International investors have expressed growing frustration with Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, following a virtual investor call organised by Standard Chartered Bank to discuss Nigeria’s new Capital Gains Tax (CGT) framework.
According to feedback from participants, the session — intended to clarify the controversial provisions in Nigeria’s revised tax law — left many investors uneasy about the government’s policy direction and its implications for market competitiveness.
Several fund managers and analysts who attended the meeting described the tone of the engagement as “ideological” and “less market-friendly” than expected.
“We’ve effectively put a socialist in charge of tax reform,” one investor reportedly remarked. “He basically said the bottom 97% cannot pay tax, so the government should focus on the 3% to fund the state.”
Oyedele, however, has repeatedly defended the government’s approach, stressing that the new CGT structure is not punitive but designed to create a fairer, more efficient tax system that aligns with international best practices.
“Under the old regime, capital gains on shares were taxed at a flat rate of 10%, with no relief for capital losses and limited exemptions,” Oyedele said in an earlier briefing with the Nigerian Exchange Group (NGX).
“The new system introduces progressive taxation based on income bands — a model adopted in countries such as the United States, the United Kingdom, South Africa, Ghana, and Brazil.”
Despite these reassurances, many participants remained unconvinced. Several foreign investors described the reforms as potentially harmful to Nigeria’s investment appeal, arguing that they signalled unpredictability and a lack of sensitivity to market realities.
Some fund managers also criticised Oyedele’s assertion that investors would still pay equivalent CGT in their home countries, dismissing it as “factually inaccurate.”
“That’s mostly incorrect,” one Africa-focused institutional investor told Nairametrics. “Most large funds are zero-rated taxpayers in their home jurisdictions. It’s not the same thing.”
Frustration was further heightened by the format of the call, as participants could only submit questions through the chat function, which were screened by Razia Khan, Chief Economist for Africa at Standard Chartered, who moderated the session.
“Razia didn’t challenge him on the point about CGT making Nigeria less competitive than other frontier and emerging markets,” one participant complained.
Policy Inconsistencies and Investor Concerns
Investors also raised concerns about perceived inconsistencies in the treatment of different asset classes. Oyedele reportedly assured participants that holders of Open Market Operations (OMO) bills would not face additional taxation and that new rules for bondholders would take effect in 2025. However, equity investors were given no similar clarity.
“If they want to implement CGT, then do it properly and uniformly,” one fund manager argued. “Let everyone pay CGT on gains from a clear base date, say January 1, 2025. The current approach is confusing and frustrating.”
While many acknowledged Oyedele’s commitment to broadening the fiscal base and improving equity in taxation, several participants warned that his messaging risked eroding investor confidence.
“He’s focusing on extracting more from the top rather than expanding the base,” a global fund manager said. “That’s not how you build confidence in a frontier market.”
A Divided Response
Not all observers share the pessimism. Some analysts argue that the revised CGT policy could encourage more sustainable investment by discouraging speculative inflows and promoting longer-term capital commitments.
They note that Nigeria’s equities market has, in recent years, been largely supported by domestic institutional investors, whose steady participation has helped sustain gains of over 430 percent between December 2019 and September 2025.
Viewed from this perspective, proponents suggest that the reform could act as a stabilising filter — deterring “hot money” while incentivising investors with long-term growth horizons.
The Academic Staff Union of Universities (ASUU) has suspended its two-week warning strike following a marathon meeting of its National Executive Council (NEC), which concluded in the early hours of Wednesday in Abuja.
ASUU National President, Prof. Chris Piwuna, announced the decision during a press briefing, stating that the union’s leadership had resolved after extensive deliberations that ended around 4:00 a.m.
Piwuna explained that the strike, which began on October 13, was prompted by the Federal Government’s failure to address the union’s long-standing demands within the agreed timeframe.
“We’ve had useful engagements with representatives of the government regarding the draft renegotiation of the 2009 ASUU-FGN Agreement. While progress has been made, we are certainly not where we were before the strike began,” he said.
The ASUU president noted that the government’s decision to return to the negotiation table, coupled with interventions from students, parents, and the Nigeria Labour Congress (NLC), influenced the union’s decision to suspend the industrial action.
“NEC resolved to suspend the warning strike as a mark of goodwill and to reciprocate the efforts of well-meaning Nigerians who intervened in the matter. However, the union remains committed to ensuring that all pending issues are fully addressed,” he added.
Piwuna outlined ASUU’s key demands, which include the renegotiation and implementation of the 2009 ASUU-FGN Agreement, improved and sustainable funding for public universities, revitalisation of the tertiary education system, and an end to the alleged victimisation of ASUU members at the Lagos State University (LASU), Prince Abubakar Audu University (formerly Kogi State University), and the Federal University of Technology, Owerri (FUTO).
Other demands include the payment of outstanding 25–35 percent salary arrears, settlement of promotion arrears accumulated over four years, and remittance of unremitted third-party deductions.
While the union has called off the warning strike, Piwuna emphasised that ASUU would continue to monitor the government’s commitment to the agreed resolutions before making further decisions.
The United States has intensified diplomatic efforts to disarm Hamas and rebuild Gaza as part of a wider ceasefire framework, with Vice President JD Vance acknowledging the formidable challenges ahead in restoring peace to the war-torn territory.
Speaking during a visit to Israel on Wednesday, Vance said Washington remained committed to ensuring a lasting peace that guarantees security for Israel while improving living conditions for Palestinians in Gaza.
“We have a very, very tough task ahead of us — to disarm Hamas and rebuild Gaza; to make life better for the people of Gaza while ensuring that Hamas is no longer a threat to our friends in Israel,” he stated.
The Vice President met with Israeli Prime Minister Benjamin Netanyahu in Jerusalem on the second day of his three-day visit — part of a US-led diplomatic push to consolidate the ceasefire, secure the release of hostages, and pave the way for Gaza’s reconstruction.
On Tuesday, Vance inaugurated the Civil-Military Coordination Centre (CMCC) in southwest Israel, where American and allied forces will work alongside the Israeli military to oversee the truce and coordinate humanitarian assistance to Gaza.
He noted that an “international security force” would be established to maintain stability in Gaza once Israel begins its withdrawal, in line with President Donald Trump’s 20-point peace roadmap. While several US allies are reportedly considering participation, no American troops will be deployed inside Gaza; instead, coordination will take place from the CMCC in Kiryat Gat.
Reports suggesting Turkey’s potential involvement in the proposed peacekeeping mission have stirred unease in Israel. Reacting to questions on the issue, Netanyahu said decisions regarding the security force would be made jointly with the US but added pointedly, “I have very strong opinions about that. You want to guess what they are?”
Despite renewed hostilities on Sunday — when two Israeli soldiers were killed and retaliatory air strikes claimed dozens of Palestinian lives — Vance expressed “great optimism” that the fragile ceasefire would hold.
Netanyahu and his wife, Sara, hosted Vance and the US Second Lady, Usha Vance, for breakfast before a working session and a joint press conference.
Defending his acceptance of the US-brokered truce amid domestic criticism, Netanyahu credited Trump’s administration with helping to isolate Hamas and advance Israel’s regional relations.
“We’ve been able to do two things: put the knife to Hamas’s throat through our military efforts, and isolate Hamas diplomatically in the Arab and Muslim world — something the President and his team achieved brilliantly,” Netanyahu said.
Vance, for his part, described the Gaza deal as a “critical piece in unlocking the Abraham Accords,” referring to the Trump-era initiative that normalised Israel’s relations with several Arab states.
Still, the Vice President cautioned that the situation remained “very, very fragile,” as the ceasefire continued amid sporadic violence.
In Gaza, residents have cautiously welcomed the lull in fighting. Imran Skeik, a displaced civilian sheltering in a tent in Gaza City’s Al-Rimal neighbourhood, told AFP:
“The situation is much better — the war has stopped, and there are no sounds of bombs and shelling like before. We hope the ceasefire continues and that both sides keep to it. But we’re still suffering in tents. Will we have to stay like this?”
Meanwhile, the Israeli military confirmed on Wednesday the identification of two more hostages whose remains were recently returned — 85-year-old Aryeh Zalmanovich, abducted from kibbutz Nir Oz and killed in captivity, and Master Sergeant Tamir Adar, 38, who was slain defending the same community on October 7, 2023.
Hamas has so far returned 15 of the 28 bodies it pledged to release under the ceasefire arrangement, though the militant group says recovery efforts are complicated by extensive destruction across Gaza.
The conflict, which began with Hamas’s October 7 attack on Israel, has claimed more than 68,000 lives in Gaza, according to figures from the Hamas-run health ministry deemed credible by the United Nations. Israel’s death toll stands at 1,221, mostly civilians, according to official data compiled by AFP.
The Office of the Accountant General of the Federation (OAGF) has refuted claims circulating on social media that the October salaries of federal workers would be delayed due to an ongoing upgrade of the Integrated Personnel and Payroll Information System (IPPIS).
In a statement issued on Wednesday by Bawa Mokwa, Director of Press, the OAGF clarified that the upgrade is part of a scheduled consolidation of existing payroll systems aimed at improving efficiency and accuracy, not a cause for payment disruption.
“The Office of the Accountant General of the Federation has refuted recent reports circulating on social media claiming that a software upgrade within the Integrated Personnel and Payroll Information System will result in a delay of October salaries,” the statement read.
According to the OAGF, the IPPIS previously operated three payroll platforms. Following the migration of one to the SoftSuite application in 2024, two active platforms remained — EBS and SoftSuite. However, due to what the office described as the “suboptimal performance” of the EBS platform, the Federal Government approved a full consolidation of payroll operations under the SoftSuite system.
The office explained that the integration process has been carefully managed to ensure seamless operations. While minor technical issues may arise during the transition, it said all identified errors and omissions are being promptly resolved.
“This migration is not a new development but a continuation of an earlier effort to enhance efficiency and accuracy in payroll processing,” the statement added.
The OAGF further assured civil servants and stakeholders that salary payments for October would be made as scheduled, urging workers to disregard what it described as “misleading and unfounded reports” on social media.
“The Office of the Accountant General of the Federation assures all federal workers and stakeholders that October salaries remain intact and will be paid as scheduled. Treasury and IPPIS staff are advised to disregard the misleading reports, which did not originate from the OAGF,” the statement concluded.
Introduced in 2007 as part of the Federal Government’s public sector reform initiative, the IPPIS was designed to eliminate ghost workers, improve payroll transparency, and strengthen accountability within the civil service. Despite occasional technical challenges and resistance from some unions, particularly in the education sector, the platform remains the government’s central payroll system for civil servants.
The latest upgrade, according to the OAGF, forms part of a broader effort to modernise payroll administration and improve integration with other financial management systems across Ministries, Departments, and Agencies (MDAs).
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WEEK: 17; SEASON: UK 2025/2026; DATE: 25-October-2025
Smartphone giant OPPO officially unveiled its latest innovation, the OPPO A6 Pro, at an exclusive launch event held at Radisson Blu Hotel, Ikeja, marking another milestone in the brand’s commitment to delivering power, durability, and sleek design to Nigerian consumers.
The highly anticipated launch drew tech enthusiasts, media personalities, and OPPO brand partners, who gathered to experience firsthand the A6 Pro’s standout features — a massive 7,000mAh ultra-large battery, 80W SUPERVOOC™ Flash Charge, and military-grade durability that redefine longevity and resilience in a mid-range device.
Speaking at the event, Caroline Wang, Product Marketing Manager at OPPO, described the new release as a breakthrough for the A-series lineup.
“The OPPO A6 Pro Series represents the most advanced evolution of the A-series yet, setting new standards in design, display, camera, and overall performance. It delivers flagship-grade innovation and power to a wider range of users at an impressively accessible price point.” she said.
The A6 Pro’s 7,000mAh battery offers up to 20 hours of video playback and maintains over 80% capacity even after five years of typical use. Complemented by IP69 water and dust protection and AGC DT-Star D+ Crystal Shield Glass, the device is built to withstand real-world challenges while maintaining a refined, slim profile.
The phone’s 120Hz AMOLED display, ColorOS 15, and Trinity Engine ensure a smooth and immersive experience for gaming, streaming, and everyday use. With AI LinkBoost 3.0 enhancing network stability and a 93% screen-to-body ratio, the A6 Pro positions itself as a high-performance device for today’s connected lifestyle.
Guests at the launch were treated to hands-on demos, photo sessions, and interactive showcases that highlighted the device’s unique features and color variants — Stellar Blue, and Rosewood Red.
The OPPO A6 Pro will be available in 8GB+128GB and 8GB+256GB models across authorized retail outlets and e-commerce platforms nationwide.
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The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1480.00 per $1 on Wednesday, October 22nd , 2025. The naira traded as high as 1462.00 to the dollar at the investors and exporters (I&E) window on Monday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1500 and buy at ₦1480 on Tuesday 21st October, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1500
Buying Rate
₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1466
Lowest Rate
₦1462
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.Dollar To Naira Exchange Rate Today, October 21st, 2025
The British pound weakened against the US dollar on Tuesday, trading around $1.34, as investors reacted to an unexpected surge in the UK’s budget deficit. The currency faced selling pressure amid concerns over the government’s rising borrowing costs and widening fiscal gap.
According to the Office for National Statistics (ONS), the UK government borrowed £7.2 billion more than expected during the first half of the 2025 fiscal year, pushing the September budget deficit to £13.4 billion — a 21.2% increase compared to September 2024. This figure also exceeds the Office for Budget Responsibility (OBR)’s projections.
The report further revealed that total borrowing between April and September 2025 reached £71.8 billion, up by 17.2% year-on-year. The spike highlights the growing fiscal strain facing Chancellor Rachel Reeves, just weeks ahead of the November 26 budget presentation.
Economic analysts say the latest data compounds fears that the Chancellor may need to announce spending cuts or tax hikes worth up to £35 billion to stay within fiscal limits. Debt-interest payments alone surged by 66%, reaching £9.7 billion in September — the highest for that month on record — as inflation and weak tax receipts continue to weigh on public finances.
Meanwhile, investors await the UK Consumer Price Index (CPI) report for September, expected on Wednesday. Market expectations point to a 0.1% rise, which could lift the annual inflation rate to 4.0% from 3.8% in August, while core inflation may climb slightly to 3.7%. The Bank of England (BoE) is set to meet next week to review interest rate policy amid mounting pressure to balance inflation control with economic stability.
On the forex market, the GBP/USD pair traded between $1.3400 and $1.3445 on Monday before sliding to $1.3370, marking a four-day low. The sterling had briefly rebounded from last week’s three-and-a-half-month low of $1.3250, touching $1.3470 before losing momentum again.
Market analysts say the pound’s weakness reflects investors’ growing caution over Britain’s fiscal outlook and uncertainty surrounding the BoE’s next move. The situation underscores the fragile balance between fiscal expansion and monetary tightening as the UK grapples with slowing growth and high public spending.
Nigeria’s crude oil and condensate output fell to 1.61 million barrels per day (mbpd) in September 2025, a slight dip from 1.65 mbpd recorded in August, according to the latest report from the Nigerian National Petroleum Company Limited (NNPC Ltd.).
The figures, published in NNPC’s Monthly Financial and Operations Report, reveal a production range between 1.57 mbpd and 1.70 mbpd from January to September — a reflection of persistent pipeline disruptions, crude theft, and production deferments caused by both scheduled and unscheduled maintenance activities.
Natural gas output also saw a decline, falling to 6,284 million standard cubic feet per day (mmscf/d) in September from 6,949 mmscf/d in August. Despite these setbacks, the company reported N4.3 trillion in total revenue, a N216 billion profit after tax, and N10.07 trillion remitted to the Federation Account between January and August 2025.
The state oil giant attributed the temporary dip in output to planned maintenance exercises, particularly at Nigeria Liquefied Natural Gas (NLNG) facilities, alongside the phased reopening of previously shut-in oil fields and delayed startup at OMLs 71 and 72.
Industry insiders confirmed that NNPC Limited initiated extensive scheduled maintenance across major upstream assets connected to the NLNG network, part of a broader strategy to strengthen infrastructure reliability and long-term production capacity.
Energy analyst Dr. Cletus Zanders explained that the short-term production slowdown was an intentional recalibration to improve operational resilience. “You don’t build sustainability by chasing volume alone; maintaining asset integrity ensures stronger performance in the long term,” he noted.
An industry source who spoke anonymously said that production levels are expected to rebound in the fourth quarter as maintenance projects conclude. “This phase is not a setback but a strategic reset,” the source added, emphasizing that the interventions are designed to stabilize Nigeria’s energy sector and ensure consistent output growth moving forward.
salary of a woman. euro banknotes in hands on a green background. Income of women in European countries
The euro edged lower against the US dollar on Tuesday, trading around $1.163, as confidence returned to the greenback following a week of market turbulence. The US dollar has recovered from its earlier slump, now only 0.7% below its October 10 peak, as volatility eased after banking sector concerns subsided.
Analysts noted that the dollar’s rebound comes as investors gradually restore faith in US economic stability, reducing gold’s short-lived appeal as a safe-haven asset. The dollar’s earlier weakness had been attributed to investor anxiety over trade policy uncertainty and a broader global de-dollarisation trend.
Currency strategists at ING predicted that the EUR/USD pair could test the 1.160 level in the coming days, depending on upcoming US inflation data. A hotter-than-expected Consumer Price Index (CPI) reading could further strengthen the dollar and extend the euro’s decline.
The European Central Bank (ECB) enters its pre-meeting blackout period on Thursday, ahead of its rate-setting session next week. Market sentiment now reflects a lower probability of further rate cuts, given the eurozone’s relative economic stability and inflation hovering near the 2% target.
While the ECB has already reduced interest rates by two percentage points since early 2025, policymakers remain cautious about additional easing. Meanwhile, markets anticipate that the US Federal Reserve may introduce two rate cuts by year-end, depending on inflation and labor market trends.
The euro’s decline was also influenced by improving signals from US–China trade talks, with Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng expected to meet in Malaysia to avert further tariff escalation — an issue US President Donald Trump has described as “unsustainable.”
ING’s FX analyst Francesco Pesole said the euro’s performance remains largely tied to shifts in US equity and credit markets. “Further stabilization could push EUR/USD toward 1.160, but deeper declines would be difficult to justify unless Friday’s CPI print surprises to the upside,” he added.
Meanwhile, ECB policymakers Isabel Schnabel of Austria and Joachim Nagel of Germany reiterated the need to bolster the international role of the euro, though analysts believe a stronger currency may not be universally welcomed within the Governing Council. Despite occasional discussions, direct interventions in the foreign exchange market remain unlikely in the near term.
Africa’s richest man, Aliko Dangote, has revealed plans to expand the capacity of the Dangote Refinery from its current 650,000 barrels per day (bpd) to 1.4 million bpd, positioning it as the largest oil refining facility in the world.
In an interview with S&P Global, Dangote disclosed that the refinery aims to scale up production to 700,000 bpd by the end of this year, as part of broader efforts to enhance Africa’s energy independence and reduce reliance on imported fuel.
S&P Global reported that Dangote is pursuing Middle Eastern investment partnerships to support the expansion, which could make the Lagos-based refinery the world’s largest — surpassing India’s Jamnagar Refinery, currently at 1.36 million bpd.
The Dangote Refinery has already transformed Nigeria’s energy landscape, making the nation a net exporter of diesel and jet fuel, with large volumes of petrol now being produced locally.
Dangote acknowledged that building the refinery had been a “herculean task,” noting that duplicating such infrastructure elsewhere would be far more expensive. Engineers at the Lekki complex confirmed that the site was originally designed for expansion, with available space for an additional refining system.
Plans also include new projects in linear alkylbenzene and base oil production, alongside efforts to boost polypropylene capacity from 1 million metric tonnes to 1.5 million metric tonnes in the coming years.
Despite projections by the International Energy Agency (IEA) that the world will have excess refining capacity by 2030, Dangote remains firm on his vision to make Africa energy self-sufficient. He warned that without massive private sector investment, the continent risks deepening its dependence on imported petroleum products.
The refinery’s Vice President, Devakumar Edwin, confirmed that the facility’s residue fluid catalytic cracker (RFCC), which went offline in September after scheduled maintenance, resumed operations in early October and is expected to return to full capacity soon.
Dangote also announced plans to list 5–10% of the refinery’s shares on the Nigerian Stock Exchange within the next year as part of efforts to attract investors and diversify ownership. He noted that while the NNPC Limited currently holds a 7.2% stake, further discussions on additional equity participation would take place after the next growth phase.
“We want to demonstrate the refinery’s potential before expanding ownership,” Dangote stated, adding that the next maintenance shutdown will be carefully scheduled to avoid the year-end demand surge.
The Nigerian Education Loan Fund (NELFUND) has officially announced the commencement of its student loan application process for the 2025/2026 academic year, giving Nigerian students an opportunity to access interest-free financial support for their tertiary education.
The Nigerian Education Loan Fund (NELFUND) was established under the Student Loans (Access to Higher Education) Act, 2024, as a federal initiative to provide interest-free student loans to indigent students in public tertiary institutions across Nigeria.
The programme aims to make higher education more accessible by covering tuition fees and, in some cases, providing upkeep allowances to support living expenses.
Eligibility Requirements
To qualify for the NELFUND student loan, applicants must meet the following criteria:
Be a Nigerian citizen.
Be enrolled in a public university, polytechnic, or college of education.
Possess a valid National Identification Number (NIN) and Bank Verification Number (BVN).
Attend an institution recognised and approved by NELFUND.
Have a verifiable admission and academic record as recognised by the Joint Admissions and Matriculation Board (JAMB).
How to Apply for the NELFUND Student Loan in 2025
Below is a detailed, step-by-step guide on how to successfully apply and get approved for the NELFUND student loan:
Step 1: Visit the Official NELFUND Portal
Go to the official website at www.nelf.gov.ng and click on “Apply Now.” It is crucial to ensure that you are on the genuine NELFUND site, as several fraudulent pages have emerged online. Always verify the URL before entering any personal information.
Step 2: Register or Create a New Account
Click on “Get Started,” enter your email address, create a password, and confirm your nationality as Nigerian. After completing registration, verify your email address by clicking on the confirmation link sent to your inbox.
Note: Use an active email account to ensure you receive important updates regarding your loan application.
Step 3: Confirm Eligibility and Provide Personal Details
Input your full name, NIN, BVN, date of birth, phone number, and address. Ensure all information matches your official records. Any inconsistencies may delay or invalidate your application.
Step 4: Provide Educational Details
Before proceeding, confirm that your school has uploaded your student records to the NELFUND database. Once verified, select your institution from the approved list, input your matriculation number, JAMB registration number, and upload your admission letter.
Step 5: Select Loan Type and Amount
Choose the type of loan you wish to apply for — whether it’s tuition-only or includes an upkeep allowance to support your daily living expenses. Applicants are advised to request only what they genuinely need, as excessive or unjustified requests may affect approval.
Step 6: Upload Required Documents
Attach clear and legible copies of all necessary documents, including your admission letter, school ID card, tuition invoice, and a valid means of identification.
Step 7: Review and Submit Application
Carefully review your application details before submission. You will be required to agree to the Global Standing Instruction (GSI), which authorises repayment once you begin earning income. Ensure accuracy before submission to prevent disqualification.
Step 8: Monitor Application Progress
After submission, log into your NELFUND dashboard regularly to track the status of your loan under the “Loans” or “Status” tab. If your application is rejected, review the reason provided, correct the issue, and reapply promptly.
Step 9: Loan Disbursement
Upon approval, NELFUND will pay tuition fees directly to your institution, while upkeep allowances (if applicable) will be sent to your personal bank account during the academic year. Disbursements may occasionally be delayed due to verification procedures involving your school and NELFUND.
What the Loan Covers
Tuition Fees: Paid directly to the student’s institution.
Upkeep Allowance: Optional financial support for accommodation, feeding, and transportation expenses during academic sessions.
Note: Upkeep funds are disbursed only during active academic periods to prevent duplicate or fraudulent payments.
Loan Repayment Terms
Repayment begins two years after completing the National Youth Service Corps (NYSC) or after graduation (if NYSC does not apply).
The loan is interest-free but must be repaid in full.
Repayments are typically made through Pay-As-You-Earn (PAYE) deductions or other self-employment arrangements.
Frequently Asked Questions (FAQs)
1. Can students in private universities apply? No. The NELFUND loan is currently available only to students in public tertiary institutions.
2. How long does approval take? There is no fixed timeline. The duration largely depends on how quickly your institution and NELFUND verify your submitted details.
3. What if I don’t get a job immediately after graduation? You will not be required to begin repayment until you start earning income.
4. Can I reapply if my first application is rejected? Yes. You can reapply after correcting the issues stated on your rejection notice, such as missing or incorrect details.
5. What is the deadline for 2025 applications? The NELFUND 2025 application window is open from Thursday, October 23, 2025, to Saturday, January 31, 2026.
Final Thoughts
The NELFUND 2025 Student Loan Scheme offers a lifeline to thousands of Nigerian students struggling to finance their education. By providing interest-free financial aid, the government is bridging the gap between academic potential and economic hardship, ensuring that every eligible Nigerian has access to quality higher education without financial limitations.
The Nigerian naira appreciated further against the US dollar on Tuesday, trading at ₦1,463 per dollar at the official foreign exchange (FX) market amid a steady rise in the country’s external reserves.
According to data from the Central Bank of Nigeria (CBN), the local currency recorded an intraday high of ₦1,466/$1, up from ₦1,470/$1 in the previous session, reflecting improved liquidity and reduced demand pressure in the market.
The CBN’s official FX bulletin showed that the spot rate closed at ₦1,463.4520/$1, indicating a stronger position for the naira amid sustained supply from exporters and oil firms. Analysts attributed the stability to robust inflows from international oil companies (IOCs) and growing participation from foreign portfolio investors, which have helped ease dollar scarcity.
Nigeria’s foreign reserves continued their upward trajectory, climbing to $42.792 billion from $42.695 billion, supported by inflows from hydrocarbon exports and diaspora remittances.
Market analysts expect the local currency to hover around the ₦1,470/$1 range in the near term, with some investment banks projecting a potential appreciation to ₦1,400/$1 by 2025, citing increased FX inflows and improving investor confidence.
The Nigerian Exchange (NGX) continued its bullish momentum on Tuesday as the total market capitalisation crossed the ₦96 trillion threshold, following renewed investor interest that lifted equities by over ₦961 billion. This surge has pushed the year-to-date return to an impressive 47.2%.
The sustained positive performance was largely fuelled by bargain-hunting in key medium- and large-cap stocks, including BUA Foods, Vitafoam, Aradel Holdings, and Cadbury Nigeria Plc, among others. Investor sentiment has strengthened in recent sessions, supported by expectations of robust corporate earnings from listed firms.
At the close of trading, the NGX All-Share Index (ASI) advanced by 1,516.10 basis points, closing at a new all-time high of 151,456.91 points, reflecting a 1.01% daily gain. Market capitalisation also appreciated by ₦962.31 billion to settle at ₦96.13 trillion.
Market activity presented a mixed picture, with trading volume rising by 34.95%, while the total traded value dipped by 23.04%. According to data from Atlass Portfolio Limited, about 551.92 million shares worth ₦20.54 billion were exchanged across 27,518 deals during the session.
Fidelity Bank Plc dominated the activity chart by volume, accounting for 10.73% of total trades, followed by VFD Group (7.13%), Japaul Gold (6.85%), Access Holdings (6.78%), and GTCO (5.69%). In terms of trade value, GTCO led the pack, representing 14.22% of total turnover on the Exchange.
On the gainers’ chart, SCOA Nigeria Plc topped with a 7.74% increase, followed closely by Omatek (+7.48%), Consolidated Hallmark Holdings (+6.70%), BUA Foods (+6.54%), Vitafoam (+5.92%), and Legend Interiors (+5.13%), among others.
Meanwhile, thirty equities declined in value. LivingTrust Mortgage Bank emerged as the top loser with a -9.91% drop, followed by Conoil (-5.83%), Sovereign Insurance (-3.95%), Japaul Gold (-2.31%), AccessCorp (-1.77%), and FTN Cocoa (-1.38%).
The market breadth closed negative with 27 gainers and 30 losers. The Consumer Goods Index led sectoral performance with a 3.53% rise, buoyed by price rallies in BUA Foods and Vitafoam. Other sectors such as Oil & Gas (+2.02%), Commodities (+0.97%), Insurance (+0.38%), Banking (+0.21%), and Industrial Goods (+0.16%) also ended the session on a positive note, supported by strong performances in Aradel, Cornerstone Insurance, FBN Holdings, and WAPCO.
The Nigerian Education Loan Fund (NELFUND) has announced the approval of an additional 22 state-owned tertiary institutions for inclusion in its student loan programme, expanding access to financial support for students across the country.
In a statement released via its official handle on X (formerly Twitter), NELFUND confirmed that the newly cleared institutions were approved after a comprehensive review by the committee overseeing the Student Verification System (SVS).
According to the Fund, students enrolled in these newly accredited institutions can now proceed to apply for loans through the official NELFUND portal at nelf.gov.ng.
The latest development follows the earlier clearance of 86 institutions, bringing the total number of approved state-owned institutions to 108 nationwide.
Below is the complete list of newly approved and previously cleared institutions eligible for the student loan scheme.
Newly Cleared Institutions
Abia State University, Uturu
College of Education, Nsugbe
Chukwuemeka Odumegwu Ojukwu University
Delta State University, Abraka
Delta State Polytechnic, Otefe-Oghara, Delta State
Ekiti State Polytechnic, Isan-Ekiti
Kogi State University, Kabba, Kogi State
Prince Abubakar Audu University
Kwara State University
Kwara State College of Health Technology
Abdulkadir Kure University, Minna
Ogun State College of Health Technology, Ilese-Ijebu
Moshood Abiola Polytechnic
Emmanuel Alayande University of Education, Oyo
The Polytechnic, Ibadan
The Oke Ogun Polytechnic, Saki
Rivers State University, Port Harcourt
Kenule Beeson Saro-Wiwa Polytechnic
Shehu Sule College of Nursing and Midwifery, Damaturu
College of Administration, Management and Technology, Potiskum, Yobe State
College of Agriculture, Science & Technology, Gujba
College of Education Legal Studies, Nguru
Previously Cleared Institutions
Abia State Polytechnic
Adamawa State University, Mubi
Adamawa State Polytechnic, Yola
College of Education, Afaha Nsit
Akwa Ibom State University
Akwa Ibom State Polytechnic
Aminu Saleh College of Education, Azare
Niger Delta University
Benue State University, Makurdi
Borno State University
College of Education, Waka-Biu
Mohammet Lawan College of Agriculture
Ramat Polytechnic, Maiduguri
Cross River State University
Delta State Polytechnic, Ogwashi-Uku
Delta State University of Science and Technology
Dennis Osadebay University, Asaba
University of Delta, Agbor
Ebonyi State University, Abakaliki
Edo State University, Uzairue
Ekiti State University, Ado Ekiti
Bamidele Olumilua University of Education, Science and Technology
University of Medical and Applied Sciences, Enugu State
Gombe State University
Imo State University of Agriculture and Environmental Sciences, Umuagwo
Kingsley Ozumba Mbadiwe University
Benjamin Uwajumogu State College of Education, Ihitte-Uboma
Imo State Polytechnic, Omuma
Sule Lamido University, Kafin Hausa, Jigawa State
Nuhu Bamalli Polytechnic, Zaria
Kaduna State College of Education, Gidan Waya
Kaduna State University
Aliko Dangote University of Science and Technology, Wudil
Yusuf Maitama Sule University
Katsina State Institute of Technology and Management
Umar Musa Yar’Adua University, Katsina
Kebbi State University of Science and Technology, Aliero
Confluence University of Science and Technology
Prince Abubakar Audu University, Anyigba
Kwara Polytechnic
Kwara State College of Education, Oro
Lagos State University of Education
Lagos State University of Science and Technology
Lagos State University
Isa Mustapha Agwai Polytechnic, Lafia
Nasarawa State University, Keffi
Ibrahim Badamasi Babangida University, Lapai
Niger State Polytechnic, Zungeru
Abraham Adesanya Polytechnic
Olabisi Onabanjo University
Tai Solarin University of Education
Ogun State Institute of Technology, Igbesa
D.S. Adegbenro ICT Polytechnic, Itori-Ewekoro
Gateway ICT Polytechnic, Saapade
University of Medical Sciences, Ondo
Adekunle Ajasin University, Akungba-Akoko, Ondo State
Government Technical College, Ile-Ife
GTC, Ara, Osun State
GTC, Gbongan, Osun State
GTC, Ijebu-Jesa
GTC, Ile-Ife, Osun State
GTC, Inisa, Osun State
GTC, Iwo, Osun State
GTC, Otan Ayegbaju, Osun State
GTC, Osu, Osun State
Osun State College of Education, Ila-Orangun
Osun State College of Technology
Osun State University
University of Ilesa, Osun State
Osun State Polytechnic, Iree
Oyo State College of Agriculture and Technology, Igboora
Oyo State College of Health Science and Technology, Eleyele, Ibadan
Adeseun Ogundoyin Polytechnic, Eruwa, Oyo State
Ladoke Akintola University of Technology, Oyo State
Oyo State College of Nursing Sciences, Eleyele
First Technical University, Ibadan
Plateau State University, Bokkos
Port Harcourt Polytechnic
Ignatius Ajuru University of Education, Port Harcourt
Taraba State Polytechnic
Taraba State University, Jalingo
Taraba State College of Nursing Sciences, Jalingo
Umar Suleiman College of Education, Gashua, Yobe State
Yobe State University
Mai Idris Alooma Polytechnic, Geidam, Yobe State
Zamfara State University, Talata Mafara
NELFUND continues to expand its student loan coverage across Nigeria, reinforcing its mission to make higher education more affordable and accessible for all Nigerians.
Man, the UEFA Champions League never fails to deliver that heart-pounding drama, does it? Here we are, just a few matchdays into the 2025-26 season, and already the table’s looking like a wild rollercoaster. As of October 22, 2025, with most teams having played two or three games, we’ve got powerhouses flexing their muscles, underdogs barking loud, and a few big names scratching their heads. If you’re a die-hard fan glued to every fixture—or even if you’re just dipping in for the highlights—this early snapshot tells a story of goals galore, defensive masterclasses, and those nail-biting draws that keep us coming back.
(Note: All teams are in the play-offs qualification phase, and “Not played” fills out the last five where applicable. Ties in rank, like at 14 and 29, are based on identical points and GD.)
The Untouchables: PSG, Inter, and Arsenal Leading the Charge
At the summit, it’s a three-way tie with nine points each, and not a single loss among them. Paris Saint-Germain tops the list on goal difference, having smashed in 13 goals while conceding just three. Remember that thrashing they gave to some poor souls early on? It’s like they’re channeling their inner Messi era all over again, even without him. Their attack is firing on all cylinders—think fluid passes, clinical finishes, and a midfield that’s bossing possession like it’s nobody’s business.
Right behind, Inter Milan hasn’t let a single ball past their keepers yet. Zero goals against in three games? That’s not just solid defending; it’s a statement. They’ve got that Italian grit mixed with some flashy South American flair up front. And Arsenal—wow, the Gunners are back with a vengeance. Eight goals scored, none conceded. Mikel Arteta’s crew looks hungrier than ever, pressing high and turning turnovers into treasures. You have to wonder: can these three keep this pace? Or will the fixture congestion bite them later, like it did to so many in past seasons?
Shifting gears a bit, it’s fascinating how these top spots echo broader trends in European football. With the expanded format this year—more teams, more matches—it’s rewarding squads with depth. PSG’s bench, for instance, could start for half the league. But here’s a mild curveball: Arsenal’s perfect run includes some easier draws, right? Not knocking them, but facing stiffer tests soon could shake things up.
The Hunters: Dortmund and Man City Nipping at Heels
Dropping to seven points, Borussia Dortmund sits pretty with a draw and two wins, boasting a +5 goal difference. They’ve netted 12 times already—talk about fireworks at the Westfalenstadion. Their yellow wall of fans must be electric right now. Then there’s Manchester City, also on seven, with that trademark Pep Guardiola control. Six goals for, two against; they’ve drawn once but look unbreakable otherwise. It’s like watching a well-oiled machine—precise, relentless, and always one step ahead.
What gets me is how City adapts. Remember last season’s injury woes? This year, they’re rotating like pros, keeping fresh legs for the long haul. Dortmund, on the other hand, thrives on chaos; their counter-attacks are lethal, slicing through defenses like a hot knife through butter. If you’re betting on dark horses for the title, these two deserve a nod. But let’s be real— a slip-up against a mid-table fighter could flip the script overnight.
Bayern’s Quiet Storm and Newcastle’s Gritty Rise
Bayern Munich, with six points from two wins, hasn’t played as many games yet, but eight goals in two outings? That’s vintage Bayern—dominating possession and punishing mistakes. They’re sitting comfortably, goal difference at +6, and you know they’ll ramp up as the group stage deepens. Newcastle United, though—now that’s a story. Six points from three games, including a loss but two solid wins, and a +6 GD. The Magpies are punching above their weight, blending Premier League physicality with smart European tactics. Eddie Howe’s got them organized, and their fans are dreaming big.
It’s reminiscent of those underdog runs we love, like Porto back in the day. Newcastle’s rise ties into the Saudi investment wave, sure, but on the pitch, it’s all about heart. Can they sustain it against the big boys? That’s the million-euro question. And Bayern—well, they’re Bayern. Expect them to cruise into the play-offs without breaking a sweat.
Royalty in Form: Real Madrid and Barcelona’s Mixed Bags
Real Madrid, another six-pointer with two wins and a whopping +6 GD. They’ve only played two, but seven goals scored speaks volumes. Los Blancos are eternal favorites, aren’t they? That aura of inevitability, even when the squad’s in transition. Barcelona, also on six but from three games with a win-loss-win pattern. Nine goals for, four against—entertaining stuff, but that loss highlights vulnerabilities in defense.
Here’s the thing: Barca’s flair is unmatched, but consistency? Not quite there yet. Real, meanwhile, seems more balanced. It’s like comparing a flashy sports car to a reliable SUV—both get you there, but one might leave you stranded. With El Clasico vibes spilling into Europe, these Spanish giants add that extra spice.
The Surprise Packages: Qarabag and PSV Making Waves
Qarabag FK at 10th with six points from two wins? Who saw that coming? Five goals scored, two against— they’re the Azerbaijani outfit turning heads, proving the Champions League’s global appeal. It’s like that Leicester miracle, but on a continental scale. PSV Eindhoven, on four points, has a loss, draw, and win; their +2 GD shows resilience. Dutch football’s technical edge shines through here.
These stories warm the heart, don’t they? In a tournament dominated by moneybags clubs, seeing smaller teams scrap for play-off spots reminds us why we watch. But reality check: tougher fixtures await, and survival mode kicks in soon.
Mid-Table Mayhem: From Marseille to Atalanta
This is where it gets crowded. Marseille, Club Brugge, Sporting—all on three points, mixing wins and losses. Eintracht Frankfurt’s got six goals each way for a zero GD; Liverpool’s three points from a win and loss, looking for rhythm. Atlético Madrid’s on three but with two losses already—Simeone’s boys need to tighten up.
Chelsea, Galatasaray, Atalanta, Napoli, Union Saint-Gilloise—all hovering around three points, each with tales of glory and woe. Napoli’s -5 GD after three games? Ouch. It’s a reminder that early stumbles can haunt you. Liverpool, though— that loss hurts, but a win shows potential. You know, Klopp’s legacy lingers, but the new era’s still settling.
The Draw Kings and the Strugglers
Juventus and Bodø/Glimt, both on two points from draws— no wins, no losses. It’s steady, but in this format, you need victories to climb. Pafos, Leverkusen on two as well, with draws and a loss each. Monaco, Villarreal, Slavia Praha on one point—mostly draws amid defeats.
Then the bottom: Copenhagen, Olympiacos, Kairat on one, all fighting relegation vibes early. Benfica, Athletic Club, Ajax rock bottom with zero points. Benfica’s three losses, -5 GD— heartbreaking for such a storied club. Ajax’s -6 GD from two losses? Dutch giants in crisis mode.
It’s tough watching legends falter, but football’s cyclical. Remember United’s rough patches? These teams could bounce back with a key signing or tactical tweak. Or not— that’s the beauty and brutality.
Wrapping Up: Predictions and What to Watch Next
So, there you have it—the 2025-26 Champions League table dissected, from PSG’s rampage to Ajax’s woes. Early days, sure, but patterns emerge: goal-fests up top, defensive lapses down low. If I had to predict, expect PSG and Arsenal to stay hot, Newcastle to surprise, and Benfica to claw back. But hey, that’s football—one upset changes everything.
Keep an eye on upcoming matchdays; with the play-off spots up for grabs, every point counts. Whether you’re cheering from the stands or your couch, this season’s shaping up to be a belter.
The Nigerian Exchange (NGX) sustained its bullish momentum on Tuesday as the All-Share Index (ASI) surged past the historic 150,000-point threshold, setting a new all-time high of 151,456.91 points.
The index gained 1,516 points, or 1.01%, from 149,940.8 recorded on Monday, driven largely by strong performances from BUA Foods, Aradel Holdings, and First Bank Holdings (FBNH).
Market capitalisation climbed to ₦96.13 trillion, edging closer to the ₦100 trillion milestone, while trading volume rose sharply to 551.9 million shares across 27,518 deals, compared to 415 million shares traded the previous day.
The market’s year-to-date return now stands at an impressive +47.15%, reflecting renewed investor confidence as third-quarter corporate results continue to roll in.
Top Gainers
Leading the pack was SCOA Nigeria Plc, which appreciated 7.74% to close at ₦7.10. Omatek Ventures followed with a 7.48% gain to ₦1.58, while Consolidated Hallmark Holdings Plc (CONHALLPLC) advanced 6.70% to ₦4.78.
BUA Foods gained 6.54% to close at ₦692.50, and Vitafoam Nigeria Plc rose 5.92% to ₦94.00 per share.
The day’s worst performer was LivingTrust Mortgage Bank, which dipped 9.91% to ₦4.00. Conoil Plc followed, declining 5.83% to ₦190.70, while African Prudential Plc (AFRIPUD) fell 5.69% to ₦14.10.
Other laggards included Sovereign Trust Insurance, down 3.95% to ₦3.65, and NPF Microfinance Bank, which slipped 3.75% to ₦3.08.
Fidelity Bank led the activity chart by volume, trading 59.1 million shares, followed by VFD Group with 39.3 million shares. Japaul Gold ranked third with 37.7 million shares, while Access Holdings (ACCESSCORP) and GTCO recorded 37.3 million and 31.3 million shares, respectively.
In terms of value, GTCO topped the chart with transactions worth ₦2.9 billion, trailed by Dangote Cement (DANGCEM) with ₦2.07 billion, Aradel Holdings with ₦1.64 billion, MTN Nigeria (MTNN) at ₦1.20 billion, and Fidelity Bank with ₦1.1 billion.
Performance of Major Stocks
Stocks Worth Over One Trillion Naira (SWOOTs) closed largely positive:
BUA Foods gained 6.54%
Aradel Holdings rose 4.94%
Lafarge Africa added 1.1%
Nigerian Breweries edged up 0.07%
Among the FUGAZ banking stocks, performance was mixed:
First Bank Holdings (FBNH) climbed 4.46%
UBA remained unchanged
Access Holdings shed 1.77%
GTCO fell 0.32%
Zenith Bank dipped 0.15%
With the ASI now firmly above the 150,000-point mark, analysts expect continued bullish sentiment, particularly if upcoming Q3 earnings reports from major firms meet or exceed investor expectations.
Market watchers predict further upside potential, led by large-cap stocks, as liquidity levels and investor optimism remain strong heading into the final quarter of 2025.
President Bola Ahmed Tinubu has nominated Bernard Doro from Plateau State as a Minister of the Federal Republic of Nigeria, signalling what appears to be an impending cabinet reshuffle.
In a letter transmitted to the Senate for confirmation, President Tinubu requested legislative approval for Doro’s appointment. Though the communication did not specify the portfolio, sources within the Presidency told BusinessDay that Doro is likely to be deployed to the Ministry of Humanitarian Affairs and Poverty Reduction, replacing Nentawe Yilwatda, who was recently elected National Chairman of the All Progressives Congress (APC).
Confirming the nomination, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement that Doro’s appointment follows Yilwatda’s transition from the federal cabinet to party leadership.
“President Tinubu has forwarded the name of Bernard Doro from Plateau State to the Senate for confirmation as Minister. His nomination follows the election of Nentawe Yilwatda as APC National Chairman in July,” Onanuga said.
Born on January 23, 1969, in Kwall, Bassa Local Government Area of Plateau State, Bernard Doro brings over two decades of multidisciplinary experience spanning clinical practice, pharmaceutical management, strategic leadership, and community engagement in both Nigeria and the United Kingdom.
He holds degrees in Pharmacy and Law, alongside an MBA with a specialisation in IT-driven business strategy, and a Master’s degree in Advanced Clinical Practice.
A registered Independent Prescriber and Advanced Clinical Practitioner, Doro has extensive frontline experience with the UK’s National Health Service (NHS), where he served across urgent care units, walk-in centres, general practice clinics, and hospital settings.
Beyond his professional career, Doro is known for his youth mentorship and social impact initiatives, which have supported several diaspora and local community development projects.
If confirmed, his appointment is expected to strengthen the administration’s drive to reposition the Ministry of Humanitarian Affairs and Poverty Reduction for greater efficiency and transparency.
