Economy
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Moody’s upgrades Nigeria’s rating to ‘B3’ on better external and fiscal positions
Credit ratings agency Moody’s upgraded Nigeria’s rating by a notch to “B3” from “Caa1” on Friday, citing significant improvements in the country’s external and fiscal positions. Earlier this month, the World Bank said that Nigeria’s economy achieved its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position. However, it warned…
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Nigeria to deepen ties with AfDB under new leadership — Edun
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has expressed the Federal Government’s commitment to strengthening its partnership with the African Development Bank (AfDB) under the leadership of President-Elect Dr. Sidi Ould Tah. Speaking during a meeting with Dr. Tah on the sidelines of the AfDB’s Annual Meetings in Abidjan, Edun stated, “Nigeria is ready…
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FG signs agreement with AfDB to replenish $500m trust fund
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has signed a landmark agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500m and extend its operation through to 2040. The signing ceremony took place in Abidjan on the sidelines of the AfDB Annual Meetings, with outgoing AfDB President Dr…
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Tinubu issues Executive Order to reduce cost of oil production, encourage investment
By Kunle Sanni President Bola Tinubu has signed a new Executive Order introducing performance-based incentives aimed at reducing the cost of oil and gas operations, attracting fresh investment, and enhancing government revenue from Nigeria’s upstream petroleum sector. The Special Adviser on Energy, Mrs. Olu Verheijen, disclosed this on Thursday via her X account. She stated that President Tinubu directed her…
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FG to establish Tax Ombudsman to protect vulnerable taxpayers, enhance fairness
By Kunle Sanni The Federal Government has announced plans to establish a Tax Ombudsman—an independent institution tasked with safeguarding vulnerable taxpayers and ensuring that Nigeria’s tax system operates fairly for everyone, especially small businesses. President Bola Tinubu made this known in a statement on Thursday to mark the second anniversary of his administration. He explained that the initiative aims to…
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Nigeria’s Naira to drop by 6% in 2025, AfDB projects
African Development Bank (AfDB) has projected that the Nigerian naira will depreciate by at least six per cent between 2025 and 2026. AfDB in its African Economic Outlook 2025 cited growing global financial market volatility as a key factor. Going further, the AfDB report anticipates currency depreciation in 21 African countries by 2025 which includes Egypt, Ethiopia, Ghana, Libya, Rwanda,…
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Tax Reform: Tinubu announces 0% VAT on food, education, healthcare
By Kunle Sanni President Bola Tinubu on Thursday announced that essential goods and services such as food, education, and healthcare will now be subject to zero percent Value Added Tax (VAT). In a statement marking the second anniversary of his administration, Tinubu said the move is part of a broader effort to protect low-income families and promote inclusive economic growth.…
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Ending Ways & Means financing helped curb inflation, boost reserves, says Tinubu
By Kunle Sanni President Bola Tinubu says his administration’s decision to halt Ways and Means financing — a key driver of inflation in recent years — has helped stabilize Nigeria’s economy and restore fiscal discipline. “We have discontinued Ways and Means financing, which had been a major contributor to high and persistent inflation,” Tinubu stated in a message marking the…
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Tinubu’s economic reforms have created favourable conditions for high RoI, Bagudu assures foreign investors.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on Wednesday assured foreign investors that President Bola Tinubu’s economic reforms have created favourable conditions for high Returns on Investment (RoI). The minister who spoke during a courtesy visit by a delegation from Austria for a consultative meeting regarding economic opportunities under the Nigeria-Austria Development Cooperation, urged them to take…
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Nigeria harps on strengthening diplomatic, economic ties with China
The Nigeria government said in the past months, it has been working on strengthening diplomatic and economic ties with China government. Director-General and Global Liaison of the Nigeria-China Strategic Partnership (NCSP), Mr. Joseph Tegbe, disclosed this when he was received by President Bola Tinubu in Abuja. According to him, the meeting at the Presidential Villa was for a high-level briefing…
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