By Patrick Idowu

​The Transportation Secretariat of the Federal Capital Territory Administration (FCTA), has suspended the enforcement of its Drivers and Riders Permit Levy to allow for further stakeholder engagement.

The Mandate Secretary, Dr. Chinedum Elechi, issued the directive in a letter to First Capital Cargo Ltd, the firm contracted for collection.

The decision follows a meeting on February 19 with leaders of dispatch riders who raised serious concerns regarding multiple taxation by various authorities within the capital.

​The suspension comes after thousands of dispatch riders recently stormed the FCTA Secretariat in protest, appealing to FCT Minister Nyesom Wike to end perceived extortion. The protesters highlighted a significant financial burden, noting they already pay an annual N13,000 levy to multiple Area Councils, including Abuja Municipal, Bwari, and Gwagwalada.

This is in addition to the newly introduced N25,000 permit levy and daily market entry fees of N300.

​Dr. Elechi’s directive emphasized the need for compliance while the administration reviews the taxation structure. By halting the collection, the FCTA aims to address the grievances of the Association of Dispatch Riders and ensure a more streamlined payment process.

The Secretariat has urged the collection firm to accord the directive the necessary attention to maintain order and fair play within the transport sector.

By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

By Onyeanya Ebere Immaculata

Vice President Kashim Shettima will preside over a two-day National Economic Council (NEC), Conference convened by the Federal Government to strengthen economic coordination and promote inclusive growth across Nigeria’s 36 states.

The conference, scheduled to hold at the Banquet Hall of the Presidential Villa, Abuja, will bring together state governors, key national stakeholders, development partners and private-sector leaders to discuss strategies for sustainable national development.

The summit, themed “Delivering Inclusive Growth and Sustainable Development: The Renewed Hope National Development Plan,” will focus on macroeconomic priorities, fiscal coordination, investment mobilisation and shared development strategies between the federal and state governments.

The conference is being convened by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, as part of efforts to align national and subnational economic policies.

In a statement on Sunday, Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), said the summit aims to deepen collaboration among tiers of government to drive inclusive economic growth.

President Bola Ahmed Tinubu is expected to attend as Special Guest of Honour.