Business

The Central Bank of Nigeria, CBN, has announced major adjustments to its cash-handling regulations, abolishing the ceiling on cash deposits and expanding the weekly withdrawal limit across all platforms to N500,000, a significant rise from the previous N100,000. The policy shift was communicated through a circular issued to financial institutions and titled “Revised Cash-Related Policies”, endorsed by Dr. Rita Sike, …

Nigeria has sustained a 3.98 percent economic growth in the third quarter of 2025. The National Bureau of Statistics data on Monday showed that the non-oil sector, such as agriculture and service sectors, pushed Africa’s most populous country to consecutive growth. Nigeria’s national GDP rose to N113.59 trillion in nominal terms, while real GDP was recorded at N57.03 trillion in …

A review of the Nigerian National Petroleum Company Limited (NNPCL) financial statement for the year ended December 2024 has shown that a sum of N7.1 trillion was said to have been spent on fuel subsidy to defray energy costs. The expense was tagged “energy security expense” in the financial report. According to the document, the energy security expense occurs “when …

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified that pastors, imams, and other religious workers are liable to pay tax on the salaries they earn from religious institutions. Speaking on the podcast ‘Mic On’, Oyedele stressed that while churches, mosques, and other religious bodies are exempt from taxation, this exemption does not …

A review of the just-released audited financial statement for the year ended 2024 has shown that the Nigerian National Petroleum Company Limited (NNPC) Group spent N30.3billion on entertainment expenses. Earlier, a review of the Nigerian National Petroleum Company Limited’s financial statement showed that the oil company spent N7.4 billion on “entertainment expenses in 2023”. The 2024 figure represents a sharp …

The Office of the Auditor-General of the Federation has accused the Central Bank of Nigeria, under the leadership of the former Governor, Godwin Emefiele, of re-circulating dirty and unfit banknotes valued at N29.77bn in violation of the apex bank’s own Clean Note Policy. The allegation is contained in the newly released Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses …

Despite Nigeria recording its seventh consecutive month of disinflation, economists and financial analysts have raised concerns that the easing inflation trend has brought little or no relief to Nigerians and households already overwhelmed by high living costs and economic hardship. The National Bureau of Statistics (NBS) reported that headline inflation slowed to 16.05 per cent in October 2025, down from …

Nigeria’s manufacturing sector may not always grab headlines, but it quietly powers a huge chunk of the economy, creating jobs, stabilizing supply chains, and reducing dependence on imports where possible. And behind many of the country’s most successful made-in-Nigeria products are powerful business families who took the bold step of building factories long before it became fashionable. These families didn’t …

Google has agreed to pay more than $40 million to support South African news media after an inquiry from the country’s Competition Commission (CompCom) found that the company reduced search engine monetisation opportunities that traditionally sustained these news outlets. CompCom disclosed the payment agreement in a final report detailing the inquiry and its findings, published on Thursday. According to the …

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 …