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 …
Dangote Refinery has finally concluded plans to start its free fuel distribution scheme on Monday, 15 September 2025. This comes one month after the August 15 date, which was earlier planned to commence the scheme. Pinnacle Daily gathered that the inability of the company to commence in August was due to logistical challenges, which affected …
The BUA Foods Plc N13 per share proposed dividend has been approved by shareholders. It represents a 136 per cent increase from the N5.50 paid in 2023. The approval was given at its 4th Annual General Meeting on Thursday, September 11, in Abuja. In a statement by its Director of Marketing and Corporate Communications, Adewunmi …
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 …
