CPPE warns rising food prices biggest challenge to inflation
The CPPE warns that rising food prices remain Nigeria's biggest inflation challenge despite a slight headline rate decline to 15.91% in June, urging structural reforms.
Category : Economy
Ogun Extends Transport Allowance for Workers by Three Months
Ogun Governor Dapo Abiodun extends one-day-off-duty palliative and approves ₦10,000 monthly transport allowance for July-September 2026 to cushion fuel price hike impact.
Tinubu unveils $3.05bn poverty reduction programmes
President Tinubu launches $3.05bn initiatives to reduce poverty and boost human capital, targeting health, education, and social protection for millions of Nigerians.
40 Years After SAP, Experts Call for Developmental State Model
At a conference in Abuja, labour leaders, economists, and civil society groups declared Nigeria's market-driven economic model a failure, calling for a developmental state model with state intervention and social protection.
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Naira Rebounds Against Dollar as CBN Unveils Stronger Official Rate
The Nigerian naira gained against the US dollar to N1,382.18/$1 in the official market as CBN data shows improved liquidity and reduced corporate demand, though FX turnover fell 50% to $121.73 million.
Nigeria's economy making serious progress despite reform pains
President Tinubu says Nigeria's economy is making serious foundational progress despite the difficulty of reforms, comparing them to taking bitter medicine that is working well.
Dangote Refinery Denies Dollar Policy Caused Petrol Price Hike
Dangote Refinery refutes claims that its new dollar-denominated sales policy caused recent petrol price increases, stating no marketer has completed a dollar transaction yet.
Nigeria's Foreign Reserves Hit $51.86 Billion, Highest Since 2009
Nigeria's foreign reserves hit $51.86 billion in July 2026, the highest level since 2009, driven by oil revenues and diaspora remittances.
FAAC Distributes N2.55tn; June Revenue Up 32.6% to N4.5tn
The Federation Account Allocation Committee distributed N2.55 trillion to federal, state, and local governments in June 2026, as gross revenue rose 32.6% to N4.5 trillion, according to a communiqué issued after the FAAC meeting.
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Canada Opens Federal Jobs With Six-Figure Salaries, Sets Eligibility
Canada is recruiting for dozens of federal positions with salaries up to C$224,198 per year. Roles span healthcare, border services, and more. Eligibility varies by position.
Rwanda Offers Visa-on-Arrival to All Countries, Nigerians Free
Rwanda grants visa-on-arrival to all nationalities. Nigerians, as AU and Commonwealth members, get free 30-day visitor visas at the border without prior application.
UK Lists Visa-Free Countries for 2026 Travel
The UK allows visa-free visits for up to six months for citizens of the US, Canada, Australia, Japan, Gulf states, and most European nations; Irish citizens need neither visa nor ETA.
Dollar Slides as US Inflation Cools, Naira Weakens Across Markets
The US dollar weakened after inflation data eased, reducing rate hike expectations, while Nigeria's naira depreciated despite the dollar's weakness, closing at N1,382 per dollar.
CBN Targets N600 Billion in Treasury Bills Auction Today
The Central Bank of Nigeria aims to raise N600 billion through a treasury bills auction today, offering instruments across 91-day, 182-day, and 364-day tenors to manage liquidity and fund government needs.
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Nigerian Senators Now Get Over N2bn Yearly for Projects
Former Senator Ishaku Abbo claims each Nigerian senator now receives over ₦2 billion annually for constituency projects, contrasting with ₦220 million during his tenure.
Nigeria must rebuild federal incentives for development
Dipo Baruwa argues that Nigeria's fiscal federalism must realign incentives to link revenue to production, not just redistribution, to drive development across all tiers of government.
CBN Rate Decision: Economists Divided Ahead of MPC Meet
As Nigeria's MPC prepares to meet, economists are split on whether to hold or cut the benchmark interest rate, citing inflation risks and growth concerns.
CBN: Nigerian Businesses Optimistic in June Despite High Taxes
Nigerian businesses maintained a positive outlook in June 2026, with the Business Confidence Index at 7.2 points, despite high taxes, insecurity, and interest rates as top constraints, according to the CBN.
FG Inaugurates Advisory Committee for Economic Reforms
The Nigerian government has inaugurated a Ministerial Advisory Committee to drive economic reforms, aiming to enhance policy coordination and boost investor confidence.
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Dangote Refinery Suspends Naira Sales, Adopts Dollar Pricing
Dangote Refinery has suspended naira-based fuel sales, shifting to dollar-denominated pricing. PMS now $0.779/litre, impacting marketers and pump prices.
Nigeria loses N34 trillion to import duty waivers in 2025
Nigeria lost N34 trillion (61% of the 2025 budget) to import duty waivers in 2025, according to Customs Comptroller-General Bashir Adewale Adeniyi, who revealed that IDEC approvals reached N34 trillion.
Naira Holds Firm at N1,379.65/$ Amid Global FX Pressures
The naira remained stable at N1,379.6504 per dollar on July 13, 2026, supported by $970 million in weekly FX inflows, despite global dollar strength and rising geopolitical tensions.
Import Duty Waivers Hit N34 Trillion in 2025: Customs
Nigeria's import duty waivers surged to N34 trillion in 2025, according to the Nigeria Customs Service, marking a significant increase from previous years.
Nigeria, Hong Kong Sign Double Taxation Pact to Boost Trade
Nigeria and Hong Kong signed a double taxation agreement to eliminate double taxation, enhance trade, and prevent tax evasion, effective January 1, 2026.
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CBN Survey: Business Confidence Slips in June
A CBN survey reveals business confidence declined in June 2026 as rising operational costs and inflationary pressures weighed on firms across Nigeria.
Dangote Refinery Ends Naira Fuel Sales, Switches to Dollar
Dangote Refinery stops naira fuel sales, adopting dollar pricing at $0.779/litre for petrol, raising concerns over price hikes and economic impact on Nigerians.
NGX Equities Shed N1.32 Trillion on Profit Taking
NGX equities lost N1.32 trillion in market capitalisation as investors sold off industrial goods, banking, and consumer stocks. The All-Share Index fell by 2,467 basis points to close at 98,456.72.
FMDA: OMO Maturities to Boost Liquidity by N3.12 Trillion
The FMDQ projects that OMO maturities this week will inject N3.12 trillion into Nigeria's financial system, boosting liquidity and potentially easing interbank rates.
Nigeria's Overnight Funding Market Hits N97.45 Trillion in June
Nigeria's overnight funding market reached N97.45 trillion in June 2026, the highest since launch, driven by tight liquidity and high interest rates.
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Nigerians Face FMCG Price Hike: Cowbell, Kellogg's, Golden Morn Up
Prices of FMCGs in Nigeria surged up to 66.7%, with Cowbell Vitarich leading increases, while some seasonings and cereals dropped. Mixed trends persist despite stable economic indicators.
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