The Federal Government has officially scrapped the planned 5 percent excise duty on telecommunications services, offering much-needed relief to millions of phone and internet users across Nigeria. The decision, which follows months of consultations and pushback from industry stakeholders, has been widely welcomed by consumers, service providers, and advocacy groups who feared that the tax would further burden households already struggling with rising costs of living. The telecoms tax was first introduced in 2022 as part of broader revenue generation measures but was met with stiff resistance from the Nigerian Communications Commission (NCC), the Ministry of Communications, and telecom operators.…
Author: Temitope N.
Dangote Cement Plc, Africa’s leading cement producer, has disclosed that it has invested more than $8.5 billion across the continent in the last 15 years, underscoring its role as one of the foremost drivers of industrialisation and infrastructure development in Africa. The announcement highlights the company’s strategic expansion efforts that have not only boosted its production capacity but also created thousands of direct and indirect jobs, enhanced local value chains, and reduced Africa’s dependence on imported cement. Since 2010, when the company embarked on a continental expansion strategy, Dangote Cement has steadily extended its footprint beyond Nigeria into key markets…
Nigeria’s recent monetary tightening has significantly boosted banks’ interest income, with lenders collectively earning about ₦15.4 trillion, according to a report published by Afrinvest. This surge reflects how elevated interest rates and stringent liquidity conditions imposed by the Central Bank of Nigeria (CBN) are reshaping the financial sector—creating winners among banks even as many borrowers struggle under rising costs. Afrinvest attributes the increase largely to the CBN’s aggressive policy adjustments aimed at curbing inflation and defending the naira. Over the past year, benchmark rates have risen steadily. The Monetary Policy Rate (MPR) has been raised multiple times to discourage excess…
The management of Dangote Refinery has dismissed allegations by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) that it violated a Memorandum of Understanding (MoU) signed earlier this month, insisting that it remains committed to upholding labour rights and fostering a stable working environment. The refinery, which has been at the center of Nigeria’s push for energy self-sufficiency, came under scrutiny after NUPENG accused its representatives of instructing Petroleum Tanker Drivers (PTD)—who are union members—to remove stickers from their vehicles and of resisting efforts to enforce the provisions of the MoU. The union warned that its members had…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has accused Dangote Refinery of breaching the terms of a recently signed Memorandum of Understanding (MoU), placing its members on “red alert” for the resumption of a nationwide strike. The unfolding dispute centers on how tanker drivers—specifically members of the Petroleum Tanker Drivers (PTD) branch—are treated under the agreement, threatening to undermine a fragile peace that had briefly settled tensions at the refinery. The MoU, signed on September 9, involved NUPENG, Dangote Group, the Ministry of Labour, representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well…
The Dangote Refinery has confirmed plans to begin a free fuel distribution scheme starting Monday, September 15, as part of a broader effort to cushion the impact of high living costs on Nigerians. The initiative will roll out initially in Lagos, Abuja, Kwara, Delta, Rivers, Edo, and other South-West states before gradually expanding nationwide. According to company officials, the refinery will not only distribute fuel free of charge in some communities but also slash retail pump prices in several states. In Lagos and other South-West states, petrol will sell at ₦841 per litre, while Abuja, Edo, Kwara, Rivers, and Delta…
Nigeria’s oil sector has achieved a significant milestone as recent data indicates that crude oil theft has dropped to its lowest level since 2009. This development comes as a major relief for Africa’s largest crude producer, which has long grappled with the twin challenges of oil theft and pipeline vandalism that have undermined production, revenues, and investor confidence. According to monitoring reports from industry regulators and security agencies, the volume of crude stolen from pipelines and other facilities in the Niger Delta has seen a sharp decline over the past few months. Officials attribute this progress to a combination of…
Dangote Petroleum Refinery has officially restated that membership in any trade union remains a voluntary decision, in compliance with both Nigerian law and international labour standards. The declaration comes amid escalating discord between the refinery and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) over alleged breaches of an agreement on worker unionisation. According to a statement issued by the refinery, it neither compels nor prevents its workers from joining any recognised trade union. Management said reports to the contrary—particularly allegations that drivers were forced to sign contracts barring them from union affiliation—are false and represent a mischaracterisation…
President Bola Ahmed Tinubu has directed his economic team and relevant ministries to urgently implement measures aimed at reducing the high cost of food items across Nigeria. The directive follows mounting public concern over persistent food inflation, which has become the leading driver of the rising cost of living. Speaking through the Ministry of Agriculture and Food Security, Tinubu emphasized that food security is at the heart of his administration’s economic agenda. He explained that while availability of food is critical, affordability, accessibility, and sustainability are equally important, and government policies must reflect all these dimensions. One of the major…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government has already implemented about 80 percent of the 2024 budget, assuring citizens that the administration remains on course to deliver on its fiscal promises. The disclosure comes amid heightened scrutiny from lawmakers, economic analysts, and the general public over delays in project execution and concerns that budgetary allocations may not be translating into visible development on the ground. Speaking after a meeting with members of the House of Representatives Appropriations Committee in Abuja, Edun stressed that significant progress has been made in…
Shareholders of Dangote Cement Plc have reaped massive rewards over the last 15 years, as Africa’s largest cement producer confirmed it has paid out a staggering N3.3 trillion in dividends since listing on the Nigerian Exchange in 2010. The milestone underscores the company’s consistent profitability, dominant market position, and ability to create value for both retail and institutional investors, despite Nigeria’s challenging economic terrain. The company, founded and chaired by Africa’s richest man, Aliko Dangote, has maintained its position as a market leader with operations spanning several African countries. Over the years, Dangote Cement has become synonymous with robust financial…
Members of the House of Representatives have sharply questioned Finance Minister Wale Edun and Budget & National Planning Minister Atiku Bagudu over what they described as worrying delays in implementing the 2024/25 budget. The scrutiny follows concerns among lawmakers and citizens that many promised projects and capital expenditures have been slow to begin despite the budget’s extension and declared progress in parts of it. At a recent closed-door session of the House Committee on Appropriations in Abuja, the two ministers were asked to account for the budget’s execution. Chairman Abubakar Bichi told journalists afterward that Nigerians are deeply concerned about…
The Nigerian Meteorological Agency (NiMet) has renewed calls for greater funding support from the Federal Government and development partners to enhance its capacity to predict and mitigate weather-related disasters across the country. The agency warned that insufficient resources threaten its ability to provide timely forecasts, early warnings, and climate services critical to safeguarding lives, property, and infrastructure. Officials of NiMet explained that Nigeria is increasingly vulnerable to extreme weather events such as flooding, heat waves, droughts, and storms, all of which have intensified due to climate change. In recent years, the country has experienced devastating flooding that displaced thousands of…
The Nigerian Civil Aviation Authority (NCAA) has taken a strong new stance on passenger misbehavior, directing all domestic airlines to begin blacklisting unruly passengers. The regulation aims to improve flight safety, protect airline staff, and strengthen passenger accountability across Nigeria’s skies. At a meeting in Abuja with representatives from the country’s major domestic carriers—including Air Peace, Ibom Air, Arik, Green Africa, Max Air, ValueJet, Rano Air, United Nigeria, Aero, and Overland—NCAA’s Director of Public Affairs and Consumer Protection, Michael Achimugu, emphasized that blacklisting must serve both as deterrent and corrective measure. He urged airlines to record and report incidents, treat…
The Federal Government has disclosed that it has collected over ₦600 billion in Value Added Tax (VAT) from global technology companies such as Facebook, Google, Netflix, and other foreign digital service providers operating in Nigeria. The announcement signals significant progress in the country’s efforts to expand its tax base and capture revenue from the fast-growing digital economy. The tax haul follows the implementation of provisions in the Finance Act that mandate non-resident digital service providers to register for VAT in Nigeria and remit taxes on services rendered to Nigerian users. These services include online advertising, subscription-based streaming, app store transactions,…
The Nigerian currency has staged a strong recovery in the foreign exchange market, appreciating to ₦1,500 per United States dollar amid renewed confidence spurred by an improvement in the country’s external reserves. The rally marks a positive turn for the naira, which in recent months has faced sharp depreciation pressures due to dollar scarcity, inflation, and investor concerns over the wider economy. Traders and market analysts confirmed that the naira gained strength both at the official and parallel segments of the foreign exchange market following reports of rising foreign exchange inflows and tighter monetary policies by the Central Bank of…
The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has announced the reopening of fuel depots across the country after reaching an agreement with the management of Dangote Petroleum Refinery. The decision comes after days of tension that saw the union directing tanker drivers to halt lifting fuel products from depots linked to the refinery, raising concerns about potential supply disruptions and queues at filling stations. According to union officials, the industrial action was triggered by unresolved issues between depot owners and the Dangote refinery over pricing structures, distribution margins, and product allocation. NUPENG had argued that some of…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that it has secured more than $400 million in decommissioning and abandonment liabilities ahead of major oil and gas divestment transactions. The funds, lodged through escrow accounts and letters of credit, represent a significant regulatory milestone designed to ensure that oil companies meet their obligations to retire facilities, clean up the environment, and prevent the transfer of hidden liabilities during asset sales. According to the commission, since April 2023, a total of 94 decommissioning and abandonment plans have been approved with cumulative liabilities put at $4.424 billion. The $400 million already…
Nigeria’s telecommunications industry has created more than 500,000 direct and indirect jobs in the past decade, according to the Nigerian Communications Commission (NCC). The regulator disclosed that the sector’s rapid growth has not only transformed the way Nigerians communicate but also contributed significantly to employment and the nation’s broader economic development. The revelation came during a recent industry engagement in Abuja, where the NCC highlighted the telecom sector’s expanding role in Nigeria’s socio-economic advancement. Officials explained that with over 220 million active mobile lines, rising broadband penetration, and an ever-expanding digital ecosystem, the sector has become one of the country’s…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has dispelled fears that the Federal Government plans to introduce a 5 percent fuel surcharge in 2026, insisting that no such policy is under consideration. The clarification comes amid public anxiety following reports that a new petroleum product levy could be implemented as part of the government’s revenue drive. Speaking at a briefing in Abuja, the minister reaffirmed that the government’s focus remains on stabilising the economy, easing the burden on households, and creating conditions for growth. He explained that while revenue mobilisation remains a priority, policies that…