The Federation Account Allocation Committee shared N2.3tn among the Federal Government, states and local government councils from May 2026 revenue, representing an increase of N43bn from the N2.26tn distributed in the previous month.

The latest allocation marks a 1.9 per cent month-on-month increase and continues the upward trend in federation revenues. The N2.257tn shared from April 2026 revenue had itself exceeded the N2.04tn distributed for March revenue by N217bn, while the March allocation was N150bn higher than the N1.89tn shared in February.

The figures were contained in a statement on Wednesday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, following the June 2026 Federation Account Allocation Committee meeting held in Abuja.

According to the statement, “A total sum of N2.300tn, being May 2026 Federation Account Revenue, has been shared to the Federal Government, states and the local government councils.”

The statement said the N2.3tn distributable revenue comprised N1.611tn in statutory revenue and N688.785bn in Value Added Tax revenue.

A communiqué issued after the meeting showed that total gross revenue available in May stood at N3.395tn. From this amount, N123.546bn was deducted as the cost of collection, while N971.610bn was set aside for transfers and refunds.

The committee reported continued growth in statutory revenue collections during the month. According to the communiqué, gross statutory revenue rose to N2.651tn in May from N2.378tn in April, representing an increase of N273.623bn.

However, VAT collections declined during the period. Gross VAT revenue fell to N743.668bn in May from N806.617bn recorded in April, a decrease of N62.949bn. Despite the drop in VAT receipts, stronger inflows from oil-related taxes and other revenue sources helped lift the total distributable revenue.

The communiqué stated, “In May 2026, Companies Income Tax, CGT, SDT, Petroleum Profit Tax, Hydrocarbon Tax, Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax, Excise Duty and CET Levies decreased considerably.”

A breakdown of the N2.300tn distributable revenue showed that the Federal Government received N818.680bn, while state governments received N759.141bn.

The 774 local government councils received N534.277bn, while oil-producing states shared N188.132bn as 13 per cent derivation revenue.

From the N1.611tn statutory revenue, the Federal Government received N749.801bn, states received N380.309bn, while local governments got N293.202bn. The oil-producing states also received N188.132bn as derivation revenue from the statutory component.

The distributable VAT revenue of N688.785bn was shared with the Federal Government receiving N68.879bn, state governments receiving N378.832bn, and local government councils receiving N241.075bn.

The latest allocation shows the resilience of federation revenues amid mixed performance across major revenue streams.

While VAT receipts, import duties and excise duties weakened during the month, higher collections from Companies Income Tax, Petroleum Profit Tax, Hydrocarbon Tax and oil and gas royalties helped offset the decline and pushed statutory revenue to a new high.

The Dangote Petroleum Refinery has lowered its gantry prices for Automotive Gas Oil (diesel) and Aviation Turbine Kerosene (jet fuel).

According to data from Petroleumprice.ng, the Dangote refinery reduced the diesel gantry price by N100, from N1,700 per litre to N1,600 per litre, representing a reduction of 5.9 per cent. Jet fuel prices were also lowered by N100, from N1,550 per litre to N1,450 per litre.

This comes hours after the refinery announced a N75 drop in the petrol gantry price from N1,250 to N1,175 per litre.

The reduction was linked to the drop in crude prices following the de-escalation of the Middle East crisis

It was gathered that private depot operators have started lowering prices to compete with the Dangote refinery.

According to Petroleumprice.ng, Rainoil has adjusted the jet fuel price from N1,553 per litre to N1,550 per litre on Monday. Similarly, diesel’s closing price across Lagos depots on Tuesday at African Terminal, Sahara, Ibeto and Duport was an average of N1,660 per litre.

Oil prices sustained their downward trend on Tuesday, falling below $80 per barrel for the first time in about three months.

From $83 per barrel on Monday, Brent crude, the global benchmark, fell to $78 on Tuesday, according to data from Oilprice.com.

The price of Brent is now well below the peak it hit during the war, which was about $120 a barrel. Before 28 February, when the war started, the Brent price was below $70. During the crisis, it traded at about $120 per barrel, leading to a sharp increase in fuel prices globally.

It is expected that this trend will now reverse following the latest developments between the US and Iran.

Speaking during an interview, Chinedu Ukadike of IPMAN noted that fuel prices may keep falling should the US-Iran tensions be fully resolved.

According to Ukadike, marketers have not yet reduced pump prices because many still hold old stock, and he urged Nigerians to exercise patience. He said consumers often expect immediate price adjustments, noting that such moves would result in losses for marketers still holding expensive inventory.

“This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks,” he said.

Ukadike added that loading activities usually slow down whenever the Dangote refinery announces new prices, allowing marketers time to clear old stock.

“Once the Dangote refinery announces a new price, there is a serious pause in loading. And it will enable people who just bought new products to see how they can clear the old stocks within the window of a day or two. Then when the new stocks start coming into the market, the process of supply and price will set in. Definitely, by tomorrow and Friday, people will start adjusting to the new price,” he said.

However, the spokesman of the Petroleum Products Retail Outlet Owners Association of Nigeria, Joseph Obele, expressed concern that imported petroleum products appear cheaper than locally refined fuel, calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue more licences for fuel imports.

Like Obele, Nigerians on social media have complained that the reductions do not reflect the recent decline in crude oil prices.

Nigeria’s current account surplus rose sharply by 255.7 per cent quarter-on-quarter to $4.98bn in the first quarter of 2026, driven by higher crude oil, gas and refined petroleum exports, as well as a steep decline in petroleum product imports, according to the latest Balance of Payments report released by the Central Bank of Nigeria on Wednesday.

The apex bank, in its Q1 2026 Balance of Payments Highlights, stated that “provisional balance of payments statistics for Q1 2026 show a current account surplus of $4.98bn, which was higher than the $1.40bn and $3.41bn recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025), respectively.”

The report showed that the current account surplus expanded by 255.71 per cent from the $1.40bn recorded in the fourth quarter of 2025 and was 46.04 per cent higher than the $3.41bn surplus posted in the corresponding period of 2025.

According to the CBN, the improvement was supported by increased earnings from crude oil exports, gas exports and refined petroleum product exports, alongside a significant reduction in refined petroleum product imports and lower net out-payments on the primary income account.

The report noted that crude oil export earnings rose to $8.11bn in Q1 2026 from $6.77bn in Q4 2025, while gas exports increased to $2.53bn from $2.24bn. Refined petroleum product exports also climbed to $2.37bn from $1.97bn during the period. At the same time, refined petroleum product imports plunged by 87.5 per cent to $0.31bn from $2.48bn in the preceding quarter.

A breakdown of the external sector data showed that the goods account, which is the largest component of the current account, recorded a surplus of $5.95bn in Q1 2026, compared with $1.77bn in Q4 2025 and $3.35bn in Q1 2025.

The CBN said, “The goods account (a major sub-account in the current account) recorded a significantly higher surplus of $5.95bn in Q1 2026, as against $1.77bn and $3.35bn recorded in the preceding quarter and corresponding period of 2025.”

The stronger goods account position was underpinned by a rise in total exports to $15.49bn from $13.36bn in the previous quarter, largely due to higher crude oil and gas exports. Meanwhile, total imports fell to $9.54bn from $11.59bn, reflecting lower imports of refined petroleum products and non-oil goods.

Crude oil exports increased by 19.79 per cent quarter-on-quarter to $8.11bn, while gas exports rose by 12.95 per cent to $2.53bn. Refined petroleum product exports jumped by 20.3 per cent to $2.37bn. Non-oil exports also improved marginally by 4.62 per cent to $2.49bn.

On the import side, non-oil imports declined by 10.49 per cent to $7.85bn, while refined petroleum product imports dropped sharply to $0.31bn from $2.48bn. However, crude oil imports rose to $1.39bn from $0.34bn recorded in Q4 2025.

The report also showed mixed performances across other current account components. Net out-payments on services increased to $3.71bn from $3.32bn, driven largely by higher net debits in travel and other business services.

“The increase in net out-payments for services was largely due to increases in net debits in travel and other business services,” the bank stated.

The primary income deficit narrowed to $2.83bn from $3.27bn in the preceding quarter, reflecting lower dividend and interest payments to foreign investors. According to the report, “This was largely attributable to a decrease in out-payments (dividend and interest) to non-residents’ investments, mostly to direct investors.”

The secondary income account surplus, which largely captures remittance inflows, declined to $5.57bn from $6.21bn. Personal transfers from Nigerians in the diaspora fell to $5.30bn from $5.72bn in Q4 2025.

Despite the stronger current account position, the financial account remained in a net borrowing position. The report showed that net borrowing increased to $2.51bn in Q1 2026 from $1.96bn in the previous quarter.

Portfolio investment inflows strengthened during the period, rising to $6.03bn from $5.27bn in Q4 2025, while direct investment inflows moderated slightly to $1.03bn from $1.11bn. Nigerian investments abroad recorded outflows of $0.20bn under direct investment assets and $0.26bn under portfolio assets.

The CBN attributed developments in the financial account to increased portfolio investment inflows, a marginal decline in direct investment inflows, accretion to external reserves, and increased acquisition of portfolio investment assets abroad by residents.

Further analysis of the balance of payments data showed that Nigeria recorded an overall balance of payments surplus of $2.38bn in Q1 2026, lower than the $2.67bn surplus achieved in Q4 2025. The stock of external reserves, however, rose significantly to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.

The report also highlighted a deterioration in net errors and omissions, which widened to negative $7.49bn in Q1 2026 from negative $3.36bn in the preceding quarter.

The latest figures indicate that improvements in oil production, rising petroleum exports and reduced dependence on imported fuel continued to strengthen Nigeria’s external position during the first quarter, helping to offset weaker remittance inflows and higher service-related outflows.

Telecommunications operators and regulators are under growing pressure to address bottlenecks slowing Nigeria’s fibre broadband rollout as industry stakeholders prepare for a high-level policy forum in Lagos.

The Association of Telecommunications Companies of Nigeria said the issues surrounding fibre-to-the-home deployment have become critical to Nigeria’s digital transformation agenda, warning that current challenges are limiting broadband expansion and digital inclusion.

This comes as the President of ATCON, Tony Emoekpere, confirmed that the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, Dr Aminu Maida, will deliver the keynote address at the upcoming Critical Conversation Forum on FTTH scheduled for 30 June 2026, in Lagos.

The forum is expected to bring together telecommunications companies, infrastructure providers, investors, policymakers, and state governments to address structural challenges affecting fibre deployment across the country.

ATCON said the confirmation of the NCC boss has heightened expectations for the event themed “Fibre to the Home in Nigeria: Addressing Challenges, Strengthening Standards, and Ensuring Sustainable Deployment.”

According to the association, fibre broadband infrastructure is increasingly central to Nigeria’s economic growth, but operators continue to face multiple constraints that have slowed investment and rollout.

These include multiple taxation, high right-of-way charges, regulatory bottlenecks, infrastructure vandalism, inconsistent state policies, high capital expenditure requirements, and limited access to financing for broadband projects.

Others are weak coordination among stakeholders, quality assurance concerns, and sustainability challenges affecting long-term network maintenance.

ATCON argued that fibre broadband deployment requires a distinct regulatory approach, different from mobile telecommunications, due to its fixed infrastructure nature, higher capital intensity, and long-term investment cycle.

“The fibre broadband ecosystem is fundamentally different from mobile telecommunications and requires tailored regulatory frameworks that reflect its unique operational realities,” the association said in a statement.

It added that existing policies developed during the mobile telecom era may not adequately address the complexities of FTTH and fibre-to-the-premises networks.

The association said the forum will focus on practical solutions, including regulatory reforms, infrastructure protection, technical standards, sustainable financing models, infrastructure sharing, consumer protection, and improved collaboration among stakeholders.

It noted that improving fibre broadband penetration is essential to supporting Nigeria’s digital economy ambitions, including job creation, digital inclusion, e-commerce growth, and improved access to education and healthcare services.

ATCON said the engagement is expected to produce actionable recommendations to accelerate broadband deployment and strengthen investor confidence in Nigeria’s telecom infrastructure sector.

The forum is also expected to explore ways to deepen state government participation in broadband expansion and address long-standing operational barriers affecting network rollout.

ATCON expressed optimism that the participation of the NCC leadership would help drive consensus on reforms needed to accelerate fibre infrastructure development nationwide.

Marketers of petroleum products say petrol prices may drop to about N1,200 per litre as the Dangote Petroleum Refinery leads efforts to reduce ex-depot rates.

As crude prices continue to fall following a peace deal signed between the United States and Iran, the Dangote Petroleum Refinery has slashed its petrol gantry price by N75 per litre, from N1,250 to N1,175.

This has prompted other depot owners to lower their prices to about N1,180, according to Petroleumprice.ng.

However, filling stations have yet to adjust pump prices, as many still sell petrol at around N1,280, as observed on Tuesday. Marketers attribute this to the need to sell off old stock to avoid losses.

In a circular to fuel marketers on Monday, the Dangote refinery said the price adjustment followed the de-escalation of tensions in the Middle East, which had impacted energy prices over the past three months.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the circular stated.

It added that the new gantry price is now N1,175, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215. The refinery said the new rates took effect from midnight on Tuesday.

“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026,” the circular noted, adding, “We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery.”

The latest reduction comes amid easing tensions in the global oil market following reports of ongoing negotiations between the United States and Iran over the reopening of the Strait of Hormuz.

Oil prices, which had surged to about $120 per barrel at the peak of the crisis, fell below $80 per barrel as of Tuesday after US President Donald Trump announced a peace deal.

Speaking in an interview, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said petrol could sell for between N1,200 and N1,250 in Lagos, while prices may be around N1,300 in other locations.

According to Ukadike, marketers have not yet reduced pump prices because many still hold old stock, urging Nigerians to exercise patience. He said consumers often expect immediate price adjustments, noting that such moves would result in losses for marketers still holding expensive inventory.

“This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks,” he said.

Ukadike added that loading activities usually slow down whenever the Dangote refinery announces new prices, allowing marketers time to clear old stock.

“Once the Dangote refinery announces a new price, there is a serious pause in loading. And it will enable people who just bought new products to see how they can clear the old stocks within the window of a day or two. Then when the new stocks start coming into the market, the process of supply and price will set in. Definitely, by tomorrow and Friday, people will start adjusting to the new price,” he said.

“The price is not static, and it depends on where you are. But I know that products will start selling between N1,200 and N1,250 in Lagos and more in other far-away locations,” he added.

However, the spokesman of the Petroleum Products Retail Outlet Owners Association of Nigeria, Joseph Obele, expressed concern that imported petroleum products appear cheaper than locally refined fuel, calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue more licences for fuel imports.

Like Obele, Nigerians on social media have complained that the N75 reduction does not reflect the recent decline in crude oil prices.

Crude oil, the main feedstock for fuel production, had risen sharply following the outbreak of hostilities between the United States and Iran on February 28. During the three-month conflict, prices climbed above $100 per barrel and at some points exceeded $120 per barrel, pushing fuel prices higher.

In Nigeria, petrol prices rose from about N830 per litre to around N1,300 per litre during the period, while diesel and aviation fuel also recorded significant increases.

With crude prices now declining, the latest adjustment by Dangote Refinery is expected to bring further relief to domestic fuel prices. Oil prices continued their downward trend on Monday following the signing of a ceasefire agreement between the United States and Iran and the reopening of the Strait of Hormuz.

According to Oilprice.com, Brent crude, the global benchmark, dropped from $87 on Sunday to $78 per barrel on Tuesday. The United States and Iran said they reached an agreement on Sunday to end the conflict, a development that further pushed oil prices lower.

The PUNCH reported that petrol could fall to as low as N900 per litre in the coming days if the peace deal holds and crude prices continue to decline. A Dangote Petroleum Refinery official also noted that while prices could drop further, the refinery is still processing “expensive crude” already in its tanks.

The Airtel Africa Foundation, through Airtel Nigeria, has disbursed a total of N50m in first-year funding to 100 Nigerian students under its Airtel Africa Tech Fellowship Programme, strengthening its push to expand digital skills and education access in the country.

The initiative targets high-performing but financially disadvantaged 100-level students in public universities studying technology-related courses. It covers tuition, accommodation, monthly stipends, and essential learning tools, including laptop computers.

According to the Foundation, each of the 100 beneficiaries received an average of N500,000, with the total disbursement completed as of  29 May 2026. It added that funding will continue throughout the duration of the students’ four-to-five-year academic programmes.

The beneficiaries referred to as Airtel Fellows were selected through an independent process from accredited public universities across Nigeria.

They are studying disciplines including Computer Science, Information Technology, Data Science, Software Engineering, Cybersecurity, and Artificial Intelligence.

Participating institutions in the first cohort include the University of Lagos, University of Nigeria, Nsukka, Ahmadu Bello University, University of Benin, Obafemi Awolowo University, University of Ilorin, and Tai Solarin University of Education.

Chairman of Airtel Africa Foundation, Dr Segun Ogunsanya, said the programme is aimed at building a pipeline of skilled innovators who will contribute to Africa’s growing digital economy.

“We are not just funding education; we are building a pipeline of skilled innovators who will contribute meaningfully to Africa’s digital economy. The transparency of this process and the full delivery of our commitment to these 100 scholars are matters of great pride for the Foundation,” Ogunsanya said.

He added that the initiative reflects Airtel’s commitment to long-term human capital development and inclusive growth.

Also speaking, Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, said the programme demonstrates the company’s dedication to youth empowerment through education and digital inclusion.

“At Airtel Nigeria, we believe that the future of our country lies in the hands of our youth. This N50m disbursement is proof that when we say we are committed to empowering young Nigerians, we mean it fully and transparently,” Balsingh said.

The Airtel Africa Tech Fellowship forms part of the Foundation’s broader F.E.E.D agenda, which focuses on Financial Inclusion, Education, Environmental protection, and Digital Inclusion.

Beyond financial support, the programme also provides mentorship, exposure, and skills development aimed at preparing beneficiaries for careers in an increasingly digital global economy.

The Federal Airports Authority of Nigeria said it has commenced an official investigation into the circumstances surrounding the allegation of gold smuggling involving its staff members.

FAAN staff in the Aviation Security section, Ali Baffa, was arrested by operatives of the Economic and Financial Crimes Commission for allegedly attempting to smuggle gold worth N4.4bn out of the country in connivance with two other persons at the Mallam Aminu Kano International Airport, Kano.

The EFCC’s Head of Media and Publicity, Dele Oyewale, announced the suspects’ arrest in a statement issued on Thursday, the same day the suspects were arrested.

Earlier, when contacted on Sunday, FAAN publicist Henry Agbebire said the authority was yet to be clear on the circumstances surrounding the development, adding that its position would be officially made on Monday.

Agbebire confirmed that the embattled security operative had been issued a query, while the outcome of its findings would inform its official position. “We have no position yet until tomorrow. Though he has been given a query, but the way it is, by tomorrow that is when DAS will get the clearer picture. You know they said it happened around the car park, the bureau de change car park, and, in all, he is still a suspect.

“Tomorrow, by the time they check with the EFCC, it will be clear if he will be charged, but temporarily it is just a query that has been issued. But a firmer and stronger position will be presented tomorrow.”

When asked on Monday for the management decision, Agbebire said FAAN is yet to decide on the matter, adding that a full-scale investigation has been launched into the matter. He said, “Well, what I can say now is that we are yet to decide on the matter; investigations have been allowed to go on; that is what we have on the matter as at now.”

The anti-graft agency accused Baffa of allegedly concealing 22.2 kilogrammes of unprocessed gold bars in his trousers to evade security checks and facilitate their illegal export.

According to the EFCC, Baffa and two other suspects, Aushabu Nasidi and Mukhtar Muhammad Dan Zaria, were intercepted during a surveillance operation by the Land and Property Fraud Section of the EFCC’s Kano Zonal Directorate.

The statement reads, “Preliminary investigations revealed that Ali Baffa allegedly concealed 22.2 kilogrammes of unprocessed gold bars estimated at over N4,400,000,000 in his trousers, with the intent to bypass security checks and hand over the precious minerals to overseas-bound passengers for illegal export out of Nigeria.”

Further investigations led to the arrest of Nasidi, whom the commission accused of supplying the gold bars to Baffa. The EFCC said one of Baffa’s alleged accomplices, Nasidi, was found with several foreign currencies, including 3,000 Saudi riyals, 40,000 Turkish lira, 199.75 Kuwaiti dinars, 20,700 Philippine pesos, 80 Australian dollars, 310 Chinese renminbi, 4,000 Algerian dinars, 40 Hong Kong dollars, 26,000 Hungarian forints and 1,000 Sudanese dinars.

The investigation later led to the arrest of Mr Dan Zaria, who allegedly supplied the gold bars to Nasidi. During interrogation, Dan Zaria allegedly told investigators that he had smuggled about 40.2 kilogrammes of gold between 1 and 11 June using the same method, according to the EFCC.