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 …
In a bold move aimed at reforming Nigeria's mining sector, the Nigerian Mining Cadastre Office (MCO) has revoked over 4,700 mining licences that were hoarded by speculators and inactive holders. This action, taken in the past year, seeks to create a transparent, competitive, and investor-friendly environment that can attract serious players and boost Nigeria’s position …
The Nigerian naira has risen to a six-month high at the official foreign exchange (FX) market. According to data published on the Central Bank of Nigeria (CBN) website, the naira appreciated to ₦1,514.86 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, 04 September 2025, the last trading day last week before the public …
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that the five per cent surcharge on petroleum products reinstated in the new tax law is aimed at harmonising and providing transparency in the tax system. He said this in a post on Saturday, September 6, while clarifying what is true …
United Capital Research (UCR) has predicted that Nigeria’s headline inflation rate will drop to 20.83 per cent in August 2025, down from 21.88 per cent in July 2025. The pan-African financial services institution said its forecast is based on a combination of factors, including decreasing prices of major food items, relatively stable energy prices, especially …
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to take concrete actions towards ensuring the implementation of all international partnership agreements for development of the domestic economy. The chamber made the call while reacting to recent international engagements of the Nigerian government, including the diplomatic overtures with Brazil and …
