Former Kaduna Central Senator, Shehu Sani, has criticised former Vice President Atiku Abubakar’s pledge to restore fuel subsidy if elected president in 2027, describing the proposal as impracticable and warning that it could distort Nigeria’s economy. Sani made the remarks on Wednesday at a press conference in Abuja, where he argued that returning to the
The renewed debate over fuel subsidy in Nigeria has drawn differing political positions but growing resistance from economists and key petroleum industry stakeholders, who argue that the country should focus on targeted interventions, domestic refining and fiscal sustainability rather than revive the former blanket subsidy regime. The controversy was reignited by the presidential candidate of
FG Moves to Revive Suspended Kolmani Oil Exploration in Bauchi The Federal Government has commenced moves to revive exploration activities at the stalled Kolmani oil field in Bauchi State, with the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) undertaking an assessment of the project to determine measures required for its remobilisation. The RMAFC Chairman, Muhammad
Trump Threatens ‘Tremendous’ Economic Punishment for Iran, Allied Countries US President Donald Trump has announced a fresh economic offensive against Iran, warning that countries whose financial institutions, businesses, airports or government agencies provide support to Tehran will face what he described as “tremendous” economic consequences. Trump announced the move on Wednesday as the conflict with
Apapa Customs Revenue Hits Record N28.1bn in Single Day The Apapa Area Command of the Nigeria Customs Service (NCS) has recorded its highest-ever single-day revenue collection of N28.1 billion, generated within 24 hours. The Customs Area Controller of the command, Comptroller Emmanuel Oshoba, disclosed this in a statement issued by the command’s Public Relations Officer,
FG, States, LGs Share N3.007tn fro July Revenue – FAAC The Federal Government, 36 states and 774 local government councils shared a total of N3.007 trillion in federation revenue for July 2026, following a significant increase in statutory collections. The disbursement was approved at the August 2026 meeting of the Federation Account Allocation Committee (FAAC),
EFCC Recovers N115bn, $84m in NDDC Levies From Oil Firms The Economic and Financial Crimes Commission has recovered more than N115bn and $84m in outstanding statutory levies owed the Niger Delta Development Commission by oil companies, the anti-graft agency told the Senate on Wednesday. The disclosure was made before the Senate Public Accounts Committee during
Motorists have begun shifting patronage away from Nigerian National Petroleum Company Limited (NNPCL) filling stations and other outlets selling petrol at higher prices, following fresh price reductions by some independent marketers in Abuja. Filling station attendants disclosed this on Monday, attributing the sharp decline in patronage at some outlets to the widening difference in petrol
Senate Moves to Strengthen Nigeria’s Financial System Through Coordinated Reforms The Senate Committee on Banking, Insurance and Other Financial Institutions has intensified efforts to strengthen Nigeria’s financial system through closer collaboration with regulators and industry stakeholders. The committee convened an expanded stakeholders’ engagement in Lagos on Saturday, bringing together representatives of key financial institutions, including
India Buys 4m Barrels of Nigerian Crude as US-Iran Tension Persist India’s state-owned Hindustan Petroleum Corporation Limited (HPCL) has purchased four million barrels of Nigerian crude as Indian refiners increasingly turn to alternative suppliers amid disruptions to Middle Eastern oil shipments linked to tensions between the United States and Iran. According to Reuters, HPCL recently