Economy
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PFAs must report pension payments above $10,000 to NFIU, says PenCom
The National Pension Commission (PenCom) has directed all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report foreign currency pension contributions above $10,000 to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours. The directive is contained in the Guidelines on Foreign Currency Pension Contributions issued in September 2025. The new framework allows Nigerians in the diaspora and…
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DAPPMAN tasks Dangote Refinery to make fuel supply accessible to marketers
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) on Wednesday called on the management of Dangote Refinery to make its fuel supply more accessible to marketers and sell products at affordable rates. The spokesperson of DAPPMAN, Mr. Ikem Ohia, said on Channels Television’s The Morning Brief that closer collaboration with the refinery would ensure steady supply and end…
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Nigeria launches ABIS Livestock Academy, seeks Belgian partnership to modernize sector
By Kunle Sanni – The Federal Government has launched the ABIS Livestock Academy in Abuja, reaffirming its commitment to modernising Nigeria’s livestock industry and strengthening international cooperation. Minister of Livestock Development, Idi Mukhtar Maiha, speaking at the National Livestock Transformation Dialogue and the official launch of the academy on Tuesday, said the country’s livestock sector must move beyond outdated practices…
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FIRS collects N20.62trn in eight months, exceeds 2025 revenue growth target
By Kunle Sanni – The Federal Inland Revenue Service (FIRS) says it generated N20.62 trillion in tax revenue between January and August 2025, surpassing its baseline growth target for the year. FIRS Chairman, Zacch Adedeji, disclosed this on Tuesday while briefing State House correspondents in Abuja. He said the figure represents a 40.8 percent increase compared to the same period…
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Why Nigeria borrows despite revenue gains – FIRS Chairman
By Kunle Sanni – The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, on Tuesday explained why the federal government continues to borrow despite recording significant revenue inflows. Speaking to State House correspondents during the Brief the Press session at the Presidential Villa in Abuja, Adedeji said borrowing is not a sign of weakness but part of…
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Regulators impose N1.86bn sanctions on GTCO, Zenith Bank in H1 2025
The Central Bank of Nigeria (CBN) and other regulating bodies have imposed N1.86billion fine on Guaranty Trust Holding Company Plc (GTCO) and Zenith Bank Plc for half year ended June 30, 2025. WESTERNPOST gathered from audited result and accounts posted on the Nigerian Exchange Limited (NGX) that GTCO was sanctioned N43.73 million for only two market infractions, while Zenith Bank…
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14 banks comply with new CBN’s capital requirements, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso on Tuesday disclosed that about 14 banks have met the regulatory capital requirements. He spoke on the funding progress during a news conference on Tuesday in Abuja, while announcing the decisions of the CBN’s monetary policy committee(MPC). The committee reduced the country’s monetary policy rate (MPR) from 27.5…
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BREAKING: CBN reduces interest rate to 27%
For the first time since 2024, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) after a two-day meeting in Abuja voted to reduce the interest rate or Monetary Policy Rate (MPR) by 50basis points to 27per cent from the previous 27.50 per cent. The decision to reduce interest rate by the committee is on the backdrop…
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Mining sector grew by 4.61% in Q2 2025, says NBS
The National Bureau of Statistics (NBS) has said the mining and quarrying sector grew by 4.61 per cent in the second quarter (Q2) of 2025. The NBS disclosed the sector’s performance in its latest‘Nigerian Gross Domestic Product Report Q2 2025’. The mining sector covers crude petroleum, natural gas, coal mining, metal ores, quarrying, and other minerals. “This sector grew nominally…
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GTCO declares 50.4% drop in profit to N449.01bn
Guaranty Trust Holding Company Plc (GTCO) on Tuesday published its half year ended Junne 30, 2025 financial results, reporting a 50.4per cent drop in profit after tax to N449.01 billion as against N905.57 billion in H1 2024. The weak earnings performance was weighed by the steep decline in non-interest income and higher operating costs, undermining the 31.5per cent core earnings…
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