The Federal Government has ordered the immediate suspension of the four per cent Free on Board (FOB) charge earlier imposed by the Nigeria Customs Service (NCS) on all imported goods. The directive, issued by the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, was contained in a letter addressed to the Comptroller-General …
Nigeria’s headline inflation rate continued its downward trend for the fifth consecutive month, easing to 20.12 per cent in August 2025 from 21.88 per cent recorded in July. This represents a 1.76 percentage point decline, according to the Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS). The sustained …
Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has said all it wants is a mutually-beneficial deal with the Dangote Refinery. DAPPMAN said its members are in support of the Dangote refinery but need better collaboration with the management of the refinery to serve Nigerians better in the supply of petroleum products. This comes …
Analysts at Financial Derivative Company (FDC) led by economist Bismark Rewane have said Nigeria’s latest trade figures highlight both the fragility of its oil reliance and the potential of its broader economy. In Q2 2025, crude oil earnings slumped by over ₦3 trillion, despite higher production. By contrast, non-oil exports surged 107% to ₦18.4 trillion in the …
Analysts have argued in the recent past that Nigeria’s food crisis is not just a product of violence; it is the consequence of policy incoherence, poor governance, and institutional fragmentation. In July, militants believed to be members of the Lakurawa group launched a raid on Kwallajiya, Sokoto State, resulting in 15–17 fatalities. This attack highlights …
The Federal Inland Revenue Service (FIRS) has dismissed claims that Nigerians must present a separate Tax Identification Number (TIN) to open or operate bank accounts. Arabinrin Aderonke Atoyebi, technical assistant on broadcast media to the FIRS chairman, Zacch Adedeji, said Nigeria’s tax framework now integrates with existing national registries. This approach, she explained, makes individuals …
The decision by OPEC+ to increase oil output by an additional 137,000 barrels per day (bpd) in October 2025 reflects a nuanced shift in global oil market management. For Nigeria, a member of OPEC, this move has significant implications for production and the economy. Pinnacle Daily reports that the group, which includes OPEC members plus …
Nigeria spent ₦4.13 trillion on the importation of Premium Motor Spirit (PMS), commonly known as petrol, in the first half of 2025. This is according to data released by the National Bureau of Statistics (NBS). According to the NBS data, Nigeria spent ₦1.76 trillion on the importation of Motor Spirit Ordinary (fuel) in the first …
The Federal Competition and Consumer Protection Commission (FCCPC) recovered over N10 billion for consumers after complaints against banks, fintechs, and other sectors. Ondaje Ijagwu, Director of Corporate Affairs, disclosed this on Thursday. The data covers complaints lodged between March and August 2025 via FCCPC complaint platforms. The top ten sectors by complaint volume were: Banking: …
Beginning January 1, 2026, Nigerians and foreign residents will no longer be able to open or operate a bank account without a Tax Identification Number (Tax ID), following the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu. The new Act is part of government efforts to expand …
