News
TSA: FG saves N45bn monthly, says finance minister
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government is currently saving an average of N45bn monthly in interest payments following the implementation of the TSA (Treasury Single Account).
Ahmed, who spoke during the signing of a Memorandum of Understanding (MOU) on TSA between Nigeria and the Republic of The Gambia, said among other verifiable benefits, Nigeria could easily determine its aggregate cash balance, critical for managing public finances at a time of acute fiscal constraints.
“On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the naira. Our foreign reserves position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA,” she said.
Ahmed recalled the last visit by officials of The Gambia in May 2019 for a week-long study tour of the TSA implementation.
The minister said following the successful conclusion of the tour, The Gambia requested technical cooperation with Nigeria to support its own transition to the TSA.
She said in order to achieve that aim, representatives of both countries worked on an MoU detailing the terms and scope of the cooperation.
Ahmed said, “In a nutshell, the cooperation seeks to avail the Ministry of Finance and Economic Affairs of The Gambia of the vast knowledge, experience and technical expertise that Nigeria has gained in the past 15 years of implementing TSA in particular and other public financial management (PFM) reforms in general.
“By so doing, The Gambia is properly guided as it implements its own TSA. The cooperation will enable The Gambia to leverage the experience of Nigeria to build on our strengths while avoiding our mistakes.
“We are happy to support The Gambia in their bid to implement TSA and other PFM reforms. We are also open to supporting other African countries which may want to build on our experience and significant progress in TSA implementation.
“It is our belief that African countries are better off learning from each other and supporting each other because of our shared culture and history.”
The minister urged The Gambia to muster the necessary political will before forging ahead with adopting the TSA.
She warned that it was better to secure the buy-in of topmost political actors in the country.
She stressed the importance of the synergy between the fiscal and monetary authorities.
She noted that the cooperation of other stakeholders such as the parliament; ministries, departments and agencies of government, banks and service providers was also important.
Ahmed urged those to drive the reforms to secure the support of the general public.
“As is the case in Nigeria, when you have their support, they will take it upon themselves to be against forces of resistance and any attempt at derailing the reforms,” Ahmed said.
In her remarks, the leader of the Gambian delegation to the MoU signing ceremony, the country’s Permanent Secretary, Ministry of Finance and Economy, Ms. Ada Gaye, explained that cooperation has helped them to understand the workings of the TSA.
“The Gambia wants to efficiently manage its funds; the fragmentation of accounting systems in The Gambia is huge. It is, therefore, noteworthy for The Gambia to adopt TSA,” she said.
She added that the government of The Gambia will create the needed sensitisation to help the people understand the process.
“Nigeria is the big brother while The Gambia is the small brother. We are happy to cement this brotherly love,” she said.
The Gambian High Commissioner to Nigeria, Mr Amadou Sheikh Oman Taal, also described Nigeria as a big example within the Economic Community of West African States (ECOWAS) region.
“We are trying to make reforms in our financial management. Therefore, this collaboration with Nigeria is very important to us. So, The Gambia Central Bank will get closer to the Central Bank of Nigeria (CBN) so as to learn and get the necessary experience,” he stated.
Governor of CBN, Godwin Emefiele, said the role of the apex bank was critical to the success of the TSA.
Represented by the CBN Deputy Governor, Operations, Adebisi Shonubi, Emefiele said Nigeria was currently realising additional benefits, which were never imagined prior to the commencement of the TSA.
According to him, it is important that the Central Bank of Gambia realises that its primary mandate of price stability will change as it assumes the back stock and corresponding bank for the country as a result of the TSA.
Emefiele said, “Nigeria remains a brother in the house and we are always willing to share our experiences, our gains and sometimes our pains. I know we will be a worthy ambassador of what the TSA has done in Nigeria, The Gambia and other countries in Africa.”
News
Eid‑el‑Fitr in Nigeria Confirmed for Friday, March 20, 2026
Eid‑el‑Fitr in Nigeria Confirmed for Friday, March 20, 2026
The Sultan of Sokoto, Muhammad Sa’ad Abubakar, has officially declared Friday, March 20, 2026, as the first day of Eid‑el‑Fitr in Nigeria, following the non-sighting of the Shawwal crescent moon. This announcement marks the end of Ramadan 1447 AH, which has been extended to 30 days in accordance with Islamic tradition.
The decision was made by the Sultanate Council Advisory Committee on Religious Affairs, in collaboration with the National Moon Sighting Committee, after receiving no confirmed reports of the new moon from observers across the country on Wednesday, March 18, 2026, the 29th day of Ramadan. As a result, Thursday, March 19, 2026, has been declared the final day of fasting.
In his statement, the Sultan extended his felicitations to Muslims in Nigeria, urging them to continue prayers for peace, unity, and national development. He also wished that the acts of worship performed during Ramadan be accepted by Allah. The announcement, signed by Sambo Wali Junaidu, Chairman of the Advisory Committee on Religious Affairs, encourages all Muslims to prepare for Eid prayers, charitable giving, and family celebrations.
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Across Nigeria, mosques and community centers are expected to hold Eid congregational prayers, while families prepare festive meals and engage in acts of Zakat al-Fitr to support the less privileged. The Federal Government of Nigeria has also confirmed public holidays on Thursday and Friday to allow citizens to participate fully in the celebrations.
Similar determinations are being made globally, with countries such as Turkey and Singapore also observing Eid on March 20, depending on local moon sightings or astronomical calculations. The announcement ensures that Muslims nationwide are united in marking the end of Ramadan and the start of the Eid celebrations.
Eid‑el‑Fitr in Nigeria Confirmed for Friday, March 20, 2026
News
UK, Nigeria Strengthen Commercial Ties with Multi‑Million Pound Investments
UK, Nigeria Strengthen Commercial Ties with Multi‑Million Pound Investments
The United Kingdom (UK) and Nigeria are set to deepen commercial and economic ties as Nigerian banks, fintechs, manufacturers, and creative sector companies announce multi‑million pound investments in both countries. These commitments coincide with President Bola Ahmed Tinubu’s historic State Visit to the UK, aimed at boosting bilateral trade, investment, and job creation.
In the financial sector, Zenith Bank Plc opened a new branch in Manchester, creating up to 30 direct jobs. The bank is also targeting a London Stock Exchange listing by 2027 to enhance its UK market presence and unlock long‑term funding for UK‑Africa trade growth. Fidelity Bank Plc plans to double its UK staff and capital base, while FCMB has chosen the UK as the first international destination for its digital cross-border payments platform.
Nigerian fintech investment in the UK is accelerating rapidly. LemFi plans to invest £100 million over the next five years, designating London as its global headquarters. Moniepoint aims to grow its London team to 100 employees in 2026, and Kuda Bank is expanding its UK headquarters as the base for global operations, with plans to double its footprint this year.
In manufacturing, Twining’s Ovaltine is launching a £24 million facility in Lagos, its first in Africa, which will generate over 100 direct jobs and boost exports across West Africa.
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The creative sector is also seeing major investment. EbonyLife, a leading Nigerian creative brand, is launching EbonyLife Place London, expected to create 40 jobs and showcase African storytelling in one of the world’s leading cultural hubs. In addition, the SCALE Creative Entrepreneur Award Programme, developed by the British Council and supported by the UK Department for Business and Trade, will help young Nigerian and UK creative entrepreneurs expand internationally and foster lasting economic ties.
Addressing an ETIP reception at Kensington Palace ahead of Tinubu’s visit, UK Business and Trade Secretary Peter Kyle said the growing commitments demonstrate how enterprise and innovation can transform economies. UK Deputy Prime Minister David Lammy added that the strategic partnership reduces barriers to trade, creates jobs, and strengthens cultural and commercial bonds between the two nations.
The UK‑Nigeria partnership is now seen as a key driver for sustainable growth, creating opportunities across financial services, fintech, manufacturing, and creative industries, while reinforcing the UK’s position as a global hub for African business and innovation.
UK, Nigeria Strengthen Commercial Ties with Multi‑Million Pound Investments
News
Amuwo-Odofin Council Manager Dies in India After Prolonged Illness
Amuwo-Odofin Council Manager Dies in India After Prolonged Illness
The Amuwo-Odofin Local Government Area in Lagos State has been thrown into mourning following the death of its Council Manager, Bakare Olakunle Olanrewaju, who passed away in India after a prolonged illness.
Olanrewaju reportedly died after battling a cancer-related illness, for which he had been receiving treatment abroad. His passing brings an end to a long period of health challenges that had kept him away from active administrative duties in recent times.
Although official details surrounding his death remain limited, sources within the council confirmed that the late administrator had been undergoing medical care in India before his demise.
His death has triggered an outpouring of grief from colleagues, associates, and residents, many of whom described him as a dedicated, calm, and efficient public servant who played a vital role in the smooth running of the local government.
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As Council Manager, Olanrewaju was a key figure in the administrative structure of the local government, overseeing critical operations, policy implementation, and grassroots governance. His contributions were widely regarded as instrumental to the development and stability of the council.
Described by many as intelligent, committed, and approachable, his passing marks a significant loss not only to Amuwo-Odofin but also to the wider Lagos State public service.
Tributes have continued to pour in from friends, colleagues, and stakeholders who say his legacy of service and professionalism will not be forgotten.
The family is yet to announce funeral arrangements, as the community continues to mourn the loss of one of its prominent administrators.
Amuwo-Odofin Council Manager Dies in India After Prolonged Illness
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