Business

Wale Edun, minister of finance and coordinating minister of the economy, says the federal government will rely less on borrowing and more on revenue to finance the 2024 budget. Wale Edun spoke to journalists on Monday after the N28…

The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has delivered a hefty blow to British American Tobacco Nigeria Limited (BATN) and its affiliated companies, slapping them with a $110 million penalty for a…

A recent International Debt Report released for 2023 has shown that Nigeria was the highest recipient of fresh loans in 2022, receiving $2.9 billion from the World Bank. This was followed by Tanzania, which got $2.7 billion in the…

Billionaire businessman, Femi Otedola, has said that Dangote Refinery will champion energy security in Nigeria. Otedola said this on Sunday on his X (formerly Twitter ) handle, where he congratulated Africa’s richest man and his…

Aliko Dangote, chairman of Dangote Group, says his refinery will start production with 350,000 barrels a day. In an interview with Financial Times on Saturday, Dangote said the refinery is expecting the delivery of the first cargo of…

The Federal Government has started a procedure to address issues pertaining to the availability and cost of Liquefied Petroleum Gas (also known as cooking gas) in the nation's domestic market. According to a statement from Louis…

Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), has asked foreign shipping companies lifting crude oil from Nigeria to adhere to the country’s tax laws. Adedeji spoke on Monday at a workshop on taxation of…

Nigeria’s inflation rate jumped to 27.33% in October 2023 as prices of food stuffs continue to increase in the aftermath of the removal of fuel subsidy by the President Bola Tinubu administration. This was according to the October…

BUA Group, in a comprehensive statement issued this afternoon, Friday, November 3, has responded to allegations from Dangote Group expressing dismay at what it perceives as baseless blackmail. Both conglomerates, owned by Nigerian…

Pay-Tv operator, Multichoice Nigeria has announced another price increment across its DStv and GOtv packages by at least 19%. Coming as the second increment this year after the first one was implemented on May 1, 2023, Multichoice…

The Central Bank of Nigeria (CBN) on Tuesday denied claims that it plans to redenominate the country’s currency – Naira – with effect from January 2024. This was disclosed in a statement by the CBN’s Director of Corporate…

The National Lottery Trust Fund (NLTF) executive secretary, Bello Maigari, claims that despite their difficult financial situation, Nigerians spend billions of dollars annually on betting. This was revealed by Maigari at the biennial…

Senior Advocate of Nigeria, Femi Falana, has written to the Minister of Finance, Olawale Edun, urging him to direct the Nigerian National Petroleum Corporation Limited (NNPCL) to remit the sum of $34.2bn to the Federation account. By…

In order to increase its revenue base, the Federal Government plans to impose an excise fee (VAT) on communications services. It made this disclosure in its recently published Fiscal Strategy Paper and Medium-Term Expenditure…

Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May. This was according to the September 2023 Consumer Price Index (CPI) and…