Business

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 …

NIGERIA RANKS 12TH POOREST COUNTRY BY GDP PER CAPITA IN 2025 Nigeria has been ranked the 12th poorest country in the world by gross domestic product (GDP) per capita in 2025. This is according to new data from the International Monetary Fund (IMF) published by Visual Capitalist. The report, released on Tuesday, shows Nigeria’s GDP per capita at $807, placing …

TINUBU SIGNS TAX REFORM BILLS INTO LAW President Bola Tinubu has signed four tax reform bills into law, signalling what he described as a bold new era of economic governance in the country. The President signed the bills in the presence of principal officers of the National Assembly, including Senate President, Godswill Akpabio, Speaker of the House of Representatives, Tajudeen …

FG, DANGOTE STRIKE DEAL TO CUT DOWN FUEL PRICES The Nigeria Export Processing Zones Authority (NEPZA), the One-Stop-Shop Committee on the Sale of Crude in Naira, and the Dangote Refinery & Petrochemicals Free Zone Enterprises have jointly pledged their commitment to comply with the presidential directive on reducing the domestic prices of petroleum products The Bureau Newspaper reports. This move …

PROTESTERS OCCUPY AGF, ICPC, CCB OFFICES, DEMAND PROBE OF NMDPRA BOSS OVER ALLEGED $5BN SCANDAL Protesters from the Situation Room for Oil Sector Reforms on Monday occupied the offices of the Attorney-General of the Federation (AGF), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Code of Conduct Bureau (CCB) in Abuja, demanding the immediate resignation of Engr. Farouk …

TRANSPARENCY INTERNATIONAL DEMANDS THOROUGH PROBE OF MISSING N210TRN NNPCL FUNDS Again, the financial transparency of the Nigerian National Petroleum Company Limited is under public scrutiny over missing N210 trillion in its 2017-2023 audited financial statements. On Wednesday last week, at a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada, the Nigerian public was blown open to …