Business

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 …

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 …