On Friday, December 19, 2025, Nigeria's President Bola Tinubu presented a proposed 2026 budget size of N58.18 trillion to a joint session of the National Assembly. Christened ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’, it aims to consolidate economic reforms and boost growth. It was read for the first time on the same day, …
Nigeria lost N16.2 trillion in oil revenue in the first half of 2025, reflecting a shortfall from the government's revenue targets for that period. According to a report released by the Budget Office on budget performance, N9.32 trillion was generated out of the 25.52 trillion projected for January to June 2025. This means only 36.52 …
The Federal Inland Revenue Service (FIRS) has clarified that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) now automatically serves as the Tax Identification Number (TIN) for individual Nigerians. The announcement was made on Monday as part of a public awareness campaign on the new tax laws, shared by FIRS …
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that the National Assembly has the constitutional authority to suspend the planned implementation of Nigeria’s tax reform laws set for January 2026. In an interview on Channels Television on Monday, Oyedele responded to allegations that parts of the tax laws passed …
The Naira is expected to trade near ₦1,350/$ by 2026 as economic indicators strengthen, analysts at Cordros Securities have projected. They gave the forecast in a new report titled 'Nigeria in 2026: Building Momentum Beyond the Rebound'. The report provides reviews of macroeconomic trends and market dynamics. It states that the naira is likely to …
President Bola Tinubu has presented the proposed 2026 Federal Budget, estimated at ₦58.18 trillion, on Friday, December 19, 2025. The president, who arrived at the National Assembly complex on Friday afternoon, presented the budget titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity” at a joint session of the National Assembly. Breakdown of 2026 Budget …
BudgIT Nigeria has raised concern over the revenue figure declared by the budget office and the disclosure made recently by the Minister of Finance and Coordinating Minister of Economy, Wale Edun. The civic organisation raised the alarm in a post on its X handle on Friday, December 19. It stated: “While the Budget Office @PlanningNG …
The number of Americans filing new applications for unemployment benefits fell last week, reversing the prior week’s surge. The Labour Department reported 224,000 initial claims for the week ending December 13, a decline of 13,000 from the previous week. Economists had expected 225,000 claims. Claims data have fluctuated in recent weeks due to seasonal adjustments …
The Nigerian House of Representatives has suspended discussion on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The decision to step down the documents was taken on Wednesday following a heated debate over how crude oil price benchmarks and revenue projections were calculated. The debate ensued in plenary immediately after James Faleke, …
Oil prices climbed more than 2% on Wednesday after U.S. President Donald Trump ordered a full blockade of sanctioned oil tankers operating in and out of Venezuela, triggering fresh concerns over supply disruptions. Brent crude futures rose $1.41, or 2.4%, to $60.33 a barrel by 10:18 GMT. U.S. West Texas Intermediate (WTI) gained $1.42, or …
