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Nigerian Economy

Breaking News: PDP Crisis Deepens Ahead of 2027 as Nigeria’s Economy and Security Challenges Rises

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Breaking News: PDP Crisis Deepens Ahead of 2027 as Nigeria’s Economy and Security Challenges Rises

The opposition Peoples Democratic Party faces internal division as the 2027 general elections draw closer. Senior members of the party gathered at the National Executive Committee meeting to debate zoning, representation, and leadership. Party leaders argued that power sharing remains the central issue threatening the unity of the PDP. They stressed that unless resolved, the … Read more

House of Representatives Approves Tax Reform Bills with Revised VAT Sharing Formula

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House of Representatives Approves Tax Reform Bills with Revised VAT Sharing Formula

In a landmark move aimed at restructuring Nigeria’s tax system, the House of Representatives has approved key tax reform bills, retaining the current 7.5% Value Added Tax (VAT) rate while introducing a revised distribution formula that seeks to balance equity, population size, and consumption patterns. This decision comes as part of broader economic reforms designed … Read more

Peter Obi Sarcastically Applauds Tinubu’s Economic Policies Amid Rising Hardship in Nigeria

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Peter Obi Sarcastically Applauds Tinubu’s Economic Policies Amid Rising Hardship in Nigeria

Former presidential candidate of the Labour Party, Peter Obi, has delivered a sharp critique of President Bola Tinubu’s administration, sarcastically praising him for keeping his campaign promise to continue where former President Muhammadu Buhari left off. Obi, who was in Bauchi on Thursday for a meeting with Governor Bala Mohammed, condemned the worsening economic conditions … Read more

Naira Drops to ₦1,585 Per Dollar in Parallel Market as Forex Pressure Mounts

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Naira Drops to ₦1,585 Per Dollar in Parallel Market as Forex Pressure Mounts

The Nigerian currency continued its downward trend, falling to ₦1,585 per dollar in the parallel market on Wednesday from ₦1,565 per dollar recorded on Tuesday. This decline marks another setback for the naira, which has struggled to maintain stability in the face of growing foreign exchange pressures. Similarly, in the Nigerian Foreign Exchange Market, NFEM, … Read more

PANDEF Condemns Rivers Assembly’s Blockade of Governor Fubara, Calls Action a Provocation and an Insult to the People

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PANDEF Condemns Rivers Assembly’s Blockade of Governor Fubara, Calls Action a Provocation and an Insult to the People

The political crisis in Rivers State has taken a dramatic turn, sending shockwaves across Nigeria as the Pan Niger Delta Elders Forum, PANDEF, has condemned the recent blockade of Governor Siminalayi Fubara by the Rivers State House of Assembly. The forum described the lawmakers’ action as a deliberate provocation and a direct insult to the … Read more

Suspending Naira-for-Crude Oil Deal Will Deepen Forex Crisis and Fuel Economic Hardship, Group Warns

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Suspending Naira-for-Crude Oil Deal Will Deepen Forex Crisis and Fuel Economic Hardship, Group Warns

A storm is brewing over Nigeria’s oil sector as the Conference of Progressive Nigerians (CPN) has issued a stern warning to the Nigerian National Petroleum Company Limited (NNPCL), cautioning against any attempt to halt the naira-for-crude exchange arrangement. The group insists that suspending the policy will not only destabilize the country’s fragile forex reserves but … Read more

President Tinubu Appoints Shamseldeen Ogunjimi as Accountant-General of the Federation

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President Tinubu Appoints Shamseldeen Ogunjimi as Accountant-General of the Federation

President Bola Ahmed Tinubu has appointed Shamseldeen Ogunjimi as the new Accountant-General of the Federation, reinforcing his administration’s commitment to transparency, accountability, and excellence in financial management. This appointment follows an intensive and merit-based selection process, ensuring that the nation’s financial administration is placed in capable hands. Ogunjimi will officially take over the role on … Read more

Naira Declines Again as Exchange Rate Hits N1,498.98 Per Dollar Amid Market Volatility

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Naira Declines Again as Exchange Rate Hits N1,498.98 Per Dollar Amid Market Volatility

The Nigerian Naira took another hit in the official foreign exchange market, trading at N1,498.98 to a Dollar on Monday. The latest figures from the Central Bank of Nigeria (CBN) confirm a depreciation of N6.49, representing a 0.43 percent decline compared to Friday’s closing rate of N1,492.49. The setback comes after the Naira recorded a … Read more

APC Has Created More Poverty for Nigerians, but PDP Is Ready to Lead the Change, Says Bala Mohammed

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APC Has Created More Poverty for Nigerians, but PDP Is Ready to Lead the Change, Says Bala Mohammed

Nigeria is at a crossroads, and the people are feeling the weight of broken promises and worsening economic hardship. Governor Bala Mohammed has taken a strong stance against the ruling All Progressives Congress, accusing it of deepening poverty and failing to improve the lives of Nigerians. Speaking at the inauguration of the newly elected executive … Read more

NNPC Reduces Petrol Pump Price to N860 as Fuel Costs Drop Across Nigeria

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NNPC Reduces Petrol Pump Price to N860 as Fuel Costs Drop Across Nigeria

In a significant move that could ease the financial burden on millions of Nigerians, the Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit, also known as petrol, from N945 to N860 per litre. This adjustment comes shortly after the Dangote Petroleum Refinery lowered its ex-depot price, triggering a … Read more

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