By Seun Ibiyemi The return of universal petrol subsidy could cost Nigeria nearly ₦20 trillion annually and worsen the country’s fiscal and debt pressures, the Centre for the Promotion of Private Enterprise (CPPE) has warned. The CPPE said the potential financial burden would emerge from an estimated petrol consumption of 50 million litres per day…
President Bola Tinubu has said Nigeria’s economic reform programme has entered a new phase aimed at converting macroeconomic stability into increased investment, production, job creation and improved living standards. Tinubu stated this on Tuesday at the 19th Annual Banking and Finance Conference in Abuja, where he said reforms implemented by his administration were beginning to…
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has called for stronger financial institutions, sound governance and enhanced operational resilience to safeguard Nigeria’s financial system and support sustainable economic growth. The NDIC Managing Director, Mr. Sunday Oludare Thompson, represented by the Executive Director, Corporate Services, Mrs. Emily Chidinma Osuji, made the call in a…
…Islamic finance can boost Nigeria’s financial inclusion, SME growth — Mughal Open Space has unveiled its Ethical Finance proposition, combining Shariah-compliant financial structures with technology and artificial intelligence to expand access to capital, asset ownership and investment opportunities. The Chief Executive Officer of Open Space, Titus Adakole Ike, disclosed this in his opening remarks at…
By Seun Ibiyemi The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into Uber’s abrupt withdrawal from the Nigerian market, focusing on how the ride-hailing company handled its outstanding obligations to customers. The FCCPC Chief Executive Officer, Tunji Bello, disclosed this in an interview with Bloomberg on Sunday, saying the commission was…
Twenty-six of the 34 Nigerian states reviewed by BudgIT relied heavily on allocations from the Federation Account in 2025, as their internally generated revenue (IGR) was insufficient to cover personnel costs. The finding was contained in BudgIT’s report titled Nigeria’s Economic Reforms: What Has Changed Across Nigeria’s States? An Analysis of State Finances in the…
By Seun Ibiyemi The Manufacturers Association of Nigeria (MAN) has raised concerns over the widening gap between Nigeria’s headline economic growth and the performance of the real sector, warning that the country’s industrial base is facing severe structural challenges. Reacting to the National Bureau of Statistics (NBS) second-quarter 2026 Gross Domestic Product (GDP) report, MAN…
The Federal Government has announced plans to strengthen the preparation of national budgets and prevent unrealistic economic projections from influencing future spending plans. The decision followed a review which revealed significant gaps between projections contained in previous budgets and actual outcomes, particularly in oil production and government revenue. The Federal Ministry of Finance and the…
Twelve state governors whose tenures will end in 2027 and early 2028 are set to leave behind a combined debt burden of about N5.3tn, according to an analysis of data from the Debt Management Office. The affected governors are Umaru Fintiri of Adamawa, Mai Mala Buni of Yobe, Abdullahi Sule of Nasarawa, AbdulRahman AbdulRazaq of…
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has called for urgent reforms in Nigeria’s power sector despite the economy recording its strongest quarterly growth in five years. Nigeria’s real Gross Domestic Product (GDP) grew by 4.43 per cent in the second quarter of 2026, accelerating from 3.89 per cent in…
