The World Bank has called on Nigeria to ensure that the positive outcomes from its recent macroeconomic reforms translate into real improvements in citizens’ living standards, as new estimates show that about 139 million Nigerians are living in poverty. Country Director for Nigeria, Mathew Verghis, made the appeal on Wednesday during the launch of the…
The cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has surged sharply across several Nigerian cities, including Lagos, Ogun, and Ibadan, following a nationwide shortage. The scarcity was triggered by a three-day strike by oil workers, which disrupted gas supply and distribution across the country. Prices have also spiked in other states…
Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says every Nigerian who earns an income has a responsibility to declare it. On June 26, President Bola Tinubu signed the four tax reform bills into law, and they are expected to take effect on January 1, 2026. Answering questions during an interactive…
The Central Bank of Nigeria (CBN) has announced a phased operational overhaul of the Nigerian Fixed Income Market in a strategic move to deepen transparency and efficiency in Nigeria’s financial ecosystem. According to a formal communication signed by Okey Umeano, Acting Director of the Financial Markets Department at the CBN, the first phase of the…
President Bola Tinubu is expected to commission the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8, 2025. It is the first new crude export facility to be built in Nigeria in more than 50 years. The Executive Director of Legal and Corporate Services of Green Energy International Limited, GEIL,…
The Federal Government has said the Dangote Group will redeploy staff earlier disengaged from its refinery operations, following the resolution of its dispute with the Petroleum and Natural Gas Senior Staff Association of Nigeria. The FG also announced that the redeployed staff will not suffer any loss of pay due to the redeployment. The Minister…
The Nigerian Independent System Operator (NISO) has stated that electricity generation on the National Grid has dropped to 3,200 megawatts (MW) due to the industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). A statement by NISO said the disruptions by PENGASSAN triggered widespread gas shortages, reducing available generation from…
Oil and gas workers under the umbrella of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have embarked on an industrial action on Monday, as directed by the union earlier on Sunday. PENGASSAN had on Sunday directed a nationwide strike, instructing all its members in various offices, companies, institutions, and agencies to…
President Bola Ahmed Tinubu has approved new regulations making the submission of academic thesis or project reports a mandatory requirement for mobilisation into the National Youth Service Corps (NYSC). The directive, which takes effect from October 6, 2025, was conveyed through an enforcement circular signed by the Secretary to the Government of the Federation (SGF),…
Nigeria’s external reserves have surpassed the $42 billion mark, rising to $42.225 billion as of Thursday, September 25, 2025, the highest in over six years. According to the latest data from the Central Bank of Nigeria (CBN), the country’s external reserve has increased by over $692 million in 18 days. It also shows that the…