Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, delivered straight to your inbox every Monday Morning.
In this week’s episode…
Nigerian Banks Rely on Costly Short-Term Commercial Papers Amid Liquidity Crunch
The Rundown
Nigerian banks are increasingly issuing commercial papers (CPs) to navigate liquidity challenges caused by the Central Bank of Nigeria’s (CBN) stringent cash reserve policies. With deposit costs doubling due to monetary tightening, CPs offer a temporary solution to funding pressures.
The Details
- Access Holdings Plc and other major banks are issuing CPs to manage liquidity constraints.
- CBN’s cash reserve ratio (CRR) hike to 50% has made deposits significantly costlier, with effective rates reaching 36%.
- The central bank has raised its benchmark interest rate to 27.5%, further straining liquidity.
- Banks favour CPs over certificates of deposit (CDs) since they bypass additional CRR charges.
Federal Government Increases NYSC Allowance to N77,000
The Rundown
The Federal Government has started paying National Youth Service Corps (NYSC) members ₦77,000 per month, effective March 2025. The increase follows the implementation of the new minimum wage of ₦70,000. Government officials have assured that all outstanding payments will be cleared.
The Details
- NYSC Director-General confirmed the new allowance and assured corps members of timely payments.
- The increase is a response to the National Minimum Wage (Amendment) Act 2024, which raised the minimum wage from ₦30,000 to ₦70,000.
- FG allocated ₦430.7 billion to NYSC in the 2025 budget, with ₦372.9 billion earmarked for allowances.
- The Minister of Youth Development promised that all backlogs would be settled, including payments for corps members affected by previous delays.
IMF Appoints Tony Elumelu to Advisory Council on Entrepreneurship
The Rundown
Tony Elumelu has been appointed to the IMF’s Advisory Council on Entrepreneurship and Growth, joining global leaders in shaping policies that drive innovation and sustainable private-sector growth. The Heirs Holdings Founder joins a high-profile global council shaping economic policies for innovation and growth. His role highlights Africa’s growing influence in global economic discussions.
The Details
- The IMF’s Advisory Council on Entrepreneurship and Growth is convened by Managing Director Kristalina Georgieva.
- The council aims to address regulatory barriers, boost innovation, and enhance global resource allocation.
- Elumelu, a key proponent of Africapitalism, will advocate for Africa’s entrepreneurial potential in global policymaking.
- Other members include leaders from Salesforce, Tata Group, Vodafone, and Banco Santander.
Petrol Landing Costs Surge by N88, Price Rises to ₦970 Per Litre in Lagos, Abuja
The Rundown
Petrol prices have jumped to between ₦930 and ₦970 per litre in parts of Lagos, Abuja, and Ogun State, marking the first price increase in 2025. The hike follows the suspension of the Naira-for-Crude deal between the NNPC and Dangote Refinery, raising concerns about further price surges.
The Details
- Fuel stations in Lekki sold petrol at ₦930 per litre, while Abuja and Magboro prices hit ₦960-₦970 per litre.
- Dangote Refinery halted domestic petrol sales in naira due to currency mismatch in crude purchases.
- NNPC denied permanently ending the Naira-for-Crude deal but confirmed the contract expired in March.
- Oil marketers warn that pricing fuel in dollars could worsen inflation and create supply instability.
Airtel Unveils N1 Billion Fund to Train 3 Million Tech Talents
The Rundown
The Federal Government has received a ₦1 billion grant from Airtel Africa Foundation to support its 3 Million Technical Talent (3MTT) initiative. The grant will be used for hands-on training, job placements, and community engagement to strengthen Nigeria’s digital workforce.
The Details
- Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, confirmed the grant, aligning it with President Tinubu’s Renewed Hope Agenda.
- Airtel Africa’s Chairman, Dr. Segun Ogunsanya, described the grant as a strategic investment in Nigeria’s future digital economy.
- The 3MTT program, launched in 2023, has already trained 30,000 Nigerians, with 270,000 more selected for the second phase.
- A similar ₦1 billion grant was secured from IHS Towers in 2023 to build learning communities and fund 37 dedicated learning managers for three years.
- Training covers Digital Marketing, Data Analysis, SEO, UX/UI Design, Cloud Platforms, and more.
FG’s Fiscal Reforms Boost Nigeria’s Revenue by 60.88% in 2024
The Rundown
Ongoing fiscal reforms have led to a 60.88% year-on-year increase in the Federal Government’s retained revenue as of December 2024, according to Muhammad Sani Abdullahi, a member of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC).
The Details
- Oil revenue (FAAC receipts) grew by 12.09% YoY, supported by higher production and improved remittances.
- Non-oil revenue surged, driven by better tax collection and fiscal discipline.
- The 2025 budget of ₦54.9 trillion raises concerns about debt sustainability, revenue volatility, and inflation.
Monetary Policy Stance
- The MPC held the Monetary Policy Rate (MPR) at 27.50% to curb inflation.
- Other policy parameters, including the Cash Reserve Ratio (CRR) at 50%, remain unchanged.
