General News
Global Meltdown Accounts for Drastic Drop in Federation Allocations
In the wake of the growing global economic crisis, the Federal Government had defended its policy measures saying it was committed to pursuing and implementing human-face policy measures to cushion the effects of the recession on Nigerians and business entities.
Speaking at the opening of the 10th National Council of Finance and Economic Development Conference (NACOFED), Vice-President Goodluck Jonathan, who was represented by Dr. Sullivan Chime, the Enugu State Governor admitted that Nigeria was already affected by the global crisis which, according to him, was responsible for the sharp drop in Federation Account allocations from N435.40 billion in January 2009 to N285.58 billion in February 2009.
According to him, "Several measures are being put in place by the government to cushion the impact of the global recession. The government recently approved N350 billion towards increasing power generation from the present level of 3,000 mega watts to over 6,000 mega watts by the end of this year.
"The government also intends to release over N70 billion to resuscitate the ailing textile industry. These efforts of the Federal Government must be matched by other tiers of government to reduce the impact of the economic crisis”.
The Federal Government listed as its priorities the building of robust and resilient economy, improving public financial management and enhancing the efficiency of government expenditure. The priorities also include eliminating inefficiencies, corruption, leakages and rent-seeking activities, including the downstream petroleum sector, and diversifying productive structures such as agriculture, small and medium enterprises, gas and solid minerals.
Dr. Mansur Muhtar, Minister of Finance, said the present administration would protect most vulnerable groups through appropriate and targeted social safety nets.
he Minister said that Government would enhance domestic resource mobilization through expanding the non-oil tax base by means of appropriate tax policy and administration, making substantial progress in reforming Customs services and ports, and deepening reforms to tap into the domestic capital market for overall development of the country.
Muhtar stressed that the federal revenue generating Ministries, Departments and Agencies (MDAs) would be strengthened to fully disclose their earnings, payments and remittances to the Federation Account, "Let me renew the Federal Government’s commitment to stay ahead of the curve, collaborate with sub-national governments, and do all we can to support growth that will help us weather the global crisis.
We will continue steer the economy through the current global difficulties, while making sure that we don’t waste the opportunities for economic renewal they present. We all have a stake to build competitive and prosperous economies at all levels of government in the country to usher in a new era of economic growth base which citizens deserve for future”.
Mr. Remi Babalola, the Minister of state for finance assured that concerted efforts are being made to restore confidence in the nation’s financial sector, saying the regulatory agencies in the sector are now required to meet monthly to ensure that they are not working at cross purposes.
He urged banks to focus on their core banking functions rather than compete against one another in a destructive manner.
General News
FG Unveils Digital Platform to Showcase Nigeria’s Culture, Tourism Destinations

The Federal Government has unveiled a new digital platform, NITOUREY, aimed at showcasing Nigeria’s rich cultural heritage and tourism destinations to global audiences.

The initiative, introduced at a press conference organised by the Nigerian Tourism Development Authority, was described as a public-private partnership designed to project Nigeria’s diverse cultural assets.
Speaking at the event on Tuesday, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the platform marked another step in repositioning Nigeria as a leading global destination for tourism, culture and creative excellence.
She explained that the digital project would harness the power of the creative economy and technology to amplify Nigeria’s cultural narratives while creating opportunities for young Nigerians, filmmakers, content creators and tourism operators.
Musawa said, “Today marks yet another significant step in our collective journey to reposition Nigeria as a leading global destination for tourism, culture and creative excellence.
“The initiative aligned with the administration’s economic diversification drive, noting that tourism had the potential to contribute significantly to national growth.
“President Bola Tinubu has a vision to use tourism as part of economic diversification and expansion, and NTDA can play a vital role in achieving that goal”.
She emphasised that NITOUREY would not only showcase destinations across the country but also create economic opportunities within the creative industry.
“Through this initiative, we are not only showcasing destinations across Nigeria but also creating opportunities for the creative industries, including filmmakers, content creators, tourism operators and young Nigerians within the creative economy,” she added.
The minister also stressed the importance of collaboration between government agencies, state governments and the private sector, noting that the platform was a PPP initiative designed to unlock the full potential of Nigeria’s tourism and creative sectors.
“This is a commendable PPP initiative that demonstrates the collaboration required to unlock the full potential of Nigeria’s tourism and creative industry,” she said.
She further assured stakeholders that the Ministry of Art, Culture, Tourism and the Creative Economy would continue to support initiatives that enhance Nigeria’s visibility, attract investment and create jobs.
In his remarks, the Director General of NTDA, Ola Awakan, described NITOUREY as a transformative platform that will redefine how Nigeria is presented to the world.
He emphasised that tourism thrives on perception, visibility, and storytelling, noting that the platform will collaborate with key institutions, including the Nigerian Film Corporation, National Film and Video Censors Board, and the National Information Technology Development Agency, to deliver high-quality content.
Awakan added that the initiative is powered by a strong public-private partnership involving TOURCLIQ Creatives Limited and JM MiSA International Limited, underscoring the importance of collaboration in unlocking the full potential of Nigeria’s tourism and creative industries.
He further revealed that NITOUREY will spotlight iconic destinations across Nigeria’s six geopolitical zones, including Zuma Rock, Yankari Resort and Safari, the Argungu Fishing Festival, Ngwo Pine Forest and Cave, Obudu Mountain Resort, and Olumo Rock, projecting them to a global audience.
The platform is expected to serve as Nigeria’s premier tourism streaming platform, projecting the country’s culture, creativity and destinations to both domestic and international audiences.
General News
Uniting Global Standards to Power the Future of Smart Prepayment

The STS Association is proud to announce the signing of a Liaison Agreement with the DLMS User Association (DLMS UA), marking a significant milestone in the evolution of interoperable, secure, and future-ready smart prepayment metering systems.

This collaboration brings together two of the world’s most widely adopted global standards — STS token technology and the DLMS/COSEM data model — with the shared objective of strengthening interoperability, enhancing smart prepayment capabilities, and delivering greater value across the global metering ecosystem.
The DLMS User Association is a globally recognised authority in interoperable and secure data exchange, providing a strong foundation for innovation in energy and water management. Its DLMS/COSEM protocol and data model are widely adopted and supported by major international standardisation bodies, making it a key enabler of modern smart metering systems.
Through this liaison, the STS Association and DLMS UA will work closely to ensure that STS tokens can be seamlessly transported using the DLMS/COSEM protocol and data model. This includes the development of supporting specifications, mappings, and technical enhancements required to integrate STS token functionality within DLMS Generic Companion Profiles.
Both organisations will align their development roadmaps to ensure that advancements in token technology and data exchange evolve in a coordinated and complementary manner. In parallel, joint efforts will focus on market education, technical documentation, and awareness initiatives to clearly communicate the benefits of integrating STS prepayment with DLMS-based communication frameworks.
While electricity metering remains a primary focus, the collaboration also supports expansion into broader multi-utility applications, including water, gas, and time metering. This reinforces the relevance of both standards in enabling flexible, scalable, and future-ready utility infrastructures.
The STS Association will showcase this collaboration at the Power & Water Nigeria 2026 event between the 28th and 30th April at the Landmark Centre in Lagos, Nigeria. We will be.
The event will provide a platform to engage with utilities and stakeholders from across Africa and beyond, to demonstrate how the integration of STS and DLMS/COSEM is shaping the future of smart metering, while offering practical insights into implementation and deployment.
This strategic alignment reinforces a shared commitment to open standards, long-term sustainability, and the delivery of secure, interoperable solutions that support utilities and consumers in an increasingly digital and connected world.
General News
NIBSS Says 28 Percent of Nigerians have Registered for BVN

Latest data report from the Nigeria Inter-Bank Settlement System (NIBSS) has pegged Nigeria’s Bank Verification Number (BVN) Database at 67.8 million registrations (27.97% of the country’s population) following a steady growth streak over the last five years.

NIBBS, which manages the BVN infrastructure for Nigeria’s financial ecosystem, revealed that BVN registrations jumped from 63.5 million in 2024 to 67.8 million by the end of 2025, representing a 4.3 million increase in a year.
The latest NIBBS data reveals a consistent upward trend across the last five years, supporting the rhetoric that the Bank Verification Number has become a major protocol for accessing financial services in the country. The enrollment figures over the last five years, according to NIBBS, are as follows.
The increase represents an estimated 6.8 per cent year-on-year growth between 2024 and 2025, one of the highest leaps over the last 5 years.
The Driving Force Behind the Increased BVN Enrollment
Analysts pinpoint the Central Bank of Nigeria’s policies and enforcement procedures as the primary driver of the five-year upward trend in BVN enrollment.
Some of the most efficient CBN policies behind the surge include the directive to restrict or freeze bank accounts lacking both a BVN and a National Identification Number (NIN), effective from April 2024.
The directive caused a stir, prompting many Nigerians to register for BVN to maintain uninterrupted financial services.
The introduction of the Non-Resident Bank Verification Number (NRBVN) initiative enabled Nigerians living abroad to obtain a BVN remotely, eliminating the need to be physically present in Nigeria.
The NRBVN programme was a game-changer, bringing the weight of the Nigerian diaspora to the fore. Its successful integration served as a significant milestone in efforts to deepen financial inclusion and formally integrate the Nigerian diaspora into the country’s financial ecosystem.
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