By Adedapo Adesanya

The Senate has proposed a review of the current revenue-sharing formula among the three tiers of government, seeking to allocate more funds to the federal government.

The proposal is contained in a constitutional amendment bill titled Constitution of the Federal Republic of Nigeria, 1999 (Alteration) Bill, 2026, sponsored by Mr Karimi Sunday representing Kogi-West, which passed first reading during plenary on Tuesday.

Coming amid ongoing calls for a new revenue formula to favour states and local governments, the bill argues for an increased federal share from the existing formula.

Under the current revenue sharing formula designed during the President Olusegun Obasanjo administration, the federal government takes about 52.68 percent of the total revenue generation by the nation in a month, the 36 state governments including the Federal Capital Territory, Abuja get 26.72 per cent and the 774 local governments share 20.60 per cent. The oil producing states of the Niger Delta region receive 13 per cent revenue as derivation to compensate for ecological damage of oil production in the region.

Defending the bill, the senator in a media conference on Tuesday stated that the federal government is overburdened by responsibilities such as the rehabilitation of dilapidated Trunk A roads and rising security costs, adding that available funds are no longer sufficient.

Ahead of its second reading, the lawmaker alleged that some states have little to show for funds received from the federation account.

The battle to change the sharing formula has been ongoing for more than 12 years. In 2013, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) resolved to undertake a review to achieve a balanced development of the country.

To achieve that objective, the commission embarked on a nationwide consultation to the 36 states and also met with notable persons, including traditional rulers on the issue.

In December 2014, the commission came out with a proposed new revenue formula, which was submitted to the government. However, the report was not implemented.

Proponents have argued that the review of the revenue allocation among the federal, states and local governments of the federation has become necessary due to the current economic realities the country is facing.

By Adedapo Adesanya

The African Energy Bank (AEB) plans to raise $15 billion in its first three years of operations to fund strategic energy projects.

The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, made this known at the opening session of the Nigeria International Energy Summit (NIES 2026) on Tuesday.

The bank which is set to launch in Abuja in the first half of 2026 has set a target of mobilising $200 billion for midstream and downstream energy projects across the continent.

“The African Energy Bank is designed to unlock the 200 billion needed for our midstream-downstream project by 2030.

“Our goal is to raise $15 billion in just three years with this increased liquidity,” Mr Ghezali stated.

The APPO secretary general decried that Africa’s energy still faces huge export of its oil and gas despite having a huge market for its utilisation within the continent.

“We are still exporting about 70 per cent of our crude oil and 45 per cent of our natural gas, losing $15 billion per year. This is an added value that we could generate locally, especially in the midstream and downstream segments.”

He pinpointed that financing hurdles remained the main bottleneck for the continent, as the cost of financing in Africa was 15 to 20 per cent, compared to only 4 to 6 per cent in Asia.

He said the disparity was unacceptable and had stalled over 150 projects, including refineries and the Ajaokuta–Kaduna–Kano (AKK) Natural Gas Pipeline.

Mr Ghezali also said that APPO’s 18 national oil companies face isolation, “Our 18 national oil companies’ NOCs in APPO often operate in isolation, without a common stock exchange, which severely limits regional synergies.

He noted that the AEB was set to offer “competitive regional pricing” through unified intra-African gas and oil pricing for “savings of up to 30 per cent on their energy imports, a potential gain of $1.4 billion for Africa,” plus “direct access to investors.

He highlighted the three-phase road map for the AEB to include: “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”

“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”

Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”

He said expected results included, “Project financing for billions of dollars, regional savings of around 30 per cent of import costs, 500,000 direct jobs created in the local midstream.”

By Adedapo Adesanya

The Department of State Services (DSS) has arraigned the former Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, and his son, Mr Abudlazizz Malami, on a five-count charge of abetting terrorism financing and illegal possession of firearms.

They were arraigned before Justice Joyce Abdulmalik of the Federal High Court in Abuja, where they pleaded not guilty to the charges.

In the charge, the former AGF was accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to his office as the AGF in the last administration for prosecution.

Recall that the secret police had arrested Mr Malami, shortly after his release from Kuje prison in Abuja more than two weeks ago after Justice Emeka Nwite of the Federal High Court in Abuja granted him and two others bail in the sum of N500 million in another case involving the Economic and Financial Crimes Commission (EFCC).

Mr Malami and his son are also accused by the DSS of engaging in conduct in preparation to commit act of terrorism by having in their possession and without licence, a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5’20 live rounds of Cartridges and 27 expended Redstar AAA 5’20 Cartridges.

His arrest in January followed weeks of reports of surveillance by the secret police in front of the prison facility since the time Mr Malami, his wife and son were remanded there over the money laundering charges.

As per reports, Mr Malami had gathered that he would be picked up upon regaining his temporary freedom and so decided to wait out the DSS. However, after his eventual emergence, the operatives took the ex-AGF into detention again.