ABUJA — The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has asserted that borrowing should not be viewed as a flaw in Nigeria’s financial system, but rather as a routine and necessary element of public finance. Speaking during a press briefing in Abuja, Adedeji clarified that the administration of President Bola Tinubu has already taken decisive steps to end the controversial “Ways and Means” financing mechanism,…

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has opted to cut the benchmark interest rate to 27 per cent, a decision that ends three straight pauses and marks the first policy easing of 2025.

President Bola Tinubu has called for a fundamental reform of the global financial systems governing Africa’s mineral resources. Speaking at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable in New York, on the sidelines of the 80th United Nations General Assembly, Tinubu, represented by Vice President Kashim Shettima, urged African nations to take charge of their mineral assets and secure their influence in global supply chains. “We must take…

Nigeria’s economy expanded by 4.23% year-on-year in the second quarter of 2025, according to the latest GDP report released by the National Bureau of Statistics (NBS) on Monday. The growth marks a notable improvement compared to 3.48% recorded in Q2 2024 and 3.13% in Q1 2025, signaling stronger economic performance supported by the recent GDP rebasing, higher oil production, and a resilient non-oil sector. “Following the rebasing of the Gross…

Trading activity in the insurance sector on the Nigerian Exchange Limited (NGX) slowed last week, with investors exchanging 481.1 million shares worth ₦1.41 billion across 10,655 deals. This represented a decline from the previous week’s total of 523.5 million shares valued at ₦1.45 billion in 12,666 transactions. The data, released by the Nigerian Exchange Limited on Saturday, indicates a week-on-week dip in market activity—volume declined by 8.8%, value by 2.5%,…

Governor Dapo Abiodun of Ogun State has said the state’s economy has quadrupled in the past six years, growing from N3.5 trillion to N16 trillion. He announced this during a visit from representatives of the MAG Group, a company that has pledged a massive $1.8 billion to $2.5 billion investment in the state. The investment, announced by the company’s Strategic Adviser, Fayad Fayad, is a groundbreaking initiative to build a…

Governor Babajide Sanwo-Olu of Lagos State has reaffirmed the state’s commitment to forging strategic partnerships with the US state of Georgia in infrastructure, healthcare, education, technology, and the creative industries. He spoke at the US–Nigeria Policy and Trade Forum, held alongside FNITCC-AFRICON 2025 at the Georgia State Capitol in Atlanta yesterday. Sanwo-Olu said Lagos was open for investment and eager to establish collaborations that would outlast the current administration and…

The Federation Account Allocation Committee (FAAC) has disbursed a record N2.225 trillion to the three tiers of government and other statutory recipients for the month of August 2025. This marks the highest-ever monthly allocation in Nigeria’s history and the second consecutive month that disbursements have exceeded the N2 trillion threshold. According to a communiqué issued after the FAAC meeting in Abuja, the significant increase was driven by a rise in…

President and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has expressed strong doubts about the revival of the Ajaokuta Steel Company, saying it is no longer viable in today’s world and that Nigeria must stop deceiving itself about its prospects. In a video making rounds on social media, Africa’s richest man said no nation can be built without a steel industry, but insisted that Ajaokuta, in its current state,…

President and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has said many wealthy Nigerians are unwilling to invest in the country due to the difficult operating environment. Speaking during a recent media interaction, Africa’s richest man said there are individuals in Nigeria with more liquid cash than him who choose to stay away from domestic investment challenges. Dangote said such individuals prefer to stay in places like Monaco, France,…

The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, has called on African nations to forge stronger partnerships to achieve sustainable energy security across the continent. Andy Odeh, NNPC Chief Corporate Communications Officer, in a statement on Tuesday, said Ojulari spoke at the 7th African Petroleum Producers’ Organisation (APPO) National Oil Companies CEOs Forum. He underscored the urgent need for Africa to accelerate its energy transition and take control…

SCUML stands for Special Control Unit against Money Laundering