FAAC Shares N2.257 Trillion April 2026 Revenue
FAAC distributed N2.257 trillion April 2026 revenue to FG, states, and LGCs, comprising statutory revenue, VAT, and augmentation.
Category : Economy
Firms Partner to Expand Retail Working Capital
RetailWings Africa and Corner Block Services partner to improve working capital access for African retailers using business data from the RetailWings ERP platform.
Dangote Refinery May Cut Fuel Prices as US-Iran Deal Looms
Nigeria anticipates lower petrol prices as global crude declines amid US-Iran talks. Dangote Refinery may adjust prices, and marketers delay purchases expecting reductions.
IMF Advises Nigeria on New Taxes: Fuel, Calls, Data Costlier
The IMF recommends extending VAT to petrol and introducing excise duties on telecom services in Nigeria, potentially raising costs for fuel, calls, and data.
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Manufacturers Say Tinubu Reforms Not Working Yet
The Manufacturers Association of Nigeria says Tinubu's industrial reforms have not lowered costs or improved conditions, citing high energy, borrowing, and FX pressures.
Nigerians borrowed ₦4.6 trillion airtime credit in 2025
A study reveals Nigerian telecom subscribers borrowed ₦4.6 trillion in airtime credit in 2025, highlighting growing reliance on borrow-to-call services amid rising living costs and cash flow constraints.
Corporate tax revenue drops 31% amid economic strain
Nigeria's company income tax fell 31% year-on-year in Q1 2026 to ₦1.37tn, as businesses struggle with inflation, forex volatility, and high costs, according to NBS data.
CPPE Reacts to IMF Report, Advocates Policy Stability
The Centre for the Promotion of Private Enterprise (CPPE) has welcomed the IMF's Article IV Consultation Report on Nigeria as an objective assessment, but calls for policy stability to ensure reforms translate into welfare gains for citizens.
Petrol Price May Crash to N900/Litre as Crude Oil Falls
Crude oil prices have dropped from over $120 to about $87 per barrel amid hopes of a US-Iran peace deal. Petrol prices in Nigeria could fall to around N900 per litre if the trend continues.
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Techno Oil Gets 7,500MT LPG as Landing Cost Crashes
Techno Oil receives 7,500MT LPG cargo as landing cost falls below N1,000/kg, boosting supply and potentially lowering cooking gas prices for Nigerian households and businesses.
Nigeria Postal Revenue Jumps 166.8% to N8.1bn in 2025
Nigeria's postal revenue surged 166.8% to N8.1 billion in 2025, handling 18.2 million mail articles, according to NBS data, with domestic mail accounting for 68.7%.
UK Launches £15M Growth Programme for Nigeria
The UK has launched a £15 million initiative to attract private investment and support economic reforms in Nigeria, announced during a visit by UK Minister Jenny Chapman.
CBN Wins Central Bank of the Year Award Under Cardoso
The Central Bank of Nigeria under Governor Yemi Cardoso has been awarded Central Bank of the Year, recognizing reforms that stabilized inflation, reserves, and investor confidence.
Understanding Nigeria's Capital Inflows: A Historical Perspective
A critical analysis of Nigeria's capital importation figures, arguing that portfolio inflows signal confidence and precede FDI, countering claims of speculative weakness.
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Nigerians Reject IMF Advice on Telecom Tax and VAT on Fuel
Nigerians reject IMF's advice to introduce telecom excise duties and extend VAT to fuel, citing overtaxation. Telecom subscribers oppose, while CPPE acknowledges reforms.
Obi Warns Against Nigeria's Politics Obsession
Peter Obi warns that Nigeria's preference for politics over entrepreneurship threatens economic future, criticizes high-interest rates and declining Igbo apprenticeship system.
Lagos Residents Lament Waste Crisis, Seek Action
Lagos residents are overwhelmed by uncollected waste, fearing disease outbreaks. PSP operators blame dumpsite conditions, while LAWMA reports evacuating 418,500 tonnes in May.
Electricity Crisis: Tegbe's Promise and Politics of Darkness
New Power Minister Joseph Tegbe pledges grid stabilisation in 100 days. But Nigeria's electricity sector faces deep systemic issues including over-centralisation, gas paradox, and institutional weakness.
Anatomy of Reform 11: Institutionalising Reset, Preventing Reversal
The final part of Anatomy of Reform series examines how to sustain Tinubunomics amid reform fatigue, offering prescriptions to prevent policy reversal and institutionalise gains.
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CIT Falls 31% as VAT Grows 17% in Q1 2026
Nigeria's Company Income Tax revenue dropped 31% to N1.37 trillion in Q1 2026, while VAT rose 17% to N2.42 trillion, according to NBS data.
Nigeria Q1 2026 GDP: Key Sectors' Performance Breakdown
Nigeria's real GDP grew by 3.89% in Q1 2026, driven by agriculture, services, ICT, manufacturing, construction, and finance. Full sector breakdown inside.
IMF Lists Africa's Top 10 Richest Economies for 2026
The IMF has released its 2026 nominal GDP rankings for Africa's top 10 economies, with South Africa leading, Nigeria at third, and DR Congo and Ethiopia showing rapid growth.
IMF Urges Nigeria to Tax Fuel and Telecom for Revenue
The IMF has recommended that Nigeria introduce excise duties on telecom services and extend VAT to fuel products to boost government revenue, despite concerns over poverty and food insecurity.
CIT Revenue Drops 31.05% Amid Harsh Business Climate
Nigeria's company income tax (CIT) revenue fell 31.05% year-on-year to N1.37 trillion in Q1 2026, reflecting a difficult operating environment that has forced businesses to scale down or shut down.
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Nigeria's External Reserves Hit $50.42 Billion
Nigeria's external reserves rose to $50.42 billion as of June 10, 2026, marking a 17-year high. The increase supports naira stability and reflects higher oil earnings, diaspora remittances, and foreign portfolio inflows.
Obi Warns Political Obsession Threatens Nigeria's Economy
Peter Obi warns that Nigeria's focus on politics over entrepreneurship threatens economic growth, citing high interest rates and lack of credit for small businesses.
Elon Musk First Trillionaire, Richer Than Many Nations
Elon Musk reaches $1 trillion net worth, exceeding GDP of Nigeria, Switzerland, and others, sparking debate on wealth inequality.
UAE Public Holidays for Rest of 2026: Full List
The UAE has announced public holidays for the remainder of 2026, including Islamic New Year, Prophet Muhammad's Birthday, and National Day celebrations in December.
FG Plans Renewed Hope Cities to Bridge Housing Deficit
The Federal Government plans to construct Renewed Hope Cities in all six geo-political zones to reduce Nigeria's housing deficit, with ongoing projects in 12 locations.
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Nigeria Targets 2.5mbpd Oil Production: Minister
Nigeria's oil minister Heineken Lokpobiri reaffirms the 2.5 million barrels per day crude production target, citing sustained investment and exploration as key.
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