Business

A chieftain of the All Progressives Congress, Chief Uche Nwosu, on Thursday commended President Bola Tinubu for signing an executive order directing that revenues from the Nigerian National Petroleum Company Limited be paid directly into the Federation Account before any disbursement is made back to the national oil company. Nwosu, who served as Chief of […]

Nigeria’s oil sector lost an estimated N1.76tn in potential crude oil revenue due to its failure to meet the production quota set by the Organisation of the Petroleum Exporting Countries from January 2025 to January 2026. Data from the Nigerian Upstream Petroleum Regulatory Commission revealed that the country’s crude oil production fell below the OPEC-set […]

Abia State Governor, Alex Otti, says that the proposed Aba Commercial Smart City, a strategically situated Public-Private Partnership investment hub sitting on a 140-hectare land at Osisioma, will, on completion, launch Aba into an industrial centre for sustainable economic development and job creation. Otti, who was speaking yesterday during the signing of a Memorandum of […]

The fuel supply arrangement between the Dangote Petroleum Refinery and 20 major petroleum marketers, under which the parties agreed to offtake 600 million litres of petrol monthly, has collapsed over pricing disagreements. It was also gathered that the disagreement sparked the surge in petrol importation witnessed in the month of November 2025, with total imports […]

Togo, Niger, and Benin owe Nigeria $17.8m, an equivalent of over N25bn at the current exchange rate, for electricity supplied under bilateral arrangements, the Nigerian Electricity Regulatory Commission has said. In its Third Quarter 2025 report, NERC disclosed that the three international customers were invoiced a total of $18.69m by the Market Operator for electricity […]

Petrol station workers under the aegis of the Concerned Petrol Station Workers have opposed plans by AA Rano to introduce what the company described as Nigeria’s first fully automated and unmanned fuel stations. According to the company, the stations will rely on contactless payment platforms, real-time monitoring technology, and automated dispensing systems, thereby eliminating the […]

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 […]