News
RMAFC Begins Fresh Review Of Revenue-sharing Formula
The Revenue Mobilisation Allocation and Fiscal Commission has commenced a fresh review of Nigeria’s revenue allocation formula among the federal, state, and local governments, more than three decades after the last adjustment.
Chairman of the commission, Mohammed Shehu, announced this on Monday at a press briefing in Abuja, describing the exercise as “long overdue” given the country’s shifting economic and political realities.
He explained that the review seeks to produce a “fair, just, and equitable” formula that reflects the constitutional responsibilities, financial needs, and capacities of the three tiers of government.
At present, revenue distribution stands at 52.6 per cent to the Federal Government, 26.7 per cent to states, and 20.6 per cent to local councils, while one per cent each is reserved for the Federal Capital Territory, ecological fund, natural resources, and stabilisation fund.
Citing Paragraph 32 (b), Part I of the Third Schedule of the 1999 Constitution (as amended), Shehu reminded stakeholders that RMAFC is mandated to “review, from time to time, the revenue allocation formulae and principles in operation to ensure conformity with changing realities.”
“In line with this constitutional responsibility and in response to the evolving socio-economic, political, and fiscal realities of our nation, the commission has resolved to initiate the process of reviewing the revenue allocation formula to reflect emerging socio-economic realities,” he said.
The RMAFC boss noted that amendments by the Ninth National Assembly, which transferred functions such as power, railways, and correctional services to the Concurrent List, had significantly increased fiscal and administrative burdens on state governments.
According to him, a new sharing arrangement was crucial to strengthen fiscal federalism, reduce overdependence on the centre, and promote fairness and sustainability.
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Shehu assured that the review would be comprehensive, transparent, and data-driven, with wide consultations involving the presidency, national assembly, governors, local government officials, civil society, traditional rulers, the private sector, and development partners.
“The commission is also committed to integrating cutting-edge research, empirical data, and international best practices in its analysis,” he added.
About three years ago, the commission had presented the report of the review of the vertical revenue allocation formula to the former President Muhammadu Buhari.
In the report presented by the former Chairman of the commission, Elias Mbam, in 2022, it was noted that the proposed vertical revenue allocation formula advised 45.17 per cent for the Federal Government, 29.79 per cent for state governments and 21.04 per cent for the local governments.
News
Transfer: Premier League Clubs Scramble For Dele-Bashiru
Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.
Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.
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La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.
The 24-year-old has two years left on his contract with the Serie A club.
The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.
He has been a regular feature for Lazio this season.
News
Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses
The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.
DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.
A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.
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“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.
“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.
“This contradiction will no longer be tolerated,” the statement said.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
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Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
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“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
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