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The National Bureau of Statistics reports that average retail petrol prices fell by 15.6 per cent year-on-year by February 2026. Data confirms the average cost reached ₦1,051.47, down from ₦1,245.80 in February 2025. This annual decline suggests a slight cooling in the downstream oil sector since the shock of the 2023 subsidy removal. Yet, the…
Billions of dollars in rehabilitation contracts and a decades-long search for efficiency have failed to shift former President Olusegun Obasanjo’s conviction that Nigeria’s state-owned refineries are beyond repair. As the Nigerian National Petroleum Company (NNPC) Limited pushes toward a June 2026 deadline to secure technical partners for the Port Harcourt, Warri, and Kaduna facilities,…
Taiwo Oyedele has officially taken the helm as Nigeria’s Minister of Finance and Coordinating Minister of the Economy. He succeeds Wale Edun following a formal handover ceremony held in Abuja on Thursday. The transition aligns with the timeline established by President Bola Ahmed Tinubu for the cabinet reshuffle. Ministry officials confirmed the orderly completion of…
The Central Bank of Nigeria (CBN) has released an exposure draft of the “Guide to Charges by Banks and Other Financial Institutions, 2026,” proposing a rise in the cost of ATM card issuance and replacement. If finalized, the fee for standard debit and credit cards will climb to ₦1,500, a 50 per cent increase from…
The Nigerian naira holds steady in both official and parallel foreign exchange markets this week. Official rates at the Nigerian Foreign Exchange Market (NFEM) hover between ₦1,350 and ₦1,355 per dollar. This performance reflects the Central Bank of Nigeria’s managed float system. The regulator attempts to curb sharp volatility through intermittent interventions. Market sentiment remains…
Nigeria’s foreign exchange market opened the week on a mixed note as the naira strengthened marginally in the parallel market but weakened at the official window, highlighting persistent liquidity pressures and uneven supply dynamics. Latest figures show the naira appreciated to N1,387 per dollar in the parallel market, improving slightly from N1,389 per dollar…
Pension fund assets tied to Federal Government of Nigeria (FGN) debt securities climbed by 16.9 per cent year-on-year to N16.925 trillion in February 2026. This figure stood at N14.468 trillion during the same period last year. The total net asset value of the pension industry grew by 28.7 per cent to N29.426 trillion over the…
Former Vice President Atiku Abubakar has launched a sharp critique of President Bola Tinubu’s economic policies, accusing the administration of presiding over what he described as “privatisation without accountability” while ordinary Nigerians endure worsening living conditions. In a statement issued Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic…
Nigeria’s federal contractors may finally see their money this week. The House of Representatives indicates that the executive branch will soon release funds to address a massive N1.8tn backlog of unpaid debts. These liabilities stem from capital projects executed during the 2024 fiscal year. Lawmakers expect the first tranche of payments to hit bank accounts…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, has warned against any return to generalized subsidy regimes, cautioning that hard-won economic gains must not be reversed despite mounting global shocks and geopolitical tensions. Speaking in Washington D.C. on Tuesday in his capacity as Chair of the G-24 Group of…
