Economy
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PENGASSAN’s suspended strike led to 16% oil production loss, says NNPCL
The Nigerian National Petroleum Company Limited (NNPC)revealed that the suspended strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has led to 16 per cent oil production loss within the first 24 hours. On October 1, PENGASSAN suspended its nationwide strike against the Dangote refinery over the dismissal of Nigerian workers. After the federal government’s intervention,…
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Afreximbank economist urges FG to remain committed to ongoing structural reforms
The former Statistician-General of Nigeria and current Chief Economist at the African Export-Import Bank (Afreximbank), Dr. Yemi Kale has urged the federal government to remain committed to ongoing structural reforms, even as households continue to experience economic strain. He warned that abandoning the process could trap the country in another cycle of low growth, high inequality, and fiscal stress. Delivering…
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President Tinubu reveals Nigeria now net exporter with ₦7.46trn trade surplus
By Kunle Sanni – President Bola Tinubu on Wednesday said Nigeria has firmly established itself as a net exporter after recording a ₦7.46 trillion ($4.74 billion) trade surplus in the second quarter of 2025—the largest in nearly three years. Speaking during his nationwide broadcast to mark the country’s 65th Independence anniversary, the President explained that Nigeria has now achieved five…
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65th anniversary: Policy reforms setting Nigeria on path to inclusive growth — Tinubu
By Kunle Sanni – President Bola Tinubu has said his administration is steering the Nigerian economy towards a more inclusive and sustainable path, with increased investment in critical sectors that directly impact citizens’ welfare. Speaking on Wednesday during his nationwide broadcast to mark Nigeria’s 65th Independence anniversary, Tinubu explained that his government has channelled resources into education, healthcare, agriculture, national…
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We inherited near-collapsed economy, ended corrupt fuel subsidies, says Tinubu
By Kunle Sanni – President Bola Tinubu on Wednesday said his administration inherited a “near-collapsed economy” upon assuming office, blaming decades of fiscal distortions and policy misalignments for stifling real growth. Delivering his nationwide address to mark Nigeria’s 65th Independence anniversary, Tinubu said his government was faced with a tough choice: to continue “business as usual” or to embark on…
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Tax Reform Act: NGX offers stockholders N150m exemption on capital gains tax
Investors in Nigeria’s capital market will benefit from a N150million annual exemption under the new Capital Gains Tax regime, following a high-level stakeholder dialogue convened by the Nigerian Exchange Group on the Tax Reform Act 2024. The provision, which takes effect from January 2026, is designed to protect 99.9 per cent of retail investors from the 30 per cent tax…
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Oil sector losses drop to lowest in 16 years, says Information Minister, Idris
Olaolu Bilau in Abuja For the first time in 16 years, losses in Nigeria’s s oil sector is now at an all time low, the Minister of Information and National Orientation, Mohammed Idris, has revealed. WESTERN POST reports that the minister spoke at an inter-ministerial world press conference in Abuja, as part of activities to mark Nigeria’s 65th independence anniversary.…
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Court restrains PENGASSAN, others from cutting crude supply to Dangote Refinery
Justice Emmanuel Subilim of the National Industrial Court Abuja, has restrained the Petroleum, Natural Gas Workers Association of Nigeria (PENGASSAN) from embarking on its planned industrial action against Dangote Petroleum Refinery and Petrochemicals FZE. Ruling on an ex parte application by Dangote Refinery, Justice Subilim restrained the defendants, which included Nigeria National Petroleum Company Ltd (NNPCL), Nigeria Midstream and…
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Equities market gains N155bn to commence new week on positive note
The equities market on Monday gained N155billion following stock price appreciation in BUA Cement Plc and 23 others. The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 244.53 basis points or 0.17 per cent to close at 142,377.56 basis points. Also, market capitalisation rose by N155 billion to close at N90.115 trillion. The upturn was impacted by gains…
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‘This is sabotage,’ Netizens berate PENGASSAN’s decision to cut gas supply to Dangote Refinery
The move by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to cut gas supply to the Dangote Refinery has ignited outrage across Nigeria, with many citizens accusing the union of sabotage and selfishness at the expense of ordinary Nigerians who are yearning for cheaper fuel and stability in supply. Controversy broke out after reports circulated that…
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