The National Press Newspaper cover for Thursday July 16, 2026
https://the-national-press-newspaper.co.uk/the-national-press-newspaper-cover-for-thursday-july-16-2026/
Federal, State, LGs gets more money as June allocation hits N2.55tr
https://the-national-press-newspaper.co.uk/federal-state-lgs-gets-more-money-as-june-allocation-is-n2-55tr/
The Federation Account Allocation Committee (FAAC) disbursed a total of N2.550 trillion in distributable revenue to the Federal Government, States, and Local Government Councils for June 2026, marking a significant increase from the N2.300 trillion distributed in May.
Breakdown of the June 2026 Allocation, The N2.550 trillion total distributable revenue comprised N1.809 trillion in statutory revenue and N740.724 billion in Value Added Tax (VAT).
Allocation to the Tiers of Government; From this total distributable sum, the three tiers of government received the following allocations:
Federal Government: N923.438 billion
State Governments: N838.208 billion
Local Government Councils: Remaining balance after Statutory and VAT deductions (Specific figures are detailed by the Office of the Accountant General of the Federation).
Revenue Highlights
Gross Available Revenue: The total gross revenue available in the month of June reached N4.500 trillion.
Statutory Revenue: Gross statutory revenue for June surged to N3.700 trillion, a major increase of N1.049 trillion compared to May.
Tinubu on economy
OUR ECONOMY IS ON STEADY GROWTH, SAYS PRESIDENT TINUBU TO DELOITTE AFRICA
https://the-national-press-newspaper.co.uk/our-economy-is-on-steady-growth-says-president-tinubu-to-deloitte-africa/
President Bola Ahmed Tinubu, on Wednesday in Abuja, received commendations from Deloitte Africa for the ongoing financial and fiscal reforms in the country and was encouraged to pursue a stronger partnership that supports investments, youth training, and employment.
The President, who received a delegation from Deloitte Africa, led by the Chief Executive Officer (CEO), Ruwayda Redfearn, at the State House, said the reforms had steadily stabilised the economy over three years, with growing plaudits for positive development and growth indicators.
“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people.
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about.
“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Honourable Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.
“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress,’’ the President said at the meeting, which was also attended by the Minister of Finance, Taiwo Oyedele and the Chairman of the Nigerian Revenue Service, Zacch Adedeji.
President Tinubu said the reforms had stimulated the economy, strengthened the fiscal and revenue sectors, repositioned financial institutions, and prepared the country to be more globally relevant and competitive.
The President urged Deloitte Africa to improve its impact on the Nigerian economy by training and recruiting the dynamic youth population.
“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that,’’ he stated.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who spoke on the reforms and impact, urged the leadership of the accounting and business firm to focus on building capacity among the youth.
The CEO of Deloitte Africa, Ruwayda Redfearn, said the global organisation is primarily focused on digital and business transformation, with over 500,000 employees worldwide working across various roles and locations, including over 6,000 in Africa.
She said the accountancy firm’s revenue was $74 billion in 2025.
“We are before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country,’’ she said.
The Chief Executive Officer of Deloitte West Africa, Yomi Olugbenro, assured the President of the firm’s support for the reforms.
“We do what we do because of the philosophy that our Africa CEOs talk about – making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street. The bigger work is really about how to cascade some of those big reforms further down.
“We do believe that with the capabilities that the firm has all over the world, with the half a million people that our CEO spoke about, we have used cases, examples, experiences of how we supported nations all around the world, so Nigeria will definitely benefit from those experiences.
“So that is why we are here, and we welcome the invitation that you may grant us as to where exactly you want us to support you,’’ he added.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
July 15, 2026
Sultan
Sultan of Sokoto declared today Thursday 1st of Safar, 1448 AH
https://the-national-press-newspaper.co.uk/sultan-declares-thursday-july-16-2026-1st-day-of-safar-1448-ah/
The Sultan of Sokoto and President-General of the Nigerian Supreme Council for Islamic Affairs, Muhammad Sa’ad Abubakar-III has declared Thursday, 16th July 2026 as the 1st day of Safar 1448AH following the non-sighting of the new Moon.
The declaration was contained in a statement by the Wazirin Sokoto and the Chairman of the Sultanate Council Advisory Committee on Religious Affairs, Professor Sambo Wali Junaidu, at the Sultan’s Palace, Sokoto.
The statement notes that the Sultanate Council Advisory Committee on Religious Affairs, in conjunction with the National Moon sighting Committee, did not receive any credible report confirming the sighting of the Crescent of Safar on Tuesday, 14th July, 2026 corresponding to the 29th of Muharram 1448AH.
It further explains that, in line with Islamic tradition, Wednesday, 15th July 2026, marks the completion of the Month of Muharram, being the 30th day of Muharram 1448AH.
The Sultan has accepted the Committee’s recommendation and officially declared Thursday, 16th July, 2026 as the first day of Safar 1448AH.
inflation
Nigeria’s inflation rate drops slightly to 15.91%
https://the-national-press-newspaper.co.uk/nigerias-inflation-rate-drops-slightly-to-15-91/
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate was 15.91 percent in June 2026 — down slightly from 15.93 percent May.
The NBS announced the increase in its consumer price index (CPI) report on Wednesday.
Lekki
Lagos Govt to review Lekki, other flood-prone areas’ master plans
https://the-national-press-newspaper.co.uk/lagos-govt-to-review-lekki-other-flood-prone-areas-master-plans/
The Lagos State Government has officially ordered a comprehensive review of the regional master plans for Lekki and other flood-prone coastal communities.
Following severe downpours that submerged high-end districts including Lekki, Victoria Island, and Ikoyi, Lagos Governor Babajide Sanwo-Olu announced the urgent urban planning intervention after conducting on-the-spot inspections of heavily impacted estates across the Ibeju-Lekki and Eti-Osa Local Government Areas.
State officials and urban development experts attribute the escalating perennial flood crisis to several critical factors among which are:
The “Bastardisation” of Plans: Widespread deviations from the original Lekki Comprehensive Master Plan have crippled the region’s flood resilience.
Unapproved Construction: The Lagos State Physical Planning Permit Authority (LSPPPA) revealed that over 80% of existing buildings in the Lekki corridor lack physical planning approval.
Blocked Waterways: Unauthorized land reclamation, sand-filling of natural wetlands, and the direct construction of estates on critical drainage paths (such as System 156 and 157 channels) have severely obstructed stormwater flows into the Lagos Lagoon.
Disjointed Infrastructure: Many newly built residential estates were designed in isolation, featuring mismatched elevations and zero interconnected drainage networks.
Immediate and Strategic InterventionsTo correct these infractions and mitigate future climate-driven flooding, the state government is executing the following measures:
[Master Plan Review] ➔ [Demolish Waterway Encroachments] ➔ [Dredge Lagone Outlets] ➔ [Enforce 40% Green Space]
Enforcement and Demolitions: The State Ministry of the Environment and Water Resources has suspended indiscriminate land reclamation and commenced the demolition of structures erected directly on drainage rights-of-way.
Infrastructure Upgrades: The state is scaling up engineering interventions, including the excavation, widening, and deep dredging of primary canals to handle higher water volumes.
Mandatory Paving Restrictions: Moving forward, the state aims to enforce a policy requiring a minimum of 40% green space within private residential plots to prevent homeowners from completely paving compounds, which forces 100% of rainwater into the public grid.
Relocation Advisories: Ahead of further projected intense rainfalls, environmental authorities continue to issue warnings to residents in extreme low-lying coastal pockets along the Lekki corridor, Ikorodu, and Ajegunle to temporarily relocate to higher ground
dangote
Dangote Refinery shields Nigerians from global fuel price shock – S&P
https://the-national-press-newspaper.co.uk/dangote-refinery-shields-nigerians-from-global-fuel-price-shock-sp/
S&P Global Commodity Insights report, that if not for the privately owned refinery, Dangote Dangote Petroleum Refinery that shielded the nation from global fuel price shock, it would have been the worst thing to have happened to Nigeria downstream economy whih direct or indirectly would have surmasaulted the Nigeria’s inflation
The reknown global economy analysts S&P in Abuja said “the Dangote refinery is shielding the Nigerian market from global fuel price shocks by maintaining stable domestic prices despite rising international costs,” S&P said this in Abuja.
Dangote refinery by creating an effective domestic price cap and reducing ex-depot prices, the refinery has insulated local consumers from surging global gasoline values and import-driven inflation.
Our economy is making progress despite reform pains says Tinubu
https://the-national-press-newspaper.co.uk/our-economy-is-making-progress-despite-reform-pains-says-tinubu/
President Bola Ahmed Tinubu yesterday at State House, Abuja during the visit of delegation from Deloitte Africa, a reknown global professional services firm, who visited Nigeria that country’s economy is on a steady growth path, with financial, fiscal, and tax reforms beginning to stabilize the macroeconomic environment despite causing short-term hardships.
Speaking with the delegation that visited Nigeria in Abuja, President Tinubu maintained that his administration’s difficult choices are laying a robust foundation for long-term development, increased revenue generation, and global competitiveness.
The presidency highlights several positive indicators and structural shifts tracking this progress among whih are Macroeconomic Metrics:
Key indicators are moving in a favorable direction, including strengthened public finances, higher statutory financial allocations to state governments, and notable improvements in foreign reserves.
Market & Investment Resurgence: The Nigerian stock market has witnessed significant growth, and investor confidence is returning—particularly with fresh capital inflows targeting the domestic oil and gas sector.
Deloitte Africa Collaboration: The global professional services firm Deloitte Africa endorsed the ongoing transformation agenda and pledged to partner with the government on capacity-building programs, youth training, and job creation.
Grassroots Impact Goals: To cushion the initial pains of subsidy adjustments and currency unification, the administration is focusing on expanding productive economic activities, stabilizing consumer pricing, and boosting local council governance autonomy
