The Nigerian Revenue Service (NRS) has set an ambitious revenue target of ₦40.7 trillion for 2026, following what it described as a strong performance in 2025 when it generated ₦28.3 trillion in tax revenue. The figure represents a 30.3 per cent increase from the ₦21.7 trillion recorded in 2024. The new target and performance breakdown were announced on Tuesday during the agency’s 2026 leadership retreat in Abuja. Speaking at the retreat, the Chairman of the...
… Says New Tax Laws Will Broaden Base, Boost Non-Oil Revenues – Abbas President Bola Ahmed Tinubu on Friday presented before a joint sitting of the National Assembly the 2026 Appropriation Bill, which he described as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” The proposal estimates total revenue at ₦34.33 trillion, while total expenditure is put at ₦58.18 trillion, including ₦15.52 trillion earmarked for debt servicing. Capital spending is projected at ₦26.08 trillion,...
The Independent Media and Policy Initiative (IMPI) attributes its successful forecast of a 14 percent inflation rate by the end of the year to a painstaking analysis of President Bola Tinubu’s economic policies over the last year. IMPI chairman, Dr Omoniyi Akinsiju, in a press statement on Thursday argued that while the President projected an ambitious 15% inflation rate in his 2025 budget speech, its analysts were convinced in September that the country would...
Nigeria’s headline inflation rate continued its sustained decline in November 2025, dropping to 14.45 per cent, the National Bureau of Statistics (NBS) has said, marking the eighth consecutive monthly reduction in consumer price pressures. In its latest Consumer Price Index (CPI) report, released on Monday, the NBS stated that the November figure was lower than the 16.05 percent recorded in October 2025. “This shows that the headline inflation rate on a year-on-year basis decreased in...
…Launches Renewed Hope Initiative For Less Privileged The First Lady of Nigeria and National Chairman of Renewed Hope Initiative (RHI), Senator Oluremi Tinubu, on Wednesday, empowered 250 Persons With Disabilities (PWDs) in Ekiti State with a N50,000,000 grant to boost their economic independence and improve their livelihoods. Each of the PWDs was presented with N200,000 in cash at the event, held at the Lady Jibowu Hall, Government House, Ado-Ekiti. Speaking at the event, Senator Oluremi...
The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate decreased to 16.05% in October 2025. This figure marks the seventh consecutive month of falling inflation. According to the NBS’s Consumer Price Index (CPI) report released in Abuja on Monday, on a year‑on‑year basis, the rate “was 17.82 % lower than the rate recorded in October 2024 (33.88 %).” The agency explained: “This shows that the Headline inflation rate (year‑on‑year basis) decreased in October 2025 compared...
Nigeria has been omitted from the International Monetary Fund’s list of Africa’s fastest-growing economies, according to the latest Regional Economic Outlook: Sub-Saharan Africa launched during the IMF/World Bank annual meetings in Washington, D.C. In the release, the IMF named Benin, Côte d’Ivoire, Ethiopia, Rwanda and Uganda as the continent’s most rapidly expanding economies. The report states that the region has shown resilience to “a series of major shocks over the past several years,” and that...
The Dangote Petroleum Refinery has announced a new reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, across its partner retail outlets nationwide. In a statement released to the public on Thursday, the refinery disclosed that Nigerians can now purchase petrol at significantly reduced prices, depending on the region. According to the new pricing schedule, petrol will sell at ₦875 per litre in Lagos, while residents of the South West...
The Enugu State Government urges the Federal Government of Nigeria to effect the 13% oil derivation revenue sharing for the state as provided by the 1999 Constitution (as amended). The Enugu State Governor made this call as he received in audience the Indices and Disbursement Committee of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC on Tuesday in the Lion Building, Government House Enugu; the RMAFC team came to monitor the disbursements from the Federation...
China is ready to establish electric vehicle factories in Nigeria, in a bid to strengthen business partnership between both countries. The Chinese Ambassador to Nigeria who stated this, also harped on the imperative of enhanced collaboration between China and Nigeria in unlocking the potential of Nigeria’s Solid Minerals sector through the establishment of electric vehicle factories in Nigeria. Speaking while paying a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake in his...
