Washington, D.C., USA — The International Monetary Fund (IMF) has called on the Federal Government of Nigeria to revise its 2025 budget of N54.99 trillion in response to lower-than-expected global oil prices. This recommendation was detailed in the IMF’s Article IV Consultation Report on Nigeria, released yesterday in Washington, D.C. The IMF projects Nigeria’s economy…
Abuja, Nigeria — The International Monetary Fund (IMF) and financial analysts have raised alarms over Nigeria’s mounting public debt levels as the federal government advances plans to secure nearly $26 billion in new loans to support its 2025–2026 fiscal agenda. The warning follows President Bola Tinubu’s recent $21.5 billion loan request to the National Assembly…
Abuja, Nigeria — The Nigerian government is set to acquire six new World Bank loans amounting to $2.23 billion in 2025, reinforcing its commitment to economic development and social welfare. This move will bring the country’s total approved World Bank loans to $9.25 billion over three years, with funding channeled into critical sectors such as…
Lagos, Nigeria — Stakeholders in Nigeria’s Free Trade Zones have voiced concerns over aspects of the 2024 Tax Bill, particularly proposals that could alter key fiscal incentives for the Special Economic Zones (SEZs). These concerns were highlighted in a communiqué issued at the 3rd Special Economic Zones Annual Meeting, organized by the Nigeria Economic Zones…
Ibadan, Nigeria — Minister of Education, Dr. Marufu Alausa, has emphasized that skill acquisition is now more critical than ever in driving economic growth and social development, urging greater investment in technical and vocational training. Speaking at the closing ceremony of the Technical Teachers and Instructors Training Workshop in Ibadan, the minister stressed the importance…
Makurdi, Nigeria — As part of efforts to modernize governance and enhance digital proficiency, Benue State Governor, Rev. Fr. Hyacinth Alia, has approved an extensive training program aimed at equipping 40,000 state and local government employees with skills in e-governance, data policy, regulatory compliance, and ICT advancement. The initiative aligns with the state’s broader vision…
Abuja, Nigeria — The Federal Government of Nigeria has called on China to ease trade restrictions and strengthen economic collaboration to drive industrialization and diversification. This appeal was made by Ambassador Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, during a meeting with the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja. Highlighting over five…
Kano, Nigeria — The Singer Market Development Association (SIMDA) has appealed to the Federal Government to provide enhanced support for farmers, particularly through the provision of improved seeds, to strengthen food security in Nigeria. The appeal was made by SIMDA Chairman, Junaidu Zakari Mohammed, during a media briefing in Kano, where he emphasized the critical…
Abuja, Nigeria — The Nigerian National Petroleum Company (NNPC) Ltd dismisses allegations in a viral video questioning the quality of its fuel. In a statement issued today by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the company described the claims as baseless, emphasizing that its fuel is produced to meet the highest industry standards. Soneye…
Abuja, Nigeria — The Federal Government, in collaboration with the UK Foreign, Commonwealth and Development Office (FCDO), is intensifying efforts to enhance rice production through the System of Rice Intensification (SRI), aiming to increase yields, cut greenhouse gas emissions, and boost smallholder farmer incomes. Key agricultural stakeholders gathered at a Propcom+ knowledge-sharing event to assess…
Washington, D.C. — President Donald Trump has directed his administration to explore imposing reciprocal tariffs on key trading partners, intensifying his drive for what he calls fairer trade practices. In a formal directive signed on Thursday, Trump instructed the US Trade Representative and the Commerce Secretary to develop country-specific tariff proposals aimed at addressing trade…
Abuja, Nigeria—The Senate Committee on the Capital Market has urged the Minister of Finance, Mr. Wale Edun, to approve a special allocation of N10 billion to enhance literacy and investor confidence in Nigeria’s capital market. The appeal was made during an[ez-toc] interactive session with the Minister of Finance and the Director-General of the Securities and…
Lagos, Nigeria — Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel, lowering it from ₦1,075 to ₦1,020 per litre in a move aimed at easing costs for businesses and consumers. Since commencing diesel production in January 2024, the refinery has consistently lowered prices, bringing them down from an initial ₦1,700 per…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has scrapped the three free monthly interbank ATM withdrawals, introducing new charges for customers using other banks’ ATMs. This policy shift, set to take effect from March 1, 2025, was outlined in a circular issued by the CBN on February 10, 2025, and directed to all…
Abuja, Nigeria — The Speaker of the House of Representatives, Dr. Tajudeen Abbas, has reaffirmed the commitment of the National Assembly to advancing President Bola Ahmed Tinubu’s economic reforms, emphasizing their role in boosting national revenue. Speaking while receiving the leadership of the Lagos Chamber of Commerce and Industry (LCCI) on a courtesy visit to…
Rabat, Morocco — The Yobe State Government has entered into a strategic collaboration with the Moroccan government to advance agricultural development and enhance local governance. The initiative was formalized during a visit by a Yobe State delegation to Rabat, Morocco, led by the Secretary to the State Government, Baba Malam Wali. Facilitated through the United…
Cape Town, South Africa — Nigeria and Venezuela have announced plans to collaborate on investment opportunities in the mining sector, reinforcing their commitment to economic diversification and sustainable resource development. The agreement was reached following high-level discussions between a Venezuelan delegation led by Deputy Minister of Mining, Alejandro Martinez, and Nigeria’s Minister of Solid Minerals…
Bori, Rivers State — A crucial meeting aimed at discussing the potential resumption of oil exploration in Ogoniland ended in disarray on Saturday, sparking tension and frustration among attendees. The gathering, held at the Peace and Freedom Centre in Bori, Khana Local Government Area, was organized following President Bola Tinubu’s directive for Ogoni leaders to…
Abuja, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that ongoing activities at the Warri Refining and Petrochemical Company (WRPC) are part of routine maintenance to enhance efficiency and ensure steady operations. NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, dismissed reports of an explosion at the refinery, clarifying that the…
Cape Town, South Africa — Nigeria is set to launch a strategic roadmap aimed at developing a critical minerals value chain, paving the way for local solar power production and reducing reliance on imports. The initiative, funded by the Global Council for Critical Minerals under the Solid Minerals Development Ministry, seeks to optimize the extraction…
Abuja, Nigeria — Nigeria’s external reserves declined by $1.16 billion in January, even as the naira continued its upward trajectory across both official and parallel markets. According to the latest figures from the Central Bank of Nigeria (CBN), the country’s external reserves fell from $40.883 billion at the start of the year to $39.723 billion…
Ado-Ekiti, Nigeria — The Federal Government has unveiled plans to set up a Pilot Soil Assessment Laboratory in Ekiti State to enhance agricultural productivity and support farmers. This was disclosed by the Ekiti State Commissioner for Agriculture and Food Security, Mr. Ebenezer Boluwade, in a statement issued in Ado-Ekiti. He noted that the facility would…
Abuja, Nigeria — The naira continued its upward trend in the parallel market as the Central Bank of Nigeria (CBN) extended foreign exchange sales to Bureau de Change (BDC) operators. From closing at N1,620 per dollar last week, the naira appreciated to N1,610/$ on Monday. The CBN had earlier set January 31, 2025, as the…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has reaffirmed its commitment to empowering young Nigerians by closing financial access gaps, fostering innovation, and promoting their active involvement in economic policy development. CBN Governor, Olayemi Cardoso, made this pledge during a youth engagement workshop themed “The Youths are Here”, held in Abuja on Friday….
Abuja, Nigeria— President Bola Ahmed Tinubu has confirmed the appointment of Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA). The appointment, announced by Presidential Spokesman Bayo Onanuga, took effect on January 23, 2025, for an initial tenure of four years. Aliyu, who has been serving as Acting Managing Director…
Kogi State, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) and its partners have officially launched the construction of five mini-Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State. The groundbreaking ceremony marked the commencement of work on NNPC Prime LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete. These projects are part…
Abuja, Nigeria — The Nigerian Communications Commission (NCC) has linked the decline in telecom revenue for 2024 to the inability to auction 5G spectrum licenses. This disclosure was made by Yakubu Gontor, NCC’s Director of Financial Services, and Aminu Maida, the Commission’s Chief Executive Officer and Executive Vice Chairman, during the 2025 budget defence session…
Abuja, Nigeria — The naira maintained its upward momentum on the parallel market while depreciating on the official exchange platform amid ongoing forex reforms by the Central Bank of Nigeria (CBN). By the close of trading on Tuesday, the naira appreciated by N10, closing at N1,640 per dollar on the parallel market, compared to N1,650…
Abuja, Nigeria — President Bola Ahmed Tinubu has returned from Dar es Salaam, Tanzania, where he joined other African leaders at the Mission 300 Africa Energy Summit. The two-day event, hosted by the Tanzanian government in collaboration with the African Union, African Development Bank (AfDB), and the World Bank, culminated in the adoption of the…
Solid Minerals to Transform Nigeria’s Mining Industry —Minister Abuja, Nigeria— The Minister of Solid Minerals Development, Dr. Dele Alake, has assured Nigerians that the newly established Nigeria Solid Minerals Corporation will serve as a catalyst for sustainable growth and revolutionize the nation’s mining sector. During a meeting with British Deputy High Commissioner Jonny Baxter,…
Compiled and Edited by Adio islamiyat wasiu 0013 The Polytechnic Ile-Ife, Osun State Osogbo, Nigeria — Governor Ademola Adeleke of Osun State has announced that his administration has successfully reduced the state’s infrastructure deficit by over 40%, while pledging to pursue even greater developmental strides. The governor made this declaration on Thursday in Osogbo…
