Both governments and the private sector have plenty of money. But we still need more action from the trade unions if we are to get our fair share. FAAC allocations to state and Federal governments this year have increased by almost 30% compared to last year. Profits in the private sector are also increasing.
At its April meeting, the FAAC committee distributed N2.036 trillion. This was nearly 30% more than last year. The allocations in the first four meetings of this year are also nearly 30% more than last year. Oil revenue is expected to continue to increase over the coming months due to conflict in and around Iran.
The private sector is also doing well from Tinubu’s reforms. The Independent Media and Policy Initiative has said that they have seen “economic rejuvenation: resuscitation and strengthening of the real sector of the economy”.
As examples, they said that Guinness Nigeria Plc, reported a profit in 2025, for the first time since 2023. Nigerian Breweries Plc also returned to profitability after two years. International Breweries Plc, the second biggest beer maker in Nigeria, also returned to profitability in 2025.
Dangote Cement Plc reported revenue up over 20 per cent from 2024. Seplat Energy Plc announced a 150 per cent increase in revenue over 2024 (but workers still had to strike to secure wage negotiations). Unilever Nigeria Plc saw its net profit double over the same period in 2024.
Similarly, MTN Nigeria Communications Plc and Airtel Africa Plc both declared profits last year that were far higher than their losses of the previous year.
Zenith Bank saw a slight increase in its profits after tax in 2025. As in 2024 these were in excess of N1 trillion. GT Bank saw profits of nearly N900 billion. UBA Group saw profits of over N400 billion in 2025. FCMB and Wema banks both saw their profits more than double last year compared to the previous year. Fidelity Bank reported a 45 per cent increase in gross earnings for the 2025 financial year.
With the elections next year, there is an important argument for trade unions to take robust action now. FCT teachers only had to strike for a week this month – compared to three months last year (on the same issues). Similarly the doctors of NARD only had to strike for a day this month to apparently win their demands.
Another way to measure private sector profitability is to look at the Nigerian Stock Exchange all share index:
When Tinubu was sworn in on 29th May 2023, the all share index was nearly 54,000. It is now over 240,000 or over six times higher, as the above graph shows. In comparison, the same index only grew by 80% in the four years from May 2019 to May 2023.
All these figures confirm the trends of recent years. Government income is growing and private sector companies are more profitable. But this wealth is being denied from the working class who actually create this wealth. More action is needed, especially in the run up to the elections next year, if we are to benefit. Trade unions should be confident that the money is available to pay for all their demands.
We need more comrades to be actively involved in their trade unions and demanding resolute action now. We also need to build organisations like LASCO and the Federal Workers Forum to support and give confidence to trade union leaders to lead robust action in the coming months.
Download our full Socialist Bulletin for June 2026 with the link below:
https://socialistlabour.com.ng/wp-content/uploads/2026/06/SL-bulletin-JUNE-2026.pdf