World Bank Warns Fuel Prices Could Slow Nigeria’s Poverty Reduction

The World Bank has warned that high fuel prices could slow Nigeria’s efforts to reduce poverty, even as the country’s ...

Presidency Criticises Nigerians Doing Care Home Jobs in UK, Calls It ‘Modern-Day Slavery

Presidency Dismisses Calls on World Bank to Stop Lending to Nigeria

by Contributor

May 21, 2026

0

The Presidency has reacted to reports of Nigerians flooding the World Bank’s social media pages to urge the institution to ...

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate virtual assets and strengthen Nigeria's digital economy. The President signed the order pursuant to Section 5 of the 1999 Constitution (as amended), and it took effect immediately, according to a statement issued Friday by presidential spokesperson, Bayo Onanuga. The statement explained that the order was designed to address a fragmented regulatory landscape, where overlapping and disjointed oversight by government agencies had exposed Nigerians to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses. It noted that unregistered operators had exploited these gaps in the past to defraud unsuspecting citizens. To close these loopholes, the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council will set policy direction, foster cooperation among the agencies, and collaborate with the Attorney-General of the Federation to build a harmonised legal and institutional framework for the sector. A Virtual Asset Office will also be created as the Council's operational arm, with its secretariat based at the CBN. The office will coordinate information sharing, applications and reporting among agencies through an integrated supervisory technology platform. The statement clarified that the order does not create a new regulator or strip any agency of its existing powers. Instead, registration of virtual asset activities will be determined by the nature of the asset involved — the SEC will register security-related activities, while the CBN will handle payment, settlement, custody and other non-security virtual asset services. The Council will resolve any disputes over jurisdiction. As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under close supervision before they reach the wider market. The NRS is also expected to release a tax policy for the virtual assets sector to strengthen compliance and ensure the industry contributes fairly to national revenue. Additionally, the Federal Government is finalising a Virtual Assets White Paper that will outline the country's long-term policy direction for the sector. The Council has been given 30 days to develop a Harmonised Implementation Framework to guide agencies in enforcing the order.

Tinubu Government Moves To Secure Fresh $1.25bn World Bank Loan

by Contributor

May 12, 2026

0

The administration of Bola Tinubu is reportedly in advanced discussions with the World Bank over a fresh $1.25 billion loan ...

Nigeria’s Economic Reforms Are Here to Stay, Tinubu Tells World Bank

by Contributor

February 4, 2026

0

President Bola Tinubu has told a visiting World Bank delegation that Nigeria will not reverse course on its economic transformation ...

“What Really Matters Is Not The Static Figure, But The Direction Of Change” – FG Reacts To World Bank’s Poverty Report

by admin

October 9, 2025

0

The Presidency has disputed the latest economic report by the World Bank, which estimated that 139 million citizens are living ...

The Success Of Tinubu’s Reforms Will Be Measured By How They Improve The Lives Of Nigerians – World Bank

by admin

October 9, 2025

0

The World Bank has said that Nigeria's ongoing economic reforms under President Bola Tinubu's administration have begun to yield positive ...

NNPCL Remit Only 50% Revenue Gains from PMS Subsidy Removal – W’Bank

by Madukwe Nwabuisi

May 15, 2025

0

The World Bank has revealed that the Nigerian National Petroleum Company Limited (NNPCL) has only been remitting 50 per cent ...

World Bank Predicts More Nigerians to Become Poor by 2027

by Madukwe Nwabuisi

April 24, 2025

0

The World Bank has projected a rise in poverty levels in Nigeria, estimating an increase of 3.6 percentage points by ...

World Bank Set to Okay Nigeria’s $632m Loan Request Today

by Madukwe Nwabuisi

March 31, 2025

0

The World Bank is set to approve fresh loans totalling $632m to Nigeria today (Monday) amid mounting concerns over the ...

World Bank to Grant Nigeria $2.2bn Loan in 2025

by Madukwe Nwabuisi

February 27, 2025

0

The World Bank has approved a total of $2.2 billion in new loans for the Federal Government of Nigeria in ...

Aiyedatiwa pledges support for NAF crash recovery operation in Ondo

Climate change puts Nigeria’s food production at risk as farmers suffer heavy losses