Nigeria is once again facing the uncomfortable side of its dependence on crude oil. Global oil prices fell sharply after the United States signalled a move back towards diplomacy with Iran, with Brent crude dropping about 7% to settle at $83.77 a barrel on Monday. Nigerian crude was dragged lower after recently trading above $85,…
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rejecting his criticism of President Bola Tinubu’s economic policies and insisting that the opposition is relying on “outdated data” to paint an inaccurate picture of the country’s economy.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…
Nigeria has once again emerged as the country with the largest number of people living without access to electricity, a distinction no government wants to hold. According to the World Bank’s latest energy access data, around 86.8 million Nigerians still lack electricity, the highest figure globally despite years of investment and reforms in the power…
The Federal Government has announced plans to begin phasing out electricity subsidies from 2027 as part of broader reforms aimed at restoring financial sustainability to Nigeria’s power sector. Minister of Power Joseph Tegbe disclosed the plan during a media briefing in Abuja on Friday, saying the current subsidy regime has become unsustainable due to mounting…
MTN Nigeria has reported a strong financial performance for the first half of 2026, posting ₦2.993 trillion in revenue and a 70.6% increase in profit after tax, as demand for data and digital services continued to drive growth despite Nigeria’s challenging economic environment. According to the company’s unaudited results for the six months ended 30…
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,…
Nigeria is facing renewed economic pressure as exceptionally high interest rates combine with renewed weakness in the naira, raising concerns over borrowing costs, business activity and household purchasing power. The Central Bank of Nigeria has maintained its benchmark Monetary Policy Rate at 26.5 per cent, following its July 20–21 Monetary Policy Committee meeting. The decision…
Nigeria’s public debt has exceeded the government’s debt sustainability threshold after the Federal Government borrowed 61.2% more than originally budgeted to finance a wider-than-expected fiscal deficit in 2024, according to data from the Budget Office analyzed by BusinessDay. The report showed that total public debt rose to ₦144.67 trillion, pushing the country’s debt-to-GDP ratio to…
Nigerians could see some relief at the pumps after petroleum marketers reduced depot prices of Premium Motor Spirit (PMS) by as much as ₦23 per litre, a move expected to ease retail fuel prices if sustained. The price adjustment comes amid increased competition among suppliers and improving product availability across the country. Meanwhile, the National…
Nigeria’s naira remained relatively stable on Tuesday, supported by the country’s strong external reserves, even as the Nigerian stock market slipped into negative territory on renewed profit-taking by investors. The Central Bank of Nigeria’s external reserves currently stand at $52.73 billion, helping to sustain confidence in the foreign exchange market. On the official Nigerian Foreign…
