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BusinessEconomyNewsNigeriaNigeria’s Inflation Rate Falls for Second Consecutive Month

By Ezinwanne Onwuka (Senior Reporter)March 18, 2025

Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025. The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of...

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BusinessEconomyNewsNigeriaReps Approve Tinubu’s Tax Reform Bills, Retain 7.5% VAT

By Ezinwanne Onwuka (Senior Reporter)March 14, 2025

The House of Representatives has approved four tax reform bills proposed by President Bola Tinubu, aiming to overhaul the nation’s tax system. The bills, however, underwent notable amendments during the legislative process. The approved bills—the Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill—are designed to modernise the country’s tax system and boost revenue generation. The key amendments include retaining the Value Added Tax rate at the current...

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BusinessNewsNigeriaPoliticsHouse of Reps Opposes Increase in ATM Charges

By Ezinwanne Onwuka (Senior Reporter)March 11, 2025

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges, citing the potential financial burden on Nigerians. The resolution followed a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) during plenary on Tuesday. Onobun warned that the increase in ATM withdrawal charges would negatively impact financial inclusion, especially for low-income earners who might be discouraged from using banking...

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BusinessLaw & JusticeNewsNigeriaBreach Of Act: FCCPC To Arraign MTN CEO, Others

Hassan Umar Shallpella (Regional Correspondent)March 5, 2025

The Federal Competition and Consumer Protection Commission (FCCPC) will on May 28 arraigned the Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Plc, Mr Karl Toriola and others over alleged failure to produce documents and information required by the commission in compliance with a lawful summons contrary to the FCCPC Act. The company and its CEO will be arraigned alongside Tobechukwu Okigbo, MTN’s Chief Corporate Services and Sustainability Officer and Ikenna Ikeme, General...

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BusinessNewsNigeria“Young Entrepreneurs not patient,” Joseph Nzelu Says as he Clocks 50 Years

Ebuka Onyekwelu (Staff Writer)March 3, 2025

Nnewi-born businessman, Chief Joseph Nzelu, has said that the major challenge facing the present generation of young entrepreneurs is that they are impatient. In an exclusive interview with the West African Pilot News, Mr. Nzelu, a successful businessman and the Chairman of Nnewi business community of the Auto Spare Parts and Machinery Dealers Association – ASPAMDA, in Lagos, said that the young generation of entrepreneurs are in a hurry and this, he pointed out, is...

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BusinessEconomyNewsNigeriaGroup commends Tinubu’s Economic Reform over Impressive Growth Performance

Uzoamaka Ikezue (Staff Reporter)February 28, 2025

A policy group, Independent Media and Policy Initiative (IMPI) has said has hailed President Bola Tinubu’s economic reform, saying that the impressive performance of the 2024 Gross Domestic Product (GDP) is an affirmation of the good work the President is doing. The group in a press statement issued by its Chairman, Dr. Omoniyi M. Akinsiju on Friday noted that the performance of the Nigerian economy in the 12 months of last year beats projections made...

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BusinessEconomyNewsNigeriaDangote Refinery Sells Petrol At ₦825 Per Litre

Hassan Umar Shallpella (Regional Correspondent)February 27, 2025

The Dangote Petroleum Refinery and Petrochemicals has announced another reduction in petrol prices, marking the second cut this month. In a statement issued Wednesday in Lagos, the company’s Head of Media Communications, Anthony Echiejina, confirmed a ₦65 reduction, bringing the ex-depot price down to ₦825 per litre from the previous ₦890 per litre. It described the move as a relief measure, particularly with Ramadan approaching, and a step towards supporting President Bola Ahmed Tinubu’s economic recovery...

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BusinessEconomyNewsNigeriaPetrol Cost Drops Again as Dangote Refinery Cuts Price to ₦825 Per Litre

By Ezinwanne Onwuka (Senior Reporter)February 27, 2025

Dangote Petroleum Refinery has slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦825 per litre. The Head of Media Relations and Branding Communications at Dangote Group, Esan Sunday, announced the price adjustment in a statement on Wednesday. The latest reduction follows a previous cut from ₦950 to ₦890 per litre, marking a total decrease of ₦125 within a few weeks. “This recent price reduction will also ensure that Nigerians...

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BusinessEconomyNewsNigeriaWorld Bank to Lend Nigeria $2.2bn in 2025 for Development Projects

By Ezinwanne Onwuka (Senior Reporter)February 27, 2025

The World Bank has outlined plans to provide Nigeria with a fresh $2.2 billion loan in 2025, with the funds earmarked for six development projects spanning economic recovery, education, health, and digital infrastructure. According to the Washington-based institution’s project list, the first tranche of $500 million is designated for the ‘Community Action for Resilience and Economic Stimulus Programme’ and is expected to be approved by 17 March. On 31 March, another $552 million will be...

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BusinessNewsNigeriaPoliticsAviation Minister Restates Commitment To Workers’ Welfare 

Uzoamaka Ikezue (Staff Reporter)February 27, 2025

The Minister of Aviation and Aerospace Development, Festus Keyamo has restated commitment to unionism and the welfare of aviation workers. The Minister disclosed this on Wednesday  while delivering a keynote address at the 11th Edition of Aviation Workers’ Week and Award Night in Abuja. The event, with the theme: “The Role of Aviation Trade Unions in Galvanizing Workers’ Support for the Attainment of Ministerial Mandates.”  brought together key stakeholders, including heads of agencies under the...

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