As part of a new economic directive from President Tinubu, the Nigerian government begins crude oil sales in naira to local refineries, signaling a shift in the country’s oil trade policies In a significant policy shift, the Nigerian government has officially commenced naira-based crude oil sales to local refineries, including Dangote Refinery, following a directive…
The cost of landing petrol in Nigeria has seen a reduction as the naira strengthens against the US dollar, impacting fuel prices nationwide. The petrol landing cost drops from N981/litre on September 25, 2024, to N945.63/litre as of September 27, 2024. This decline is linked to the strengthening of the naira, which appreciated against the…
In a bid to enhance essential services and tackle environmental challenges, Nigeria has secured a new financial package from the World Bank totaling $1.57 billion. This funding is set to drive progress in healthcare, education, and climate adaptation, specifically focusing on the needs of women, children, and adolescents, while also addressing the increasing threats of…
The Presidency has confirmed that a significant cabinet reshuffle is expected soon, with up to 11 ministers possibly losing their positions. This development, revealed during a media briefing at the Presidential Villa in Abuja by Bayo Onanuga, Special Adviser to the President on Information and Strategy, signals that President Bola Tinubu is preparing for a…
The Federal Government has announced the second phase of disbursements to nearly one million Nigerians under the Direct Benefit Transfer (DBT) initiative. This programme, overseen by the Presidential Panel on Social Investment, is aimed at providing much-needed financial aid to some of the country’s most vulnerable citizens. During a high-level meeting held in Abuja on…
Nationwide protests set for October 1st as the Nigerian Patriotic Front Movement urges Nigerians to take a stand against poor governance In a bold move for national survival, the Nigerian Patriotic Front Movement (NPFM) has declared October 1st a day of nationwide protests, calling on Nigerians to demand urgent reforms from President Bola Tinubu’s administration….
In a strategic move, Cardoso lures foreign investors with historic OMO yields as the Central Bank of Nigeria (CBN) introduces a groundbreaking offer on one-year OMO bills. Yielding at 32%, the bill marks the highest return since the inception of the CBN’s OMO (Open Market Operations) and aims to attract substantial foreign portfolio investments to…
The Nigerian National Petroleum Company is struggling to provide crude to Dangote Refinery after ex-President Buhari used oil reserves as collateral for foreign loans The NNPC crude supply challenges are currently impacting the Dangote Refinery, a key oil processing plant in Nigeria. According to Festus Osifo, the President of the Petroleum and Natural Gas Senior…
The Nigerian government is set to widen its tax base through new reforms aimed at increasing national revenue The Nigerian government expands tax base with its latest initiative to generate more revenue despite the ongoing economic challenges. This move, which is part of the Economic Stabilisation Bills, was approved by the Federal Executive Council and…
The Central Bank of Nigeria (CBN) has commenced the sale of $20,000 to eligible Bureau De Change (BDC) operators across the country at an exchange rate of ₦1,590 per dollar. In a circular issued on September 25, 2024, the CBN emphasized that this move is aimed at injecting “additional liquidity” into the foreign exchange market…
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