Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, announced that the agency generated N6.1 trillion in revenue for 2024, marking a remarkable 90.4% increase from the N3.2 trillion collected in 2023. This information was shared during a press conference held in Abuja on Tuesday. Adeniyi highlighted that the service exceeded its 2024 revenue…
The naira has further depreciated against the dollar in the official foreign exchange market as of Monday. According to FMDQ data, the naira fell to N1,548.89 per dollar on Monday, down from N1,543.03 recorded last Friday. This represents a decline of N5.86 compared to the previous week’s closing rate. In the black market, the naira…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced plans to enter into direct purchase agreements with three Nigerian refineries. This information was shared in a notice on Tuesday, signed by PETROAN’s National President, Billy Gillis-Harry, and Secretary, Adedibu Aderibegbe. The notice indicated that the agreements are set to commence on Wednesday,…
The Nigerian Exchange market recorded its first loss in 2025 as investors shed N152 billion following sell-offs of Tier-one banking stocks. .The market capitalization, which opened at N63.203 billion, lost N152 billion, or 0.24 percent, to close at N63.051 billion. Notably, losses by Zenith Bank, United Bank for Africa (UBA), Access Corporation, Oando Plc, Dangote…
Karl Toriola, the Chief Executive of MTN Nigeria, has announced that the telecommunications company has submitted a proposal to the Nigerian Communications Commission (NCC) seeking a 100% increase in service tariffs. Toriola made this statement during an interview on Arise TV on Thursday. He noted, however, that it is uncertain whether the NCC, the regulatory…
The Debt Management Office, DMO, says that the Federal Government has made robust budgetary provisions to offset Nigeria’s foreign and local debt. It was gathered that in the 2025 budget of the Federal Government currently before the National Assembly, the administration of President Bola Tinubu plans to spend N16.327 trillion on its debt obligations, apart…
The Centre for the Promotion of Private Enterprise, CPPE, says Nigeria’s inflation may moderate slightly in 2025. CPPE Executive Director, Muda Yusuf, disclosed this in a statement titled Nigeria Economic Review 2024 and Economic Outlook 2025. The group of economic experts noted that Nigeria’s inflation, which was at 34.60% in November 2024, may slow down….
As of the end of November 2024, the total turnover in the foreign exchange market reached $14.39 billion (N23.95 trillion). This information comes from the FMDQ Markets Monthly Report recently The report indicates that the combined FX turnover for both the spot and derivatives markets was N58.22 trillion and N0.81 trillion, respectively. Notably, the Spot…
President Bola Tinubu has set a N1500/dollar target in the 2025 Appropriation Bill presented to the joint session of the National Assembly on Wednesday in Abuja. The President said the objective was to enable the Federal Government to ensure the smooth implementation of the 2025 budget reports DAY which marks a reduction of about N200…
President Bola Tinubu on Wednesday presented the N47.90 trillion budget estimates for 2025, assuring the public that his administration would continue to stimulate the country’s economy through targeted fiscal stimulus packages, public expenditures, and non-inflationary spending. During the formal presentation of the 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint…
