#finance

The federal government of Nigeria has issued a directive to banks in response to the identification of individuals and companies suspected of financing terrorism. This measure aims to enhance the monitoring and regulation of financial transactions related to these suspects.

Dr. Bashir Kurfi, a lecturer in International Finance at Ahmadu Bello University, stated that allegations connecting some Bureau De Change (BDC) operators to terrorism financing are not unexpected. He highlighted the global nature of terrorism and the prevalent use of foreign currencies in illegal transactions during an interview on Trust TV.

Discussions about small and medium-sized enterprises (SMEs) in Nigeria have traditionally centered on access to finance. However, according to Nairametrics, funding alone is insufficient for driving the next phase of SME growth. Entrepreneurs are confronted with challenges such as high operational costs, evolving customer preferences, rapid technological advancements, and increased competition, indicating a need for a broader approach beyond just financial support.

The South African government is reportedly implementing stricter financial measures on metropolitan municipalities, as indicated by the Treasury's recent actions. The effectiveness of these measures in addressing the financial challenges faced by these municipalities remains uncertain, raising concerns about potential negative impacts on the municipalities themselves, according to The Citizen.

Many farmers in Nigeria have urged the Federal Government to decentralize agricultural financial interventions to enhance access for those in rural areas. A coalition of various agricultural stakeholders, including smallholder farmers and cooperative societies, has expressed the need for improved support programs to better serve the farming community across the country.

The Federal Government of Nigeria has instructed financial institutions and designated non-financial businesses to comply with sanctions by freezing the assets of individuals and entities financing terrorism. This directive aims to enhance efforts in combating terrorism financing in the country, according to Vanguard.

Nigeria's budget cycles under President Bola Tinubu have been described as chaotic, characterized by repeated extensions of the 2025 capital budget. The article explores the implications of this disorganization on the country's financial management and governance, according to Punch.

The article from PC Tech Magazine discusses how financial gaps can occur when there is a mismatch between income and necessary expenses. It explores various modern borrowing options available to individuals facing such financial challenges.

Uganda’s Finance Minister Henry Musasizi outlined his agenda during his first management meeting with senior officials at the Ministry of Finance, Planning and Economic Development. He emphasized the need for a cultural shift within the ministry to achieve the government's broader economic goals. Musasizi was recently appointed to the position, succeeding previous leadership.

The Federal Government of Nigeria has emphasized that public funding is insufficient to achieve the necessary large-scale transformation in the agricultural sector. It is advocating for greater private sector participation through a blended finance model to stimulate investment growth in agriculture.

Uganda's Finance Minister Henry Musasizi has introduced a five-pillar strategy aimed at transforming the country's economy into a USD 500 billion entity. During his first management meeting, he emphasized the need for a shift from gradual growth to a more rapid economic expansion, focusing on fiscal discipline and effective management of anticipated resources.

The Auditor-General has reported that the financial situation in Johannesburg requires immediate attention, noting a general regression in audit outcomes among metropolitan areas.

Kenya has introduced a KES 64.8 billion bond aimed at promoting sustainable development by tying it to environmental and social goals, such as forest conservation and improved electricity access. This financing initiative reflects the country's efforts to integrate economic growth with climate action and social progress, utilizing a sustainability-linked financing structure.

The City of Johannesburg has halted repairs on potholes and traffic lights amid growing concerns about its financial liquidity. Despite the city's denials of being near insolvency, it faces increasing pressure to address its poor financial performance, which has raised alarms among residents and stakeholders, according to The Citizen Business.

Tanzania's Parliament approved the TZS 62.33 trillion (approximately USD 24 billion) budget for the 2026/27 fiscal year on 23 June 2026, with 385 out of 393 votes in favor. The budget, which will take effect on 1 July 2026, includes a commitment to settle TZS 1.2 trillion in arrears and implement tighter expenditure controls following a week of debate and the passage of the Finance Bill 2026.

Ugandan Prime Minister Robinah Nabbanja has initiated an audit regarding the alleged misuse of a Shs10 billion grant intended for event promoters. This action follows reports that Shs3 billion was distributed among a select group of individuals.

The United States has designated a Nigerian national and three companies in Nigeria as alleged financial facilitators for the terrorist group, the Islamic State of Iraq and Syria. This action is part of a broader initiative that targets three individuals and six entities accused of facilitating the movement of funds for terrorist activities.

SpaceX shares fell below their debut price, resulting in a loss of $600 billion in value, before experiencing a recovery of 2.4 percent. This fluctuation occurred amid broader turbulence in the tech market, according to Al Jazeera.

Uganda's National Budget for the Financial Year 2026/27 was recently presented, highlighting the government's commitment to enhancing the lives of its citizens. According to the Minister of Finance, this budget is not just a financial document but a declaration of intent to protect previous gains and expand opportunities for all Ugandans.

Elon Musk's net worth has reached a record $1.3 trillion following a significant increase in the share price of SpaceX, the aerospace company he founded. This surge in value marks a notable milestone for the South Africa-born entrepreneur.