The Nigerian National Petroleum Company Limited (NNPC Ltd) has expressed concern over the slow pace in the development and exploitation of the country’s vast untapped oil reserves, warning that prolonged delays could undermine Nigeria’s economic growth and its position as a leading crude oil producer in Africa. Speaking during an industry forum in Abuja, senior executives of NNPC Ltd said that despite Nigeria’s significant proven reserves, inadequate investments, infrastructural challenges, and bureaucratic bottlenecks have hindered the country from fully harnessing its hydrocarbon potential. They stressed that the global energy market is rapidly evolving, and Nigeria risks losing its competitive advantage…
Author: Temitope Nlewemchi
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that state governments have received a cumulative N7.1 trillion in allocations from the Federation Account since the beginning of the current administration in May 2023. Edun said the figure reflects the government’s commitment to fiscal federalism and equitable revenue sharing among the three tiers of government. Speaking during a briefing in Abuja on Tuesday, the minister explained that the disbursements were made through the Federation Accounts Allocation Committee (FAAC) over a period of 14 months. According to him, the consistent and timely remittances demonstrate the administration’s…
The Federal Inland Revenue Service (FIRS) has extended the deadline for taxpayers to transition to its new electronic invoicing system by an additional three months, giving businesses more time to adjust to the platform aimed at improving tax compliance and reducing revenue leakages. The extension, announced on Tuesday in Abuja, moves the compliance deadline from September 1, 2025, to December 1, 2025. FIRS Chairman, Zacch Adedeji, said the decision was in response to appeals from the business community and industry groups who requested more time to fully integrate the e-invoicing system into their accounting and payment processes. Adedeji explained that…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country’s $4 billion trade surplus recorded in the second quarter of 2025 is a strong indicator that the economy is on a steady path to recovery and stabilisation. Edun, who disclosed the figures during a media briefing in Abuja on Tuesday, explained that the surplus reflected the combined effect of ongoing economic reforms, improved export earnings, and a gradual decline in import dependence. According to the minister, Nigeria’s merchandise exports in Q2 2025 stood at $18.2 billion, compared to $14.2 billion in imports, leaving a positive…
The Nigeria Labour Congress (NLC) has accused the Federal Government of diverting 40 percent of the contributions to the Nigeria Social Insurance Trust Fund (NSITF), threatening to embark on a nationwide strike if the alleged practice is not stopped within seven days. NLC President, Joe Ajaero, disclosed the allegations during a press briefing in Abuja on Tuesday, warning that the Congress would mobilise its affiliates across the country for industrial action if the government failed to address what it described as “a brazen act of misappropriation.” According to the NLC, the diversion of funds contravenes the Employees’ Compensation Act, which…
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…
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…
The Infrastructure Concession Regulatory Commission (ICRC) has given the green light to the outline business case (OBC) for Nigeria’s proposed $60 billion bullet train project, marking a major step forward in the Federal Government’s push to modernise the country’s transportation system. The project, which aims to connect key cities with high-speed rail infrastructure, is expected to revolutionise travel, boost economic activities, and position Nigeria as a regional transport hub. According to the ICRC, the approval of the OBC paves the way for the Federal Government to commence detailed procurement processes, including the engagement of private sector partners under a Public-Private…
The Chief Executive Officer of Ghana International Bank (GHIB), Dean Adansi, has said that Africa has the potential to generate up to $133 billion annually if it successfully closes its existing $80 billion trade finance gap. He made this known during a recent economic forum where financial experts, policymakers, and trade leaders discussed strategies to unlock the continent’s economic potential through enhanced access to trade financing. Adansi explained that trade finance remains one of the most critical enablers of Africa’s economic growth, yet the continent continues to face significant barriers in this area. According to him, limited access to affordable…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the nation’s daily petrol consumption dropped to 48.03 million litres in June 2025, marking a notable decline compared to previous months. The figure reflects the continued impact of subsidy removal, market reforms, and stricter monitoring of fuel distribution and sales across the country. According to data released by the Authority, the figure is a reduction from the average of over 60 million litres per day recorded before the removal of fuel subsidies in May 2023. NMDPRA officials attributed the decline to a combination of factors, including improved transparency…
The Federal Government has introduced a new digital platform designed to strengthen compliance with the Code of Conduct for public officers nationwide. The innovation, which was officially launched on Tuesday in Abuja by the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Walson-Jack, aims to promote transparency, enhance accountability, and streamline the asset declaration process in the public sector. Developed by the Code of Conduct Bureau (CCB) in collaboration with technology partners, the tool provides a centralised, user-friendly system for public officers to submit their asset declarations, access relevant guidelines, and stay updated on compliance requirements without…
Ugandan police have arrested seven suspects in connection with an alleged fake gold transaction worth $70,000, said to have targeted a Nigerian businessman. Authorities say the operation, which took place in Kampala, involved a syndicate that presented counterfeit gold to the victim in a deal that was supposed to be legitimate. The arrests followed weeks of investigations by the Criminal Investigations Directorate (CID), with assistance from the Directorate of Crime Intelligence. According to police spokesperson Fred Enanga, the Nigerian businessman had been lured to Uganda under the pretext of purchasing high-quality gold. The suspects reportedly presented themselves as credible dealers…
The Federal Capital Territory Administration (FCTA) has carried out the demolition of makeshift structures and shanties in the area popularly known as “Cashew Garden” in Apo, Abuja, as part of ongoing efforts to combat criminal activities and restore order in the nation’s capital. The operation, led by the FCTA’s Department of Development Control in collaboration with security agencies, targeted illegal settlements that authorities say had become a breeding ground for crime, drug abuse, and other unlawful activities. Speaking during the exercise, the Director of Development Control, Mukhtar Galadima, explained that the action was taken after repeated warnings and engagement with…
Governor Babajide Sanwo-Olu has disclosed that Lagos State lost an estimated ₦19.52 billion to fire incidents in 2024, a staggering figure that reflects the devastating economic and social impact of the disasters on Africa’s largest city. The governor made the disclosure during the commissioning of newly acquired firefighting equipment for the Lagos State Fire and Rescue Service, stressing that while his administration has made huge investments in emergency response capabilities, the frequency and severity of fire outbreaks remain a major concern. Sanwo-Olu explained that the losses were calculated from the combined cost of damaged properties, destruction of public and private…
Anambra State Governor, Prof. Chukwuma Charles Soludo, has expressed strong support for President Bola Tinubu’s ongoing economic reforms, insisting that the policy direction of the current administration is the right approach to reposition Nigeria for long-term stability and sustainable growth. Speaking to journalists after a high-level economic review meeting, Soludo maintained that while some of the measures being implemented have triggered short-term discomfort for citizens, they are critical steps needed to fix deep-rooted structural problems that have plagued the nation’s economy for decades. According to the governor, President Tinubu inherited an economy weighed down by unsustainable fuel subsidies, distortions in…
The Nigerian Meteorological Agency (NiMet) has warned of heavy rains, thunderstorms, and an elevated risk of flooding across various parts of the country between Monday and Wednesday, urging citizens, businesses, and relevant authorities to take precautionary measures. The forecast indicates that multiple regions—including the North-Central, South-West, South-East, and some parts of the North-East—are expected to experience intense downpours that could cause significant disruptions to daily life, damage to property, and potential loss of lives if safety guidelines are ignored. According to NiMet’s latest bulletin, the heavy rainfall will be accompanied by strong winds and lightning, which could result in hazardous…
The Federal Capital Territory Administration (FCTA) has carried out a clearance operation to remove illegal occupants, roadside traders, and makeshift structures around the UTC area in Abuja, in a renewed effort to restore order, enhance security, and improve the city’s environmental standards. The exercise, which took place under the supervision of the FCTA Department of Development Control and other relevant agencies, targeted shanties, kiosks, and unapproved stalls that had sprung up over time in violation of Abuja’s urban planning regulations. Officials said the operation was necessary due to the rising concerns over congestion, sanitation, and security risks posed by the…
The Federal Government has announced the disbursement of ₦5.12 billion to settle pension arrears owed to 90,689 retirees under the Defined Benefit Scheme (DBS), marking a significant step towards fulfilling long-standing obligations to senior citizens who served the nation before the introduction of the Contributory Pension Scheme in 2004. The payment, coordinated by the Pension Transitional Arrangement Directorate (PTAD), reflects the administration’s commitment to improving the welfare of pensioners in line with President Bola Tinubu’s Renewed Hope Agenda, which prioritises the needs of the elderly and vulnerable groups. According to PTAD’s Executive Secretary, Dr Chioma Ejikeme, the funds cover arrears…
The Nigeria Police Force has announced an extension of the enforcement deadline for the mandatory acquisition of tinted glass permits to October 2, 2025. This decision comes after consultations with stakeholders and in response to growing concerns over the readiness of motorists to comply with the policy. Initially scheduled to commence much earlier, the enforcement shift provides vehicle owners with an extended window to regularize their permits and avoid penalties. The Force Headquarters explained that the extension was designed to ensure fairness, transparency, and an opportunity for citizens to adjust to the policy without undue hardship. According to the police,…