Tinubu Writes Off $1.42bn, ₦5.57trn NNPC Legacy Debts

BusinessNewsNigeriaTinubu Writes Off $1.42bn, ₦5.57trn NNPC Legacy Debts

By Ezinwanne Onwuka (Senior Reporter)December 29, 2025

President Bola Tinubu has approved the cancellation of a substantial portion of the debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, resulting in a reduction of approximately $1.42 billion and ₦5.57 trillion after a reconciliation of records. The approval was contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the November 2025 meeting of the Federation Account Allocation Committee (FAAC). According...

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Tax Laws Issues: Oyedele Urges Nigerians to Await Lawmakers’ Findings

BusinessNewsNigeriaPoliticsTax Laws Issues: Oyedele Urges Nigerians to Await Lawmakers’ Findings

By Ezinwanne Onwuka (Senior Reporter)December 23, 2025

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has urged Nigerians to exercise patience and await the outcome of an investigation by the House of Representatives into claims that discrepancies exist between the gazetted tax laws and the versions passed by the National Assembly. The call follows allegations raised last Wednesday by Abdussamad Dasuki, a member of the House of Representatives from Sokoto State, who claimed that the tax laws...

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Nigerian Workers Protest Against Insecurity

BusinessNewsNigeriaNigerian Workers Protest Against Insecurity

Hassan Umar Shallpella (Regional Correspondent)December 18, 2025

Ahead of the Christmas and New Year festive period, members of the Nigeria Labour Congress (NLC) took to the streets across the 36 states of the federation and the Federal Capital Territory (FCT) on Wednesday, protesting against the insecurity that has bedeviled the country. The protest, which commenced as early as 8 am in the nation’s capital, was led by the President of NLC, Joe Ajaero, accompanied by the former presidential candidate of the African...

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Dangote Refinery Slashes Petrol Price to ₦699 per Litre, Market Responds

BusinessNewsNigeriaDangote Refinery Slashes Petrol Price to ₦699 per Litre, Market Responds

By Ezinwanne Onwuka (Senior Reporter)December 12, 2025

The Dangote Petroleum Refinery has again cut the price of petrol at its gantry, lowering the ex-depot rate from ₦828 to ₦699 per litre. The reduction took effect on 11 December 2025. This is the refinery’s 20th price adjustment this year as it continues to respond to market dynamics. The refinery’s petrol benchmark was reduced by ₦129 per litre, a decrease of about 15.58 per cent. The reduction follows remarks by Aliko Dangote, Chairman of...

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CBN Raises Weekly Cash Withdrawal Limits for Individuals, Businesses

BusinessNewsNigeriaCBN Raises Weekly Cash Withdrawal Limits for Individuals, Businesses

By Ezinwanne Onwuka (Senior Reporter)December 4, 2025

The Central Bank of Nigeria (CBN) has announced revisions to its cash withdrawal and cash deposit regulations, increasing weekly withdrawal limits for individuals and corporate entities. Effective 1 January 2026, all deposit-taking institutions must allow: Individuals to withdraw up to ₦500,000 per week and corporates up to ₦5 million per week across all cash-out channels (ATM, POS, over-the-counter). ATM withdrawals fixed at ₦100,000 per day, within the overall weekly ceiling of ₦500,000. The removal of...

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AVIC-KDN Exhibits Integrated Aviation Solutions at Nigeria Air Show

BusinessNewsNigeriaAVIC-KDN Exhibits Integrated Aviation Solutions at Nigeria Air Show

By Ezinwanne Onwuka (Senior Reporter)December 2, 2025

Aviation engineering company AVIC-KDN is showcasing its full range of airport and airline solutions at the Nigeria Air Show, which opened Tuesday in Abuja and will run until Thursday, 4 December. AVIC-KDN is participating as a major sponsor and exhibitor. The company stated that its presence reflects its commitment to supporting Nigeria’s efforts to strengthen airport infrastructure, improve operational standards, and enhance overall aviation efficiency. “This is why we opened our Abuja office in 2024,”...

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CBN Retains Interest Rate at 27% as Inflation Falls to 16.05%

BusinessNewsNigeriaCBN Retains Interest Rate at 27% as Inflation Falls to 16.05%

By Ezinwanne Onwuka (Senior Reporter)November 25, 2025

The Central Bank of Nigeria (CBN) on Tuesday maintained the country’s benchmark interest rate, the Monetary Policy Rate (MPR), at 27 percent, as the bank stated that it seeks to build on recent gains in inflation and exchange-rate stability. Governor Olayemi Cardoso announced the decision at a press conference at the end of the 303rd meeting of the Central Bank’s Monetary Policy Committee (MPC), held in Abuja. In addition to holding the MPR at 27...

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Nigeria’s FX Reserves Hit $46bn, Highest Level Since 2018 — CBN

BusinessNewsNigeriaNigeria’s FX Reserves Hit $46bn, Highest Level Since 2018 — CBN

By Ezinwanne Onwuka (Senior Reporter)November 18, 2025

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the country’s foreign-exchange (FX) reserves have risen to over US$46 billion. Speaking at the opening of a colloquium to mark the 20th anniversary of the CBN’s Monetary Policy Department, Cardoso, represented by Deputy Governor Muhammad Abdullahi (Economic Policy Directorate), said the reserves level was the highest the country has recorded since 2018. He added that this amount could now cover more...

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Health Workers Threaten To Shut Down Hospitals From Nov 14

BusinessNewsNigeriaHealth Workers Threaten To Shut Down Hospitals From Nov 14

By Ezinwanne Onwuka (Senior Reporter)November 8, 2025

Members of the Joint Health Sector Unions (JOHESU) have threatened to embark on an indefinite strike action, beginning November 14, over the federal government’s failure to fulfill promises regarding the Consolidated Health Salary Structure (CONHESS). The umbrella body of the union said the strike would commence by midnight on November 14, 2024, if its demands were not met. The JOHESU comprises the Medical and Health Workers’ Union of Nigeria, the Nigerian Union of Allied Health...

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Dangote Refinery Targets World’s Largest Status with 1.4mb Daily Production

BusinessNewsNigeriaDangote Refinery Targets World’s Largest Status with 1.4mb Daily Production

By Ezinwanne Onwuka (Senior Reporter)October 26, 2025

The Dangote Petroleum Refinery has announced ambitious plans to expand its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd. Once completed, the facility will overtake India’s Jamnagar to become the largest refinery in the world. Alhaji Aliko Dangote, President of the Dangote Group, made the announcement during a media briefing in Lagos on Sunday. He said, “We are expanding the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million...

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