The 36 states of the federation are set to receive an estimated N5.07tn as their share of Value Added Tax in 2026, following the commencement of a new VAT sharing formula introduced under the National Tax Acts, contained in the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper approved by the Federal Executive Council. According […]
Several petroleum products depot owners and marketers in Nigeria have increased their ex-depot petrol price over the alleged planned shutdown of Dangote Refinery’s petrol unit for maintenance and upgrades. Speaking on the plan, Devakumar Edwin, Vice President of Dangote Industries, explained that In most departments, production levels went beyond 100 percent, but just needed to […]
Nigeria’s banking sector recorded a rise in bad loans in 2025 after the Central Bank of Nigeria withdrew the regulatory forbearance granted to lenders during the COVID-19 pandemic, according to the apex bank’s latest macroeconomic outlook report. The report showed that the banking industry’s Non-Performing Loans ratio climbed to an estimated seven per cent, exceeding […]
London’s benchmark FTSE 100 stocks index topped 10,000 points for the first time today, extending a record run seen last year. In early deals on the first trading day of 2026, the capital’s top-tier index featuring the likes of energy group BP, telecoms firm Vodafone and banking giant HSBC — gained 1.0 per cent to […]
President Bola Tinubu has approved the cancellation of a substantial portion of the debts owed by the Nigerian National Petroleum Company Limited to the Federation Account, wiping off about $1.42bn and N5.57tn after a reconciliation of records between both parties. This is contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission and […]
The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned inter-city road transport operators against arbitrary and unexplained fare increases during the ongoing yuletide travel period. The warning was contained in a statement signed by the Commission’s Corporate Affairs Director, Ondaje Ijagwu, following a surge in consumer complaints from several parts of the country. The […]
The Federal Government has signed a five-year, $5.1 billion bilateral health cooperation Memorandum of Understanding (MOU) with the United States to advance the America First Global Health Strategy. The partnership is aimed at supporting resilient, self-reliant, and durable health systems while promoting accountability and shared responsibility. The US Mission Nigeria said the MOU was negotiated […]
In a bid to harness the tourism potential of Ogun State for economic growth, the state government has signed a Memorandum of Understanding (MOU) with a private organisation to advance the state’s tourism potential. The state government has signed a Memorandum of Understanding with a private organisation named “Whatadeal”, a privately owned tourism, lifestyle, and […]
Dangote Refinery and Petrochemical has commenced nationwide sales of Premium Motor Spirit (PMS) at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations. This move represents a significant milestone in the refinery’s mission to deliver affordable fuel to Nigerians and stabilise the downstream petroleum market. With over 2,000 MRS stations nationwide, […]
Nigerians may celebrate the Yuletide in darkness if the Federal Government takes no further steps to defray the gas-to-power debt, as gas companies have begun cutting supplies to power plants, a development already affecting electricity generation nationwide. According to EEDC, the drop in power supply availability is due to low system frequency, said to have […]
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