Operations at important oil and gas regulatory organisations, such as the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, were paralysed Monday by the nationwide strike announced by the Petroleum and Natural Gas Senior Staff Association of […]
Economy
Nigeria’s tax system has entered a new era as former Speaker of the House of Representatives, Yakubu Dogara, confirmed that opening or maintaining a bank account now requires a Tax Identification Number (TIN) under President Bola Tinubu’s sweeping tax reforms. Dogara, who currently chairs the Board of the National […]
Excess liquidity in the banking sector is demonstrated by the high increase in bank deposits with the Central Bank of Nigeria (CBN) of 783.7 percent year-over-year (YoY) to N79.8 trillion in the first seven months of the year (7m’25) from N9.03 trillion in the equivalent period of 2024 (7m’24). […]
Aliko Dangote, the president and CEO of Dangote Industries Limited, has urged affluent Nigerians to make investments in the country, claiming that this is still the only way to develop the country. He contends that without large investments, a country cannot experience true growth and progress. He urged […]
Over 100,000 gasoline-powered vehicles have been converted to compressed natural gas in the last year, according to the Federal Government, which emphasizes that it has made great strides in increasing the use of alternative fuels nationwide. This was revealed Thursday at a workshop for a sensitization program in Lagos […]
Peter Obi, the 2023 Labour Party presidential candidate and former governor of Anambra State, has defended his administration’s investment in the state brewery, claiming that in spite of criticism, it is still a significant economic asset. Obi described the difficulties he encountered in luring investment to Anambra in an interview […]
In an effort to counter the dominance of well-known international companies and offer evaluations that more correctly reflect the continent’s economic reality, a new African-led credit rating agency is scheduled to launch by the end of September, Bloomberg said on Monday. By the end of 2025 or the beginning […]
The naira experienced a mild depreciation in the official market on Thursday, closing at N1,585 to the U.S. dollar, slightly weaker than the previous day’s rate of N1,584/$1. This marginal dip followed two consecutive sessions of significant gains after the Central Bank of Nigeria (CBN) unveiled its latest monetary policy […]
The naira weakened further against the U.S. dollar on Monday, closing at N1,605.63/$1 in the official market—a 0.22% decline from its previous rate of N1,602/$1, according to data from the Nigeria Foreign Exchange Market (NFEM). The local currency faced renewed demand pressure during the trading session, swinging between a high […]
The 2025 budget, which was approved last week and increased recurring spending while decreasing capital expenditures, was examined by the National Assembly on Tuesday. The MPs claimed that some mistakes in the approved budget made the review essential. While recurring expenditures increased by the same amount, capital expenditures were cut […]