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Economy / Page 3
FG, States, LGs Receive N1.92trn from FAAC for November as VAT Falls
The Federation Account Allocation Committee (FAAC) has rolled out a total of N1.92 trillion as revenue for November to the federal government, states, and local government councils. According to newsmen, the allocation was approved at FAAC’s December 2025 meeting held in Abuja, and spearheaded by the Minister of State for Finance, Doris Uzoka-Anite. In a […]
Dangote, Fuel Importers Clash in Petrol Price War
The Dangote Refinery’s decision to reduce the gantry price of Premium Motor Spirit, also known as Petrol, has triggered significant losses for fuel importers, depot owners, and retail marketers. According to journalists, petrol importers are on the verge of losing as much as N102.48bn monthly after the Dangote refinery reduced its gantry price from N828 […]
Dangote Refinery Set To Begin Selling Petrol at N739 Per Litre
The Dangote Petroleum refinery and its partners are set to begin selling petrol at N739 per litre, coming two days after the refinery slashed its petrol gantry price from N828 to N699 per litre. The President of the Dangote Group, Alhaji Aliko Dangote, in a chat with journalists at the Lekki refinery, said he was […]
Dangote Refinery Cuts Petrol Ex-Depot Price to N699
The Dangote Petroleum Refinery has again slashed its petrol gantry price, reducing the ex-depot rate from N828 to N699 per litre, a 15.6% drop. Real-time data from Petroleumprice.ng confirmed the new benchmark, which was also verified by a refinery official who said the facility is committed to maintaining competitive local pricing. The latest cut marks […]
NNPC Confirms Explosion on Escravos-Lagos Gas Pipeline
The Nigerian National Petroleum Company Limited (NNPC) has confirmed an explosion on the Escravos-Lagos Pipeline near the Tebijor, Okpele, and Ikpopo communities in Gbaramatu Kingdom, Delta State, raising renewed safety concerns. According to the company’s Chief Corporate Communications Officer, Andy Odeh, a sudden pressure drop on the line indicated a loss of containment on a […]
Reps Move to Amend CBN Act, Push for Stronger Oversight and Transparenc
The House of Representatives on Thursday opened debates on a landmark bill seeking sweeping amendments to the Central Bank of Nigeria, CBN Act, in a move aimed at tightening governance, enhancing transparency, and improving oversight of the apex bank. The bill co-sponsored by House Leader Julius Ihonvbere and Jesse Onakalausi sailed through second reading […]
CBN Lifts Cash Deposit Limit, Raises Weekly Withdrawal Threshold To N500,000
The Central Bank of Nigeria, CBN, has unveiled significant changes to its cash management policies, including new nationwide withdrawal limits and the removal of the deposit cap for bank customers. In a circular issued on December 2, 2025, and signed by Rita I. Sike, Director of the Financial Policy & Regulation Department, the CBN […]
Dangote Refinery Reduces Petrol Price by N49 per Litre
The refinery has slashed its price by N49 per litre, lowering it from N877 to N828. This price adjustment, which took effect on Friday, marks a 5.6% decrease and is the refinery’s second major price revision in three months. The decision comes amid continued fluctuations in the global oil market and follows the refinery’s ongoing […]
Petrol Rises Above N1,000/ltr as Tinubu okays 15% Import Tariff
This follows President Bola Tinubu’s approval of a 15 per cent ad valorem import tariff on fuel imports, as part of the government’s strategy to protect local refiners and reduce the influx of cheaper imported products that threaten domestic refining investments. The new policy is set to take effect after a 30-day transition period, expected […]
ADC Alleges FG Manipulating Food Prices For Political Advantage
The party’s spokesman, Bolaji Abdullahi, in a statement, the accused President Bola Tinubu administration of being dishonest in its claim of increased local food production and a decline in the cost of food items. The ADC said it is deeply concerned by the “Federal Government’s misleading narrative around the so-called drop in food prices. “Contrary […]