Nigeria's crude oil production fell to 1.434 million barrels per day (bpd) in August 2025, down by approximately 73,000 bpd from 1.507 million bpd in July. This represents a decline of 4.84 per cent and marks the lowest production level in six months. The August production figure fell below Nigeria's allocation of 1.5 million bpd by the Organisation of Petroleum Exporting Countries (OPEC), …
Dangote Cement Plc has said that shareholders of the company received about N3.3 trillion in dividends over the past 15 years. This benefit besides the significant capital gains from the appreciation of the company’s stock. The Dangote Cement Chairman, Emmanuel Ikazoboh, hinted at this during the company’s ‘Facts Behind the Figures’ presentation at the Nigerian …
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that 80 per cent of the capital component of Nigeria’s 2024 budget has so far been released. Edun disclosed this after a closed-door session with the House of Representatives Committee on Appropriation in Abuja on Wednesday. The session, also attended by the …
Africa’s economic sovereignty is again under the spotlight following former President Olusegun Obasanjo’s warning against over-reliance on the International Monetary Fund (IMF) and World Bank. The ex-president’s comments, made at the Intra-Africa Trade Fair in Algeria, have sparked widespread debate, drawing reactions from economists, civil society actors, and ordinary Nigerians. “The World Bank is not …
The Pension Transitional Arrangement Directorate (PTAD) has received Presidential approval to include key pension initiatives in the 2026 budget proposal, aiming to improve welfare for Defined Benefit Scheme (DBS) pensioners. The approved items include: Full implementation of the N32,000 pension increment Settlement of unfunded pension liabilities Proposed pension harmonisation policy Health insurance coverage for DBS …
Ethiopia on Tuesday inaugurated the Grand Renaissance Dam, Africa’s largest hydroelectric project, aimed at boosting its economy, ending frequent blackouts, and supporting the growth of electric vehicles. The country has already banned the importation of gasoline-powered vehicles. As waters from the reservoir powered the turbines, Ethiopians dressed in colourful regalia gathered in Addis Ababa to …
The Debt Management Office (DMO) has corrected reports that claimed the Federal Government spent N611.71 billion in March 2025 servicing its domestic U.S. dollar bond. The agency said the actual figure for the bond was N67.99 billion. In a statement, the DMO explained that the N611.71 billion represented debt service for all outstanding Federal Government …
Nigerian banks are increasingly turning to non-interest income to diversify revenue streams, enhance profitability, and mitigate risks associated with traditional interest-based models. Analysts observed that this shift is mainly driven by economic volatility, regulatory changes, and the growing adoption of digital financial services. Pinnacle Daily’s analysis of the financial statements of eight Nigerian commercial banks …
In a bid to ease growing concerns among Nigerians, the federal government has announced a delay in the implementation of the new tax law, including the controversial 5% fuel surcharge, until January 1, 2026. Finance Minister Wale Edun made this revelation on Tuesday, attempting to quell fears of an even greater strain on household budgets …
Nigeria has entered a new era of billionaire weddings. But instead of celebrating at home, these high-society unions are unfolding abroad, draining billions of naira out of the country. In less than three months, two major weddings, Temi Otedola’s union with Afrobeat star Mr Eazi and Davido’s marriage to Chioma Rowland, have cost a staggering …
