Lagos Tops Nigeria's Debt List with N1.22 Trillion
Lagos State is Nigeria's most indebted state, owing N1.22 trillion domestically and $1.17 billion externally as of Q4 2025, per NBS data.
Category : Business
Waltersmith Expands Refinery Capacity to 10,000 bpd
Waltersmith Petroman Oil Limited expands its refinery in Imo State from 5,000 to 10,000 bpd, boosting local PMS and aviation fuel production.
Ibom Air Warns of Flight Cuts as Fuel Cost Hits N7.6m
Ibom Air warns it may reduce flight operations as aviation fuel costs surge to N7.6 million per flight, a 350% increase since January, threatening sustainability.
Plane Crash in South Sudan Kills All 14 On Board
A small aircraft operated by CityLink Aviation Ltd crashed near Juba, South Sudan, killing all 14 passengers and the pilot. Poor visibility and adverse weather are suspected.
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CPPE Praises FG Airlines Debt Relief, Seeks Cost Reform
The Centre for the Promotion of Private Enterprise (CPPE) commends President Tinubu for approving 30% discount on airlines' debts, calls for comprehensive aviation cost reform.
Lagos Tops Nigeria's Most Indebted States with N1.22 Trn Debt
Lagos State leads Nigeria's debt profile with N1.22 trillion domestic and $1.17 billion external debt, according to NBS Q4 2025 report.
Polysmart Raises N13bn via Commercial Paper
Polysmart SPV Limited raised N13 billion from a non-interest commercial paper issuance, achieving 30% oversubscription. The funds will support working capital for its $60 million expansion.
Ibom Air: Aviation Fuel Cost Up 350% in Nigeria
Ibom Air reports over 350% rise in aviation fuel cost per flight since January, from N2.1m to N7.6m, warning of unsustainable conditions and potential capacity cuts.
Business Owner Laments Low Sales and Rising Costs
A business owner shares the harsh realities of adulthood, revealing two weeks without sales and relying on savings amid rising expenses.
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Top 10 States With Highest External Debts in Nigeria
Nigeria's external debt rises to $51bn in Q4 2025; Lagos leads states with $1.17bn. See the full list of top 10 indebted states.
Nigeria Airlines Face Delays, Debt Threats as Fuel Crisis Worsens
Nigeria's aviation fuel crisis deepens, causing flight delays and cancellations. Airlines face 300% price surge and N9 billion debt ultimatum from ground handlers.
Get $1,000 Grant: 2026 GEEP Youth Innovation Challenge
Applications are open for the 2026 GEEP Youth Innovation Challenge, offering $1,000 cash prizes and global recognition for young environmental innovators. Deadline: May 31, 2026.
Student Buys Solar Generator Instead of Wig
A Nigerian student chose a solar generator over a wig, powering her freezer and fan. She shared the cost and benefits on TikTok.
FUTO Gets ₦575m Boost as Dangote Champions Local Industry
Aliko Dangote announces ₦550m hostel and ₦25m donation to FUTO, urging students to drive Nigeria's industrialisation and reduce import dependence.
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Afreximbank Boosts Africa's Productivity Amid Rising Confidence
Afreximbank reaffirms commitment to reducing Africa's dependence on external systems through projects like the Dangote Refinery, as investor confidence and financial performance surge.
NCC Moves to Make Smartphones More Affordable in Nigeria
The NCC is working to lower smartphone prices in Nigeria as costs surge. Entry-level devices now start above ₦100,000, with plans to introduce cheaper options.
Chelsea Contact Iraola for Managerial Vacancy
Chelsea have contacted Andoni Iraola's representatives to replace Liam Rosenior after his sacking. Fans oppose the move citing lack of experience.
Tinubu's Coach Mentality as Oyedele Takes Finance Helm
RHLN praises Taiwo Oyedele's appointment as Finance Minister, highlighting Tinubu's adaptive leadership and Oyedele's expertise in fiscal policy for Nigeria's economic reforms.
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Nigerian Airlines Threaten Shutdown Over Fuel Price Surge
Nigeria's domestic airlines issue 48-hour ultimatum to government, warning of 7-day shutdown from April 30 due to 300% aviation fuel price hike.
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FG to Borrow N700bn via Domestic Bond Market
The Debt Management Office plans to raise N700 billion through FGN bonds to finance budget needs, with high coupon rates reflecting inflation expectations.
Afreximbank Boosts Africa's Growth with Strong Finances
Afreximbank reaffirms commitment to reducing Africa's external dependence by financing refining, logistics, and manufacturing projects, citing strong 2025 financial results and investor confidence.
YMCA Boosts Malaria Fight in Lagos Community
YMCA and Central Club of Lagos held a medical outreach for World Malaria Day 2026, offering free testing, drugs, and nets to residents.
NASFAT disburses N77m zakat to over 210 beneficiaries
NASFAT disbursed over N77 million in zakat to more than 210 beneficiaries across Nigeria, the highest single-round distribution since the initiative began.
Air Peace, Others Announce April 30 Shutdown Over Fuel Costs
Nigeria's aviation sector faces shutdown as airlines warn of suspending operations from April 30 over soaring Jet A1 fuel costs, up 300% since February.
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Nigeria's Green Tax Targets SUVs, Luxury Cars from July 2026
Nigeria introduces a 2%-4% green tax on vehicles above 2,000cc from July 2026, aiming to boost revenue and cut emissions. SUVs and luxury cars are most affected.
Waltersmith Refinery Capacity Reaches 10,000 bpd
Waltersmith Petroman Oil Limited expands refinery capacity to 10,000 bpd, with plans for an industrial park. NMDPRA and NCDMB inspect Phase 2 facility.
Kwara Pure Water Producers Lament as Price Hike Hits Sales
Sachet water producers in Kwara state report reduced sales after raising bag price from N400 to N500, citing rising fuel and production costs. Many fear business collapse.
FG Launches Poverty Reduction Programme for 10 Million
Nigeria's Minister Abubakar Bagudu announces the Renewed Hope Ward Development Programme targeting all 8,809 wards, aiming to benefit about 10 million Nigerians.
US Treasury Accepts PayPal Donations for $39 Trillion Debt
The US Treasury now allows PayPal and Venmo donations to reduce the $39 trillion national debt. Monthly contributions average $120,000, a tiny fraction of interest payments.
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Dangote Refinery Expansion to Create 95,000 Jobs
Dangote Group plans to expand its refinery to 1.4 million barrels per day, creating 95,000 jobs and surpassing Jamnagar as world's largest refinery.
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