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Nigeria’s aggregate hydrocarbon output surged to an 11-month high in May 2026, forcing the country to marginally exceed its official production quota under the Organisation of the Petroleum Exporting Countries (OPEC). Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Thursday shows that daily crude oil extraction averaged 1,530,354 barrels, alongside an extra…
The Senate has passed the Factoring Assignment and Receivables Financing Bill, 2026, to grant small businesses access to a 50 billion dollar continental trade finance market. The upper chamber voted to concur with an earlier version passed by the House of Representatives, successfully establishing the first comprehensive legal framework for debt factoring in Nigeria. This…
The Senate has abolished the fixed ten naira per litre excise duty on sugar-sweetened beverages across Nigeria. Lawmakers voted to replace the rigid volume-based tariff with an adjustable percentage-based tax tied directly to retail prices. The legislative shift follows the adoption of a comprehensive report by the Joint Committee on Finance and Customs, Excise and…
Military forces have killed sixty Islamist fighters during an aggressive assault to rescue 360 abducted women and children in Borno State. Troops from Operation Hadin Kai executed a complex, multi-day clearing operation in the dense Mandara mountain range of the Gwoza Local Government Area. The army high command confirmed the decisive tactical breakthrough on Saturday…
The armed gang holding a former Nigerian military spokesman has demanded a prisoner swap alongside the restitution of seized cattle to secure his release. Major General Rabe Abubakar, who previously served as the Director of Defence Information, was ambushed on Saturday alongside his wife in northwestern Katsina State. Rather than seeking a standard financial payout,…
Commercial banks operating within the country will now face a 100 million Naira penalty for breaching foreign exchange operational guidelines. The Central Bank of Nigeria announced a strict disciplinary framework to curb speculative trading and stabilise the local currency. Financial institutions that fail to report accurate transaction data or facilitate unauthorized currency transfers will face…
Iranian diplomats have cast deep doubt over a proposed Washington peace deal. Tehran blames relentless Israeli military operations across Lebanon for freezing the delicate diplomatic track. The multi-front conflict has now entered its ninety-eighth day. United States mediators had initially reported significant progress toward a broad regional truce. However, the continuous bombardment of Beirut and…
Detectives from the Yobe State Police Command have dismantled an illegal firearms manufacturing facility in Buni Yadi, Gujba Local Government Area. Security operatives arrested seven suspects during the raid, including the suspected mastermind of the fabrication ring. The police recovered an assortment of locally made weapons, specialised machinery, and raw manufacturing materials from the site….
Nigeria’s national electricity grid continues to collapse despite receiving 3.6 billion dollars in World Bank loans over the last decade. A comprehensive review of development finance reveals that massive capital injections failed to fix the country’s chronic transmission and distribution failures. The multi-billion-dollar funding aimed to stabilise power supplies, expand the national grid, and bring…
Former Vice President Atiku Abubakar has secured the presidential ticket of the African Democratic Congress, locking in his place on the ballot for the 2027 general election. The political veteran emerged victorious after a highly competitive nationwide direct primary voting process within the opposition party. With this victory, Atiku is set to recreate the fierce…
