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 […]
Economy
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 […]
Alhaji Aliko Dangote, the president of the Dangote Group, increased his wealth from $13.4 billion to $23.9 billion, making him the 86th richest man in the world. This comes a year after the $20 billion Dangote Petroleum Refinery opened in Lagos. Forbes, which lists the Nigerian businessman as the richest […]
The Nigerian Electricity Regulatory Commission has released rules on the process for tariff reviews in the wake of the controversy surrounding the Federal Government’s alleged increase in electricity rates. In accordance with the Electricity Act 2023, the commission must review and approve a fair tariff to enable licensees to recover […]
The National Assembly has established a new revenue collection target of ₦25 trillion for the Federal Inland Revenue Service (FIRS) in 2025. This decision follows revelations by FIRS Chairman Zacch Adedeji that the agency exceeded its ₦19.4 trillion target for 2024, as set in the Appropriation Act. During a presentation […]
Dele Kelvin Oye, the National President of The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has urged President Bola Tinubu’s administration to prioritize tax reform by reducing corporate taxes to 19% and setting Value Added Tax (VAT) at 7.5%. Oye expressed this in a statement he […]
Data from the Central Bank of Nigeria (CBN) reveals a significant rise in net foreign exchange (FX) inflows into the Nigerian economy, increasing by 65.7% year-on-year (YoY) to $46.92 billion in the first ten months of 2024. This is up from $28.31 billion in the same period in 2023. The […]
Nigeria’s electricity subsidy has surged by 269%, reaching ₦2.4 trillion in 2024, up from ₦650 billion in 2023. This dramatic increase comes despite efforts to reduce the subsidy, particularly through the implementation of the Band A tariff service category in April 2024, which was anticipated to cut the government’s subsidy […]
The Nigerian government has called for urgent private sector investment in the country’s power sector, estimating that at least $10 billion will be needed over the next decade to achieve stable, 24-hour electricity supply nationwide. Minister of Power, Mr. Adebayo Adelabu, emphasized this during a meeting with Dr. Jobson Ewalefoh, […]
Nigeria faced yet another national power grid collapse on Thursday, November 7, at approximately 11:20 a.m., leaving the country in darkness and prompting widespread frustration. This marks the second grid failure within a week and the twelfth incident in the past eleven months, raising serious questions about the state of […]