Nigeria Breaking News
Nigeria’s 2025 budget came under further pressure yesterday as the price of Bonny Light crude oil grade dropped to an average of $60 per barrel from $65 per barrel in the international market, yesterday. The execution of the budget was benchmarked on $75 per barrel and more than two million bpd output including condensate. Nigeria’s …
LAGOS—The Managing Director of Rural Electrification Agency, REA, Engr. Abba Aliyu, has said Nigeria needed approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap. He disclosed this during a facility tour of a solar manufacturing and renewable energy services firm, LPV Technologies in Lagos …
Not long ago, the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, accused a Lagos-based oil company of employing no fewer than 10,000 expatriates, including security personnel and cooks. Read Also: Insecurity worsens: Herdsmen kill 144 in Plateau, Benue in 14 days Though the veracity of these claims has not been ascertained—even at the Ministry …
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says the Tax Reform Bill will curb poverty and empower ordinary Nigerians. Oyedele made this known at the Spokespersons’ Summit, organised by the Nigerian Institute of Public Relations (NIPR) in Abuja. He expressed strong optimism about the sweeping changes the bill would …
The naira yesterday depreciated to N1, 620 per dollar in the parallel market from N1,618 per dollar on Tuesday. But, the Naira appreciated to N1,599 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,599 …
In a significant development, Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new price is set at N835 per litre, down from N865 per litre, marking a 3.5 per cent decrease. This price adjustment follows the recent decline in global crude …
Editor of Vanguard Newspaper, Eze Anaba, has charged Deposit Money Banks (DMBs) to prioritise lending to the real sectors of the economy, especially agriculture, manufacturing, Small and Medium Enterprises (SMEs) and infrastructure, in order to achieve the $1 trillion economy by year 2030, set for the nation by President Bola Tinubu. He gave the charge …
The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday. But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604 …
Global credit rating agency Fitch has revised Nigeria’s long-term foreign-currency issuer default rating (IDR) outlook from Negative to Stable, upgrading the country’s rating from ‘B-’ to ‘B’. The IDR reflects an entity’s vulnerability to default on financial obligations, including distressed debt exchanges. In a statement released on Friday, Fitch said the decision was driven by renewed confidence in …
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said that the Federal Government will review the impact of the ongoing global tariff war on Nigeria. He spoke yesterday at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government Owned Enterprises (GOEs) in Abuja. Edun said, “For the economic …