Economy
CBN raises N15trn via treasury bills to cover 2025 budget deficit
The Central Bank of Nigeria (CBN) raised N15.3 trillion from the Nigerian treasury bills (NTBs) market in 2025 to support the federal government’s effort to bridge its budget deficit, according to data obtained from the apex bank. According to the apex bank, the amount represents a 15.04 percent increase over the N13.3 trillion raised from […]
“Osun is fast becoming the investment point” Chinese Group
A group of Chinese Investors from mainland China and Hong Kong on Tuesday evening applauded the rapid infrastructural growth across Osun towns and cities, describing the development as “a booster to industrialization, economic growth and communal prosperity” The investors numbering 22 from various sectors such as water processing, food processing to electric vehicles conveyed their […]
Sokoto governor presents N758.7bn 2026 budget
Governor Ahmed Aliyu on Wednesday presented a N758.7 billion budget proposal for the 2026 fiscal year to the Sokoto State House of Assembly, outlining plans to deepen security gains, expand social services and stimulate economic growth across the state. The proposal, tagged the “Budget of Socio-Economic Expansion,” comes against the backdrop of lingering security challenges, […]
NCSP backs $550m initiative to revitalise Nigeria’s steel production
The Director General of the Nigeria–China Strategic Partnership (NCSP), Joseph Tegbe, has supported the Inner Galaxy Steel Company’s $550 million expansion plan to establish a new plant in Ogun State with a projected annual output of 2 million metric tons (MMT). The announcement came during an official visit by Tegbe to Inner Galaxy’s flagship facility […]
We’re not in competition with NNPC – Dangote
The President/Chief Executive of Dangote Group, Aliko Dangote, has dismissed any notion of rivalry between his company and the Nigerian National Petroleum Company Limited (NNPC Ltd.), stating clearly that both institutions are aligned in their mission to achieve energy security for Nigeria. Dangote made the commitment during a courtesy visit to the Group Chief Executive […]
Nigerian Senate rejects VAT increase, passes two tax reform bills
The Nigerian Senate, on Wednesday, passed two of President Bola Tinubu’s four tax reform bills. The two bills approved are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill. This development follows the Senate’s consideration of the report submitted by an ad hoc committee chaired by Senator Sani Musa, representing Niger […]
FG, states, LG shared N1.703tn January 2025 revenue
The Federal Government, states, and Local Government councils have shared a total of N1.703tn in Federation Account revenue for January 2025. This amount represents an increase of 19.6 per cent or N279bn from the N1.424tn shared from December 2024 revenue According to a press release by the Director (Press and Public Relations) at the Office […]
2.5mbpd Crude Output: Federal Gov’t Targets Activating 50 Wells By March
The federal government is set to activate 50 oil wells by March this year as part of efforts to achieve a crude output of 2.5 million barrels per day (bpd) by the end of 2025. The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced this goal while speaking in a […]
Dangote Refinery, others met 50% of Nigeria’s petrol consumption in February – NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has said that Dangote Refinery and other local refineries in the country only met 50 percent of the national petroleum products consumption requirement in February 2025, while the shortfall is imported by Oil Marketing Companies (OMCs). This comes as the regulatory body stressed that there is no […]
Naira Declines To N1,551/$1 Amid Rising Demand
The value of the naira started the week on a depreciating note, sliding slightly to N1,551 and to the dollar at the close of trading on Monday, according to data by the Central Bank of Nigeria (CBN). Last Friday, the value of the naira had closed at N1,548 to the dollar. Last week, the value […]