Business Archives - Page 2 of 177

New tax laws: NRS takes over collection of mineral royalties

April 8, 2026April 8, 2026 Aminu Imam

Collection of mineral royalties from mining sector operators across the country will henceforth be the responsibility of the Nigeria Revenue Service (NRS), while the Ministry of Solid Minerals Development will continue its technical and regulatory oversight on the sector. This was the outcome of a meeting between the Minister of Solid Minerals Development, Dele Alake and the NRS chairman, Zacch Adedeji, held at the former’s office in Abuja on Thursday, to define collaborative ways of working together. The decision was based on the new tax laws, which empower NRS to…

Electricity: Tinubu approves ₦3.3tr debt settlement plan to restore reliable supply

April 7, 2026April 7, 2026 Aminu Imam

President Bola Tinubu has approved a sweeping ₦3.3 trillion debt settlement plan for Nigeria’s power sector, as the Federal Government simultaneously ramps-up investment in renewable mini-grids with a fresh ₦9 billion disbursement to boost electricity access across underserved communities. The twin interventions, announced over the weekend, form part of a broader strategy to stabilise the country’s fragile electricity supply, restore investor confidence, and expand access to reliable power. In a statement by presidential spokesman Bayo Onanuga, the government said the ₦3.3 trillion approval represents a “full and final settlement” of…

IMF warns Nigeria on debt prudence, amid $6bn infrastructure loan approval

April 6, 2026April 6, 2026 Aminu Imam

The International Monetary Fund (IMF) has urged caution in managing external loans, as the Tinubu administration secures a $6 billion facility to accelerate infrastructure development in transport and energy sectors. Approved from a consortium of international lenders, the funding aligns with global trends from Asia and aims to modernize roads, railways, power grids, and more—boosting economic growth, job creation, and regional trade. Analysts highlight potential for enhanced manufacturing and FDI, but stress fiscal sustainability through concessional terms, transparent monitoring, and revenue-linked projects. Analysts suggest that this injection of capital will…

US cuts Nigerian crude imports by nearly 50%

March 31, 2026March 31, 2026 Aminu Imam

The United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 percent month-on-month, according to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in…

Poor network service: FG orders telcos to compensate subscribers

March 30, 2026March 30, 2026 Aminu Imam

The Nigerian Communications Commission (NCC) has directed Mobile Network Operators to compensate subscribers in areas where network quality falls below prescribed standards. In a statement issued yesterday, Head of Public Affairs at the Commission, Nnenna Ukoha, said affected users will receive airtime credits calculated based on their average spending patterns and their presence within local government areas where service failures occur. “Subscribers should not be made to bear the full burden of service disruptions where operators fail to meet prescribed standards of service delivery. The compensation will be provided in…

Ɗangote reduces petrol gantry price to ₦1,200/litre

March 28, 2026March 28, 2026 Aminu Imam

Ɗangote Petroleum Refinery & Petrochemicals has reduced its gantry price for Premium Motor Spirit (petrol) to ₦1,200 per litre, while pegging its coastal price at ₦1,153 per litre, a development expected to reshape fuel supply costs across Nigeria’s downstream distribution chain. According to the its Group’s spokesperson, Anthony Chiejina, the price adjustment represents a downward review in the refinery’s pricing template and comes amid heightened uncertainty in the global oil market driven by geopolitical tensions in the Middle-East. “Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol…

CBN restricts banking services for chronic loan defaulters

March 28, 2026March 28, 2026 Aminu Imam

The Central Bank of Nigeria (CBN) has restricted banking services for large-scale loan defaulters, cutting-off their access to fresh credit, letters of credit, performance bonds, and other trade instruments. The move marks a decisive end to years of regulatory forbearance that allowed well-connected borrowers to accumulate debt with little consequence. The CBN issued the directive on Wednesday, following remarks by Governor Olayemi Cardoso at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja. It targets “large-ticket obligors” – individuals and corporations carrying significant debts classified as non-performing in…

Petrol nears ₦1,400/litre, as NLC, OPS demand urgent action

March 25, 2026March 25, 2026 Aminu Imam

Petrol prices have surged to nearly ₦1,400 per litre across parts of Nigeria, prompting the Nigeria Labour Congress (NLC) and the Organised Private Sector (OPS) to call for urgent government intervention amid fears of rising inflation, job losses, and business closures. The increase follows multiple price hikes by the Ɗangote Petroleum Refinery, with ex-depot prices now around ₦1,275 per litre. Pump prices rose from about ₦1,240 to as high as ₦1,400, with higher costs reported in the North. Analysts link the surge to rising global oil prices driven by tensions…

Petrol pump price hits ₦1,380/litre

March 24, 2026March 24, 2026 Aminu Imam

…Motorists, passengers lament Passengers have continued to express frustrations over the incessant increase in the pump price of Premium Motor Spirit (PMS), popularly known as petrol. From ₦790 per litre in February, petrol pump price has jumped to ₦1,380 in Lagos and Ogun states due to disruptions in oil supply occasioned by the ongoing Middle-East crisis. As the crisis persists, motorists are expressing fresh concerns over a possible increase in petrol prices in Nigeria following the global crude oil prices that surged to $114 per barrel. Most commercial bus drivers…

ADC demands full disclosure on £746m UK port deal

March 24, 2026March 24, 2026 Aminu Imam

The African Democratic Congress (ADC) has condemned the £746m agreement signed by President Bola Tinubu during his state visit to the United Kingdom, describing it as disproportionately benefiting the United Kingdom while leaving Nigeria with a heavy debt burden. The ADC, in an issued statement on Sunday, through its National Publicity Secretary, Bolaji Abdullahi, urged the Federal Government to ensure complete transparency regarding the terms of the deal and its impact on the local economy. During the President’s recent state visit to the UK, Nigeria and the UK inked a…