Economy
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Give us a break, Nigerian government tells IMF to roll back ‘heckling’
The Nigerian government has demanded of the International Monetary Fund (IMF) to give the country a break on its economic reforms, describing the international organization’s frequent statements as “heckling” and potentially destabilising. The Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, on Tuesday during an appearance on Channels Television’s Morning Brief cautioned IMF against what it described…
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FG to distribute 5m LPG cylinders by 2030, targets clean energy access
The federal government has disclosed plans to distribute 5 million liquefied natural gas (LPG) cylinders to various households across the country by the year 2030. Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, who made this disclosure at the flag-off of the Northwest Zone phase of the grassroots LPG Penetration Programme in Sokoto, described the programme as another effort by the…
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BLOOMBERG: Naira decouples from Oil as confidence in Nigerian reforms grows
Nigeria’s currency appears to be decoupling from the price of oil, the nation’s main source of foreign exchange. After some initial volatility in the first half, the naira stabilised even as oil prices fell. Analysts from Deutsche Bank AG to Cardinal Stone expect the Nigerian currency to end the year near 1,556 per dollar — its average exchange rate in…
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Tax reforms under Tinubu most transformative in decades — IMPI
The Independent Media and Policy Initiative (IMPI) has described President Bola Tinubu’s newly enacted tax reforms as the most transformative economic policies introduced in Nigeria in a generation. In a statement signed by its chairman, Dr. Omoniyi Akinsiju, the group said its review of the Nigeria Tax Act (NTA) 2025 shows that the reforms, if effectively implemented, have the potential…
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Nigeria to face additional 10% tariff for aligning with BRICS, says Trump
President Donald Trump has announced that Nigeria will be among countries facing an additional 10% tariff for aligning with what he described as the “anti-American policies of BRICS.” The BRICS group includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia and Iran. The grouping describes itself as “a political and diplomatic coordination forum for…
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DMO opens subscription for July 2025 FGN savings bonds
The Debt Management Office (DMO) on Monday launched the July 2025 Federal Government of Nigeria (FGN) savings bonds, offering investors attractive interest rates of up to 16.762% per annum. The subscription window opened on Monday, July 7, 2025, and will close on Friday, July 11, 2025. This month’s bond offering includes two options: a two-year savings bond maturing on July…
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Dangote refinery holds the key to lower inflation in Nigeria, says Economic Think Tank
Dangote Petroleum Refinery has been identified as crucial to reducing inflation in Nigeria, according to a report by the Financial Derivatives Company (FDC) Limited think tank. In its recently published Lagos Business School (LBS) Executive Breakfast Presentation for July, the think tank noted that Dangote Refinery has become the key mechanism for reducing petrol prices and lowering transport fares. The…
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Nigeria’s tax reforms incomplete without corporate tax cuts — Oyedele
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated Nigeria’s tax reforms remain incomplete without cutting corporate tax rates and addressing regulatory overreach. He made this known in a lecture titled ‘Designing Tomorrow: Policy Blueprint and Lessons for the Future’, shared on X to mark his 50th birthday. Oyedele’s remarks come ten days after…
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Equities market ends mixed week as market cap sheds N244bn on Notore delisting
The Nigerian equities market closed the week on a mixed note, with the NGX All-Share Index (ASI) eking out a marginal gain of 0.01per cent to settle at 120,989.66 basis points, even as the overall market capitalization contracted by N244 billion to N76.34 trillion. The contraction was primarily triggered by the delisting of Notore Chemical Industries Plc from the Nigerian…
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PHOTO NEWS: Bagudu meets D8 OEC officials in Azerbaijan
As part of his bilateral engagements at the ongoing 17th Summit of the Economic Cooperation Organisation in Khankhendi, Azerbaijan, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on Friday met with officials of the D8 Organisation for Economic Co-operation. The D8 OEC is committed to fostering economic relations among its member states, including Bangladesh, Egypt, Indonesia, Iran, Malaysia,…
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