Federal Government approves N4.34tn financing for transport, agriculture, power, and other sectors
via Punch Nigeria4 min read
The Federal Government of Nigeria has approved N4.34 trillion in financing across five key sectors: transportation, agriculture, power, infrastructure, and small business credit. This decision followed a Federal Executive Council meeting chaired by President Bola Tinubu in Abuja. The approvals, stemming from 14 memos presented by the Ministry of Finance, include N215 billion for transport investments, $900 million approximately N1.24 trillion for agricultural and rural development, and $160 million approximately N220.6 billion from the Islamic Development Bank for solar energy in Niger State. Additionally, $1.2 billion approximately N1.65 trillion was approved for the Sokoto-Badagry Super Highway, and a combined $500 million approximately N689.5 billion and €200 million approximately N315.6 billion will be channeled through the Development Bank of Nigeria for Micro, Small, and Medium-sized Enterprise MSME financing. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted that the transport approvals ratify previous presidential decisions on CNG buses, electric vehicles, and conversion kits. He also addressed concerns about fuel pump prices, noting an ongoing process to tackle asymmetric pricing where operators are quick to raise prices but slow to lower them. Oyedele also stated that fuel products in Nigeria currently have no taxes due to presidential suspensions of VAT, excise, and surcharges, which has prevented even higher pump prices c
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Must ReadNigerians in South Africa have sought refuge at the Nigerian High Commission due to fears of potential xenophobic attacks, with many reporting they remain stranded despite ongoing evacuation efforts by the Federal Government. A video shared by News Central on Monday showed dozens of Nigerians gathered at the embassy. Only those contacted by the embassy were scheduled to depart for Nigeria on Monday night, leaving many others stranded. Women and children were prioritized to stay within the embassy premises overnight. One stranded Nigerian expressed optimism for further evacuations later in the week, noting improvements in the process. Many gathered at the embassy out of fear of violence from planned anti-immigrant demonstrations. Individuals stated they fled their homes for safety at the embassy, likening it to running to "your father's house." Appeals were made to Nigerian authorities for contingency plans for those unable to leave immediately. This situation coincides with the Federal Government confirming another Air Peace evacuation flight departed Nigeria on Monday, following concerns over anti-immigrant protests expected to begin on June 30. The Federal Government had previously approved five Air Peace evacuation flights. Before this latest operation, 328 Nigerians had been evacuated, with over 700 reportedly still stranded due to bureaucratic delays and rising fears of xenophobic attacks.
The Federal Government of Nigeria has called for increased climate financing to enhance the country's water, sanitation, and hygiene WASH systems, emphasizing that greater investment is crucial for protecting communities from climate change impacts. This call was made by the Minister of Water Resources and Sanitation, Joseph Terlumun Utsev, at the 2026 Annual National Climate Change and WASH Conference in Abuja. The Minister reaffirmed the government's commitment to integrating climate-resilient WASH systems into Nigeria’s climate adaptation agenda, stating that resilient water and sanitation systems are essential for water security, public health, food security, and economic growth. He highlighted Nigeria’s updated Nationally Determined Contribution NDC 3.0 as an opportunity to make WASH a central pillar of the country’s climate response. The conference, themed "Water, Sanitation and Hygiene WASH Systems at the Frontline of Climate Change: Aligning NDC 3.0 with National Adaptation Priorities," was organized by the Federal Ministry of Water Resources and Sanitation in partnership with WaterAid, UNICEF, and the World Bank-supported SURWASH Programme. Discussions focused on practical strategies for mainstreaming climate-resilient WASH into Nigeria’s National Adaptation Planning process and the implementation of NDC 3.0. Climate change is increasingly disrupting access to safe water and sanitation in Nigeria through recurrent flooding, droughts, desertification, and changing rai
The Nigeria Deposit Insurance Corporation NDIC announced that more than 281 million depositors across the country's banking system are protected against bank failure. This follows reforms that expanded deposit insurance coverage and accelerated reimbursement for customers of failed banks. Thompson Sunday, the Managing Director and Chief Executive Officer of the NDIC, shared this information during the second quarter 2026 Citizens and Stakeholders' Engagement Session in Abuja. The NDIC currently provides deposit insurance coverage across 914 licensed financial institutions, with over 98 percent of depositors fully insured for their entire balances due to an upward review of deposit insurance limits in May 2024. The revised framework increased insurance coverage for depositors in Deposit Money Banks from N500,000 to N5m, while customers of Microfinance Banks, Primary Mortgage Banks, and Payment Service Banks now have coverage up to N2m. Mobile money subscribers are also covered up to N5m. These reforms have resulted in 98.98 percent of Deposit Money Bank customers being fully insured, up from 89.2 percent before the review. Sunday also noted improvements in the speed of reimbursing depositors, with payment timelines reduced from years to days through the use of the Bank Verification Number. The NDIC has paid over N54.93bn in insured deposits to Heritage Bank customers, reaching 698,040 depositors. In 2025 alone, the NDIC paid N4.06bn to 13,446 insured depositors and N33.59bn to