The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has announced a sweeping set of 50 tax exemptions and reliefs aimed at easing the financial burden on low-income earners, average taxpayers, and small businesses, as part of Nigeria’s new tax reform framework set to take effect on January 1, 2026….
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol following the resolution of recent supply glitches at the Dangote Refinery. Checks by DAILY POST revealed that the state-owned oil firm adjusted its retail price to ₦945 per litre, down from ₦955, reflecting a ₦10 reduction. The new price has already…
Petroleum marketers have warned that the pump price of Premium Motor Spirit, popularly called petrol, could exceed N1,000 per litre following President Bola Tinubu’s approval of a 15 per cent ad valorem import tariff on fuel imports. The new policy, which takes effect after a 30-day transition period expected to end on 21 November 2025,…
A new economic review by Quartus Economics has called on the Central Bank of Nigeria (CBN) to introduce higher-value currency notes such as N10,000 and N20,000 to restore the naira’s portability and reduce the rising cost of cash transactions. The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?” warned that the continued…
President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), commonly known as petrol. The approval was contained in a letter dated October 21, 2025, where Damilotun Aderemi, the Private Secretary to the President, conveyed the directive to the Federal Inland Revenue Service (FIRS) and the Nigerian…
The United Kingdom (UK) has announced that nearly 3,000 Nigerian products are now eligible for zero and reduced tariffs under its Developing Countries Trading Scheme (DCTS), launched in 2023. The UK Head of Trade Policy for Nigeria, Ms. Mujina Kaindama, disclosed this during the UK DCTS Roadshow held in Kano. According to her, the initiative…
Dangote Refinery has announced that it is increasing its production from 650,000 barrels per day to 1.4 million barrels per day. When completed, the expansion will make the facility the largest refinery in the world, surpassing the Jamnagar Refinery in India. Speaking at a press conference in Lagos on Sunday, the President of the Dangote…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said the 28 Field Development Plans (FDPs) so far approved in 2025 would add 600,000 barrels of oil per day and more than 2.0 billion standard cubic feet of gas daily. Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, an engineer, said this at the…
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, says Nigeria’s trade surplus has climbed to six per cent of the nation’s Gross Domestic Product (GDP). Cardoso said this in a statement by the Director of Information and Public Relations, Federal Ministry of Finance, Mr Mohammed Manga, in Washington on Wednesday. Cardoso,…
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate has dropped to 18.02 percent in September 2025. The NBS announced the increase in its consumer price index (CPI) report on Wednesday. The latest rate is the lowest in three years as 2022 (in June) was the last time the country’s headline inflation hit…