NLC Decries ‘Survival Crisis’, Demands Fuel Price Cut, Wage Award

BusinessNewsNigeriaPoliticsNLC Decries ‘Survival Crisis’, Demands Fuel Price Cut, Wage Award

By Ezinwanne Onwuka (Senior Reporter)October 1, 2026

The Nigeria Labour Congress (NLC) has warned that Nigerians are facing a “full-scale survival crisis”, demanding an immediate reduction in petrol prices, a nationwide wage award and urgent negotiations for a new national minimum wage. The NLC made the demands in an Independence Day statement signed by its President, Joe Ajaero, on Wednesday, 30 September 2026. The statement, titled Our Hope Depends on the Choices We Make and the Actions We Take, said rising inflation,...

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Nigeria’s Public Debt Rises to ₦166.79tn in 6 Months

BusinessNewsNigeriaNigeria’s Public Debt Rises to ₦166.79tn in 6 Months

By Ezinwanne Onwuka (Senior Reporter)September 27, 2026

Nigeria’s total public debt stock rose to ₦166.79 trillion as of 30 June 2026, representing a ₦7.44 trillion increase from the ₦159.35 trillion recorded at the end of the first quarter of the year. The Debt Management Office (DMO) disclosed this in its latest public debt portfolio report published on Friday, 25 September. The new figure also represents a 9.4 per cent increase, or ₦14.39 trillion, compared with the ₦152.40 trillion recorded as of June...

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CBN Lowers Interest Rate to 23% as Inflation Eases

BusinessNewsNigeriaPoliticsCBN Lowers Interest Rate to 23% as Inflation Eases

By Ezinwanne Onwuka (Senior Reporter)September 22, 2026

The Central Bank of Nigeria has cut its benchmark interest rate from 26.5 percent to 23 percent, marking a 350-basis-point reduction as inflation continues to ease. CBN Governor, Olayemi Cardoso, announced the decision on Tuesday after the 307th meeting of the Monetary Policy Committee in Abuja. “The Committee decided as follows: reset the monetary policy rate to 23 percent,” Cardoso said. The new rate is the lowest since February 2024 and comes after the MPC...

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Inflation Slips to 15.39% as Food Price Pressure Eases in August

BusinessNewsNigeriaInflation Slips to 15.39% as Food Price Pressure Eases in August

By Ezinwanne Onwuka (Senior Reporter)September 15, 2026

Nigeria’s headline inflation rate fell marginally to 15.39 percent in August 2026, from 15.43 percent in July, as the pace of increase in consumer prices slowed during the month. The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index and Inflation Report for August 2026, released on Tuesday. The latest figure represents a 0.04 percentage-point decline from July. It also marks a significant reduction from the 23.14 per cent recorded in August...

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Reps Investigate ₦432bn Oil Industry Liabilities, Summon Debtors

BusinessNewsNigeriaPoliticsReps Investigate ₦432bn Oil Industry Liabilities, Summon Debtors

Uzoamaka Ikezue (Staff Reporter)September 9, 2026

The House of Representatives Public Accounts Committee (PAC) has commenced an investigation into outstanding financial liabilities in Nigeria’s oil industry, put at more than ₦432 billion. Affected companies and other relevant entities have been summoned to account for the debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The investigation followed findings contained in the Auditor-General’s annual audit reports on unpaid regulatory and petroleum-related obligations accruing to the NMDPRA. The Committee is...

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IMF Charges Central Banks To Tighten AI Oversight

BusinessNewsNigeriaIMF Charges Central Banks To Tighten AI Oversight

Uzoamaka Ikezue (Staff Reporter)July 26, 2026

The International Monetary Fund (IMF), has charged central banks and financial regulators to strengthen oversight of artificial intelligence (AI), warning that the rapid adoption of the technology across the financial sector could amplify systemic risks if left without adequate governance. In a blog published recently and shared via the IMF’s official X account, the Fund said AI is rapidly transforming how financial institutions price risk, allocate credit, conduct trading and supervise markets, making it increasingly...

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Nigeria’s Petroleum Resources Minister Demands Reduction Of Fuel Prices 

BusinessNewsNigeriaNigeria’s Petroleum Resources Minister Demands Reduction Of Fuel Prices 

Hassan Umar Shallpella (Regional Correspondent)July 1, 2026

Following the crash in crude oil prices to $72 per barrel globally, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has called for a proportional reduction in the pump price of Premium Motor Spirit (PMS). Senator Lokpobiri made the call at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum 2026 in Abuja. The theme of the forum is “Beyond Compliance: Driving Regulatory Certainty and Investment...

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CBN Orders Banks to Freeze Accounts Linked to Terrorism Financing

BusinessNewsNigeriaCBN Orders Banks to Freeze Accounts Linked to Terrorism Financing

By Ezinwanne Onwuka (Senior Reporter)June 26, 2026

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze the accounts, funds and other assets belonging to individuals and organisations designated for alleged terrorism financing. The directive was contained in a circular issued on Thursday and signed by the Director of Compliance, Olubunmi Ayodele-Oni. According to the apex bank, the action followed recent designations by the Nigeria Sanctions Committee and the United States Treasury Department’s Office of Foreign...

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FG Concessions Akanu Ibiam Airport Enugu To Aero Alliance Limited

BusinessNewsNigeriaFG Concessions Akanu Ibiam Airport Enugu To Aero Alliance Limited

Ije Ulasi (Regional Correspondent)June 25, 2026

The Federal Government of Nigeria, on Thursday, officially handed over the Akanu Ibiam International Airport, AIIA, Enugu, to Aero Alliance Limited under a 30-year public-private partnership concession. With the concession, Aero Alliance Limited takes over the financing, rehabilitation, expansion, operation, and management of the airport. Speaking during the handover ceremony at the international terminal of AIIA, Enugu, the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, said, “For 20 years, various governments have tried...

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FG Issues Guidelines for Transition to New Tax Regime

BusinessNewsNigeriaFG Issues Guidelines for Transition to New Tax Regime

By Ezinwanne Onwuka (Senior Reporter)June 21, 2026

The Federal Government has issued transition guidelines for the implementation of the Tax Acts 2025, outlining how taxpayers and authorities will move from the old tax system to the new framework effective 1 January 2026. The guidelines, released by the Federal Ministry of Finance, aim to clarify how obligations, disputes, and ongoing transactions will be handled during the transition period. According to the document, the Tax Acts 2025 — comprising the Nigeria Revenue Service (Establishment)...

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