IMF Warns Nigeria Power Sector Subsidies Draining Economy
IMF warns Nigeria's below-cost electricity tariffs generate implicit subsidies, with sector arrears reaching 0.75% of GDP by end-2025, urging deeper reforms.
Category : Economy
Nigeria, 4 Others Dominate Africa's Economy as 5 Nations Control Half of GDP
IMF data shows five African economies, including Nigeria, contribute $1.4 trillion to Africa's GDP, accounting for half of the continent's total economic output.
Sanwo-Olu, Bakare call for geoeconomic reform at summit
Lagos Governor Babajide Sanwo-Olu and Pastor Tunde Bakare led calls for a new geoeconomic framework at the maiden Geoeconomic Optimisation Summit 2026, advocating decentralised governance to unlock Nigeria's growth.
Nigeria Releases Tax Overhaul Guidelines for 2026
The Nigerian government has released guidelines for implementing the Tax Acts 2025, effective January 1, 2026, ensuring a seamless transition from old tax laws.
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Nigeria's External Reserves Hit $51bn, Highest Since 2009
Nigeria's external reserves rose to $50.96 billion as of June 17, 2026, the highest since 2009, despite naira depreciation across FX markets. The IMF backs the flexible exchange rate system.
Insecurity Traps Northern Nigerian Households in Poverty Cycle
A new study reveals violent conflict in Northern Nigeria pushes households into poverty and weakens recovery, creating a cycle of long-term deprivation.
Bayelsa spends ₦13bn monthly on salaries, govt reveals
Bayelsa State Government reports monthly salary expenditure of ₦13 billion, with total salary obligations at ₦14 billion, in a transparency drive for March and April 2026.
FG to Deploy 7 Million Meters to End Estimated Billing
The Federal Government plans to deploy 7 million electricity meters nationwide to eliminate estimated billing, improve transparency, and boost revenue in Nigeria's power sector.
Women Seek Bigger Role in Economy and Governance
Women leaders launched BWIRHA to boost economic participation, support Tinubu's Renewed Hope Agenda, and advocate for greater female representation in governance.
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Minimum Wage Talks Heat Up Amid Economic Strains and Hurdles
Minimum wage negotiations loom as NLC, TUC push for higher pay, citing increased FAAC allocations. Employers warn against politically driven hikes, advocating economic realism.
Economic Tribalism: A Threat to Nigeria's Prosperity
A call to reject ethnic-based economic scrutiny, urging Nigeria to judge businesses by performance and legal compliance rather than ancestry, to foster investment and growth.
Luncheon to Raise N250m for Poverty Reduction
The Heart of Gold Support & Care Initiative and Patrick Ejedawe Foundation plan a luncheon on June 26, 2026, to raise N250 million for poverty reduction, education, and entrepreneurship.
Nigeria's Broadband Hits 120M But Data Use Falls
Nigeria's broadband subscriptions hit 120 million, but data consumption drops amid inflation and tariff hikes, revealing a disconnect between network expansion and consumer purchasing power.
Osun to Key Into $7.7 Trillion Halal Economic Strategy
Governor Ademola Adeleke announces Osun State's alignment with the Federal Government's National Halal Economic Strategy, aiming to tap into the multi-trillion dollar halal economy.
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Nigeria's upstream investment share in Africa surges tenfold
Nigeria's share of African upstream energy investment rose from 4% to 40% post-2023, attracting $10 billion in commitments and a $50 billion pipeline, says presidential aide Olu Arowolo Verheijen.
Nigeria CIT Falls to N1.37 Trillion in Q1 2026
Nigeria's Company Income Tax fell to N1.37 trillion in Q1 2026, an 8.08% decline from Q4 2025. Domestic firms paid N538.91 billion, foreign firms N828.82 billion.
Nigeria's VAT Revenue Hits N2.42 Trillion in Q1 2026
Nigeria's VAT revenue rose to N2.42 trillion in Q1 2026, a 9.98% increase from Q4 2025. Local VAT contributed N1.11 trillion, foreign VAT N830.47 billion, and import VAT N477.55 billion.
US Dollar Hits 12-Month High, Naira Slips as Fed Signals Rate Hike
The US dollar surged to a 12-month high, pressuring the Nigerian naira as the Federal Reserve hinted at potential interest rate hikes. The naira closed at N1,363 per dollar in the official market.
Oluwo: Petrol Could Have Hit N10k Without Dangote
The Oluwo of Iwo credited the Dangote Refinery with stabilizing Nigeria's economy and preventing petrol prices from soaring to N10,000 per litre amid global market disruptions.
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FG Issues Guidelines for New Tax Regime Transition
The Federal Government releases guidelines for transitioning to the Tax Acts 2025, effective January 1, 2026, ensuring clarity and fairness in tax administration.
First Nigerian Shell EVP and Country Chair appointed
Elohor Aiboni appointed Shell's Executive Vice President and Country Chair for Nigeria, becoming the first Nigerian to hold the combined leadership role. She assumes office August 1, 2026.
Nigerian Stock Market Falls for Second Straight Day
The Nigerian stock market declined for a second consecutive day as investors engaged in profit-taking, with the All-Share Index dropping by 3,397.80 points and market capitalization losing N2.179 trillion.
Oil Prices Hit Lowest Since US-Iran Conflict
Oil prices fell sharply on Thursday, June 18, dropping to their lowest since the US-Iran conflict, as a US-Iran agreement boosted supply prospects.
IMF Warns Stablecoins Could Undermine Naira and Monetary Policy
The IMF warns that growing use of US dollar stablecoins in Nigeria could weaken demand for naira and undermine monetary policy, posing risks to financial integrity.
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Nigeria's Health Sector: Progress After 27 Years of Democracy
After 27 years of democracy, Nigeria's health sector shows progress in workforce, immunization, and financial protection, but challenges remain in implementation and sustainability.
Awka Households Lament Soaring Cooking Gas Prices
Residents of Awka, Anambra State, are grappling with high cooking gas prices, now N1,700 per kg, and call for government intervention to ease the burden.
Nigeria's AfCFTA Strategy: Ambition, Progress, and Delivery
Ehi Braimah examines Nigeria's AfCFTA strategy, highlighting progress in trade under the Guided Trade Initiative and challenges like weak infrastructure, logistics, and private sector readiness.
Standard Bank Plans $15.4 Billion Investment in African Firms
Standard Bank Group plans to increase investments in mid-sized African companies, targeting $15.4 billion in revenue from Nigeria, Ghana, Kenya, Uganda, and Tanzania.
Bayelsa yet to decide tariff for 60MW power plant
Bayelsa State Government has not yet decided on tariffs for its new 60MW gas-fired power plant. Residents raise concerns over PHEDC's revenue drive and lack of metering.
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81% of Nigerian SMEs Confident, Embrace Digital Payments
A Mastercard study reveals 81% of Nigerian SMEs are confident about the next 12 months, with 68% expecting revenue growth. Digital payments are seen as vital for expansion.
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