President Bola Tinubu has directed that eligible cash recoveries by the Economic and Financial Crimes Commission, alongside about ₦242bn in unclaimed dividends, be channelled into the Nigerian Education Loan Fund to strengthen its long-term financing.   The Minister of Education, Dr Tunji Alausa, announced the decision on Wednesday after the Federal Executive Council meeting at the Presidential Villa in Abuja. According to Alausa, the directive covers only liquid funds recovered by the EFCC. Seized properties and other non-liquid assets are excluded. He also said funds involved in ongoing legal disputes would not be transferred. Only cleared and unencumbered funds legally available for use will qualify. The government’s decision also covers unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund. Alausa said the Attorney-General of the Federation, Lateef Fagbemi, will work with the Ministries of Finance and Education and the Debt Management Office to establish the legal framework for transferring the funds. The move comes as NELFUND continues to expand its support for Nigerian students. Alausa said more than 1.2 million students are currently benefiting from the scheme, while over ₦93bn has been disbursed as student stipends and more than ₦250bn released to public tertiary institutions for institutional fees. The minister said the latest funding arrangement is intended to ensure that NELFUND can meet its growing financial obligations as demand for student loans increases. The figures on unclaimed dividends were attributed to the Securities and Exchange Commission. The amount has risen from about ₦158.4bn in 2019 to approximately ₦242bn, with outdated shareholder records, unresolved estate matters and missing bank account linkages among the factors contributing to the accumulation. FEC approves ₦155bn for National Library The Federal Executive Council also approved about ₦155bn to complete and furnish the National Library of Nigeria headquarters complex in Abuja. The approval comprises approximately ₦118.31bn for construction works and about ₦37bn for furnishing. The National Library project began on April 29, 2006, with an original completion deadline of February 2008. Construction stopped in October 2008. Alausa said President Tinubu had directed the government to mobilise funds to restart the project, with resources also coming from the Tertiary Education Trust Fund. He said First Lady Oluremi Tinubu helped raise about ₦25bn through birthday donations towards the project. The government expects construction to resume in the coming months. 14 universities to receive entrepreneurship programme FEC also approved an Entrepreneurship, Innovation and Business Incubation Certification Programme for 14 federal universities. The initiative will provide students with training in entrepreneurship, innovation, business incubation and enterprise development, alongside digital certification, mentorship and incubation support. The participating universities are Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, University of Benin, University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria, Nsukka, University of Port Harcourt and Usmanu Danfodiyo University. FEC also approved the establishment of the Academy for Gifted and Talented Children by granting the existing Suleja Academy autonomous status and providing for its own governing board and council. The Federal Government said the Attorney-General would prepare an executive bill for transmission to the National Assembly.

The Nigeria Employers’ Consultative Association (NECA) has urged state and local governments to publicly account for the ₦10.4 trillion they received from resources generated following the removal of the petrol subsidy.   NECA Director-General, Adewale-Smatt Oyerinde, made the call during an interview on Channels Television’s Sunrise Daily on Thursday, following disclosures by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele. Oyedele said the removal of the petrol subsidy mobilised ₦15.8 trillion for the Federation between June 2023 and December 2025. According to the minister, the Federal Government received ₦5.4 trillion, while ₦10.4 trillion was distributed to state and local governments through the Federation Account. Oyerinde said the disclosure should prompt state commissioners for finance to explain how much their governments received and how the funds were spent. > “The commissioners of finance in states, you come out and also say, this is how much we’ve received; this is how much we have spent,” he said.   The NECA chief compared the expected disclosure to financial reporting by private businesses, where companies present audited accounts to shareholders. He urged state governments to provide details of the funds received, the challenges encountered and how the money was utilised. Oyerinde also commended the Federal Government for publicly providing details of its finances, saying greater transparency would allow citizens and other stakeholders to scrutinise public spending. He encouraged Nigerians to engage state and local governments on how public resources are being used, stressing that development should begin at the grassroots. How the ₦15.8tn was accounted for Oyedele said the ₦15.8 trillion did not appear as a separate Federation Account credit labelled “subsidy savings”. Rather, it was reflected in the resources available to the three tiers of government. The minister also disclosed that the Federal Government generated ₦3.1 trillion in additional independent revenue during the period, while borrowing amounted to ₦11.9 trillion. Together, the additional revenue and borrowing increased the Federal Government’s resources by ₦20.4 trillion, against incremental expenditure of ₦30.64 trillion, according to Oyedele. President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, shortly after his inauguration. The policy led to a sharp increase in petrol prices and contributed to higher transportation, logistics and production costs. The Federal Government has maintained that the reform was necessary to reduce fiscal pressure and redirect resources towards other priorities.

Nigerian Afrobeats stars Burna Boy and Tems have secured nominations at the 2026 MTV Video Music Awards, with Burna Boy receiving two nods and Tems earning one.   Burna Boy, whose real name is Damini Ogulu, is nominated in Best Collaboration alongside Colombian singer Shakira for their FIFA World Cup 2026 official song, “Dai Dai.” The track also earned a nomination in the Best Latin category. Tems, born Temilade Openiyi, is nominated for Best R&B for her collaboration with British rapper Dave on “Raindance.” The nominations were announced on Tuesday ahead of the awards ceremony, scheduled for September 27 at the Peacock Theater in Los Angeles. Burna Boy and Shakira will compete for Best Collaboration against Clipse, Kendrick Lamar, Pusha T and Malice; French Montana and Max B; Madonna and Sabrina Carpenter; PinkPantheress and Zara Larsson; and Teyana Taylor and Lucky Daye. In the Best Latin category, “Dai Dai” faces songs by Anitta and Shakira, Bad Bunny, Fuerza Regida, Karol G, Rosalía featuring Yahritza y Su Esencia, and Ryan Castro, Kapo and GANGSTA. Tems’ “Raindance” will compete against releases by Bruno Mars, Chris Brown, Justin Bieber, Kehlani, and Mariah the Scientist and Kali Uchis. Madonna leads the overall nominations with 11, followed by Taylor Swift with nine. Notably, the Best Afrobeats category is absent from this year’s awards. South African singer Tyla won the category in 2025 with “Push 2 Start”, after also winning in 2024 with “Water”. Rema and Selena Gomez won the inaugural Afrobeats award in 2023 for “Calm Down”. The 2026 MTV VMAs will air live on CBS, with a simulcast on MTV and streaming on Paramount+. Fans can vote in most categories daily until September 25 at 6pm ET.

The removal of Nigeria’s petrol subsidy saved the country ₦15.8 trillion between June 2023 and December 2025, according to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.   Oyedele disclosed the figure on Wednesday, August 19, 2026, during a press conference where he outlined the financial impact of the Federal Government’s economic reforms under President Bola Tinubu. According to the minister, the savings did not appear as a separate credit to the Federation Account labelled “subsidy savings”. Instead, they were reflected in resources available to the Federation. He said the Federal Government received ₦5.4 trillion, while ₦10.4 trillion was distributed to state and local governments through the Federation Account. Oyedele also disclosed that the Federal Government generated ₦3.1 trillion in additional independent revenue during the period, largely through remittances from government-owned entities and increased surpluses from government agencies. The government, he added, borrowed an additional ₦11.9 trillion between June 2023 and December 2025. Combined, the additional independent revenue and borrowing provided the Federal Government with ₦20.4 trillion in incremental resources during the period. However, Oyedele said total incremental expenditure stood at ₦30.64 trillion. The minister identified petrol subsidy removal and the unification of the foreign exchange market as key reforms introduced by the Tinubu administration to address longstanding economic challenges and reduce pressure on government finances. President Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, declaring that “subsidy is gone”. The policy led to a sharp rise in petrol prices and increased transportation, logistics and production costs across the country. The Federal Government has defended the decision as necessary to reduce fiscal pressure and redirect public resources to other priorities. It has also introduced measures including wage adjustments, agricultural support and expanded Compressed Natural Gas initiatives to cushion the impact of the reforms.