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Nigeria

Tinubu asks lawmakers to extend 2025 budget to March 2026

President Bola Ahmed Tinubu has asked the National Assembly to extend the implementation of the 2025 budget from December 31, 2025 to March 31, 2026. He also wants approval to consolidate the capital components of the 2024 and 2025 budgets as part of wider fiscal reforms.​ Tinubu made the request in a letter dated December 18, which was read at Friday’s plenary by the Speaker of the House of Representatives, Abbas Tajudeen. He noted that the new letter replaces his earlier correspondence on the same subject dated December 16.​ In the letter, the President transmitted Appropriation (Repeal and Re enactment) Bills for 2024 and 2025 to the National Assembly. He explained that the bills seek to repeal the existing 2024 and 2025 Appropriation Acts and replace them with revised spending frameworks.​ For 2024, Tinubu proposed repealing the N35.06 trillion budget […]

Abdulmumini Auwal SA December 19, 2025

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Nigeria

Dangote refinery price cut triggers brutal petrol war, heavy losses for importers and marketers

Nigeria’s downstream petroleum sector is in the middle of what operators describe as an intense price war following the decision by the Dangote Petroleum Refinery to sharply reduce its gantry price for Premium Motor Spirit from N828 to N699 per litre. The move has forced fuel importers, depot owners and retail marketers to cut prices aggressively, even as the refinery admits it is also losing money under the new price regime.​ Estimates based on consumption and supply data suggest that petrol importers could lose about N102.48bn every month if they match Dangote’s prices. With the refinery now selling N129 per litre cheaper than the prevailing import landing cost, analysts say depot owners who offload cargo at Dangote-level prices would be taking a loss of about N129 on every litre sold, amounting to roughly N3.41bn daily. Dangote Refinery itself is projected […]

Abdulmumini Auwal SA December 16, 2025

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Nigeria

Emefiele Was a Disastrous CBN Governor, Political Puppet—Moghalu

Kingsley Moghalu, ex-deputy governor of the Central Bank of Nigeria (CBN), has condemned Godwin Emefiele’s near decade-long leadership as “disastrous” and a key factor in Nigeria’s economic decline. Moghalu accused Emefiele of acting more as a political puppet than an independent banker, alleging that he routinely followed directives from former President Muhammadu Buhari, which undermined central bank autonomy. Emefiele’s tenure has faced multiple corruption allegations and legal challenges, including fraudulent procurement and the controversial naira redesign policy that led to widespread cash shortages, harming businesses and communities nationwide. The Supreme Court later ruled against the rollout, solidifying its status as a severely flawed policy. Moghalu also criticized Emefiele’s attempt to contest the 2023 presidential election without first resigning, calling it a clear case of partisan interference in a role meant to be insulated from politics. He contrasted this with former […]

Abdulmumini Auwal SA November 16, 2025

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Nigeria

Dangote Refinery Assures Steady Fuel Supply as Output Surpasses Demand

The Dangote Petroleum Refinery has assured Nigerians of a steady fuel supply during the upcoming festive season, announcing that its daily output of petrol and diesel now exceeds the nation’s consumption levels. In a statement on Saturday, the Group Chief Branding and Communications Officer of Dangote Industries Limited, Anthony Chiejina, said the refinery currently produces over 45 million litres of petrol and 25 million litres of diesel per day. “Our production capacity surpasses national demand,” Chiejina said. “We are collaborating with regulators and distributors to ensure efficient delivery across the country. Dangote remains committed to powering Nigeria.” He explained that the refinery’s growing domestic refining capacity has helped stabilize the naira by reducing foreign exchange outflows and supporting local currency inflows. Backing the federal government’s newly introduced tariff policy on fuel imports, Chiejina described it as a vital measure to […]

Abdulmumini Auwal SA November 1, 2025

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Nigeria

Nigerians Anxious as Depot Petrol Price Climbs to ₦889 per Litre

Nigerians are growing increasingly uneasy as the depot price of Premium Motor Spirit (PMS), popularly known as petrol, climbed to ₦889 per litre on Thursday, up from ₦887 the previous week. Data obtained by Vanguard showed Matrix sold at the highest price of ₦889 per litre, while Aiteo offered the lowest at ₦871 per litre. Other key operators such as Dangote Petroleum Refinery, Eterna, AA Rano, and AYM Ashafa sold at ₦877, ₦874, ₦871, and ₦885 per litre, respectively. The development comes as downstream operators warn that the pump price of petrol could exceed ₦1,000 per litre once the federal government’s newly approved 15% fuel tax takes effect after a 30-day transition period ending November 21, 2025. Speaking to Vanguard, Dr. Billy Gillis-Harry, National President of the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), said members would work with […]

Abdulmumini Auwal SA November 1, 2025

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new africa

 Oyedele Urges Governors to Borrow for Infrastructure Only

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has advised state governors to borrow money only for building infrastructure that spurs economic growth, not for routine government spending. Speaking at the launch of a report on state finances in Abuja, Oyedele expressed concern over the rising debt levels of state governments. He clarified that borrowing is not inherently bad, but its purpose is what matters. “There is nothing wrong with borrowing; what matters is what you are borrowing for?” he stated. “We need to borrow less for recurrent spending, if at all, and borrow responsibly for infrastructure and productivity.” He commended states like Abia, Enugu, and Lagos, which allocate over 70% of their budgets to capital projects like roads and schools. He also revealed that new tax laws coming into effect next year will shift […]

Abdulmumini Auwal SA October 28, 2025

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Nigeria

 Nigeria’s Economy Grows But Poverty Still Rising – Report

A new economic report reveals a difficult reality for Nigeria: while the national economy is showing signs of recovery, the number of people living in poverty continues to increase. The report by Quartus Economics states that Nigeria's economy began to stabilize and grow in 2024. It credits this improvement to the "bold but necessary" reforms implemented by President Bola Tinubu in 2023, primarily the removal of the costly fuel subsidy. However, this economic growth has not yet translated into better living conditions for many citizens. The report highlights that the damage from the previous decade (2014-2023) was severe. During that time, the economy shrank significantly in dollar terms while the population grew by over 40 million people. This combination of a smaller economy and a larger population pushed an additional 65 million Nigerians below the poverty line. The report concludes […]

Abdulmumini Auwal SA October 28, 2025

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Nigeria

Why Every Naira Counts in Nigeria’s Tough Economy

In today's challenging economic climate, a fundamental principle for building wealth is recognizing that "no money is small." Dismissing small amounts like one Naira can lead to careless financial habits over time. Wealth, much like the human body, starts from a single cell and multiplies. True riches are often the product of small amounts saved and accumulated consistently. For instance, saving just one Naira on 20 different items during a shopping trip saves you N20. Repeated over time, these micro-savings compound into significant sums. This mindset encourages smarter financial behaviors, such as: Comparing prices by calculating the cost per unit (e.g., per gram). Buying in bulk to avoid the higher margins charged by retailers for small quantities. Joining cooperative societies to access bulk purchases and discounts directly from producers. Adopting the principle that every Naira counts is a crucial step toward financial discipline […]

Abdulmumini Auwal SA October 23, 2025

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Nigeria

Tinubu’s Reforms Deepening Poverty, Says Peter Obi

Former Anambra State Governor and Labour Party presidential candidate, Peter Obi, has criticised President Bola Tinubu’s administration, saying its much-publicised economic reforms are failing to lift Nigerians out of poverty. Obi’s comments followed a World Bank report released on October 8, 2025, which revealed that 139 million Nigerians now live below the poverty line—an increase from 87 million in 2023. In a post on X (formerly Twitter) on Tuesday, Obi described the figures as a “heartbreaking reflection” of how poorly the government’s policies have performed. “What this means is that in two years under the watch of the APC regime, over 50 million Nigerians were sent into poverty,” Obi wrote.“This is a heartbreaking reflection of how deeply our nation is failing its citizens.” He expressed concern that instead of treating the report as a wake-up call, the government dismissed it, […]

Abdulmumini Auwal SA October 14, 2025

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Nigeria

Local Investors Miss Out on Nigeria’s N4.8trn Non-Oil Boom

Nigeria’s non-oil export sector has seen rapid growth, but local investors are losing out to foreign players—mainly from India, China, Lebanon, and Vietnam—who now dominate the trade. According to reports from the National Bureau of Statistics (NBS) and the Nigerian Export Promotion Council (NEPC), non-oil export earnings surged to N4.8 trillion in the first half of 2025, a 391% rise from N977 billion in the same period of 2021. NEPC described this growth as evidence of President Bola Tinubu’s “Renewed Hope Agenda.” However, local industry stakeholders say the numbers hide deep challenges. Many argue that the benefits of this diversification are being lost to foreign operators who have stronger financial backing and easier access to funding. Dr. Ojo Ajanaku, President of the National Cashew Association of Nigeria (NCAN), said local exporters are struggling with limited access to loans and high […]

Abdulmumini Auwal SA October 13, 2025

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