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Tinubu’s foreign trips strengthening Nigeria’s global partnerships – Yilwatda

All Progressives Congress (APC) National Chairman, Prof. Nentawe Yilwatda, says President Bola Tinubu’s foreign travels and meetings with world leaders have significantly strengthened Nigeria’s global partnerships and attracted major investment commitments.​ In a statement by his Special Adviser on Media and Communications Strategy, Abimbola Tooki, Yilwatda said Tinubu’s trips are “purposeful actions” focused on economic cooperation, trade expansion and strategic alliances, not mere ceremonial visits. He noted that since taking office in May 2023, the president has visited key countries across Africa, Europe, the Middle East, Asia and the Americas, including the US, UK, France, Germany, China, India, Saudi Arabia, Qatar and Brazil.​ According to Yilwatda, these engagements have helped reposition Nigeria on the global stage and yielded “sustained diplomatic and economic outreach” with measurable gains. He stated that Nigeria has secured over 50 billion dollars in foreign direct investment […]

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Nine states take lead on new tax harmonisation laws

Nine states have so far domesticated Nigeria’s new tax harmonisation laws designed to end multiple taxation and uncoordinated levies. The states are Bayelsa, Anambra, Ekiti, Gombe, Kogi, Nasarawa, Plateau, Kwara and Zamfara, while 27 others are still at various stages of adoption.​ The reforms build on a model Tax Harmonisation Law developed by the Presidential Fiscal Policy and Tax Reforms Committee for states and local governments. The aim is to tackle illegal collections, remove non-state actors from revenue drives and create a clearer, more predictable tax environment for businesses and citizens.​ Committee chairman Taiwo Oyedele said it is vital for states to pass their own harmonisation laws to address multiple taxation at sub-national level. The Joint Revenue Board described the early moves by the nine states as a key step towards eliminating illegal tax collection and improving the fiscal climate.​ […]

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Presidency explains rise in 2026 budget to N58trn

The Presidency says the proposed 2026 federal budget of N58.18 trillion is aimed at consolidating reforms, boosting growth and tackling security and social challenges, not just expanding spending for its own sake. The aggregate expenditure is about six per cent higher than the 2025 estimate of N49.7 trillion, reflecting what officials describe as a more ambitious but targeted fiscal plan.​ According to presidential officials, the increase is driven mainly by higher allocations to defence, internal security and law enforcement in response to persistent insurgency, banditry and other threats. The 2026 plan earmarks about N5.41 trillion for security related spending, making it one of the largest single components of the budget.​ The budget also scales up capital investment in infrastructure, including roads, rail, power and public assets needed to support private sector led growth. Government argues that sustained infrastructure funding is […]

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Dangote refinery row forces regulators to resign

The Nigerian oil and gas industry has been thrown into uncertainty following the resignation of the chief executives of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr Gbenga Komolafe, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr Farouk Ahmed. Both NUPRC and NMDPRA are responsible for enforcing petroleum laws, regulations and guidelines in the upstream and downstream sectors. Komolafe and Ahmed were appointed in September 2021 by former President Muhammadu Buhari after the Petroleum Industry Act, PIA, came into force and had been reporting directly to President Bola Tinubu, who is also the Petroleum Minister, until their resignations. Farouk Ahmed’s exit follows his recent clash with industrialist Aliko Dangote, who petitioned the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over alleged misconduct. Dangote accused the NMDPRA leadership of economic sabotage, claiming that its policies were […]

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Dangote targets N739 per litre petrol as refinery cuts depot price

MRS and other partners of the Dangote Petroleum Refinery are expected to start selling petrol at N739 per litre, following a fresh reduction in the refinery’s depot price. The move comes two days after the refinery slashed its petrol gantry price from N828 to N699 per litre, a cut of about N129 per litre.​ Speaking at a press briefing at the Lekki refinery, Dangote Group President, Aliko Dangote, said he was aware that some filling stations keep pump prices high despite lower depot prices. He accused some marketers of undermining his efforts by refusing to pass on the reductions to consumers.​ Dangote said MRS would commence sales at N739 per litre from Tuesday in Lagos, while other partner stations would follow across the country. He insisted that the current prices of around N900 to N970 per litre at some outlets […]

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Women Key to Tinubu’s $1 Trillion Economy Plan – Minister

The Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has stated that achieving President Bola Tinubu's vision of a $1 trillion economy is dependent on the economic empowerment of Nigerian women. Speaking at a business summit in Abuja, the Minister emphasized that women's full participation is crucial for national prosperity. She highlighted the hospitality and events industry as a key sector where women are already driving job creation and innovation. To support this goal, the minister unveiled a major new initiative: a National Fellowship and Incubator for Women. This program aims to provide mentorship, training, and access to capital for women entrepreneurs. "Our non-negotiable mission is to empower 10 million women by 2030," Sulaiman-Ibrahim declared. She also addressed a major obstacle for women—the "Care Economy." She pledged government investment in affordable childcare and domestic services to free up women's time for […]

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Tinubu Hails GEIL for Pioneering New Crude Export Terminal

President Bola Ahmed Tinubu has commended Green Energy International Limited (GEIL) for setting a new benchmark in Nigeria’s oil and gas sector with the successful commissioning of its crude oil export terminal in Otakikpo, Rivers State. The terminal, the first built by a Nigerian company and the only one constructed in the country in over five decades, marks a major milestone in Nigeria’s quest to boost crude oil production and enhance local participation in the energy industry. According to the President, the new export facility will provide an efficient evacuation route for marginal and stranded oil fields across the Niger Delta region. This, he said, will unlock billions of barrels of reserves, drive investment, and create significant economic value — key priorities of his administration. Speaking through the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, President Tinubu […]

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Dollar to Naira Exchange Rate Today, October 1, 2025 — Parallel and Official Market Update

The Nigerian naira posted mixed moves on Wednesday, October 1, 2025, with slight gains in the parallel market offset by mild weakness in the official foreign exchange window. Parallel Market (Black Market) ₦1,500/$1 — naira strengthened from ₦1,505/$1 earlier in the week. ₦2,075/£1 — pound sterling rate. ₦1,665/€1 — euro rate. Traders linked the recovery to improved dollar inflows from diaspora remittances, independent supply channels, and seasonal trade receipts. However, demand pressures remain elevated, as corporates, students, and importers still depend heavily on the street market. Official Market (NFEM) ₦1,478/$1 — down slightly from ₦1,480.15 the prior day. ₦2,030.50/£1 — pound sterling rate. ₦1,620.45/€1 — euro rate. The official market remained cushioned by Central Bank of Nigeria (CBN) interventions, helping moderate volatility. Key Takeaway The spread between the official and parallel markets narrowed to ₦22, compared with about ₦25 earlier. […]

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‘We’re Racing Against Time’: Full Text of President Tinubu’s 65th Independence Day Speech

President Bola Ahmed Tinubu on Tuesday addressed Nigerians to mark the country’s 65th Independence anniversary, delivering a wide-ranging speech that reflected on the nation’s past, outlined his administration’s economic and social reforms, and offered a message of hope for the future. Tinubu recalled the sacrifices of Nigeria’s founding fathers — including Herbert Macaulay, Nnamdi Azikiwe, Obafemi Awolowo, Ahmadu Bello, and Funmilayo Ransome-Kuti — who envisioned a strong, prosperous, and united Nigeria. He noted that, despite challenges such as civil war, dictatorship, and political crises, the country had made significant progress in education, healthcare, infrastructure, and economic growth since 1960. The president stressed that his administration inherited a near-collapsed economy but chose the “path of reform” over “business as usual.” He highlighted key policy moves, including ending fuel subsidies, unifying foreign exchange rates, and investing in infrastructure, agriculture, and social programmes. […]

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Crude Oil Imports Hit Record High as Dangote Refinery Reshapes Nigeria’s Trade Flow

Nigeria’s crude oil imports surged by 26.5% in the first half of 2025, reaching 5,665,602 metric tons, compared to 4,478,413 metric tons in the same period of 2024, according to fresh data from the Nigerian Ports Authority (NPA). The rise has been largely attributed to the 650,000 barrels per day Dangote Petroleum Refinery, which has been sourcing crude oil from countries including the United States, Brazil, Angola, and Equatorial Guinea. Financial Vanguard’s quarterly analysis shows a mixed trend: Q1 2025: Imports dropped to 2,400,553 MT, down 30% from Q1 2024 (3,037,209 MT). Q2 2025: Imports spiked to 3,265,099 MT, a 126% increase compared to Q2 2024 (1,441,204 MT). The Dangote Refinery, which began refining diesel and aviation fuel in January 2024, has since become a key player in both domestic and global energy trade, exporting petroleum products while importing crude […]

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