Business

PRESIDENCY REJECTS IMF REPORT ON NIGERIA’S INFLATION, POVERTY The Nigerian Presidency has rejected a recent International Monetary Fund (IMF) article that raised concerns over the country’s economic trajectory. The government has labelled the report as a “very fatalistic” and unhelpful assessment of ongoing reforms. In its July 7 publication titled “How Nigeria Can Unleash Its Economic Potential,” the IMF acknowledged …

RECAPITALISATION: FIVE BANKS’ HIT CBN TARGET AHEAD OF DEADLINE As of the end of the first half of 2025, at least five banks have met the new capital thresholds issued by the Central Bank of Nigeria. They include Access Bank, Zenith Bank, Ecobank Nigeria, Lotus Bank, and Jaiz Bank. In March 2024, the CBN directed commercial banks with international authorisation …

KEYAMO INAUGURATES ENUGU AIR, PRAISES GOVERNOR PETER MBAH The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, on Monday, inaugurated Enugu Air, a state-owned commercial airline established by the Governor Peter Mbah Administration with three Embraer airplanes for a start. Recalling Mbah’s persistence and energy in bringing Enugu Air to reality, Keyamo described him as “an incredible, performing …

TINUBU PUTS 20-YEAR-OLD PRESIDENTIAL JET UP FOR SALE IN SWITZERLAND President Bola Tinubu’s administration has put up Nigeria’s ageing Boeing 737-700 Business Jet (BBJ) for sale in Switzerland, following its replacement with a newly acquired Airbus A330 for presidential use. The decision comes amid growing scrutiny over government spending and calls for transparency in the management of Nigeria’s presidential air …

BENIN, TOGO OWE NIGERIA $11M IN ELECTRICITY DEBT – NERC The Republics of Benin and Togo have failed to pay over $11m owed to Nigeria for electricity supplied in the first quarter of 2025, according to the latest report from the Nigerian Electricity Regulatory Commission. The bilateral customers from both countries — including SBEE (Société Béninoise d’Énergie Électrique) and CEET …

NIGERIA MUST REVIEW 2025 BUDGET TO AVERT CRISIS, IMF WARNS Nigeria’s fiscal outlook for 2025 is under serious threat, according to the International Monetary Fund, which has warned that the country must urgently revise its budget targets or face a deepening financial crisis. The IMF’s latest Article IV consultation report, released on Wednesday, points to a significant risk of Nigeria …

DANGOTE REFINERY REDUCES FUEL PRICE AS PETROL MARKETERS HOLD EMERGENCY MEETING Nigeria’s Dangote Refinery has reduced its premium motor spirit ex-depot price to N840 from N880 per litre. This comes as petroleum product marketers plan an emergency meeting to drop fuel prices from Tuesday. The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this during an …

TOP 10 STATES WITH HIGHEST DEBT PROFILENigeria’s subnational debt profile witnessed a significant turnaround in 2024, with new data revealing that the combined debt stock of the 36 states dropped sharply by 32.32% year-on-year. The figures show a fall from N5.86 trillion in 2023 to N3.97 trillion in 2024, marking a substantial contraction in state-level borrowing. This decline is seen …

SENATE GIVES NNPCL BOSS 10 DAYS DEADLINE TO ACCOUNT FOR MISSING N200TRN The Senate Committee on Public Accounts has given a 10-day deadline to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, to respond to 11 critical financial queries related to discrepancies in the company’s audited financial statements. The Senate warned that failure …

NEW TAX LAWS WON’T BE IMPLEMENTED UNTIL JANUARY – FIRS CHAIR The Federal Government has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026. Addressing State House correspondents shortly after the President signed the bills into law, Chairman of the Nigeria Revenue Service, Zach Adedeji, said the modalities will be …