Category: Economy
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
President Tinubu Overhauls NNPC Leadership, Appoints New Board to Drive Oil Sector Reforms
April 2, 2025 | Abuja In a sweeping move to revitalize Nigeria’s energy sector, President Bola Ahmed Tinubu today announced a complete reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, replacing Chairman Pius Akinyelure and Group CEO Mele Kyari alongside all board members appointed in November 2023. New Leadership TeamThe newly constituted 11-member…
NNPCL Prepares for Landmark Public Listing Amid Transparency Concerns
The Nigerian National Petroleum Company Limited (NNPCL) has entered the final stages of its long-anticipated transition to a publicly traded entity, announcing plans to list its shares on the capital market in compliance with the Petroleum Industry Act (PIA) 2021. The move, revealed Thursday by Chief Corporate Communications Officer Olufemi Soneye, marks a pivotal moment…
Tinubu Administration Budgets N164 Million for Tyres Amid Economic Strain
Revelation comes after N366 million tyre expenditure in 2024, raising fiscal responsibility questions Abuja, Nigeria – The State House under President Bola Tinubu has allocated N164 million for tyre purchases in its 2025 budget, documents reveal, continuing a pattern of heavy spending on vehicle maintenance despite Nigeria’s economic challenges. The allocation follows last year’s N366…
Organised Labour Threatens Total Shutdown Over Zamfara’s N70,000 Minimum Wage Violations
Unions issue 14-day ultimatum, demand reinstatement of sacked workers Tensions escalated in Zamfara State on Tuesday as the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) delivered a stern two-week ultimatum to the state government, demanding full compliance with the N70,000 minimum wage law or face a total paralysis of government operations. Core Grievances…
NBS Vows Transparency Amid Inflation Data Controversy, Clarifies Rebasing Process
The National Bureau of Statistics (NBS) has moved to quell growing concerns over its inflation reporting methods, pledging enhanced transparency after confusion arose from its recent Consumer Price Index (CPI) rebasing exercise. Data Integrity Assurances In an official statement, Acting Director of Communications Folorunso Alesanmi confirmed the bureau’s commitment to “quality data publication,” emphasizing that…
Dangote Refinery Begins Jet Fuel Exports to U.S., Set to Lower Aviation Prices
The Federal Government, through the Nigerian National Petroleum Company Limited (NNPCL), has announced the commencement of jet fuel exports from the Dangote Refinery to the United States, a development expected to lower aviation fuel prices in North America ahead of the peak summer travel season. In a statement issued by refinery management and confirmed by…
#30DaysRantChallenge: Nigerians Vent Frustrations Over Economic Hardship Under Tinubu’s Administration, Label It ‘Worst Regime’ Ever
Nigerians on social media have intensified their criticism of President Bola Tinubu’s administration, describing it as the “worst thing” to happen to the country, as more citizens join the #30DaysRantChallenge campaign. The online movement, which began on Saturday, has become a platform for Nigerians to express their frustrations over the rising cost of living, economic…
Sowore Calls on Nigerians to Join #30DayRantChallenge Amid Rising Anger and Frustration Under Tinubu Government
Human rights activist and #RevolutionNow convener, Omoyele Sowore, has urged Nigerians to participate in the #30DayRantChallenge, a social media initiative aimed at voicing discontent over the growing hardship and impunity under President Bola Tinubu’s administration. The challenge comes as citizens across the country express mounting frustration over issues such as hunger, insecurity, economic instability, and…
Dangote Petroleum Refinery Temporarily Suspends Sales of Petroleum Products in Naira
Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales proceeds with its crude oil purchase obligations, which are denominated in U.S. dollars. The decision, communicated in a statement released on March 19, 2025, aims to address a mismatch between Naira sales and dollar-denominated…