This week, the naira experienced its first increase against the dollar in the parallel foreign exchange market on Tuesday. Idris Yunusa, a Bureau de Change operator in Wuse Zone 4, Abuja, informed DAILY POST that the naira rose to N1,580 per dollar on Tuesday, up from N1,585 on Monday. This marks a gain of N5…
The House of Representatives in Nigeria has approved President Bola Ahmed Tinubu’s tax reform bills following months of heated debate. Sunday Dare, the presidential spokesperson and Special Adviser on Media and Public Communications, announced the approval in a statement via his official X account on Thursday. While he did not provide specific details, Dare confirmed…
The Nigerian stock market maintained its downward trajectory on Wednesday, with key performance indicators declining by 0.44 percent. The market capitalization of the Nigerian Exchange Ltd. (NGX) fell by N289 billion, or 0.44 percent, dropping from N66.942 trillion on Tuesday to N66.653 trillion. Additionally, the All-Share Index decreased by 468 points, closing at 106,436.48, down…
The Petroleum Retailers Outlets Owners Association (PETROAN) has praised the Nigerian National Petroleum Company Limited (NNPCL) for its recent reduction in petrol prices. This announcement was made by PETROAN spokesperson Joseph Obele on Monday. NNPCL has lowered its retail price from N965 per litre to N880 in the Federal Capital Territory, Abuja. In response, PETROAN’s…
The Central Bank of Nigeria (CBN) has officially introduced new Automated Teller Machine (ATM) withdrawal fees for Nigerians, effective Saturday, March 1, 2025, as reported by DAILY POST. This change follows the CBN’s announcement on February 11, 2025, stating that a fee of N100 will be charged for ATM withdrawals, with an additional N450 fee…
President Tinubu has officially enacted the 2025 budget appropriation bill. The National Assembly approved a total budget of N54.99 trillion for the upcoming fiscal year. Originally set at N49.7 trillion, the budget was increased to N54.2 trillion following a request from President Bola Tinubu. The budget allocation details indicate that N3.645 trillion is designated for…
The World Bank has confirmed its approval of $2.2 billion in new loans for the Nigerian Federal Government in 2025. As outlined in the World Bank’s project list, this funding will be distributed across six distinct initiatives. Among the allocations, $500 million is designated for the ‘Community Action for Resilience and Economic Stimulus Programme,’ which…
The Arewa Consultative Forum (ACF) has presented a report to the National Assembly, detailing its perspectives and suggestions regarding the Tax Reform Bills. This report was prepared by a specialized committee of experts. In a statement released yesterday by its National Publicity Secretary, Tukur Muhammad-Baba, the ACF emphasized that “the proposed tax reforms will have…
Aliko Dangote, President of Dangote Industries Limited, has announced that his refinery possesses a substantial supply of Premium Motor Spirit (PMS) to adequately fulfill Nigeria’s local demand. The billionaire made this statement following a tour of the refinery by a delegation from the Zambian government, headed by Minister of Energy, Mr. Makozo Chikote. Dangote revealed…
The inflation rate fell to 24.48% in January 2025, as reported by the National Bureau of Statistics (NBS). Prince Adeyemi Adeniran, the Statistician of the Federation and CEO of NBS, shared this information during a briefing in Abuja on Tuesday. He also noted that food inflation stood at 26.08% year-on-year. Adeniran explained that the updated…
