The Central Bank of Nigeria (CBN) has announced the elevated of terrorism financing supervision to supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.

Sidi-Ali, Hakama (Mrs) , Ag. Director, Corporate Communications
and Investor Relations Department in the apex bank, stated this in a press statement made available on Wednesday.

The statement noted that the supervisory priority ” covers, at a high level, terrorism financing risk management, terrorism
financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.”

The statement added that the “bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations.”

According to the statement, ” this supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of
the financial system,” additing that further supervisory engagement will be undertaken as appropriate.

By Chidera Orji

The Nigeria Customs Service (NCS) has earned commendation from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for its ground breaking revenue performance, strategic technology investments, and ongoing trade facilitation reforms.

Speaking during his inaugural board meeting and facility tour at Customs Headquarters in Abuja last week, the Minister praised the Service’s leadership and officers for their remarkable progress in modernising operations and boosting national revenue.

According to him, Customs has demonstrated unprecedented operational strength in 2026, generating N4.03 trillion in the first half of the year alone, followed by N1.38 trillion across July and August. The agency, he says, remains firmly on track to achieve its ambitious N11 trillion annual target, a milestone driven by aggressive automation, intelligence-led reforms, and improved cargo processing strategies under Comptroller-General of Customs Adewale Adeniyi.

Impressed by the Service’s modern intelligence tools and technological infrastructure, Oyedele said Customs’ track record is the ideal springboard to propel Nigeria into a leading position in regional and global trade, according to a press statement issued by the National Public Relations Officer, Abdullahi Maiwada, PhD.

“Results are precisely what should propel us to do more,” the Minister stated, noting that Customs’ strong foundation equips the Service to pioneer world-class standards in port efficiency, end-to-end transparency, faster cargo clearance timelines, and revenue integrity. “Nigeria must lead through performance, not rhetoric.”

Reaffirming President Bola Tinubu’s full backing, Oyedele assured that the Federal Government remains committed to empowering the NCS with cutting-edge technology, modern operational tools, and strong policy support to sustain its trajectory as a premier trade facilitator in Africa.

Meanwhile, the Nigeria Customs Service Board (NCSB), at its 65th Regular Meeting held on 2nd September, 2026 chaired by the Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele, considered official matters presented by its standing committees and, following the statutory retirement of some members of the Service, approved the confirmation of the appointments of one (1) Deputy Comptroller-General of Customs (DCG) and five (5) Assistant Comptroller-Generals of Customs (ACGs).

The appointments were made in accordance with the Federal Character Policy of the Government, as provided in Section 14(4) of the Nigeria Customs Service Act, 2023. The newly confirmed DCG is Constantine Dim (South-East), while the confirmed ACGs are Pascal Chibuoke (South-East), Sani Yahaya (North-Central), Franklin Onyeka (South-South), and Chibuzor Eyakwaire (South-South), Ethelbert Nnaji (South-East).

Furthermore, the Board approved the upgrade of the NCS Medical Corp to a Sub-department headed by Assistant Comptroller-General of Customs to be assisted by nine (9) Comptrollers. The Board was also briefed on the ongoing recruitment exercise, as successful candidates have been invited for documentation, physical, and medical screening, expected to commence on the 7th of September 2026. On disciplinary matters, the Board deliberated on several appeals and resolved accordingly, with outcomes including dismissal, exoneration, warning, compulsory retirement, and reinstatement of affected officers.

Similarly, the Board reviewed the Service’s revenue performance for 2026 against an annual target of N11.074 trillion. As at end of June 2026, collections stood at N4.30 trillion, representing 36.4 percent of the annual target. The Board also noted that the Service intensified efforts through full deployment of the Unified Customs Management System (B’Odogwu), expanded post-clearance and real-time audit, the Authorised Economic Operator and advance ruling programmes, the deployment of geospatial technology, joint border patrols, and deeper engagement with the trading community.

Furthermore, based on the report of the Technical and Operations Committee, the Board approved the Nigeria Customs Service De-Minimis Regulation, 2025, to align it with provisions of the Nigeria Customs Service Act, 2023.

The Board was also updated on ICT digital transformation initiatives recording substantial progress across trade systems, HR automation, NII infrastructure, and digital applications, as well as an invitation from the Federal Ministry of Finance for memoranda proposing amendments to the Nigeria Customs Service Act for possible inclusion in the 2027 Finance Bill.
The Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, on behalf of the NCSB, congratulates all appointed management members, while reaffirming the Service’s commitment to accountability, institutional strengthening, and sustained revenue mobilisation.

By Sam Otuonye

The Minister of finance and coordinating Minister of the Economy, Prof. Taiwo Oyedele, has described an approved budget as a mere document and set of numbers that are signed into law without impact on the citizenry until it delivered the purpose for which it was approved, even as the Country Director, International Budget Partnership (IBP) Nigeria, Olayinka Babalola noted that there is a wide disconnect between macro-economic indicators and the micro-level outcomes for regular Nigerians.

Oyedele stated this on Thursday, at the 2026 PULSE Summit organized by International Budget Partnership, an international Non-governmental Organization, with the theme: From Approved Budgets to the Last Mile: Examining Budget Implementation in Nigeria.

The Minister explained that approval of budget is upstream, and delivery
downstream noted that the distance between the two is the last mile, where most of the value of public money is actually won or lost. He stated that the budget delivered is what determines whether a teacher would show up in the classroom, a farmer have access road from his farm to the market, and a functional health facility.

The Hon. Minister of Finance Taiwo Oyedele said Nigeria had made progress in budget preparation, classification and open data, but stressed that the country must now focus more intensely on the gap between budget approval and actual delivery.

“Approval is upstream, delivery is downstream. And the distance between the two, that is the last mile, is where most of the value of public money is actually won or lost,” he said.

The minister identified three major challenges undermining effective public finance management in the country, including fiscal constraints, weak systems for transferring funds to implementing agencies and communities, and inadequate accountability mechanisms.

He explained that revenue performance often failed to match projections, resulting in adjustments that disproportionately affected capital expenditure and service-delivery programmes.

Oyedele also noted that even when funding was available, procurement delays, fragmented systems and varying implementation capacities at the sub national level could prevent funds from reaching their intended beneficiaries.

“A naira approved in Abuja for a state capital and a naira that reaches the primary health centre in the rural wards are not the same naira,” he said, stressing the need to strengthen the institutional bridge between budget allocation and actual service delivery.

On accountability, the minister said citizens must be able to track what the government had promised, what had been funded and what had actually been delivered.

“Whatever is not tracked is in reality unlikely to be achieved and may not even exist,” he warned.

Taiwo also defended key economic reforms undertaken by the President Bola Ahmed Tinubu administration, particularly the removal of fuel subsidy and the unification of the foreign exchange market.

He said the reforms, although difficult in the short term, were necessary to correct distortions that had constrained the economy and diverted resources away from critical sectors.

According to him, the fiscal space created by the reforms was now being directed towards sectors including health, education, water and social protection.

The minister, however, cautioned that creating fiscal space was only the beginning, stressing that institutional and accountability mechanisms must be strengthened to ensure that public resources produce measurable outcomes.

He described this as the “federation of shared prosperity,” arguing that economic stability should be driven at the federal level, while shared prosperity should be achieved in the states and improved living standards delivered at the local government level.

“That is not a division of convenience. It is a division of responsibility,” he said.

Taiwo urged federal, state and local governments to recognise their respective responsibilities in delivering services to citizens, insisting that no level of government should shift blame to another.

He commended the design of the PULSE Summit, particularly its use of policy labs covering health, education, water, sanitation and hygiene, social protection and debt.

Unlike conventional conference panels, he said, the labs should produce specific, costed and measurable commitments showing who will do what, by when, at what cost and against which indicators.

He also welcomed the summit’s reform tracker, describing it as an important accountability mechanism for publishing and monitoring commitments made during the summit.

Taiwo called on government officials attending the summit to treat every commitment made in the policy labs as a budget line — “costed, owned and reported.”

He assured participants that the Ministry of Finance would engage with the reform tracker while urging civil society organisations and development partners to hold the government accountable for its commitments.

Also speaking, the Country Director of IBP Nigeria, Olayinka Babalola, said Nigeria must close the gap between improving macroeconomic indicators and the everyday experiences of citizens.

Babalola said although Nigeria had recorded improvements in indicators such as economic growth, inflation and foreign reserves, these gains had not sufficiently translated into better public services at the grassroots.

She said the core question addressed by the summit was how revenues collected, loans borrowed and budgets implemented could deliver quality and affordable services to citizens at the last mile.

According to her, “the last mile is actually where policy meets reality, where budgets become services, and where citizens experience government directly.”

Babalola called for greater consultation with citizens on how public resources are spent, particularly at the state and local government levels.

She said governments were appointed to manage public resources on behalf of citizens and must therefore remain accountable to them.

She also criticised unrealistic revenue and expenditure projections, warning that repeated failure to meet budget targets could erode public confidence in fiscal data and government budgets.

The IBP Nigeria Country Director further called for public finance information to be made accessible to ordinary Nigerians through simplified citizens’ guides and local languages.

She urged stronger independent oversight of public finances involving the Auditor-General, National and State Assemblies, local councils, civil society organisations, community representatives and the media.

Babalola also demanded real and immediate consequences for financial mismanagement, saying oversight would have little meaning if identified infractions produced no sanctions.

She advocated the use of both official government data and citizen-generated evidence in public finance decisions, arguing that quantitative figures must be complemented by the lived experiences of Nigerians.

She said the success of the PULSE Summit would ultimately be measured by whether its policy labs produced practical solutions to the bottlenecks preventing public funds from reaching citizens.

Babalola said the summit’s reform tracker would continue to monitor commitments beyond the event, ensuring that the gathering would not become another conference where discussions end without implementation.