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.
Category : Economy
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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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Fuel Price Hike: Dangote Refinery Adjusts Petrol to ₦875/Litre
Dangote Petroleum Refinery increases PMS ex-depot price from ₦774 to ₦875 per litre amid global crude volatility. Diesel sales suspended as market anticipates ₦1,000 benchmark.
Nigeria's External Reserves Hit $34.80bn, Naira Boosted
Nigeria's net external reserves reached $34.80 billion at the end of 2025, marking the highest level in four years and signaling renewed strength for the naira. Central Bank Governor Olayemi Cardoso credits reforms for improved foreign exchange management
Naira Falls Against Dollar Despite CBN Intervention
The Nigerian naira depreciated further against the US dollar in both official and parallel markets, closing at N1,378.02/$1, despite Central Bank efforts to boost supply with $200 million.
Dollar Climbs to Five-Week High as US-Iran Tensions Rattle Markets
The US dollar surged to a five-week high as escalating tensions between the United States and Iran triggered a global flight to safety. The euro fell to its lowest level since 2015, while gold and oil prices rallied amid market volatility.
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Nigeria's Net Reserves Hit $34.8bn in 2025 - CBN Governor
Central Bank of Nigeria Governor Olayemi Cardoso reveals Nigeria's net foreign exchange reserves reached $34.80 billion in 2025, marking a 50.58% increase from 2024 and a 772.18% surge from 2023 levels.
US-Israeli Attack on Iran: Impact on Nigeria's Economy
Energy expert Muda Yusuf analyzes how the US-Israeli conflict with Iran could bring both benefits and challenges to Nigeria's economy, affecting oil revenue, the naira, and fuel prices.
Katsina Opens Free CAC Registration Portal for Businesses
The Katsina State Government has launched a free business registration portal to help entrepreneurs formalize their operations, boost credibility, and access funding opportunities.
Indian Analyst Predicts Oil Price Surge After Iran-Saudi Conflict
An Indian commentator warns that Iran's recent attacks on Saudi Arabia's oil infrastructure could lead to skyrocketing oil prices, impacting the global economy amid ongoing US-Iran tensions.
Career Opportunities in Accounting in Nigeria
Discover the wide range of accounting careers in Nigeria, from chartered accountants to forensic specialists, with insights into salaries, sectors, and professional certifications driving demand.
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Lagos Residents Spend 70% of Income on Rent
Lagos residents face a severe housing crisis as rents consume 50-70% of income, forcing many to relocate or struggle with basic needs. Calls for government intervention and reforms grow louder.
Naira Loses N17 as CBN Crashes Currency to Narrow FX Gap
The Nigerian naira depreciated by N17 against the US dollar as the Central Bank intervened to narrow the gap between official and parallel market exchange rates. Nigeria's external reserves surpass $50 billion, the highest level in 13 years.
Cooking Gas Prices Drop Nationwide in January 2026
The National Bureau of Statistics reveals a 23.25% year-on-year decrease in cooking gas prices for January 2026, with Jigawa, Abia, and Akwa Ibom as the most expensive states, while Bayelsa, Sokoto, and Katsina offer the cheapest rates.
9 Million Households Get FG Cash Transfers, Edun Discloses
Finance Minister Wale Edun announced that nine million of Nigeria's poorest households have received direct cash transfers, with over 12 million Nigerians enrolled through digital ID integration.
JRB Denies Automatic Bank Deductions Over Tax ID Fears
The Joint Revenue Board reassures Nigerians that obtaining a Tax ID will not lead to automatic bank deductions, as the new portal receives positive feedback despite initial panic over tax reforms.
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Cement Prices Soar Above N10,000 Per Bag in Nigeria
Cement prices have skyrocketed above N10,000 per bag in Nigeria, with major brands like Dangote and BUA increasing costs due to production and logistics. Dealers report new rates up to N11,500, impacting construction and housing projects nationwide.
Lagos BRT Fare Hike Sparks Commuter Outcry Over Service
Lagos State's Bus Rapid Transport fare increase has led to rising transportation costs and commuter frustration over declining service quality and safety concerns across major routes.
Dollar Slumps to One-Week Low as Trade Tensions, Iran Fears Shake Markets
The U.S. dollar retreated to its lowest level in a week as geopolitical risks and renewed trade tensions weighed on investor sentiment. Currency markets brace for volatility amid Supreme Court rulings and diplomatic talks.
Nigeria to Lead Africa in Food Inflation in 2026, FAO Reports
A new FAO report projects Nigeria will have Africa's highest food inflation at 17.1% in 2026, with Angola, Zambia, and Ethiopia among nine other African nations facing significant increases, while some countries may see price declines.
Naira Avoids Africa's 10 Weakest Currencies in 2026
Fresh data reveals Nigeria's naira is not among Africa's 10 weakest currencies despite recent volatility. The ranking highlights economic challenges facing other African nations.
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Naira Falls for Six Days as CBN Buys Dollars to Slow Appreciation
The Nigerian naira has declined slightly after weeks of gains, with the Central Bank purchasing dollars to stabilize the currency and prevent rapid appreciation, impacting market strategies.
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