FG Seeks $1.5bn World Bank Financing as Nigeria’s Debt Rises to N166.79tn The Federal Government is negotiating three proposed financing facilities worth a combined $1.5bn with the World Bank to support climate resilience, early childhood development and social protection programmes across Nigeria. The proposed facilities, each valued at $500m, are at different stages of preparation,
Fuel subsidy return will hurt Nigeria – Alex Otti Abia State Governor, Alex Otti, has backed the removal of fuel subsidy, saying those calling for its return do not mean well for Nigeria. Otti stated this in an exclusive interview aired by Arise Television on Friday while discussing the economic impact of subsidy removal and
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has commenced a nationwide enforcement exercise against filling stations accused of short-changing motorists through the under-dispensing of refined petroleum products. The development has triggered concern among petroleum marketers, retailers and depot operators, following a warning issued by the regulator to industry stakeholders on Wednesday. The NMDPRA
Former Vice President Atiku Abubakar has reacted to an SBM Intelligence survey indicating that 67.4 per cent of respondents want the Federal Government to restore petrol subsidy. In a statement issued by his media aide, Phrank Shaibu, on Tuesday, Atiku described the survey outcome as a damning public verdict on the administration’s decision to remove
The Transmission Company of Nigeria (TCN) has announced a temporary interruption in electricity supply to several areas of Abuja on Wednesday, September 23, 2026. The planned outage is linked to preventive maintenance work at the Central Area GIS 132/33kV Transmission Substation in the Federal Capital Territory. According to TCN, the Abuja Electricity Distribution Company (AEDC)
Dangote Refinery has lowered the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, following another decline in international crude oil prices. A market survey showed that the 700,000-barrel-per-day refinery reduced its petrol price to N1,325 per litre from N1,350, representing a N25 cut. The latest adjustment comes amid a sharp decline in
Global crude oil prices extended their decline on Monday, raising expectations that the downward trend could eventually translate into lower petrol pump prices in Nigeria. Brent crude traded at about $101.5 per barrel, while West Texas Intermediate (WTI) stood at approximately $98 per barrel at the time of reporting. The prices represent declines of 2.29
The Federal Government, 36 state governments and the 774 local government councils shared N2.338 trillion in revenue generated in August 2026, following the latest allocation by the Federation Account Allocation Committee, FAAC. The figure was contained in a statement issued on Thursday by the Director of Press and Public Relations at the Office of the
The Nigerian naira extended its losing streak against the United States dollar on Thursday, recording a third consecutive decline at the official foreign exchange market. Data from the Central Bank of Nigeria showed that the local currency closed at N1,331.28 to the dollar on Thursday, compared with N1,329.86 recorded in the previous trading session on
The Federal Government, state governments and local government councils have shared a total of N2.338 trillion in revenue for August 2026. The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued after its September 2026 meeting in Abuja. Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of