Economy
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Dangote defends fuel price cut, slams NUPENG over ‘Greek gift’ remark
President of the Dangote Group, Aliko Dangote, has responded sharply to criticism from the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) over his refinery’s recent fuel price reduction and deployment of compressed natural gas (CNG) trucks. Speaking on Monday during the first anniversary of petrol production at the Dangote Refinery, he described NUPENG’s remarks as misleading and unpatriotic.…
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FG suspends 4% FOB levy on all imports
The federal government, through the Ministry of Finance, has suspended the implementation of collection of the four per cent Free On Board (FOB) charge on all imports, citing potential disruptions to trade in Nigeria. The FOB charge, passed as law, is calculated based on the value of imported goods, including transportation costs up to the port of loading. The NCS…
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Implementation of fuel levy will depend on Naira strength, oil prices – Oyedele
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has clarified that the proposed 5% fuel levy will only be considered when Nigeria’s economic conditions improve—specifically, when the naira appreciates or global crude oil prices decline. Speaking in an interview with Arise TV on Monday, Oyedele clarified that the proposed tax is purely conditional and not part…
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At 14.7%, Lagos State has lowest inflation rate in southwest, says NBS report
A report by National Bureau of Statistics (NBS) on Monday disclosed that Lagos state with 14.7 per cent Year-on-Year (YoY) in August 2025 has the lowest inflation rate in the southwest geopolitical zone in Nigeria, followed by Ondo state with 17.6 per cent. The report by NBS disclosed that Ekiti state, 28.2 per cent; Oyo state, 26.6 per cennt; Ogun…
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Nigeria open to investments across sectors, says VP Shettima
By Kunle Sanni – Vice President Kashim Shettima has reiterated Nigeria’s readiness to welcome investments and collaborations across various sectors, as the Tinubu administration pushes ahead with economic reforms aimed at stabilising and transforming the nation’s economy. Shettima gave the assurance on Monday during a courtesy visit to the Presidential Villa by a delegation from global digital payments company VISA,…
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Railway modernisation key to Nigeria’s economic future, says Shettima
By Kunle Sanni – Vice President Kashim Shettima has said Nigeria must revive and modernise its railway services to sustain its position as Africa’s leading logistics hub. Speaking in Abuja on Monday while declaring open the 2nd International Railway Conference, Shettima emphasised that linking Nigerian cities through rail and road infrastructure remains a priority under President Bola Tinubu’s administration. “The…
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BREAKING: Inflation rate drops to 20.12% in August 2025, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that in August 2025, the headline inflation rate eased to 20.12 per cent relative to the July 2025 headline inflation rate of 21.88per cent. According to the report by NBS, the August 2025 headline inflation rate showed a decrease of 1.76per cent compared to July 2025 headline inflation rate. The report…
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Despite fuel subsidy removal, FX liberalisation, Nigeria’s debt increases to N149.39trn, says MPC member
A member of the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN), Murtala Sagagi stated that despite removal of petrol subsidy and the liberalisation of the foreign exchange (FX) market, Nigeria has witnessed an increase in total public debt from N144.67 trillion December 31, 2024, to N149.39 trillion as of March 31, 2025. The MPC of the…
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Fuel subsidy was driving Nigeria into bankruptcy – Emir Sanusi
Emir of Kano and former Central Bank of Nigeria (CBN) governor, Muhammadu Sanusi II, has defended the federal government’s removal of fuel subsidies, saying the policy shift helped prevent Nigeria from plunging into financial ruin. Speaking on Saturday at the Kano International Poetry Festival (KAPFEST), Sanusi described the subsidy era as economically dangerous and unsustainable. He criticized past administrations for…
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Illegal mining finances terrorism, Alake says as Ansaru leader bags jail term
Minister of Solid Minerals Development, Dr. Dele Alake, has declared the conviction of a senior Ansaru commander as a significant milestone in Nigeria’s efforts to dismantle the link between terrorism and illegal mining. The statement, issued on Sunday and signed by Segun Tomori, Special Assistant (Media) to the Minister, followed last Thursday’s Federal High Court judgment sentencing Mahmud Usman, a…
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