Economy
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Oyedele rules out return to petrol subsidy, multiple exchange rates
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has ruled out a return to petrol subsidy and multiple exchange rates, warning that reversing the reforms could undermine economic stability and drive away investors. Oyedele stated this on Saturday during a press briefing on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank annual…
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Mineral revenue rises by N427.7bn as non-oil receipts fall 14%
The Federation Account Allocation Committee (FAAC) has reported a N427.7 billion increase in mineral revenue in September, despite a 14 per cent decline in non-mineral receipts. According to a report by TheCable, the figures are contained in a proposed communique issued by FAAC’s Technical Sub-Committee in October, dated October 15 and signed by Shamseldeen Ogunjimi, Accountant-General of the Federation. The…
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Tinubu woos investors with $78.5bn project pipeline, welcomes $5.79bn World Bank plan
President Bola Tinubu has invited local and foreign investors to explore 65 investment-ready projects valued at $78.5bn, as his administration intensifies efforts to attract private capital into Nigeria’s economy. The President also welcomed the World Bank Group’s plan to mobilise up to $5.79bn in private financing for Nigeria, describing the initiative as a boost to efforts to expand businesses and…
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Rising energy costs could reverse Nigeria’s ease in inflation, CPPE warns
The Centre for the Promotion of Private Enterprise (CPPE) has warned that rising energy costs could reverse Nigeria’s recent disinflation gains, despite headline inflation easing to 14.63per cen in September 2026. The policy think tank said the sharp acceleration in monthly energy inflation poses a threat to the broader decline in consumer prices, calling for measures to strengthen domestic energy…
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IMF urges Nigeria to channel subsidy savings to poor households
The International Monetary Fund (IMF) has urged Nigeria and other African countries to direct savings from subsidy removal towards social protection programmes for poor and vulnerable citizens amid rising living costs. Zeine Zeidane, Director of the IMF’s African Department, gave the advice on Thursday during the presentation of the fund’s Regional Economic Outlook Update for Sub-Saharan Africa on the sidelines…
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Ibadan DisCo, others metered over 301,726 customers in two months, says NERC
The Nigerian Electricity Regulatory Commission (NERC) said electricity distribution companies (DisCos) metered 301,726 customers in July and August 2026. According to the commission’s metering status factsheet for the two months, DisCos metered 159,980 customers in July and 141,746 in August. The number of metered customers rose from 7.9 million in July to 8.04 million in August, while active customers increased…
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Nigeria spends N5.28trn n domestic debt service in H1 2026, says DMO
Debt Management Office (DMO) on Thursday revealed that Nigeria spent N5.28 trillion servicing domestic debt in the first half of 2026, with interest and rental payments accounting for N4.95 trillion of the total. The DMO’s actual domestic debt service figures show that the Federal Government also paid N333.96 billion in principal repayments on promissory notes between January and June. The…
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Nigeria’s inflation drops to 14.63% in September 2026, says NBS
The National Bureau of Statistics (NBS) on Thursday said Nigeria’s headline inflation rate eased to 14.63per cent in September 2026, down from 15.39 per cent in August 2026. The latest figure represents a decline of 6.35 percentage points from the 20.98per cent recorded in September 2025, signalling a further slowdown in annual price growth. According to NBS, the month-on-month headline…
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FG lists 65 investment opportunities, pledges single-digit inflation
Nigeria has unveiled more than 65 investment opportunities across key sectors of the economy, seeking to attract long-term foreign capital as the Federal Government pursues reforms to boost growth, create jobs and reduce inflation. The investment drive was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of…
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Double-digit inflation is probably the biggest threat to poor Nigerians, says Cardoso
The governor of the Central Bank of Nigeria, Olayemi Cardoso on Wednesday, said double digit inflation is probably the biggest threat to poor Nigerians, emphasizing the apex bank’s commitment to achieving a single-digit inflation target. Cardoso who spoke on the sidelines of the World Bank/IMF meetings in Bangkok, Thailand, said “The reason why we felt it was important to give…
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