The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax (PAT) of N502 billion for November 2025, representing a 12.3 per cent increase compared to the previous month. The state-owned energy company disclosed the figures in its monthly financial and operational report released on Wednesday. According to the report, the profit was generated from a total revenue of N4.358 trillion recorded during the month under review. The…

The Naira continues to face pressure in the foreign exchange market as the Euro trades at ₦1,750 on the black market, according to the latest data from NGNToday. At the official rate, the Euro is exchanging for ₦1,687, reflecting a significant gap between the official and parallel market rates, which has become a recurring trend in Nigeria’s currency market. The disparity between the official and black market rates underscores the…

The British Pound Sterling continues to trade strongly against the Nigerian Naira, with a noticeable gap between the official exchange rate and the black market rate, according to data obtained from the NGNToday platform. The sustained disparity highlights ongoing pressure in Nigeria’s foreign exchange market, driven by demand for foreign currency and limited supply through official channels. As of today, the official exchange rate for the British Pound stands at…

The Nigerian naira recorded a mixed performance against the United States dollar today, as differences between the official foreign exchange market and the parallel (black) market continue to reflect underlying pressures within the country’s forex system. According to information available from the NGNToday platform, the official exchange rate stands at ₦1,435 per US dollar, while the black market rate is trading at ₦1,480 per dollar. This ₦45 gap between the…

The Nigerian naira opened trading for 2026 on a steady footing at the official foreign exchange window, even as a modest premium persisted in the parallel market, reflecting lingering cash-driven demand outside formal channels. Data from the Nigerian Foreign Exchange Market (NFEM) shows that the local currency traded at an average of N1,445.99 to the United States dollar on January 1, signalling relative stability after closing the final session of…

As the nation transitions into the 2026 fiscal year, the majority leader of the 10th Senate, Opeyemi Bamidele, has declared that Nigeria is now positioned for a total economic turnaround. In a New Year’s Eve statement issued on Wednesday, Bamidele described 2025 as a “defining year” that saw the National Assembly and the Executive collaborate on transformative reforms across tax administration, electoral credibility, and constitutional reviews. He identified the 2025…

The Presidential Fiscal Policy and Tax Reforms Committee has issued a rebuttal to claims that Nigeria’s upcoming tax laws will cripple the aviation industry. Instead, the government maintains that the reforms are specifically designed to dismantle the long-standing financial burdens—such as multiple levies and non-recoverable taxes—that have historically stifled airline operations. In a statement released on Monday on his X page, Committee Chairman Taiwo Oyedele addressed industry concerns, asserting that…

Fresh indications have emerged from the Presidential Villa suggesting that President Bola Ahmed Tinubu is considering a major shake-up within the Ministry of Finance, with Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, at the centre of the unfolding developments. Multiple sources familiar with high-level deliberations told New Daily Prime that the President has given Edun the option of voluntarily resigning or facing removal, following growing dissatisfaction…

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has assured Nigerians that the intense competition currently reshaping the downstream petroleum sector will ultimately work in favour of consumers. Ojulari said the price tensions being witnessed are a normal outcome of Nigeria’s shift from near-total dependence on fuel imports to increased domestic refining capacity. “Where there is healthy competition, the buyers are the ultimate…

As Nigerian states head into 2026 with ambitious spending plans, weak internally generated revenue (IGR) is forcing many to rely heavily on federal allocations, borrowing and other non-recurring inflows to fund their budgets, raising concerns about fiscal sustainability, Sunday PUNCH reports. An analysis of appropriation bills and approved estimates across several states shows that only a few can finance a significant portion of their expenditure from IGR. In most cases,…

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…