Business

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.” …

Last week, President Bola Ahmed Tinubu gave the nod for the implementation of a fresh 15 per cent import duty on petrol and diesel. With the development, Nigerians will be left with no choice but to carry the burden when the policy takes full effect in the coming weeks. This represents an approximately N99.72 per litre increment for imported petrol …

TINUBU WANTS TO MONOPOLISE NIGERIAN ECONOMY FOR FEW CRONIES – YORUBA UNION CONDEMNS 15% FUEL IMPORT TAX A Yoruba Union, known as Ìgbìnmó Májékóbájé Ilé-Yorùbá, has accused President BolaTinubu of overburdening Nigerians with excessive taxation amid worsening poverty, unemployment, and insecurity across the country. The group claimed that the President’s economic policies are so harsh and anti-people that Nigerians may …

Nigerians are about to pay as much as N150 higher per litre of petrol and higher than that on diesel, after the Bola Tinubu-led administration approved a 15 per cent tariff on imported fuels, implementation of which will commence immediately. However the document stated that the impact will not exceed N100 addition per litre. The document seen by THISDAY on …

A new economic review by Quartus Economics has urged the Central Bank of Nigeria to introduce higher-value currency notes such as N10,000 and N20,000 bills to restore the naira’s portability and reduce the rising cost of cash transactions. The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warned that the naira’s continued depreciation had rendered the N1,000 …

Taiwo Oyedele, chairman of the presidential committee on fiscal policy, says the upcoming value-added tax (VAT) reform will increase states’ share of VAT from 50 percent to 55 percent, translating to over N4 trillion by 2026. Oyedele spoke at the launch of BudgIT’s 2025 States of States report released on Tuesday. President Bola Tinubu signed four tax reform bills into …

The Dangote refinery has re-employed the engineers sacked last month during the crisis between it and the Petroleum and Natural Gas Senior Staff Association of Nigeria. Our correspondent reliably gathered that the engineers were now being posted to Borno, Zamfara, Benue and others. The engineers, some of whom were still graduate trainees during their sack, were invited to pick up …

Nigeria walked a fine line between applause and anxiety at the 2025 Annual Meetings of the International Monetary Fund (IMF) and World Bank, as the country’s reform momentum drew commendation from global financiers, while fiscal, debt, and oil-sector concerns triggered calls for vigilance and deeper discipline. The IMF, in its World Economic Outlook and Fiscal Monitor released during the meetings, …

Economists and financial analysts have explained that conflict of interest is the reason why the recent drop in the price of rice attracted mixed feelings from Nigerians and traders. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, and the Executive Officer of SD & D Capital Management disclosed this in an interview with …