Business

The Nigerian Government has suspended the implementation of a 15 per cent import duty on premium motor spirit and automotive gas oil. The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, George Ene-Ita, disclosed this in a statement on Thursday. The country’s downstream oil sector regulator urged Nigerians to avoid panic buying of petrol and diesel, assuring …

The Enugu Electricity Distribution Company PLC (EEDC) has officially commenced the second phase of its free prepaid meter distribution under “Tranche B” of the Meter Acquisition Fund (MAF) metering programme – an initiative of the Nigerian Electricity Regulatory Commission (NERC) aimed at bridging Nigeria’s metering gap and eliminating estimated billing. Free Prepaid Meter Rollout The Free Prepaid Meter Rollout marks …

The detained leader of the Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu, has filed a fresh motion before the Court of Appeal in Abuja to halt the upcoming judgment in his ongoing trial. Kanu, who has been in the custody of the Department of State Services (DSS) since his re-arrest, is asking the appellate court to stop Justice James …

Honourable Minister of Finance and Coordinating Minister of the Economy Federal Ministry of FinanceAbuja Dear Honourable Minister, RE: IDEAS FOR A QUADRILLION NAIRA ECONOMY IN 10 to 15 YEARS I refer to your recent statement, “Nigeria Turns Towards Prosperity.” You highlighted the Tinubu government’s significant achievements, including GDP growth, declining inflation, stabilised exchange rates, increased foreign reserves, and improved oil …

The Federal Government (FG) has borrowed N17.36 trillion from domestic and foreign sources in the first 10 months of this year. This represents N6.06 trillion (55.6 per cent) in excess of the N10.9 trillion stipulated in the 2025 Appropriation Act on 10 months prorate bases. The total borrowing in 2025 approved budget is N13.08 trillion for the entire fiscal year. …

Stock market was hit by a significant downturn in November’s first trading week as investors lost a whooping N2.8 trillion at the Nigerian Exchange Limited (NGX). The market endured a bearish trading week, losing in all five trading sessions, November 3 to November 7. This came on the heels of the US President Donald Trump’s military invasion threat on Nigeria …

Since May 2023, the President Bola Ahmed Tinubu administration has introduced sweeping economic reforms that have seen government revenues hit a record high… From billions of dollars saved from the fuel subsidy removal to a remarkable surge in non-oil revenue, the federal government now rakes in more money in addition to a series of borrowings running into trillions of naira. …

Former Vice President Yemi Osinbajo has cautioned African governments against celebrating Gross Domestic Product (GDP) growth figures that do not translate into improved living conditions for citizens. At the 65th anniversary of the Ford Foundation in West Africa, in Abuja, Osinbajo stated that the continent had recorded some of the world’s highest GDP growth rates in recent years, yet remained …

The Federal Government has said it may sell off the refineries as part of its economic reform strategy to attract investors, boost competition, and improve efficiency in the downstream oil sector. Nigeria’s four state-owned refineries — located in Port Harcourt, Warri, and Kaduna — have a combined installed capacity of 445,000 barrels per day (bpd) but have remained largely dormant …

The President of the National Association of Nigerian Travel Agencies, NANTA, Yinka Folami, has revealed that the Federal Government will soon end the sale of tickets in dollars by foreign airlines. Folami stated this while speaking on a cultural and tourism programme in Lagos at the weekend, describing the cross-border trading in foreign currency as “a crime against the economy.” …