The federal government has dismissed reports that it plans to introduce new taxes on telecommunications services and petroleum products. It dismissed the claim in a statement on Tuesday by Maryann Duke, Senior Special Assistant on Communications and Press Affairs to the Minister of Finance and Coordinating Minister of the Economy, describing it as inaccurate and …
The International Monetary Fund (IMF) has warned that the rapid rise of stablecoins in Nigeria could weaken the country’s control over its monetary system. It highlighted this concern in a report on Tuesday following the release of its latest Article IV report on Nigeria, detailed in Annex VII. According to the Brettonwood financial institution, more …
The Alliance for Economic Research and Ethics has called on the federal government to reject the International Monetary Fund's (IMF) recommendation for new taxes on fuel, telecommunications services, and consumption. In a policy statement released on June 14 by its chairman, Dele Oye, the think tank group warned that such measures would worsen poverty, raise …
The planned listing of Dangote Petroleum Refinery on the Nigerian Exchange Limited (NGX) has been touted as one of the most significant developments in the history of Nigeria's capital market. The refinery, valued at between $39 billion and $50 billion by various estimates, is expected to add tens of trillions of naira to the market …
The Centre for the Promotion of Private Enterprise (CPPE) has warned that continued reliance on high interest rates to manage Nigeria's economy could undermine investment, job creation and economic growth, despite recent gains in macroeconomic stability. In a statement on Sunday, the chief executive officer of CPPE, Muda Yusuf, said while the International Monetary Fund's …
The first quarter (Q1) of 2026 offered the first major test of the Nigeria Tax Act 2025, and the results show a clear pattern across many sectors of the economy, Pinnacle Daily can report. An analysis of financial statements of banks, insurers, agribusiness firms, cement manufacturers, and telecommunications companies shows that companies paid significantly more …
When Nigeria returned to democratic rule in 1999, ushering in the Fourth Republic, the average citizen earned far less than today but could afford much more with those earnings. At the time, the gross domestic product (GDP) per capita was estimated at $450, the naira exchanged at around ₦92 to the dollar, petrol sold for …
Nigeria continued its upward trajectory in crude oil production in May 2026, exceeding the quota assigned by the Organisation of Petroleum Exporting Countries (OPEC) for the first time in 11 months. According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country’s crude oil production averaged 1,530,354 (1.53 million) barrels per day. …
Twenty-six years after Nigeria returned to democratic rule, the country’s manufacturing sector remains trapped in low growth, with its contribution to Gross Domestic Product (GDP) largely stagnating at between 9 and 10 per cent. The Centre for the Promotion of Private Enterprise (CPPE) raised the concern in a statement issued on Thursday by its Chief …
Despite repeated sanctions imposed on electricity distribution companies (DisCos) by regulators, overbilling and lack of metering continue to dominate customer complaints across Nigeria's power sector, raising concerns about the effectiveness of enforcement measures and the pace of reforms. For millions of electricity consumers, estimated billing remains a persistent source of frustration. Households and businesses continue …
