Nigeria’s Inflation Rate Surges to 32.7% (Read Full Analysis)
Nigeria’s inflation rate rose to 32.7% in September, reversing a two-month decline to 32.15% in August. The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) Report for September. The NBS stated: “In…
We’re Working for Rich to Pay More Tax, While Poor Pay Less – FG
Presidential Committee on Fiscal Policy and Tax Reforms Chairman Taiwo Oyedele unveiled plans to revamp Nigeria’s tax system, tackling the staggering 75% tax gap. Only 17% of Nigerians and 30% of businesses currently pay taxes, largely due to…
Fuel Smugglers Rake in ₦17m Per Truck — Mele Kyari
Mele Kyari, CEO of Nigerian National Petroleum Company Limited, revealed that petrol smugglers exploited subsidy loopholes, making ₦17 million per 6,000-liter truck in neighboring countries. Briefing journalists in Abuja, Kyari attributed cross-border…
Nigeria Faces Worsening Food Security Crisis – World Bank Report
The World Bank’s Food Security Update Report reveals Nigeria’s worsening food security crisis. Over one million additional people face severe food insecurity in 2024 compared to the previous year. “Conversely, some countries saw…
*New Policy Unlocks Direct Access to Dangote Refinery for Oil Marketers*
The Federal Government has made a groundbreaking announcement, granting oil marketers direct access to source petrol from the Dangote Refinery, effectively bypassing the Nigerian National Petroleum Company Limited (NNPC) . This development was…
Nigeria Attracts $5.97 Billion Foreign Investments in H1 2024, Despite 22.85% Q2 Decline
Nigeria attracted $5.97 billion investments in the first half of 2024, according to a capital importation report by the National Bureau of Statistics (NBS) on Tuesday. The report indicated that total capital importation into the country stood at $2.6…
*Edo Refinery Expands Operations and Announces Export Plans*
Edo Refinery, owned by AIPCC Energy, is set to expand its operations with an 80,000 barrels per day refinery expansion in Koko, a border town between Edo and Delta States ¹. Following the successful completion of the crude distillation assessment…
Naira Redesign Scandal: Ex-CBN Acting Governor Shonubi Testifies Politics Were Involved, Implicates Emefiele
A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified in the trial of ex-CBN Governor Godwin Emefiele at the Federal Capital Territory High Court in Abuja. Shonubi, who served as Deputy Governor of Operations before…
Fuel Price to Drop as Landing Cost Slumps
A significant decline in the landing cost of Premium Motor Spirit (PMS), or petrol, has sparked hopes of a potential price reduction. According to the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost has dropped to N981 per…
Nigerian Marketers Shun Dangote Refinery Products, Diesel Price Jumps to N1,406.05/Litre
The National Bureau of Statistics (NBS) reported a 1.93% increase in diesel prices in Nigeria, reaching N1,406.05 per liter in August 2024. This rise coincides with a boycott by local marketers against Dangote Refinery’s products. According to the…