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…
Nigeria recorded fresh economic milestones this week as the naira remained relatively stable against the U.S. dollar while the Dangote Petroleum Refinery continued to strengthen the country’s position in the global energy market through record aviation fuel exports to Europe. The naira traded at around ₦1,370 to the U.S. dollar in the official foreign exchange…
Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting the rate by ₦50 per litre to ₦1,075 per litre in its fourth petrol price reduction within a month. The latest adjustment, which took immediate effect, lowers the ex-gantry price from ₦1,125 per litre and brings the refinery’s…
Nigeria’s business landscape recorded three major developments on Thursday, with fresh fuel price relief from the Dangote Petroleum Refinery, a milestone in the country’s global energy profile, and regulatory action in the banking sector. In the downstream oil sector, Dangote Petroleum Refinery announced its fourth consecutive reduction in the ex-depot price of Premium Motor Spirit…
Microsoft has reportedly begun a fresh round of global job cuts affecting just under 2.5% of its workforce, as the tech giant restructures operations while continuing to invest heavily in artificial intelligence infrastructure. The layoffs, expected to impact thousands of employees across multiple divisions, are part of broader cost-cutting efforts taking place across the technology…
The Nigerian naira remained stable at the start of the new month, maintaining its recent gains in both the official and parallel foreign exchange markets amid improving liquidity and continued interventions by the Central Bank of Nigeria (CBN). Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at ₦1,380.17 per U.S. dollar…
Global markets opened the week with mixed sentiment as investors balanced encouraging signs in Nigeria’s foreign exchange market against renewed political uncertainty in Europe and a modest rebound in U.S. technology stocks. In Nigeria, the naira remained largely stable in early parallel market trading, exchanging between ₦1,395 and ₦1,415 per U.S. dollar across Lagos and…
The Nigerian naira started the new trading week on a stable note, maintaining its recent gains against the U.S. dollar as confidence in the foreign exchange market continued to improve. According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded at ₦1,379.22/$1 at the official window, reflecting continued stability after weeks of…
S&P Global has raised its forecast for Nigeria’s average inflation rate in 2026 to 16.9%, up from its previous projection of 15.0%, citing stronger-than-expected spillover from higher global oil prices into domestic energy costs. The revised outlook was published in the ratings agency’s latest report, Economic Outlook Emerging Markets Q3 2026: Inflationary Pressures Will Persist….
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…
