt that the best chapters of the relationship between Israel and Nigeria are still ahead of us.”

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The Executive Secretary of the Tertiary Education Trust Fund, Architect Sonny Echono, also reaffirmed TETFund’s commitment to strengthening research and innovation through strategic partnerships with Israel and other stakeholders.

He said the I-FAIR programme aligned with Nigeria’s priorities in food security, agriculture, medicine, technology, clean energy and the circular economy, adding that TETFund would continue supporting initiatives that promote research commercialisation.

Echono stressed that collaboration between government, academia and industry remained critical to translating research findings into products and services.

He said, “It is this critical linkage, especially between science, engineering, technology and innovation, and the productive sector that is critical for translating R&D results and inventions into finished products for socio-economic benefits of our people.”

He disclosed that TETFund was working with partners to establish innovation facilities in about 60 tertiary institutions and had created a student innovation fund that would provide up to ₦50 million to students with commercially viable ideas.

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The TETFund boss also announced plans for a National Research Fair later this year, where innovators would showcase products before policymakers, financial institutions and investors to attract funding and commercial partnerships.

Paying tribute to the outgoing Israeli ambassador, Echono described Freeman as a strong bridge between Nigeria and Israel.

He said, “Nigeria is grateful for your service. You have been a strong bridge between our two countries.”

Earlier, Head of Programmes at Innov8 Hub, Tolulope Aina, said sustainable economic development depended on building an innovation ecosystem that transforms ideas into successful businesses.

She noted that Innov8 Hub had supported more than 3,000 innovators, researchers and entrepreneurs, helping them convert research into products, startups and investment-ready ventures.

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Aina said, “Nigeria does not suffer from a shortage of brilliant minds, what we need are stronger pathways that help those ideas become products, businesses, and opportunities that improve life.”

She thanked the Embassy of Israel and TETFund for their continued support in strengthening Nigeria’s innovation ecosystem.

According to her, “Building an innovation-driven economy requires collaboration, long-term commitment and shared purpose.”

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