Business

NCC DIRECTS BANKS TO DEDUCT USSD CHARGES FROM CUSTOMERS’ AIRTIME The Nigerian Communications Commission (NCC) has directed all banks to stop debiting USSD transaction charges from customers’ bank accounts, with effect from Tuesday, June 3, 2025. According to a notice sent by United Bank for Africa (UBA) to its customers, the charges for Unstructured Supplementary Service Data (USSD) services will …

NNPCL’S REFINERIES OF WASTE – PUNCH EDITORIAL Nigeria’s public refineries, under perpetual government control, remain trapped in a cycle of dormancy and inefficiency. At best, they operate sporadically, with the country squandering resources on endless rehabilitation efforts that yield little progress.This reality was underscored again late in May when the Nigerian National Petroleum Company Limited announced that it had shut …

EXCHANGE RATE PLUNGES AS NAIRA CLOSES MAY AT N1,630/$1 IN PARALLEL MARKET The Naira suffered a significant loss in the parallel market, closing at N1,630/$1 on Friday, May 30, 2025, after several days of relative stability at N1,620/$1, according to data from Nairametrics Research. The local currency also weakened against the British pound, closing at N2,190/£1 on Friday, compared to …

CBN GOVERNOR, CARDOSO NAMED AFRICA CENTRAL BANK GOVERNOR OF THE YEAR Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards Gala, held in Abidjan, Côte d’Ivoire. Wednesday, May 28, 2025. The award, which took place on Wednesday, was presented by African Banker magazine, …

GOVERNOR MBAH FLAGS-OFF STALLION VEHICLES PLANT FOR ASSEMBLY OF ELECTRIC CARS In a groundbreaking move to reposition Enugu State as a premier destination for investment, Governor Peter Mbah has flagged off the Stallion Vehicle Assembly Plant and Automotive Infrastructure, saying the initiative was part of the administration’s effort to transition the state from a consumer-based to a production-driven economy. Performing …

INSIDE THE VAT POOL: VAT CONTRIBUTED AND RECEIVED ACROSS GEOPOLITICAL REGIONS IN Q1 2025 South-eastContribution: N28.37bnReceived: N104.50bn (Received 368% of what it contributed) North-eastContribution: N30.04bnReceived: N124.20bn (Received 345% of what it contributed) North-westContribution: N68.05bnReceived: N176.74bn (Received 260% of what it contributed) North-centralContribution: N52.70bnReceived: N126.16bn (Received 239% of what it contributed) South-southContribution: N364.99bnReceived: N171.19bn (Received 47% of what it contributed) South-westContribution: …

TAX REFORM BILLS READY FOR PRESIDENTIAL ASSENT AS NASS ADOPTS HARMONIZED BILLS The Senate and the House of Representatives have jointly adopted the harmonized conference report on the four tax reform bills, marking a significant milestone in President Bola Tinubu’s fiscal reform agenda. The bills will now be transmitted to the President for assent. After weeks of detailed legislative work, …

VAT GENERATED IN STATES ACROSS NIGERIA IN Q1 2025 Taraba: N2.33bn Lagos: N819.62bn Rivers: N278.23bn Oyo: N79.78bn Bayelsa: N27.26bn Kano: N22.97bn Edo: N20.73bn Delta: N20.04bn Akwa-Ibom: N16.08bn Kwara: N14.43bn Benue: N12.36bn Jigawa: N11.22bn Sokoto: N10.88bn Anambra: N10.73bn Ekiti: N10.17bn Adamawa: N9.12bn Kaduna: N8.12bn Borno: N7.87bn Ebonyi: N7.43bn Kogi: N7.33bn Ogun: N7.20bn Ondo: N7.14bn Nasarawa: N7.05bn Bauchi: N6.30bn Niger: N5.97bn Katsina: …

NIGERIA’S DEBT TO HIT N162TRN AS PRESIDENT SEEKS N17TRN LOANS Nigeria’s public debt profile will rise to N162.025 trillion as President Bola Ahmed Tinubu has sought the National Assembly’s approval for fresh loans’. The president requested the legislature to approve new borrowing plans totaling $21.5 billion, along with €2.19 billion, 15 billion Japanese yen and a €65 million grant, as …

PETER OBI WANTS NAFDAC TO REVIEW N700,000 DEMAND FOR REOPENING ONITSHA HEAD BRIDGE MARKET The Labour Party, LP, presidential candidate in the 2023 general elections, Peter Obi, has once again appealed to relevant authorities to review and drop the charges against Onitsha Head Bridge Market in Anambra State. Obi made this appeal in a post on his official X handle …