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Nigeria

FG weighs options as Iran war pushes petrol above N1,000

The Federal Government is assessing its economic and diplomatic options as the war involving Iran, the United States and Israel begins to hit Nigerians through higher fuel prices and fresh pressure on the economy. Officials are closely tracking developments in the Middle East, where attacks on oil facilities, shipping disruptions and tensions around strategic waterways have driven up global crude prices. The conflict has already pushed Brent crude well above Nigeria’s 2026 budget benchmark, raising both risks and opportunities for Africa’s largest oil producer. On the domestic front, petrol prices have crossed or neared N1,000 per litre in many locations, with queues reappearing at filling stations across parts of the country. Marketers and analysts link the spike to higher international crude and freight costs, as well as supply constraints and the impact of the conflict on global refinery output and […]

Abdulmumini Auwal SA March 8, 2026

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Nigeria

Tinubu orders full probe into Kano Singer Market fire

President Bola Tinubu has ordered a comprehensive investigation into the fire outbreak that destroyed shops and goods at Singer Market in Kano State. He also commiserated with traders and residents, describing the incident as tragic and deeply distressing. The fire started on Saturday evening and raged into Sunday morning, causing major damage to the popular food and provisions market. Market leaders said properties worth more than N5 billion were lost, with over 1,000 businesses affected. In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President expressed concern over repeated fire incidents at Singer Market. He directed security, emergency management and other relevant agencies to carry out a thorough probe into the causes and submit their findings. Tinubu assured affected traders that the Federal Government will explore support measures to help them recover from their […]

Abdulmumini Auwal SA February 15, 2026

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Nigeria

Presidency: Nigeria on ‘healing journey’ to $1trn economy by 2030

The Presidency says Nigeria is on a “healing journey” and firmly on course to build a 1 trillion dollar economy by 2030, driven by reforms to deepen economic and financial inclusion and position the country as Africa’s leading borderless digital hub.​ Technical Adviser to the President on Economic and Financial Inclusion, Dr Nurudeen Zauro, said this in Abuja at a media parley to unveil the 2026 RegTech Africa Conference and Expo, which Nigeria will host from May 20 to 22 under the patronage of the Office of the Vice President.​ Zauro said President Bola Ahmed Tinubu set a clear growth target from his first day in office, anchored on restoring confidence, expanding inclusion and attracting investment. He explained that achieving the 1 trillion dollar goal by 2030 will require building trust, infrastructure and inclusion, supported by policies that encourage partnership […]

Abdulmumini Auwal SA January 31, 2026

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Nigeria

Petrol price may rise again as crude oil hits new high

Nigerians may face another round of petrol price increases as crude oil prices continue to climb on the international market. Nigeria’s Bonny Light crude has risen to 70.30 dollars per barrel from 64 dollars last week, about a 10 per cent increase and the highest level so far this year. Brent crude now trades at 70.15 dollars per barrel, up from 66 dollars, while Murban crude has moved to 68.01 dollars from 65.20 dollars. Earlier in the week, filling stations raised petrol pump prices to an average of 850 naira per litre from 750 naira, citing the rise in crude prices. The Dangote Refinery and oil marketers argued that crude oil is the main input cost and that higher crude prices inevitably push up fuel prices. However, while crude prices went up by about 6.2 per cent, the local petrol […]

Abdulmumini Auwal SA January 30, 2026

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Nigeria

Tinubu okays carbon market framework, eyes $3bn yearly inflow by 2030

President Bola Ahmed Tinubu has approved the full rollout of Nigeria’s national carbon market framework, a landmark climate policy projected to generate up to $3 billion in annual revenue by 2030 from carbon credits and emissions trading. The move aims to position Nigeria as a leading player in global carbon markets while boosting non oil revenue and supporting the energy transition.​ Under the framework, the Federal Government will establish a national carbon registry, mandate emissions reporting by companies and introduce phased compliance measures aligned with Nigeria’s climate commitments. These measures are tied to interim emissions reduction targets up to 2035 and the long term goal of achieving net zero emissions by 2060.​ To attract investors, the policy provides generous incentives, including tax exemptions on carbon credit earnings for up to 10 years, accelerated capital allowances for low carbon assets and […]

Abdulmumini Auwal SA January 15, 2026

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Nigeria

2026 marks stronger phase for Nigeria’s economic growth

President Bola Tinubu says 2026 will mark the start of a stronger phase of economic growth for Nigeria built on reforms carried out in 2025.In his New Year message, he explained that the country closed 2025 with steady GDP growth, more stable exchange rates and inflation falling toward government targets.​He noted that annual GDP growth is expected to exceed four percent for 2025, with trade surpluses and better investor confidence helping to stabilise the economy.​ Tinubu said his government will focus in 2026 on reducing inflation further so that prices of goods and services become more manageable for households.​He added that the aim is to ensure that the benefits of economic reforms are felt by every Nigerian home, not just by big companies or investors.​According to him, this includes creating more jobs, protecting incomes and improving living standards through targeted […]

Abdulmumini Auwal SA January 1, 2026

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Nigeria

Tinubu insists new tax laws start January 1

President Bola Tinubu has reaffirmed that Nigeria’s new tax laws will take effect tomorrow, January 1, 2026, despite mounting calls for a delay. He said no substantial issue has been found to justify suspending the reforms, which he described as a once in a generation chance to build a fair and stronger fiscal system.​ Tinubu explained that the new tax laws are not aimed at simply raising taxes but at restructuring the system, harmonising levies and protecting citizens’ dignity while strengthening the social contract. He urged all stakeholders to support the implementation phase and promised that the Presidency will work with the National Assembly to quickly resolve any genuine concerns about the laws.​ He also responded to public criticism over alleged changes between the version of the tax laws passed by the National Assembly and the gazetted version. The President […]

Abdulmumini Auwal SA December 31, 2025

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Nigeria

Edun: Economy stable despite Sokoto airstrikes, markets show strong gains

Finance Minister Wale Edun says Nigeria’s economy remains stable despite the recent joint Nigeria US airstrikes on terrorist camps in Sokoto State. He stressed that such security operations strengthen investor confidence rather than undermine it.​ Edun explained that the precise, intelligence led strikes targeted threats to national safety and economic activity, distinguishing them from actions that could destabilise markets. He noted that security and economic stability are interconnected, with every effort to protect citizens being inherently pro growth and pro investment.​ Under President Bola Tinubu’s leadership, Nigeria recorded 3.98% GDP growth in Q3 2025 after 4.23% in Q2, with stronger Q4 performance expected. Inflation has fallen below 15% for the seventh straight month due to effective fiscal and monetary policies.​ Nigeria’s financial markets are operating smoothly with credit upgrades from Moody’s, Fitch and S&P validating reform efforts. The stock market […]

Abdulmumini Auwal SA December 29, 2025

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Nigeria

Radda tells Nigerians not to blame governors alone for hardship

Katsina State Governor Dikko Umaru Radda has urged Nigerians to stop blaming state governors alone for the country’s worsening economic hardship. He argued that the Federal Government takes the largest share of national revenue and therefore bears major responsibility for how resources are used.​ Radda noted that under the current revenue sharing formula, the Federal Government receives about 52 percent of funds from the Federation Account, while states and local governments share the rest. He said this leaves subnational governments struggling to meet rising demands for salaries, infrastructure and social services amid inflation and currency depreciation.​ The governor pointed out that recent court rulings directing that local government funds be paid directly to councils will further limit the ability of states to intervene in grassroots projects. He warned that citizens should not expect miracles from governors when most of the […]

Abdulmumini Auwal SA December 23, 2025

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