Business

The recent discovery by the Senate’s ad-hoc committee investigating crude oil theft in the Niger Delta that about N300 billion crude oil proceeds were unaccounted for has been generating reactions from Nigerians. The committee’s interim report to the Senate detailed massive discrepancies, weak oversight mechanisms and systemic lapses that have enabled large-scale diversion of Nigeria’s […] More

The Ondo State government and its investment partners have initiated the process for the establishment of a 500,000 barrels-per-day refinery and a free trade zone with the establishment of the Sunshine Joint Venture Infrastructure Limited. Sunshine Joint Venture Infrastructure Limited is the platform through which the partners – Backbone Infrastructure Limited, BINL, NEFEX Petro Line […] More

The Nigerian Government has suspended the implementation of a 15 per cent import duty on premium motor spirit and automotive gas oil. The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, George Ene-Ita, disclosed this in a statement on Thursday. The country’s downstream oil sector regulator urged Nigerians to avoid panic buying […] More

The Naira on Wednesday recorded the highest daily depreciation against the United States dollar at the official foreign exchange market this week. The Central Bank of Nigeria’s data showed that the Naira continued its bearish trend on Wednesday, dropping to N1,443.08 against the dollar, down from N1,438.71 traded on Tuesday. This means that the naira […] More

Ebonyi State Government has demolished unauthorised structures located along the Abakaliki–Afikpo Highway at the Integrated Building Materials Market, Abakaliki. Speaking on behalf of the government, the Commissioner for Market Development and Parks, Professor Nwogo Ajuka Obasi, said the government had repeatedly directed owners of the illegal structures to remove them but they failed to comply […] More

ABUJA — Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the nation’s economy is witnessing a progressive growth. Edun said that the Nigerian Gross Domestic Product, GDP, grew by 4.23 per cent in the 2Q of 2025, noting that it was the highest quarterly figure in a decade […] More

The Naira appreciated on Thursday against the United States dollar at the official foreign exchange market for the second time this week as the country’s external reserves rose to $43.27 billion. The Central Bank of Nigeria’s foreign exchange data showed that the Naira strengthened on Thursday to N1,436.74 against the dollar, up from N1,438.49 on […] More

The Nigerian National Petroleum Company Limited (NNPCL) said it plans to increase its ownership stake in Dangote Refinery to 20 per cent from 7.2 per cent. NNPCL Group Chief Executive Officer, Bayo Ojulari, disclosed this in his remarks at the Abu Dhabi International Petroleum Exhibition and Conference 2025. According to him, the move is part […] More

President Bola Tinubu has sought the approval of the National Assembly for a fresh N1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget. The President’s request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday. The letter stated that the […] More

The Nigeria Labour Congress (NLC) has cautioned against the Nigerian government’s newly approved 15 per cent import tariff on petrol and diesel, warning that the policy could backfire if it leads to price manipulation or consumer exploitation. The spokesperson of NLC, Benson Upah, said this in an interview with DAILY POST. He was reacting to […] More

The President of the National Association of Nigerian Travel Agencies, NANTA, Yinka Folami, has revealed that the Federal Government will soon end the sale of tickets in dollars by foreign airlines. Folami stated this while speaking on a cultural and tourism programme in Lagos at the weekend, describing the cross-border trading in foreign currency as […] More