This was contained its Consumer Price Index (CPI) Report April 2026.

According to NBS report Consumer costs continued to increase across key sectors of the economy, even though the pace of monthly price growth slowed and remained lower than levels recorded in the same period last year.

The NBS noted that the year-on-year movement reflects ongoing pressure from elevated food costs, higher energy expenses, and continued disruptions in supply chains.

It noted that on a month-on-month basis, the Headline inflation rate in April 2026 was 2.13%, which was 2.05% lower than the rate recorded in March 2026 (4.18%).

“This means that in April 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in March 2026.”

Urban inflation was recorded at 15.40 percent, while rural inflation stood higher at 16.36 percent, with food prices rising by 16.06 percent year-on-year, though lower than 24.68 percent in April 2025 due to changes in the cost of major staples.

Core inflation, which excludes volatile food items and energy costs, stood at 15.86 percent in April 2026, significantly lower than 26.05 percent recorded in the corresponding period of the previous year.

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At the official presentation, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the updated guide will become operational on June 1, 2026, and will be issued at no cost to licensed dealers to ensure smooth adherence and effective rollout.

He explained that the revised framework is consistent with global standards and demonstrates the apex bank’s drive to upgrade Nigeria’s currency exchange operations for improved clarity, uniformity, and operational efficiency.

Cardoso stated: “The introduction of the 4th Edition of the CBN Foreign Exchange Manual reflects our shared determination to strengthen Nigeria’s economic foundations, deepen openness, and restore confidence in the foreign exchange system.”

He further noted that the refreshed guide is designed to support a more structured, rules-based, and efficient FX environment that promotes predictability and better market functioning.

The CBN governor called on stakeholders across both the public and private sectors to show discipline, cooperation, and professionalism in ensuring the successful adoption of the new framework.

He reaffirmed that the Central Bank will continue to provide direction, support, and clarification as the country transitions into a more structured phase of foreign exchange administration.

According to him, “Robust oversight systems anchored on consistency, fairness, and accountability are essential to sustaining trust and stability in the foreign exchange market.”

Market participants have commended the apex bank for its broad consultation process and detailed technical review involving financial institutions, corporate operators, and other stakeholders, which informed the development of the revised manual.

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The commitment was reiterated during the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and the Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions (NIFIs), held on Thursday, May 7, 2026, at the CBN Auditorium in Abuja.

Speaking on behalf of the Deputy Governor, Financial System Stability, Mr. Philip Ikeazor, the Director of the Financial Policy and Regulation Department, Dr. Rita Ijeoma Sike, described the session as a strategic platform designed to deepen the credibility, resilience, and soundness of Nigeria’s non-interest financial services industry.

According to Mr. Ikeazor, the engagement builds on the achievements of the inaugural session and reflects the CBN’s continued resolve to maintain a sound, credible, and resilient non-interest financial system driven by robust governance, effective compliance, and prudent risk management practices.

He noted that Non-Interest Financial Institutions have become increasingly important in Nigeria’s financial system by offering ethical and Shariah-compliant alternatives to conventional banking. He added that the institutions are making significant contributions to financial inclusion, real sector financing, Micro, Small and Medium Enterprises (MSMEs) development, and shared economic prosperity.

However, the Deputy Governor cautioned that the sector’s rapid growth, increasing sophistication, and expanding interconnectedness also expose it to unique challenges. These include Shariah non-compliance risks, governance concerns, operational vulnerabilities, and emerging technological threats, all of which could undermine public confidence and the credibility of the industry if not effectively managed.

He explained that the establishment of FRACE and the mandatory constitution of ACEs across all NIFIs were aimed at institutionalising a harmonised and resilient governance framework for the sector. He stressed that continuous engagement between FRACE and ACEs remains critical in ensuring that regulatory expectations are properly understood and consistently implemented.

“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” he stated.

In his remarks, the Deputy Chairman of FRACE, Prof. Bashir Aliyu Umar, said the interactive session was organised to strengthen governance within the sub-sector and encourage constructive engagement between FRACE and the ACEs of NIFIs. He commended the CBN for reviving the initiative, which was first introduced in 2014.

The session featured technical presentations on “Shariah Non-Compliance Risk in Non-Interest Banks and its Impact on the Non-Interest Financial Services Industry” and “Islamic Fintech and Financial Inclusion.” Participants also engaged in discussions on governance, innovation, risk mitigation, and capacity building in the non-interest finance sector.

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Speaking during a stakeholder engagement organised in collaboration with the Nigerian Governors’ Forum (NGF), the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, said the success of Nigeria’s planned Inflation Targeting (IT) framework depends heavily on fiscal discipline at both federal and state levels.

He explained that inflation targeting is a transparent and forward-looking monetary policy system designed to keep prices stable, but stressed that the framework can only succeed if State Governments avoid excessive borrowing and spending that injects too much liquidity into the economy.

According to Abdullahi, state fiscal activities such as rising domestic debt, uncontrolled wage bills, heavy reliance on overdrafts, delayed salary payments, unplanned expenditures and weak debt management can all fuel inflationary pressures.

“In an inflation-targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the subnational level can significantly undermine price stability,” he warned.

The Deputy Governor noted that one of the key conditions for successful inflation targeting is the absence of fiscal dominance, a situation where government borrowing forces the central bank to finance deficits by creating excess money supply.

He therefore urged State Governments to adopt more responsible fiscal practices by reducing dependence on short-term financing, aligning borrowing with debt sustainability limits, improving budget planning and strengthening internally generated revenue.

Abdullahi further identified four major responsibilities for states under the inflation-targeting system: maintaining fiscal discipline, ensuring responsible borrowing, improving cash and debt management coordination, and boosting revenue mobilisation.

He cautioned that excessive supplementary budgets, rising debt burdens and uncontrolled spending could trigger liquidity shocks capable of worsening inflation across the country.

Also speaking at the event, the Director of the CBN Monetary Policy Department, Dr. Victor Oboh, described inflation targeting as a “win-win framework” that would help households, businesses and governments by reducing uncertainty and strengthening confidence in economic policies.

Oboh said inflation control cannot be achieved through monetary policy alone, especially in a federal structure like Nigeria’s where state-level spending and borrowing decisions significantly affect liquidity and inflation trends.

Representatives from more than 20 states, including Commissioners of Finance, Economic Planning officials, Accountant Generals and State Statisticians, attended the engagement and pledged support for the CBN’s reform agenda and transition to inflation targeting.

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The budget proposal passed its third reading during Thursday’s plenary after lawmakers reviewed and adopted the report of the Senate Committee on the FCT concerning the 2026 Appropriation Bill.

While the proposal enjoyed overwhelming backing from senators, a number of legislators expressed reservations over the revenue assumptions driving the budget.

They maintained that disclosing detailed revenue projections would promote openness and strengthen fiscal responsibility in the administration of public resources.

Commenting on the debate, the Senate President echoed the lawmakers’ position, stressing the need for transparency and proper oversight in the execution of the budget.

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Senior executive Denys Denya shared the update during a virtual briefing on the bank’s 2025 results and long-term strategy, noting support goes beyond the Dangote Refinery to other projects.

He said global supply disruptions, especially tensions in the Middle East, have made fuel imports more expensive and complicated for African countries.

The bank is using a dual approach—providing immediate trade financing while investing in long-term production to reduce reliance on imports.

This effort is backed by a $10 billion Gulf Crisis Response Programme to secure access to essentials like fuel, food, fertiliser, and medicine.

Afreximbank is also supporting refinery projects in Angola as part of a wider push for energy self-sufficiency across the continent.

In Nigeria, refining reforms and local currency initiatives could stabilise fuel prices and reduce pressure on foreign exchange by lowering demand for dollars.

The bank is also expanding support for SMEs and reported strong financial growth in 2025, while preparing a new five-year plan focused on industrial development and value creation.

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Subair stated this at the Gala night organised to close the 159th meeting of the Joint Revenue Board (JRB) held in Lagos, where tax administrators and revenue stakeholders from across the country gathered for four days to deliberate on ways to strengthen tax systems, improve compliance, and deepen revenue generation nationwide.

According to him, the decision by Tinubu to grant operational autonomy to the Lagos State Internal Revenue Service years ago laid the foundation for the success story that has since become a model for several states in Nigeria.

He said, “This story of taxation in Lagos was started seriously by our present President, Asiwaju Bola Ahmed Tinubu, who deemed it fit to give autonomy to the Lagos State Internal Revenue Service.

“From then on, things changed. Things are still evolving and changing because he handed over the baton to very serious governors thereafter. His model is copied in most of the states in Nigeria. I think the President deserves applause. We are seeing the benefits of that vision that this great Nigerian had, and we all pledge to continue.”

Subair noted that Lagos had sustained the momentum through successive administrations, with visible investments in transportation, urban renewal, and other public infrastructure funded largely through taxes paid by residents.

The LIRS chief also commended Governor Babajide Sanwo-Olu for delivering robust infrastructure development. He noted that in addition to significant investments in education, health, housing, and urban renewal projects, the multimodal transportation system, which includes rail, road, and water transport, is a key part of the current administration’s legacy.

He said, “Governor Sanwo-Olu is doing a great job. This administration is building the multimodal transport system, as witnessed by the JTB members. Apart from the rail, you also have road transport through the BRT, and then we have the ferry service.

“We launched all sorts of projects, and we are soon going to have electric ferries and boats that will move people all over. Also, the Red Line is supposed to be fully in place within one year.

“All this would never have been possible without the good people of Lagos paying their taxes. When you pay your taxes, there is a high level of correlation between the payment of taxes and development.

“In other countries, people pay a lot of taxes, some up to 50 to 60 per cent of their earnings, and it is a way of life for them. In Nigeria, they are trying, but the benefits of paying taxes can only come when everybody plays their own part.”

The LIRS chairman added that voluntary compliance in Lagos had continued to rise because taxpayers could clearly see how their contributions were being utilised.

He said, “In Lagos especially, tax compliance is moving at a much higher pace than that of the rest of the country. That is because people can see where their money is going. You can see the good projects that are coming. You can see the good works of the government of Lagos.”

The 159th meeting of the Joint Revenue Board, formerly known as the Joint Tax Board, ran from April 20 to April 23 in Lagos.

The board comprises the Executive Chairman of the Nigeria Revenue Service, chairmen of the 36 state internal revenue services, and the Federal Capital Territory and representatives of strategic government agencies, including the Federal Ministry of Finance, National Identity Management Commission, Revenue Mobilisation, Allocation and Fiscal Commission, Nigeria Customs Service, Nigeria Immigration Service, and the Federal Road Safety Corps.

The meeting featured various activities, including a session of the Finance and General Purpose Committee, followed by meetings of the Education Committee on the second day. Delegates also took part in an excursion to inspect major infrastructure projects carried out by the Lagos State Government. They rode the Lagos Blue Line Rail from Marina to Mile 2 and visited the iconic Eko Atlantic City.

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This is just as the Vice President, Senator Kashim Shettima @officialSKSM , has called for an aggressive expansion of public-private partnerships to drive Nigeria’s economic ambitions.

Speaking on Thursday during the first 2026 meeting of the National Council on Privatisation (NCP) at the Presidential Villa, Abuja, the Vice President said the administration is focused on attracting investment and ensuring that such capital is strategically aligned with national development priorities.

“The task before us is not only to ensure that Nigeria emerges as a safe destination for private investment, but to align that investment with the governing purpose of this administration and the larger destiny of our nation,” he said.

VP Shettima stressed that Nigeria’s long-standing ambition of becoming a trillion-dollar economy would remain out of reach without a deliberate balance between public enterprise and private sector dynamism, noting that economic prosperity must be intentionally designed and sustained through strong institutions.

According to him, “Prosperity does not happen by accident. It is designed, negotiated, protected, and sustained by institutions that understand that national assets must be deployed in the service of the people.”

Reviewing progress made over the past year, the Vice President highlighted key milestones across sectors such as mining, agriculture, and energy, pointing in particular to the sale of Eko Electricity Distribution Company (Eko DISCO) as a major signal of renewed investor confidence.

VP Shettima attributed the growing investor interest to the policy direction and reform agenda of the administration, emphasising that credibility, consistency, and clarity remain the strongest drivers of capital inflows.

“Investors do not respond to rhetoric alone. They respond to coherence, to clarity, and to the evidence that a country knows where it is going and has the courage to stay the course,” he said.

The Vice President also commended improvements within the privatisation framework, particularly the enhanced governance processes and timely completion of audit reports, describing institutional discipline as critical to building trust.

He charged the Council to accelerate the development of a robust pipeline of bankable projects and deepen the use of public-private partnerships as a central tool for economic expansion.

“We must accelerate the work of building a pipeline of bankable projects and of executing more public-private partnership transactions to support our economic targets,” he said.

He further emphasised the importance of post-privatisation oversight, urging stricter monitoring to ensure that privatised assets deliver on their contractual obligations and contribute meaningfully to national development.

The Vice President also warned against policy inconsistencies within government institutions, noting that overlapping mandates and unclear roles could undermine investor confidence and slow reform progress.

“Policy confusion is expensive. Overlapping mandates unsettle the market. If we are to speak convincingly to investors, government must speak with one voice,” he added.

Shedding light on the outcome of the meeting, the Director General of Bureau of Public Enterprise (BPE), Mr. Ayodeji Ariyo Gbeleyi, said he updated the Council on the progress made with the distribution sector recovery programme, an initiative financed by the World Bank to the tune of $500 million.

He explained that a major component of the programme is the procurement of about 3.22 million prepaid metres for Nigerians to bridge the metering gap that is currently estimated at about 5.6 million.

“As of today, we have signed a contract for 1,437,000 metres that have already been deployed in the country. As we speak, almost 400,000 of those metres have been installed across the 11 DISCOs within the country.

“These are all efforts geared towards ensuring that we can have stable power supply in the country and also ensuring that the era of estimated billing is a thing of the past, as promised by His Excellency Mr. President.”

Mr. Gbeleyi noted that the effort of the Bureau is to complement President Bola Ahmed Tinubu’s @officialABAT effort in terms of repositioning the economy, pivoting it towards a US$1 trillion gross domestic product economy in the near term.

The BPE DG said to achieve this, some of “the ideal assets that have been revamped, that have been optimised are to be leveraged” to upscale GDP to a $1 trillion economy.

The DG further noted that the BPE has made sure its audited financial statements are up to date in line with global practises and the requirements of the Public Enterprises Act 1999.

He stated: “We inherited a situation where the audited financial statement of the BPE has been outstanding for three years. In less that nine months, we brought all of those audited financial statements up to date in line with the requirements of the Public Enterprises Act 1999.

“In our tradition of keeping to best practises, we also ensured that the account for 2024 were presented to Council in the first quarter of 2025. In terms of our consistent best practises, we presented today, the audited financial statement of the Bureau for the year ended 31st December 2025. Not so many agencies could have achieved that feat.”

At a media briefing, he disclosed that the NCP approved N157m for 830 former staff of NICON as repatriation allowances outstanding for about 20 years.

He also highlighted the approval of the lease of four coal blocks to a special purpose vehicle (SPV) of the Enugu State Government, subject to securing mining licenses from the Mining Cadastral Office.
Stanley Nkwocha

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In a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, it was confirmed that Edun formally tendered his resignation before the President announced a replacement on Tuesday.

Similarly, the former Minister of Housing and Urban Development, Ahmed Musa Dangiwa, also stepped down from his position, expressing appreciation to the President for the opportunity to serve in the Federal Executive Council.

Mr. Edun, who marked his 70th birthday on Monday and has recently experienced health challenges, submitted his resignation on the same day. In his letter, he thanked the President for the opportunity to serve the nation.

“It has been an honour to be part of your administration and the Renewed Hope Agenda,” he wrote.

“Under your leadership, Nigeria has become stronger, more stable, and more respected internationally.

“I wish you continued success in the years ahead.”

Before his exit was officially announced by the Office of the Secretary to the Government of the Federation, Edun paid a farewell visit to President Tinubu at the State House on Tuesday. He later left following a private meeting that lasted about an hour, indicating his intention to focus on personal engagements.

Ahmed Musa Dangiwa, a professional architect, previously served as Managing Director of the Federal Mortgage Bank from 2015 to 2022 and as Secretary to the Katsina State Government before his appointment as minister in August 2023.

Edun, an economist and investment banker, served as Lagos State Commissioner for Finance between 1999 and 2004 during Tinubu’s tenure as governor.

He earlier worked at Chase Merchant Bank in Lagos from 1980 to 1986 before joining the World Bank under its Young Professionals Programme, where he contributed to economic and financial projects across Latin America and the Caribbean.

In 1989, he co-founded Investment Banking & Trust Company Limited (now Stanbic IBTC) and later established Denham Management Limited in 1994, which evolved into the Chapelhill Denham Group. He served as chairman of the company from 2008 to 2021.

President Tinubu has commended both Edun and Dangiwa for their service and contributions to the administration’s economic reform agenda, and wished them success in their future endeavours.

The President has also directed the newly appointed Minister of Finance, Taiwo Oyedele, to consolidate ongoing reforms and strengthen the administration’s fiscal and economic policies with renewed focus, discipline, and innovation.

In addition, President Tinubu is expected to forward the nomination of Muttaqha Rabe Darma, also from Katsina State, to the Senate for confirmation as Minister of Housing.

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FCCPC disclosed this in a statement posted via its official X account and signed by Ondaje Ijagwu, Director, Corporate Affairs, that in its ruling, presiding Justice James Omotosho affirmed the Commission’s statutory authority to investigate consumer complaints involving banks and other financial institutions.

In the suit, FHC/ABJ/CS/1972/2025, United Bank of Africa Plc sought to determine whether in light of Section 251 (1) (d) of the 1999 Constitution of the Federal Republic of Nigeria (as amended 2023) and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the FCCPC could validly exercise jurisdiction over a commercial bank duly licensed by the Central Bank of Nigeria (CBN) and over any of its functions, acts, financial products, or financial services.

In his judgement, Justice Omotosho considered Sections 251 (1) (d) of the Constitution and 65(1)(a) of BOFIA, which the plaintiff had relied upon to challenge the Commission’s jurisdiction, and upheld the authority of the FCCPC in competition and consumer protection matters in the financial sector.

Consequently, UBA plc was fined N2m for “bringing a frivolous and unmeritorious case against the defendant”.

With respect to receiving and investigating Consumer complaints, the Court stressed that there is no other agency in Nigeria saddled with this responsibility except the FCCPC.

“No portion of the Banks and Other Financial Institutions Act gives such powers to the Central Bank of Nigeria, nor does the Central Bank of Nigeria Act,” said Justice Omotosho.

“The FCCPC (Defendant) is therefore the proper agency to investigate such consumer complaints,” the judge held.

He therefore held that the FCCPC “is vested with statutory powers to inquire into Consumer Protection issues involving customers and banks.”

Justice Omotosho cited Sections 1, 2, 17(e) and 104 of the Federal Competition and Consumer Protection Act, 2018 (FCCPA), relating to the objectives, scope, investigative powers and application of the Commission’s mandate in matters concerning competition and consumer protection.

Section 104 of the FCCPC Act states that “Notwithstanding the provisions of any other law but subject to the provisions of the Constitution of the Federal Republic of Nigeria, in all matters relating to competition and consumer protection, the provisions of this Act shall override the provisions of any other law.”

In a swift reaction, the Executive Vice Chairman/CEO of FCCPC, Mr Tunji Bello, hailed the judgment, describing it as “a significant milestone in our advocacy for bank customers who have for long endured unfair treatment.”

He said the judgment provides judicial guidance on the complementary relationship between sector regulation and the consumer protection framework established under the FCCPA.

Mr. Bello stated that the decision reinforces confidence that consumers in every sector of the economy, including financial services, are entitled to accessible channels for complaint resolution and lawful redress.

He noted that the judgment is also significant for businesses, as it clarifies that regulatory accountability and consumer confidence are mutually reinforcing pillars of a healthy market environment.

According to him, the Commission will continue to engage financial institutions and other service providers professionally, fairly, and in accordance with due process, while encouraging internal complaint resolution mechanisms that address consumer concerns promptly.

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