Rufai: Fuel Price Rise Tied to Iran-US-Israel War
Nigerian journalist Oseni Rufai warns that the Iran-US-Israel conflict is driving up fuel prices in Nigeria, with limited economic benefits due to oil debts and commitments.
Category : Economy
Transport Fares Soar as Petrol Prices Hit Over N1,000
Nigerians face severe transportation cost hikes as petrol prices surge above N1,000 per litre, with intra-state fares increasing by over 50% and inter-state trips becoming significantly more expensive.
Inflation Erases Small Naira Notes in Nigeria's Economy
Nigeria's small naira notes, from ₦5 to ₦50, are disappearing from daily use due to inflation, leading to an unofficial redenomination as ₦100 becomes the minimum viable currency in markets and transport.
Lawyer Refuses to Buy Fuel at N1,250, Chooses Natural Ventilation
A Nigerian barrister refused to purchase petrol after discovering the price had surged to N1,250 per litre, opting instead for natural ventilation at home. This comes as Dangote Refinery and NNPC implement fresh price hikes across the country's fuel marke
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Venezuela Inflation Hits 475%, Highest in World
Venezuela's inflation surged to 475% in 2025, the highest globally, driven by U.S. sanctions. Despite political changes, citizens face soaring prices with food costs up 532%.
Petrol Price Hits N1,080/Litre in Ibadan, Transport Fares Surge
Motorists in Ibadan face severe fuel scarcity with petrol prices reaching N1,080 per litre, causing long queues and significant increases in transportation fares across the city.
PEBEC Roundtable Aims to Attract Foreign Investment in Nigeria
The Presidential Enabling Business Environment Council organized a high-level meeting with foreign investors to address concerns on security, taxes, and regulations while promoting Nigeria's economic reforms.
Naira Drops N25 in Black Market, CBN Steps In Amid Dollar Rush
Nigeria's naira weakened by N25 in the parallel market, trading between N1,410 and N1,420 per dollar, widening the gap with official rates. The Central Bank intervened to stabilize the currency amid rising demand.
Fuel Prices Surge in Nigeria After Dangote Refinery Hike
Petrol prices have sharply increased in Nigerian cities like Awka and Uyo, reaching up to N1,000 per litre, following a N110 hike by Dangote Refinery and NNPC adjustments.
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States Get VAT Windfall as New Tax Law Begins in Nigeria
Nigeria's new VAT sharing formula boosts state revenues to 55%, with Lagos leading beneficiaries at N101.34 billion. Federal share declines as total collections rise to N1.08 trillion in January 2026.
YEIDEP Batch B Recruitment: N500,000 Funding for Nigerian Youths
The Federal Government has set March 9, 2026, for the start of Batch B recruitment for the Youth Economic Intervention and De-Radicalisation Programme, offering up to N500,000 in business funding to eligible Nigerians aged 18 to 50.
Fuel and Cooking Gas Price Surge Threatens Eid Celebrations
As petrol and cooking gas prices soar across Nigeria due to global energy pressures, households face rising costs that could disrupt Eid festivities and strain festive planning.
Naira Falls for 11th Session, Rate Gap Narrows to N13
The Nigerian naira depreciated for the 11th consecutive trading session against the US dollar, with the gap between official and parallel market rates closing to N13. The currency weakened across multiple forex windows amid geopolitical tensions affecting
Nigeria's Reserves Hit 13-Year High at $50.45 Billion
Nigeria's gross external reserves have climbed to $50.45 billion, marking the highest level in 13 years. This significant increase strengthens the country's financial buffer and supports currency stability amid ongoing economic reforms.
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Nigeria Bans Imports in 2026 to Boost Local Production
The Federal Government of Nigeria has released a comprehensive list of items banned from importation in 2026, targeting food, household goods, and industrial materials to protect domestic industries and enhance self-sufficiency.
FG Taxes Informal Sector, Bans Cash Tax Collections
Nigeria's federal government introduces a new tax framework targeting artisans and small businesses, banning cash collections and roadblocks to enhance transparency and fairness in revenue system.
Naira Hits 13-Year High as CBN Reforms Boost Currency
Nigeria's naira appreciated by 6.87% in 2025, marking its first annual gain in 13 years due to Central Bank reforms, capital inflows, and improved reserves.
Nigerian Cement Giants Post N1.65 Trillion Profit in 2025
Dangote Cement, BUA Cement, and Lafarge Africa collectively generated over N6.53 trillion in revenue, with profits soaring 142% as cement prices rose significantly across Nigeria.
Dangote Orders 1,000 CNG Trucks from China for Green Logistics
Dangote Group has placed a major order for over 1,000 CNG-powered vehicles from China's Foton Motor to enhance its logistics operations with cleaner and more cost-efficient transport solutions.
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Zenith Bank Seeks Stronger Ties with Ogun State
Zenith Bank's leadership commended Ogun State's infrastructure transformation under Governor Dapo Abiodun and proposed deeper collaboration to boost economic growth through strategic partnerships.
Nigeria Launches Revenue Service with Sweeping Tax Reforms
Nigeria has launched the Nigeria Revenue Service, replacing the FIRS with new laws to simplify taxes, enhance digital processes, and foster fairness for small businesses and citizens.
World Bank: Nigeria's Job Market to Worsen Amid Global Crisis
The World Bank projects a severe global employment gap with 1.2 billion young people entering the workforce but only 400 million jobs available, disproportionately affecting Nigeria and Africa.
Naira Appreciates 4.13% in February as CBN Intervenes
Nigeria's naira appreciated by 4.13% in February 2026, defying Central Bank efforts to slow its momentum through strategic dollar purchases. Higher oil prices and improved external reserves bolstered confidence in the currency's outlook.
Iran War Pushes Petrol to N937/Litre in Lagos, N975 in Abuja
Geopolitical tensions in the Middle East have disrupted global energy markets, causing petrol prices to surge to N937 per litre in Lagos and N975 in Abuja, with fears of further increases as crude oil exceeds $80 per barrel.
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Oil Market Panics Over US-Israel-Iran, Nigerians Thank Dangote
Rising crude oil prices due to US-Israel-Iran tensions are impacting Nigeria's fuel costs. Many Nigerians express relief that Dangote Refinery is operational, reducing dependence on imports amid global market volatility.
VAT Revenue Jumps 34% to N6.4 Trillion in 9 Months
Nigeria's non-oil tax revenues show robust growth, with VAT climbing 34% to N6.4 trillion and Company Income Tax rising 48% to N7.72 trillion in the first nine months of 2025, according to NBS data.
Naira Falls to N1,384/$ as Reserves Approach $50 Billion
Nigeria's naira experienced a sharp decline, trading at N1,384 per dollar despite external reserves nearing $50 billion. The Central Bank of Nigeria released new exchange rate data amid heightened demand for foreign currency.
UK Cuts 2026 Growth Forecast as Iran War Risks Mount
The UK government has revised its economic growth forecast for 2026 downward, citing escalating conflict in Iran and Middle East instability as key threats to energy prices and inflation.
Middle East Conflict May Spike Nigeria's Fuel Prices to N1,000/Litre
Economic analyst Paul Alaje warns that escalating US-Iran-Israel tensions could drive Nigeria's petrol prices to N1,000 per litre, impacting households, businesses, and inflation.
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Naira Falls to ₦1,378 Amid US-Iran War Market Turmoil
The Nigerian naira weakened significantly to ₦1,378 against the US dollar on Monday as escalating military conflict between the United States and Iran triggered global market uncertainty and increased demand for safer currencies like the dollar.
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