The National Pension Commission (PenCom) has urged the Federal Government to raise the pension contribution rate for the Nigeria Police Force from the current 10 percent to 20 percent, citing the need to ensure adequate retirement benefits and financial security for officers after years of service. The call was made by PenCom’s Director-General, Mrs. Aisha Dahir-Umar, during a stakeholders’ engagement in Abuja on Tuesday. She explained that the recommendation was part of a broader proposal to address long-standing concerns over the welfare of police officers, especially given the high-risk nature of their duties. Under Nigeria’s Contributory Pension Scheme (CPS), employers…
Author: Temitope N.
Nigeria’s banking sector attracted more than half of total capital inflows into the country in the first half of 2025, underscoring its central role in the nation’s economic reform agenda and growing investor appetite for financial services. Data from the National Bureau of Statistics (NBS) reveal that the financial institutions sector accounted for over 52 percent of the $3.21 billion in total capital importation recorded between January and June 2025. This dominance reflects the continued confidence of foreign investors in Nigeria’s banking system despite macroeconomic headwinds and policy adjustments. According to the NBS report, foreign portfolio investments in Nigerian banks…
The Power System Operator (PSO), a key division of the Transmission Company of Nigeria (TCN), has stepped in to mediate the ongoing electricity tariff crisis in Enugu State, amid growing tensions between the Enugu Electricity Distribution Company (EEDC) and electricity consumers in the region. The intervention follows weeks of heated complaints from residents, business owners, and civil society groups over what they described as “unjustified and exorbitant” tariff increases introduced by EEDC. The new rates, which took effect in July, have reportedly led to sharp increases in monthly bills for both residential and commercial customers. Speaking at a press briefing…
President Bola Ahmed Tinubu has reaffirmed the Federal Government’s commitment to reviving Nigeria’s moribund steel industry, pledging to bring dormant steel companies back to life as part of his administration’s broader agenda to accelerate industrialisation and drive sustainable economic growth. Speaking on Tuesday in Abuja, Tinubu described the steel sector as the “backbone of industrialisation” and emphasised that without it, Nigeria’s ambition to become a manufacturing hub and a competitive global economy would remain unrealised. He assured that the Renewed Hope Agenda is designed to transform the nation’s industrial base, with the steel sector as a central pillar. “We cannot…
The Presidency has announced that investments in Nigeria’s Compressed Natural Gas (CNG) sector have reached $980 million, marking a significant milestone in the Federal Government’s efforts to promote cleaner and more affordable energy alternatives. This achievement is part of a broader strategy to reduce the country’s dependence on petrol and diesel, while simultaneously addressing environmental and economic challenges. Chief Executive Officer and Programme Director of the Presidential Compressed Natural Gas Initiative (PCNGI), Michael Oluwagbemi, disclosed the figure on Tuesday in Abuja, noting that the CNG expansion programme is a major pillar of President Bola Tinubu’s Renewed Hope Agenda. He stated…
The Federal Government has successfully settled over ₦2 trillion in outstanding capital budget arrears, significantly boosting the financial standing of states and raising their combined surplus to ₦7.1 trillion, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Edun disclosed this on Tuesday while briefing journalists in Abuja, explaining that the clearance of the arrears was part of the government’s broader fiscal reforms aimed at stimulating economic activity, improving liquidity, and restoring contractors’ confidence. He said the move aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises infrastructure development and fiscal discipline. According to…
The Nigeria Customs Service (NCS) has announced the interception of contraband goods valued at ₦3.1 billion and the arrest of 13 suspected smugglers in a sweeping anti-smuggling operation carried out over the last three weeks. The operation, which spanned several border points, highways, and storage facilities, was part of the NCS’s intensified enforcement drive to curb illicit trade, protect local industries, and safeguard the nation’s revenue base. Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed the development during a press briefing in Lagos on Tuesday, describing the seizures as a significant blow to smuggling networks operating across Nigeria. According to…
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a Dubai-bound passenger apprehended at the Murtala Muhammed International Airport, Lagos, for failing to declare a cash sum of $49,000 in his possession. The arrest was made in collaboration with the Nigeria Customs Service (NCS) during routine checks on outbound passengers on Monday. According to EFCC sources, the suspect was scheduled to board a flight to Dubai, United Arab Emirates, when officers conducting clearance procedures discovered the large sum concealed in his luggage. Under Nigerian law, any person transporting cash or negotiable instruments above $10,000 is required…
The House of Representatives has commenced an investigation into the N1.06 trillion Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme, following growing concerns that the initiative has failed to deliver significant benefits to ordinary Nigerians despite its vast funding. The programme, launched in 2021, was designed to mitigate the socioeconomic impacts of the COVID-19 pandemic by providing targeted interventions for vulnerable individuals, small businesses, and communities across the country. Lawmakers, during a plenary session on Tuesday, expressed dissatisfaction with the reported outcomes of the NG-CARES initiative, alleging that its reach and effectiveness have been far below expectations. They argued…
The United States government has given the green light for a possible foreign military sale to Nigeria valued at approximately $346 million, covering a range of advanced precision-guided munitions, rockets, and related equipment. The Defense Security Cooperation Agency (DSCA) announced the development in Washington, stating that the proposed sale aims to bolster Nigeria’s capacity to combat security threats and enhance regional stability. According to the DSCA, the package includes AGM-114R2 Hellfire missiles, Advanced Precision Kill Weapon System (APKWS) II rockets, and associated training, support equipment, and technical assistance. The US agency stressed that the deal would provide Nigeria with critical…
The Nigerian Economic Summit Group (NESG) has reaffirmed that industrialisation remains the most viable path to unlocking the country’s full economic potential, creating jobs, and lifting millions out of poverty. Speaking at a recent policy dialogue in Abuja, the group emphasised that without a deliberate, sustained push toward manufacturing and value addition, Nigeria’s growth prospects will remain fragile and overly dependent on volatile sectors like oil. In his address, NESG Chief Executive Officer, Dr. Tayo Aduloju, highlighted that industrialisation is not just a pathway to higher GDP but a foundation for sustainable development. He noted that while Nigeria has made…
The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to revitalise its central bank digital currency (CBDC), the eNaira, with the goal of driving mass adoption, strengthening the country’s digital payment ecosystem, and accelerating the shift toward a cash-lite economy. The initiative, according to the apex bank, will involve a complete overhaul of the eNaira’s features, accessibility options, and integration into mainstream financial services. Launched in October 2021 as the first CBDC in Africa, the eNaira was designed to complement physical cash by providing Nigerians with a secure, cashless, and easily accessible means of payment. The currency operates…
The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), cutting it by N30 per litre in a move aimed at easing the financial burden on Nigerians and supporting economic stability. The new price adjustment, which took effect immediately after the announcement, has been widely welcomed by fuel marketers, transport operators, and consumers. According to a statement from the refinery’s management, the decision was informed by recent operational efficiencies, cost optimisation measures, and the company’s commitment to delivering affordable energy to Nigerians. The management explained that improved crude oil supply arrangements and enhanced…
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Lagos State recorded the highest volume of Premium Motor Spirit (PMS) distribution in June 2025, while Jigawa State ranked lowest among all states. The figures, which reflect nationwide fuel distribution patterns, show significant disparities in consumption levels across regions, underscoring differences in population density, economic activity, and transportation demand. According to the NMDPRA’s latest petrol evacuation and consumption report, Lagos received the largest share of fuel distributed to states in June, a trend consistent with its position as Nigeria’s commercial hub and most populous state. The…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the need for stronger collaboration between the public and private sectors to accelerate the growth of non-interest financial services across the country. Speaking during a stakeholders’ engagement forum in Abuja, Edun explained that Public-Private Partnerships (PPPs) could play a transformative role in increasing access to ethical and alternative financing models, which would, in turn, foster greater financial inclusion, attract investments, and stimulate sustainable economic development. He noted that non-interest finance, which includes Islamic banking, Sukuk bonds, Takaful insurance, and other Sharia-compliant products, has been growing in…
Nigeria’s pension fund administrators (PFAs) have significantly increased their investments in real estate, with figures rising by 418% to N77.8 billion as of June 2025, according to fresh data from the National Pension Commission (PenCom). This marks a substantial leap from the N15.02 billion recorded in the same period last year, underscoring growing confidence in the property sector as a viable investment channel for long-term pension assets. Analysts attribute this surge to a combination of factors, including the need for portfolio diversification, the resilience of real estate in times of market volatility, and favourable regulatory frameworks. Pension funds, which have…
Nigeria’s crude oil production climbed to 1.559 million barrels per day (bpd) in July 2025, marking its highest output level so far this year, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a significant boost from the 1.43 million bpd recorded in June, reflecting ongoing efforts by the Federal Government and oil industry stakeholders to stabilise and ramp up production. The increase is seen as a welcome development for Africa’s largest oil producer, which has struggled in recent years with fluctuating output due to pipeline vandalism, crude theft, ageing infrastructure, and underinvestment. Industry analysts…
The Federal Inland Revenue Service (FIRS) has announced a strategic partnership with the Nigeria Customs Service (NCS) to accelerate the implementation of the National Single Window (NSW) project, a digital trade facilitation platform aimed at streamlining cross-border transactions and enhancing government revenue collection. The move is expected to improve efficiency, reduce bottlenecks, and boost Nigeria’s competitiveness in international trade. The National Single Window is designed as an integrated digital portal that allows traders, shipping companies, freight forwarders, and government agencies to process import, export, and transit-related documentation through a single entry point. By bringing all relevant stakeholders onto one platform,…
The National Sugar Development Council (NSDC) has taken another major step toward strengthening Nigeria’s sugar industry by signing agreements with four new operators to collectively produce 400,000 metric tonnes of sugar annually. The initiative is part of the Federal Government’s broader strategy to achieve self-sufficiency in sugar production, reduce import dependence, and stimulate economic growth through the Backward Integration Programme (BIP). The agreements, signed at the NSDC headquarters in Abuja, bring additional private-sector players into the country’s sugar value chain, increasing production capacity while also creating opportunities for employment and rural development. According to the council, the deal will complement…
The Central Bank of Nigeria (CBN) has intensified its drive to deepen financial inclusion in the country by organising a financial literacy fair aimed at promoting alternative payment channels and other innovative banking solutions. The event, which attracted stakeholders from the banking sector, fintech companies, small business owners, and members of the public, was designed to raise awareness about accessible, affordable, and secure financial services for all Nigerians, regardless of location or income level. Speaking at the fair, CBN officials explained that the initiative aligns with the bank’s strategic plan to bridge the financial inclusion gap, particularly in rural and…