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Obasanjo knocks Tinubu over fuel subsidy removal, exchange rate unification

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Obasanjo And Tinubu

Former President Olusegun Obasanjo has criticized President Bola Tinubu’s approach to implementing fuel subsidy removal and exchange rate unification, stating that while these actions are necessary, their execution was flawed. Speaking at a colloquium in Abuja, Obasanjo emphasized the importance of effective leadership and proper implementation to avoid economic hardships for Nigerians. He also addressed … Read more

Tinubu approves $100m new investment as Nigeria set to host African Energy Bank headquarters

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Tinubu

President Bola Tinubu has approved a new investment in the energy sector to the tune of 100 million United States dollars. Permanent Secretary, Federal Ministry of Petroleum Resources, Ambassador Nicholas  Ella, who made this known in a statement at the weekend, said the investment is part of efforts to ensure successful hosting of African Energy … Read more

Nigerians should expect drop in electricity tariffs – Power Minister

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Aedc Electricity Tariff Hike

Power Minister, Adebayo Adelabu, assured Nigerians on Friday that the current high electricity tariffs are a temporary issue and will eventually decrease, akin to the trend seen in telecom tariffs in the country. Addressing criticism from consumers about recent tariff hikes and poor power supply, Adelabu expressed optimism about the future. “Though it seems costly … Read more

What Tinubu’s govt is doing about Nigerian tax system – Shettima

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Shettima (1)

Vice President Kashim Shettima says the President Bola Tinubu’s administration is reforming the nation’s tax system, focusing on improving collection efficiency rather than increasing the tax burden on citizens. During a meeting with a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa on Thursday, VP Shettima emphasized that the … Read more

Naira depreciates against dollar in parallel market

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Naira dollar

The Nigerian Naira experienced contrasting movements in different foreign exchange markets on Wednesday. While the Naira depreciated in the parallel market, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM). In the parallel market, the Naira depreciated to N1,495 per dollar from N1,470 per dollar on Tuesday. On the other hand, in the NAFEM, … Read more

CBN issues fresh directives to BDC operators

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Adeyemi Cardoso

The Central Bank of Nigeria (CBN) has mandated all existing Bureau De Change (BDC) operators to reapply for new licenses in their preferred category. This directive was issued on Wednesday in a circular signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department. According to the circular, BDC operators must meet the … Read more

Dangote refinery increases diesel prices amid naira depreciation

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Dangote Refinery2

In response to the continuous depreciation of the Nigerian naira against the US dollar, the Dangote Petroleum Refinery has raised the price of diesel from ₦940 per litre to ₦1,100 per litre. This decision comes after a series of consultations with oil marketers and an initial price reduction from ₦1,200 per litre to ₦1,000 per … Read more

OPay, Palmpay, others will resume onboarding of new customers soon, says CBN

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cbn 1

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will be able to resume the enrolment of new customers in the coming months. This announcement was made by CBN Governor Olayemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting, where … Read more

(BREAKING)Inflation: CBN raises interest rate to 26.25%

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CBN 1

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 150 basis points, from 24.75% to 26.25%. This decision is part of ongoing efforts to achieve price stability and curb inflation. The committee also maintained the asymmetric corridor at +100 and -300 basis points, with the … Read more