Economy
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NUPRC denies withholding Frontier Exploration Fund, says over $185m, N14.9bn released to NNPC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed reports that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company (NNPCL). The Head of Media and Strategic Communication, Eniola Akinkuotu, said $185, 123, 333 had been approved along with N14.9 billion. The NUPRC explained that the Frontier Exploration Fund was not domiciled in the Commission…
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CBN grants license to 82 BDCs under revised guidelines
The Central Bank of Nigeria (CBN) on Monday disclosed that it has granted Final Licenses to 82 Bureau De Change (BDCs) to operate, effective from November 27, 2025, marking the conclusion of a major recapitalisation and re-licensing exercise in the foreign exchange market. The CBN confirmed the development in a statement signed by Hakama Sidi Ali, the Acting Director of…
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Nigeria generated $62m from airline ticket taxes in 2024, says IATA
Nigeria generated $62 million from airline ticket taxes in 2024, contributing to the broader $1.97 billion collected across Africa during the period. The country’s earnings formed part of the global $60.3 billion ticket-tax revenue recorded worldwide. The figures were disclosed in new data released by the International Air Transport Association (IATA), which compared ticket-specific charges across global regions. The data…
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CBN directs financial institutions to waive cash withdrawal limit fees on foreign currencies
The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions not to implement its new cash withdrawal limit policy on dollar transactions or other deals relating to foreign currencies. Under the revised CBN cash-related policies, individuals are limited to a cumulative weekly cash withdrawal of N500,000 across all channels, including ATMs, POS terminals, and over-the-counter transactions.…
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FG, SEC, NGX Group forge unified direction on capital gains tax reform
The Federal Government has inaugurated the National Tax Policy Implementation Committee (NTPIC), marking a deliberate shift toward a more predictable and market-aligned rollout of the newly enacted capital-gains-tax (CGT) provisions. The move follows extensive technical engagements with key capital-market institutions, including the Securities and Exchange Commission (SEC) and Nigerian Exchange Group (NGX Group), reflecting policymakers’ recognition of the market’s role…
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Nigeria will lend to other nations by 2026 — Remi Tinubu
By Deborah Oladejo, Osogbo – Nigeria’s First Lady, Senator Oluremi Tinubu, has projected a turnaround in the nation’s economy, declaring that by 2026, Nigeria would attain a level of prosperity that would compel other countries to come and borrow money from the country. Tinubu made the remark in Ile-Ife after being installed as the Yeye Asiwaju Ile Oodua during the…
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Dangote urges Nigerians to embrace ‘Nigeria-first’ policy, pay taxes, prioritise industrialisation
By Kunle Sanni – Africa’s richest man, Aliko Dangote, has called on Nigerians and the business community to fully align with President Bola Tinubu’s Nigeria-first economic policy by prioritising local investment, paying taxes diligently, and reducing dependence on foreign investors. Speaking on Friday after a meeting with President Tinubu at the State House, Abuja, Dangote said the government has already…
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Edun says FG reforms driving private-sector growth, highlights Imo’s investment potential
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the federal government’s economic reforms are opening up stronger opportunities for private-sector growth across the country. Speaking on Thursday at the Imo State Economic Summit 2025, Edun praised Governor Hope Uzodimma for the state’s ongoing road upgrades and plans for 24-hour electricity supply, noting that…
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