Business

Oyede Tasks States To Look Beyond Federal Allocations For Economic Growth

Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,

Published

2 days ago

August 20, 2026

OCHEFA

36 Views

The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said federal allocations alone cannot guarantee prosperity for states, urging them to develop sustainable sources of revenue and drive economic growth.

The Minister gave the advice during the 2026 National Council on Finance and Economic Development (NACOFED) conference in Owerri, Imo State, yesterday.

Oyedele emphasised the need for states to look beyond federal allocations and develop their productive capacities to achieve sustainable economic development.

He called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.

“Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,” he stated.

According to him, recent economic reforms , including the removal of fuel subsidy and the unification of the foreign exchange market, have increased tremendously the revenue available for distribution through the federation account.

He said monthly federation account allocation, which was between N300 billion and N600 billion before 2023, is now above N2 trillion.

Related Topics:2026 National Council on Finance and Economic Development (NACOFED) conference Owerri Featured Federal allocation

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

12 hours ago

August 21, 2026

OCHEFA

12 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

12 hours ago

August 21, 2026

OCHEFA

18 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.