Nigeria’s upstream petroleum regulator has set its sights on higher crude oil output and accelerated gas development as Mrs. Oritsemeyiwa Eyesan formally assumed office as Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Speaking at her first town hall meeting with management and staff on Tuesday, 23 December, Eyesan said growing production levels would be central to the Commission’s agenda as it carries out its mandate under…

Governor Babajide Sanwo-Olu has asserted that the success of Nigeria’s new tax framework depends more on effective state-level implementation than on the federal laws themselves. Speaking at the Lagos Tax Reform Summit held yesterday, the governor emphasised that while the federal government provides the policy direction, it is the responsibility of the states to translate these reforms into tangible results for businesses, workers, and families. In preparation for the new…

By Helen Okechukwu and Fatimah Idera As preparations for the 2025 Christmas and end-of-year festive celebrations draw closer, Nigerians, including buyers and sellers across regions, remain optimistic about a reduction in food prices across markets despite the increasing rate of insecurity and other human challenges. Data retrieved from the National Bureau of Statistics (NBS) indicated that as of November 2025, the Consumer Price Index (CPI) rose to 130.5, surpassing the…

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a stern warning to bank compliance officers in the South-East. He urged them to remain professional “gatekeepers” and resist the temptation to facilitate criminal activities. Speaking during a sensitization programme in Enugu, Olukoyede cautioned that compliance officers who deliberately sabotage investigations or tip off customers would face the full wrath of the law. READ ALSO: Olukoyede charges…

Nigerian naira traded within a relatively narrow range against the United States dollar on Monday, offering a measure of stability after a year marked by sharp fluctuations and sustained pressure on Africa’s most populous economy. In official trading at Nigeria’s formal foreign exchange window, the naira exchanged at about ₦1,460 to the dollar, according to market data. The rate reflects cautious optimism among traders as year-end liquidity patterns and reduced speculative…

The Central Bank of Nigeria (CBN) has directed banks and non-bank acquiring institutions to implement multi-factor authentication (MFA) for transactions carried out with foreign-issued cards exceeding $200 per day, as part of measures to strengthen payment security in the country. The directive was contained in a circular dated December 18 and signed by the Director of the Financial Policy and Regulation Department at the apex bank, Mrs Rita Sike. The…

The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to configure all automated teller machines (ATMs), POS, and virtual terminals to accept international cards with Nigerian acquirers, comply fully with card association standards, and possess the necessary certifications to enable seamless transaction processing. The CBN gave the directive in a circular signed by its Director, Financial Policy and Regulation Department, Dr. Rita Sike. CBN among other things…

President Bola Ahmed Tinubu has earmarked ₦5.41 trillion for defence and security in the proposed 2026 national budget, making it the single largest sectoral allocation in the spending plan presented to the National Assembly. The allocation marks the third consecutive year that security spending has taken precedence since the Tinubu administration began presenting national budgets in November 2023, underscoring the government’s focus on tackling Nigeria’s persistent security challenges. The President…

The National Orientation Agency (NOA) has launched a massive nationwide campaign to ensure Nigerians understand and trust the country’s landmark tax reforms, describing effective communication as the backbone of successful policy implementation. At the inauguration of the Joint Presidential Committee on Fiscal Policy and Tax Reforms for Public Awareness and Sensitisation, NOA Director-General Lanre Issa-Onilu emphasised that while the reforms are technically sound, their success depends on public buy-in. He…

The Federal Government (FG) has revalidated the licence for the proposed Ondo Deep Sea Port, marking a significant milestone in the state’s drive to become a central hub for international maritime trade. Governor Lucky Aiyedatiwa received the revalidated document on Thursday, from the Minister of Marine and Blue Economy, Adegboyega Oyetola, during a ceremony in Abuja. Originally approved in 2023 by former President Muhammadu Buhari, the licence required revalidation due…

In a major boost to food security and youth empowerment, the Ekiti State Government has presented cheques totalling ₦1 billion to young farmers as profits from the 2025 harvest season. The funds were distributed to 4,657 participants of the “Bring Back the Youth in Agriculture” programme during a ceremony held at the Osuntokun Pavilion, Government House, Ado Ekiti.  Individual payouts ranged from ₦500,000 to ₦1,500,000, representing the net profits earned…

The Chairman of the Ekiti State Internal Revenue Service (EKIRS), Olaniran Olatona, has assured Nigerians that the upcoming Federal Tax Law, scheduled to commence in January 2026, is a strategic move to bolster the national economy and will not result in unauthorised bank deductions or public hardship. Speaking at a news conference on Wednesday in Ado Ekiti, Olatona clarified that the reforms are part of the President Bola Tinubu-led administration’s…