First HoldCo Profit Plunge Explained: Otedola Cites Legacy Loan Issues Ahead of Recapitalization
Femi Otedola, the prominent Nigerian businessman and Chairman of First HoldCo, has addressed the company’s…
First HoldCo Profit Plunge Explained: Otedola Cites Legacy Loan Issues Ahead of Recapitalization
Femi Otedola, the prominent Nigerian businessman and Chairman of First HoldCo, has addressed the company’s significant 92% drop in profit for the 2025 fiscal year. This announcement comes as financial institutions in Nigeria prepare for the Central Bank of Nigeria’s (CBN) recapitalization deadline in 2026. In a statement shared on his X account this Saturday,…
Reps Approve ₦58.47 Trillion Budget for 2026; Government Asserts No New Naira Printed Under Tinubu Administration
Nigeria’s House of Representatives gave the nod to President Bola Tinubu’s proposed ₦58.47 trillion Appropriation Bill for 2026, advancing it past the second reading stage. Dubbed the “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” the financial plan encountered no opposition during the parliamentary session and was approved without discussion. President Tinubu initially presented this…
Nigerian govt to borrow N2tn monthly to fund wasteful spending- Expert
A financial analyst, Kalu Aja, alleged that the Nigerian government intends to borrow N2 trillion monthly to finance what he described as a “wasteful” 2026 budget. He disclosed this in a statement on X on Wednesday, noting that the N58.47 trillion 2026 budget is currently before the Nigerian Senate. According to Aja, the budget focuses…
Experts Cast Doubt on Accuracy of Nigeria’s Inflation Data
Nigeria’s reported inflation rate is facing increased scrutiny, with economists raising concerns that official figures may not accurately reflect the true financial strain experienced by everyday citizens. The National Bureau of Statistics (NBS) reported a rise in Nigeria’s Consumer Price Index (CPI) and inflation to 15.15% in December 2025, a jump from 14.45% the previous…
Experts Cast Doubt on Accuracy of Nigeria’s Inflation Data
Nigeria’s reported inflation rate is facing increased scrutiny, with economists raising concerns that official figures may not accurately reflect the true financial strain experienced by everyday citizens. The National Bureau of Statistics (NBS) reported a rise in Nigeria’s Consumer Price Index (CPI) and inflation to 15.15% in December 2025, a jump from 14.45% the previous…
Nigeria Poised for Sugar Self-Reliance, Says NSDC Head, Bakrin
Kamar Bakrin, the Executive Secretary of the National Sugar Development Council (NSDC), has declared that Nigeria is firmly on track to achieve independence in its domestic sugar production. In a recent interview with DAILY POST, Bakrin highlighted the overwhelmingly positive response from stakeholders to the newly introduced Sugarcane Outgrower Development Programme (SODP). He emphasized that…
Nigeria’s Inflation Climbs to 15% After Eight-Month Slide
Nigeria’s long run of easing inflation has finally hit a wall. After eight straight months of decline, the inflation curve ticked upward in December. The headline figure now sits at 15.15 percent, according to the latest data from the National Bureau of Statistics. For many households, this rise feels familiar. Markets remain expensive. Transport costs…
FG Weighs Interest Rate Reduction as Inflation Shows Signs of Slowing – Finance Minister
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has signaled Nigerian Government Weighs Interest Rate Reduction as Inflation Shows Signs of Slowing – Finance Minister** potential shift in the government’s approach to monetary policy. He suggested that a decrease in interest rates could be on the table if the trend of…
Banks to Implement ₦50 Stamp Duty on Transfers Exceeding ₦10,000 Starting January 1
Starting January 1, 2026, Nigerian banking institutions will begin collecting a ₦50 stamp duty on electronic transfers amounting to ₦10,000 or more. This action is in accordance with the recently enacted Tax Act’s provisions. Several commercial banks have already notified their clientele about this upcoming change, ensuring awareness prior to its enactment. This levy, previously…
CPPE projects 4.5% GDP growth rate for Nigeria in 2026
The Centre for the Promotion of Private Enterprise has projected between 4.0 and 4.5 percent Gross Domestic Product growth rate for the Nigerian economy in 2026. The CPPE chief executive officer, Dr. Muda Yusuf, disclosed this on Sunday in an economic review of 2025 and outlook for 2026. The Centre predicted a cautious optimism for…
