President Bola Tinubu has signed a new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order aimed at unlocking up to $50 billion in investment in Nigeria’s deepwater oil sector, beginning with the approximately $10 billion Bonga South West project. But the bigger question is not whether the incentives will attract investors. It is…
Nigeria’s tax chief, Zacch Adedeji, has offered an unusual defence of President Bola Tinubu’s administration amid criticism that political leaders live comfortably while ordinary Nigerians struggle with rising living costs. In a Channels Television interview, Adedeji, chairman of the Nigeria Revenue Service, pointed to what he described as Tinubu’s personal simplicity. He said the President…
Nigeria is heading into the second half of 2026 with a mixed economic picture: the economy appears to be gaining momentum, but the naira remains under pressure and borrowing costs are still extremely high. A BusinessDay nowcast estimates that Nigeria’s economy could grow by 4.5% in Q2 2026, which would make it the fastest second-quarter…
The Federal Government has assured public servants that outstanding wage awards will be paid before the middle of August, after months of complaints over delayed payments. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, gave the assurance as the government also moved to address outstanding promotion arrears. The immediate significance is obvious: workers…
Nigeria’s economic debate has officially entered campaign mode. The Presidency has pushed back strongly against former Vice President Atiku Abubakar, rejecting his criticism of President Bola Tinubu’s economic policies and insisting that the opposition is relying on “outdated data” to paint an inaccurate picture of the country’s economy. Presidential spokesman Bayo Onanuga defended the administration’s…
The Federal Government has explained how savings from the removal of fuel and foreign exchange subsidies have been spent, saying the funds have largely gone into servicing debt, paying higher salaries under the new minimum wage, and financing student loans rather than being left idle. Speaking at the 7th African Emerging Markets Forum in Abuja,…
The Federal Government has strongly denied allegations that it spent more than ₦8 trillion outside the approved 2026 budget, dismissing the claims as a misrepresentation of the International Monetary Fund (IMF)’s recent fiscal assessment and insisting that Nigeria does not operate a “shadow budget.” The controversy erupted after opposition figures, including former presidential candidate Peter…
A new report by ActionAid International and ActionAid Nigeria has raised concerns over Nigeria’s fiscal priorities, revealing that the country now spends nearly five times more on servicing external debt than on healthcare and education combined. The report talks about the growing burden of debt repayments on Africa’s largest economy, warning that rising obligations to…
The Nigerian equities market closed on a positive note on June 15, 2026, as renewed investor confidence pushed the Nigerian Exchange (NGX) All-Share Index (ASI) higher, reflecting continued recovery in the country’s capital market. Trading data from the Nigerian Exchange showed that the benchmark index recorded a modest gain during the session, supported by buying…
