By Ozumi Abdul Nigeria’s petrol market has witnessed a dramatic shift in just two months. After hitting a record national average of N1,596.25 per litre in May 2026, according to the National Bureau of Statistics (NBS), pump prices have gradually declined following a series of price cuts by the Dangote Refinery and other marketers.By July
President Bola Tinubu says the Presidential Power Sector Task Force has been authorised to raise N4 trillion through bond programme to settle verified legacy debts in Nigeria’s power sector as part of ongoing reforms to stabilise electricity supply.Tinubu spoke during his Democracy Day address on Friday, June 12, noting that the initiative is being driven
The Federation Account Allocation Committee (FAAC) has distributed a total of N2.3 trillion to the Federal Government, state governments and local government councils from revenue generated in May 2026, reflecting a N43 billion increase from the N2.257 trillion shared in the previous month.The latest allocation represents a 1.9 per cent month-on-month increase and extends the
The World Bank has revealed that a significant majority of Nigerians continue to face poverty challenges, with about 79 per cent of the population reportedly experiencing hardship despite economic reforms introduced by President Bola Tinubu’s administration. According to the global financial institution, the country’s ongoing reforms, including efforts aimed at stabilizing the economy and improving
Nigeria’s headline inflation saw a decrease in June 2026, marking the first decline since February. This comes as the Central Bank of Nigeria (CBN) is scheduled to decide on the country’s interest rate on July 21. The National Bureau of Statistics, in its Consumer Price Index and inflation data released on Wednesday, stated that Nigeria’s
The Minister of Solid Minerals Development, Dr. Dele Alake, disclosed that the Tinubu-led administration has attracted over $2.6 billion in Foreign Direct Investment, FDI into the sector in two years.Alake made this known in a statement signed by his Special Assistant on Media, Segun Tomori, where the Minister advocated for regional hubs to power Africa’s
The National Pension Commission (PenCom) has approved an upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from N12.56 million to N159.95 million.The upward review translated to an unprecedented 1,173% enhancement in the total monthly payout.According to PenCom: “The NSITF pension increase is
President Bola Ahmed Tinubu recently reaffirmed his administration’s commitment to comprehensive ranching and livestock reforms at the National Economic Council (NEC) conference in Abuja. His message was clear: reforming Nigeria’s livestock sector is not optional, it is imperative for economic revitalisation and national security.The President emphasised that dairy farming, livestock investment, ranch development, and agricultural
Nigeria’s headline inflation rate declined to 15.15 percent in FEBRUARY 2026, marking the ninth consecutive month of moderation, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).The data bureau said the CPI, which tracks changes in the prices of goods and services, rose to 131.2 points in
Dr. Tijjani Ahmad, a senior lecturer at Hussaini Adamu Polytechnic, Kazaure, has attributed the recent fuel price hike in Nigeria to global oil price changes, logistics constraints, and the nation’s historical dependence on fuel imports. Speaking exclusively to our correspondent, Dr. Ahmad explained that Nigeria remains highly vulnerable to shocks in the international crude oil