Economy
Group Lauds Kwara Government for Improving IGR
By Modupe Gbadeyanka
For improving the Internally Generated Revenue (IGR) of Kwara State, a group known Elites Network for Sustainable Development ENetSuD, has showered praises on the state government.
A statement issued by the coordinator of the Kwara-based civil society organization, Mr Alagbonsi Abdullateef, disclosed that the reform put in place by the administration of Governor Abdulfatah Ahmed was yielding results.
According to him, “IGR of Kwara State has commendably improved in recent times, which had greatly contributed to the total revenue of the state and has been sustaining it, especially at the period of dwindling FAAC allocation.”
“Year-by-year analysis of the Total revenue of Kwara state since 2012 showed a significant decline since 2015, which could be related to the dwindling FAAC allocation caused by recession and oil price.
“Interestingly, FAAC has been gradually increasing since 2016 (though below pre-recession periods like 2013 and 2014), and there is a possibility that the total revenue at the end of 2018 will equate or even surpass that of 2013, considering the fact that the monthly net FAAC to Kwara state has averagely remained around 3.5 billion since December 2017,” the statement said.
The KWSG, in its efforts to increase and diversify its revenue base for financial freedom and bolster efficacy in governance, signed the Kwara State Revenue Administration Law (Law No. 6 of 2015) on 22nd June 2015, which made the old Board of Internal Revenue defunct and gave birth to the current Kwara State Internal Revenue Service (KW-IRS).
The current KW-IRS has significantly increased the State IGR compared to the periods that precede its formation. The impact of the current system of IGR in Kwara is evident from the percentage contribution of IGR to the annual total revenue in the state. For instance, between 2012 and 2015 when KW-IRS was formed, 2014 was the year with the highest percentage contribution of IGR to the total revenue of the state (22%), followed by 2013 (21.6%), while 2015 has the lowest (17.4%).
However, it is interesting to note that IGR has significantly contributed to the total revenue of the state since 2016. Specifically, the contributions of IGR to the State revenue in 2016 (40.1%), 2017 (37.2%) and 2018 (33.0%) are comparably higher than the years that precedes the creation of KW-IRS, even though the dwindling FAAC since 2016 could be an important confounder.
“Considering the unique importance of IGR to the economic viability of a state (especially in the era of unstable FAAC Allocation), responsible and patriotic citizens are expected to play their role in growing the economy by paying their taxes regularly. We are appealing to the citizens and residents of Kwara State to pay their taxes accordingly,” the group added.
“We are of the conviction that Kwarans will voluntarily continue to cooperate with Government on payment of taxes if the State Infrastructural Development commensurate with the taxes that are being paid. We therefore urge the KWSG to provide value for the tax-payers money,” ENetSuD said.
The group further said, “Many aspects of the economy in the state, including Education, Health, Road infrastructure, Environment, etc, need urgent attention of KWSG. For instance, we have repeatedly called the attention of KWSG to the pitiable condition of school infrastructure across the state.
“Many of the school buildings are dilapidated, and need urgent attention of the government. On health, the creation of State Health Insurance Scheme, and the commitment of 1% of the State Annual Consolidated Revenue Fund to the Scheme is commendable.
“However, the sector needs improvement in terms of manpower and facilities. The uncountable numbers of bad roads in the state also need the quick intervention of the government within the limit of the available resources,” it said further.
“Advising the KWSG on the need to improve IGR outside tax payment by citizens is of interest to us. The government should explore all the possible ways to attract investors to Kwara state, which will boost its economy. Investing in the agricultural sector to diversify the economy is also sacrosanct.
“While the practice of removing 500 million naira monthly as Kwara Infrastructure Development Fund (IF-K) from the IGR is good, KWSG is again urged to be prudent in spending, and make more savings from the available resources,” the statement said.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
By Aduragbemi Omiyale
Shareholders of Unilever Nigeria Plc will receive an interim dividend of N2 per share, the board of the organisation has said.
The cash reward was announced after the company released its financial statements for the first half of the year ended June 30, 2026.
The payment will be made on Friday, August 14, 2026, only to investors whose names appear on the Register of Members at the close of business on Friday, July 31, 2026.
A quick look at the financial performance of the firm in the first six months of this year showed that revenue improved by 22.22 per cent to N119.9 billion from the N98.1 billion achieved in the corresponding period of last year.
A rise in earnings also resulted in a 16.43 per cent surge in cost of sales, though this did not shrink the gross profit, which rose by 29.93 per cent to N54.7 billion from N42.1 billion. The operating profit stood at N24.4 billion in the period under review, higher than N18.8 billion in the same period of 2025, while the net finance income contracted by 9.43 per cent to N4.8 billion from N5.3 billion due to elevated borrowing costs.
Business Post reports that despite higher taxes paid in the first six months of 2026, the net profit grew by 8.33 per cent to N15.6 billion from N14.4 billion, enabling the board to pass on value to shareholders for their faith in the firm.
