Business

Nigeria Loses $4M World Bank Aid Over Audit Neglect

Published

7 months ago

June 10, 2025

The Federal Government is expected to lose $4 million from a World Bank loan after failing to meet auditing standards on key revenue reforms affecting the Federal Inland Revenue Service(FIRS) and the Nigeria Customs Service (NCS).

The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association (IDA).

According to the World Bank’s restructuring paper dated June 2025, the revenue assurance audit covering the FIRS and Customs from the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.

“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018 – 2021, with an allocation of $ 4 million.

“These intermediate results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards,” the document stated.

The ICIR reports that the failed audit was one of the 10 performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. As a result, the Federal Ministry of Finance(FMF) formally requested the cancellation of $10.4 million in project funds.

“The FMF has requested cancellation of $0.9m of unused funds for Technical Assistance and $9.5 million, which is the amount allocated to 10 Performance-Based Conditions, which will not be achieved by the close of the Project on June 30, 2025,” part of the document reads.

The breakdown further shows that $ 4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $ 1 million was allocated to the development of a National Budget Portal.

According to the document, the Budget Office of the Federation, responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.

The document further reads, “The proposed change is to cancel the $10.4 million, constituting $9.5 million for PBCs that will not be achieved and verified by the closing date, and $0.9 million uncommitted funds from the technical assistance component.”

This latest adjustment follows an earlier restructuring in June 2024, when $ 22 million was dropped from the original $ 125 million envelope, bringing the project down to $ 103 million. With the new cancellation, the total funding now stands at $92.6 million.

The Fiscal Governance and Institutions Project, approved in June 2018 and effective from May 2019, was designed to improve the credibility of public finance and national statistics through reforms in revenue administration, budget transparency, and data systems.

Although the government missed key targets, the project recorded progress in other areas, including revenue performance. According to the World Bank, non-oil revenue was 153 per cent of the budgeted target in 2024, up from a baseline of 64.9 per cent in 2018.

The bank attributed the increase to the unification of Nigeria’s exchange rate, improved tax administration via the TaxProMax system, and reforms that automated revenue remittances from ministries and agencies.

Other areas of progress include the launch of the Electronic Register of Beneficial Owners by the Corporate Affairs Commission, which now covers about 40 per cent of registered businesses, and the publication of a National Asset Registry and financial reports by the Ministry of Finance Incorporated.

The final disbursement on the project is projected at $96.04 million, which represents 93 per cent of the pre-cancellation total of $103 million.

The ICIR reported an earlier prediction by the World Bank, which projected that poverty in Nigeria would increase by 3.6 percentage points by 2027.

This projection is from the World Bank’s Africa Pulse report, released during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.

The report paints a troubling outlook for poverty reduction in Nigeria, highlighting that despite some recent gains in economic activity, particularly in the non-oil sector during the last quarter of 2024, structural issues related to resource dependence and national fragility were likely to hinder progress.

On the heels of these concerns, the $4 million loss, some analysts say, is a huge indictment of the much-touted economic reforms of the President Bola Tinubu-led Federal Government, with growing concerns over rising debts and burdensome taxes on Nigerians.

“This is a time we should be getting all the goodwill we need to fund developmental projects and grow the economy. We cannot afford to be losing concessionary funds at this stage,” a development economist, Celestine Okeke, told The ICIR.

Icirnigeria.org

Related Topics:Featured Federal Government FIRS

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Business

RVEALED: Meet The Owners of Nigeria’s Commercial Private Jet Companies

Published

6 hours ago

January 12, 2026

The Daily Voice

In the past two decades, Nigeria’s skyline has become an unexpected stage for a drastic rise in private aviation, as reported by Nairametrics

What was once a rare symbol of elite mobility has grown into a fleet of well over a hundred business jets crisscrossing domestic and international routes.

According to industry figures, the number of private business aircraft operating in the country climbed from just 44 in 2005 to 157 by 2024, a surge of more than 350% that reflects both expanding wealth and shifting travel habits among the nation’s affluent.

Flying a private jet is not just about convenience; it’s about connecting business faster, offering access where commercial airlines cannot, flexibility, and providing a level of service that combines luxury, reliability, and exclusivity.

These jets allow business moguls, musicians, athletes, and other high-net-worth individuals to move quickly, either for work or leisure.

Flying a private jet is costly; flights start at around $3,000 and above, depending on the aircraft, distance, and level of luxury, making these jets accessible to only a select group of Nigeria’s economic elite.

The private jet business in Nigeria is built on relationships, trust, and discretion. Most clients come through referrals, with operators rarely advertising broadly.

Every flight is a careful balance of strict safety standards, experienced crews, and regulatory compliance from air operator certificates to international operational approvals.

This article explores the individuals driving Nigeria’s private jet market, investing heavily in one of the most elite forms of personal transport.

Here are the owners of commercial private jet companies in Nigeria

11. Yemi MacGregor- Stargate Jets Services Limited
10. Segun Demuren- Founder, Evergreen Apple Nigeria
9. Chukwuerika Achum- Founder, Falcon Aerospace Limited
8. Sam Iwuajoku- Founder, Quits Aviation Services and CEO ExecuJet Aviation Nigeria
7. Atedo Peterside- Founder, Anap Business Jets Limited
6. Samuel Salihu – CEO Private Business Jet Charter
5. Wisdom Ntoto – CEO Jetlyfe Aviation Ltd
4. Captain Ahmed Borodo- CEO Flybird Aviation
3. Dr. Ernest Azudialu Obiejesi -CEO Nesto Aviation Services Limited
2. Captain Edward Boyo –CEO Landover / Overland Airways
1. Dr. Elizabeth Jack-Rich- Founder, Elin Group Limited

Business

Black Market Naira To Dollar Exchange Rate Today 12th January 2026

Published

14 hours ago

January 12, 2026

The Daily Voice

What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?

You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1490 and sell at N1505 on Sunday, 11th January 2026 according to sources at Bureau De Change (BDC).

Black Market Exchange Rate Today 12th January, 2026
Buying Rate N1485
Selling Rate N1500

The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.

This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Business

BREAKING: Petrol Depot Owners Crash Prices To Cheapest; Details Emerge

Published

1 day ago

January 11, 2026

The Daily Voice

Petrol prices at Nigerian depots have dropped to their lowest levels in months as intense competition grips the downstream market, following the apparent collapse of the fuel supply agreement between the Dangote Petroleum Refinery and independent marketers.

Fresh findings show that depot owners have slashed ex-depot prices to as low as N710 per litre, a sharp reversal from the steep hikes recorded just weeks earlier.,

In the first week of January 2026, depot owners sharply increased gantry prices after reports emerged that the Dangote Refinery had shut down its petrol production unit for maintenance.

Although the refinery denied the reports, the speculation was enough to jolt the market.

Depot prices surged, and the increases quickly filtered through to filling stations nationwide.

Independent marketers raised gantry prices from around N720 per litre to over N800 per litre, with analysts noting that depot operators were exploiting uncertainty surrounding Africa’s largest refinery.

Depot owners reverse course as competition intensifies
The price spike, however, has proven short-lived.

Checks reveal that depot owners have now reversed course, cutting prices aggressively to stay competitive with Dangote Refinery’s pricing structure, especially as fresh fuel imports enter the Nigerian market.

Data from PetroleumPriceNG shows that several major depots reduced prices significantly in recent days.

As of Sunday, January 11, 2026, ShellPlux sold petrol at N710 per litre, MAO at N715, while A.Y.M.

Falling crude oil prices add more pressure
Energy experts say global oil market dynamics are also contributing to the decline in local petrol prices.

“Crude oil is currently trading between $50 and $60 per barrel in the international market,” energy policy analyst Adeola Yusuf told Legit.ng.

According to him, ongoing geopolitical tensions involving Venezuela and Iran have pushed crude prices lower, with direct implications for refined fuel costs.

“Crude oil is often used as a political tool and is highly sensitive to geopolitical developments. When prices drop, refined product prices usually follow, especially in domestic markets,” Yusuf explained.