Economy
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FG targets $500m import savings, moves to revive palm oil sector
The federal government says it is mobilising state governments, investors and key stakeholders to revive Nigeria’s palm oil sector, with a target of saving up to $500 million annually from reduced imports. The Federal Ministry of Agriculture and Food Security, in collaboration with Mass Industrial Development and Logistics Limited and other stakeholders, convened a national meeting in Abuja to drive…
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MTN Nigeria halts data, airtime borrowing service over FCCPC lending rules
MTN Nigeria has announced the temporary suspension of its airtime and data advance service, Xtratime, following new regulatory requirements introduced by the Federal Competition and Consumer Protection Commission (FCCPC). The telecom giant disclosed the development in a filing to the Nigerian Exchange Limited on Thursday, stating that the move is necessary to comply with the FCCPC’s Digital, Electronic, Online or…
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IMF urges oil exporting countries to build fiscal buffers amid Middle East war
The International Monetary Fund (IMF) has advised oil exporting countries to use funds accruing from oil prices rally due to United States-Israel-Iran conflict to build fiscal buffers to protect their economies. The Fund explained that with debt already elevated in many countries, fiscal policy must respond cautiously, providing support where needed without pushing public finances closer to the brink.. Speaking…
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Nigeria’s public debt rises to N159.28trn in 2025, says DMO
Nigeria’s total public debt increased to N159.28 trillion as of December 31, 2025, according to the latest data released by the Debt Management Office (DMO) on Tuesday, reflecting a steady rise driven largely by domestic borrowing. The figures show that total public debt rose from N153.29 trillion recorded at the end of September 2025 to N159.28 trillion in December 2025,…
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Nigeria’s inflation jumps to 15.38% in March 2026, says NBS
The National Bureau of Statistics (NBS) on Wednesday disclosed that Nigeria’s headline inflation rate rose to 15.38per cent in March 2026, reflecting a modest increase from the 15.06per cent recorded in February 2026. According NBS report, the inflation in its month-on-month basis, consumer prices rose at a faster pace by 4.18 per cent (February: 2.01per cent m/m). Breaking it down,…
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NDIC commences process to conclude liquidation of 89 MFBs, PMB
The Nigeria Deposit Insurance Corporation (NDIC) on Wednesday said it has commenced the process of concluding the liquidation activities of 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) following their successful acquisition by new owners under the Purchase and Assumption (P&A) resolution model executed by the Corporation. Head, Communication & Public Affairs, NDIC, Hawwau Gambo in a statement…
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Developing countries must brace for global economic shocks — Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged developing countries to put in place stronger safeguards to cushion the growing impact of global economic disruptions. Edun made the call during the G24 news conference held on the sidelines of the International Monetary Fund (IMF) meetings in Washington, D.C. He cautioned that aggressive or poorly…
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Tax reforms: Revenue rises from 6.41trn to 28.79tn in 2025
Tax revenue in Nigeria has surged by over 400 per cent to N28.79 trillion in 2025, highlighting the impact of ongoing fiscal and tax reforms by the President Bola Tinubu led administration. Data released by the Nigeria Revenue Service (NRS) on Tuesday showed that total revenue grew significantly from N6.41 trillion in 2021, reflecting a sharp increase in collections driven…
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Edun to chair G-24 talks as emerging economies seek financing reforms
The Chairman of the Intergovernmental Group of Twenty-Four (G-24), Mr. Olawale Edun has called on central banks across the world to steer their economies out of energy crisis and geopolitical tensions. Edun, who is Minister of Finance and Coordinating Minister for the Economy, also urged the banks to support the poor and the vulnerable. Speaking on Tuesday during the G-24…
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NGX market capitalisation crosses N132trn mark
The Nigerian Exchange Limited (NGX) market capitalisation crossed the N132 trillion mark, buoyed by gains recorded in 40 listed stocks. The All-Share Index (ASI) gained 1,372.52 points or 0.67 per cent to close at 205,831.38 points. Also, market capitalisation rose by N883 billion to close at N132.492 trillion. On market outlook, Futureview Group stated that “the market is expected to…
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