Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, brought to you every Monday Morning.
In this week’s episode…
NNPC Gas Limited Expands Energy Drive with Acquisition of 5.2 Million SCFD CNG Facility
The Rundown
NNPC Gas Marketing Limited (NGML) is set to acquire a 5.2 million standard cubic feet per day CNG compression and refuelling facility from Gas Network Services Limited (GNSL).The move aims to expand Nigeria’s CNG infrastructure and support the Presidential Compressed Natural Gas Initiative (P-CNG Initiative). The acquisition is expected to boost access to cleaner and more affordable energy, especially in transport and commercial sectors.
The Federal Competition and Consumer Protection Commission (FCCPC) highlighted that while the deal could impact market competition, it would ultimately benefit consumers.
The Details
• NGML’s acquisition of GNSL’s facility will strengthen its role in marketing and distributing CNG across Nigeria.
• The facility includes dispensing points for refuelling natural gas vehicles, serving areas without pipeline access.
• The transaction supports the P-CNG Initiative’s goal to reduce energy costs and promote CNG adoption after the removal of fuel subsidies.
• A recent $27.3 million MoU between P-CNGi and LNG Arete Ltd. Will further expand CNG infrastructure, particularly in Northern Nigeria.
Lagos State Invests N1.5 Billion to Fully Sponsor 56,134 Students for 2025 WASSCE
The Rundown
The Lagos State Government has fully paid N1.5 billion to sponsor 56,134 students for the 2025 WASSCE. The move is part of broader efforts to ease education costs, expand school infrastructure, and boost student engagement.
Key initiatives include student transfers, expansion of model colleges, and Project Zero’s re-enrolment of over 300,000 out-of-school children.
The government is also enhancing digital learning, vocational education, and adopting the STEAM model to promote creativity alongside academics.
The Details
• Lagos paid N1.5 billion to WAEC for 56,134 SS3 students and admitted 4,763 candidates into model colleges after a selection process.
• Project Zero re-enrolled over 300,000 out-of-school children into public schools across the state.
• Major infrastructure projects include building 13 new classroom blocks, rehabilitating 24, and creating a central science and ICT hub.
• The government is strengthening digital learning initiatives, co-curricular activities, and stricter teacher performance monitoring under its T.H.E.M.E.S Plus Agenda.
Relief for Homeowners: Tax Reform Bill to Remove VAT on Real Estate Deals
The Rundown
The Federal Government’s new Tax Reform Bill will exempt real estate transactions from VAT, aiming to lower housing costs and stimulate Nigeria’s construction sector.
The bill also introduces tax incentives for building material production, eases property titling, and exempts low-rent properties from stamp duties.
The Details
• No VAT on land sales, real estate transactions, or rent; stamp duty exemption for rents below N10 million monthly.
• Capital Gains Tax exemptions apply to the sale of personal homes to make housing more affordable.
• Priority incentives for building material manufacturers to boost local production and reduce construction costs.
• Streamlined property taxes and land titling processes will cut costs and administrative delays.
• Officials urge Nigerians to verify facts and avoid misinformation about the reforms. The bill, passed by the House of Representatives, is now awaiting Senate deliberation.
Nigerian Banks Shatter Records, Rake in N8.41 Trillion from Customer Loans in 2024
The Rundown
Nigerian banks had a record-breaking 2024, earning N8.41 trillion from customer loans — a 106% increase from 2023 — thanks to high interest rates that boosted lending profits.
The Details
• The Central Bank of Nigeria (CBN) raised rates to 27.5% in 2024, helping banks reprice loans and double income from lending.
• Combined loan portfolios of the top ten banks grew by 37.6% to N51.36 trillion by year-end.
Interest income from customer loans and financial instruments made up 72.4% of gross earnings.
• Top earners:
Access Corporation – N1.63 trillion
Zenith Bank – N1.52 trillion
First HoldCo – N1.36 trillion
UBA – N779.7 billion
Fidelity Bank – N626.3 billion
• Challenges: Higher cost of funds, increased non-performing loans (NPLs) — rising from 4.1% to 4.5%.
• Outlook: Continued strong earnings in 2025, but banks must watch asset quality as borrowing costs stay high.
FG Set to Relaunch Renewed Hope School Feeding Programme on Democracy Day 2025
The Rundown
The Federal Government will relaunch the Renewed Hope National Home-Grown School Feeding Programme (RH-NHGSFP) on May 29, 2025, targeting 10 million children. The relaunch follows past controversies and aims to boost child nutrition, school enrollment, and rural economic growth, with N100 billion allocated in the 2025 budget.
The Details
• Launch Date: May 29, 2025, during President Tinubu’s second-year anniversary celebrations.
• Target: 10 million pupils in Primary One to Three, with daily meals sourced locally to fight malnutrition and boost school attendance.
• New Measures: QR-coded supply chains, real-time tracking, and NIMC integration for transparency and accountability.
• Funding: N100 billion in the 2025 budget, focusing on women-led cooperatives, local farmers, and community ownership.
FG Launches Lumina Programme to Rescue Over 10 Million Out-of-School Children
The Rundown
The Federal Government has launched the Lumina Programme to tackle Nigeria’s out-of-school children crisis, focusing on providing foundational literacy and numeracy education to children — especially girls — in hard-to-reach areas. Online registration is already open, with full rollout expected in two months.
The Details
• The Lumina Programme aims to provide foundational literacy and numeracy education to over 10 million out-of-school children, prioritizing girls in hard-to-reach and underserved communities.
• Online registration for the programme has already started, and full implementation is expected to begin within the next two months.
• The initiative is part of President Tinubu’s Renewed Hope Agenda, which seeks to reduce educational disparities and expand basic education access nationwide.
• The government is also developing a national policy to integrate Quranic and modern education, supported by new infrastructure, teacher training, and strong community involvement.
