Economy
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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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N45tn external borrowing plan is strategic, says FG
By Kunle Sanni The Ministry of Finance has clarified that the recent external borrowing request submitted by President Bola Tinubu to the National Assembly is part of a structured, medium-term borrowing framework, rather than an automatic increase in Nigeria’s debt burden. The multi-currency loan proposal amounts to approximately $23.5 billion, €2.265 billion, ¥15 billion, and ₦757.9 billion. According to a…
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ICIEC reaffirms commitment to support Nigeria’s economic agenda
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) on Monday reaffirmed its commitment to supporting Nigeria’s economic agenda by de-risking major infrastructure investments and unlocking financing for private sector-led development. This was disclosed by Director of Legal Affairs, ICIEC, Mr. Hassan Idriss when he visited the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale…
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Nigeria’s solid minerals sector attracts $800million in 2025 — Alake
…as revenue hits ₦38bn By Kunle Sanni Nigeria’s solid minerals sector attracted over $800 million in processing projects in 2025 alone, signaling a major turnaround under the economic policies of President Bola Ahmed Tinubu’s administration, according to the Minister of Solid Minerals Development, Dele Alake. Speaking in an interview featured in an upcoming State House documentary to mark President Tinubu’s…
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