President Bola Tinubu has signed a new Executive Order aimed at reducing operational expenses in Nigeria’s oil and gas sector and attracting fresh investment, in a strategic push to restore competitiveness and fiscal discipline in the industry. The newly signed directive, titled “The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025),” introduces performance-based tax incentives for upstream operators that achieve verifiable cost reductions aligned with standards set by the Nigerian…

President Bola Tinubu has congratulated President Mohamed Ould Cheikh El Ghazouani of Mauritania following the election of Sidi Ould Tah as the new President of the African Development Bank (AfDB) Group. Tah, a former Mauritanian Finance Minister and Director-General of the Arab Bank for Economic Development in Africa (BADEA), was elected as the ninth president of the AfDB during the institution’s Annual Meetings held in Abidjan, Côte d’Ivoire. READ ALSO: Rivers…

Mauritania’s former Minister of Economic Affairs, Sidi Ould Tah, has been elected the new President of the African Development Bank (AfDB). He succeeded Nigeria’s Akinwumi Adesina after nearly a decade of leadership. Tah announced this in a statement posted on his X page on Thursday, describing his emergence as president as the start of a challenging yet inspiring journey. “I am humbled and honored to be elected President of the…

President Bola Tinubu has disclosed that fuel subsidies, along with the corruption-laden multiple foreign exchange windows, had long acted as a stranglehold on Nigeria, suffocating the nation’s prospects for decades. In a national broadcast marking his second year in office on Thursday, Tinubu stated that both policies were no longer sustainable. The New Daily Prime reported that the president had ordered the complete removal of fuel subsidies upon assuming office.…

On May 29, 2023, President Bola Tinubu, in his inaugural speech as President of the Federal Republic of Nigeria, made a landmark declaration: “Subsidy is gone.” With that single phrase, he signaled the end of the petrol subsidy regime in Nigeria. While subsidies on diesel and kerosene had already been removed by the previous administration, petrol remained untouched due to anticipated widespread economic impacts. The fuel subsidy, long seen as…

President Bola Tinubu has reaffirmed his administration’s firm commitment to combating corruption, vowing to recover stolen assets and ensure no refuge for corrupt individuals. Speaking at a one-day Asset Recovery Summit held in Abuja yesterday, Tinubu decried the deep-rooted impact of corruption across key sectors such as healthcare, education, and infrastructure. He noted that the consequences of diverted public resources remain starkly visible across the country. READ ALSO: Children’s Day: Tinubu…

Nigeria’s public debt nears ₦180 trillion as President Tinubu seeks new strategies to manage the growing financial challenge.

For millions of Nigerians, few foods are as familiar—or as controversial—as garri, the starchy, grainy flour derived from cassava tubers. Affordable, versatile, and easy to store, garri is a cornerstone of West African cuisine. But with its popularity comes speculation: Is garri truly healthy? Or does overconsumption come at a hidden cost—perhaps even affecting eyesight? In this exclusive New Daily Prime report, we explore both the nutritional benefits and health…

After a decade at the helm of the African Development Bank (AfDB), Akinwumi Adesina is preparing to exit the role with a record of significant growth and development. Speaking yesterday during a media breakfast in Abidjan, Côte d’Ivoire, he revealed that the Bank’s capital base had expanded from $93 billion in 2015 to $325 billion – an extraordinary increase over his two-term tenure. Adesina, the first Nigerian to serve as…

Vice President Kashim Shettima has declared that institutional reforms are critical to resolving the majority of Nigeria’s public policy and bureaucratic challenges. He stated that such reforms could address as much as 80 per cent of the issues plaguing the nation’s governance systems. Speaking on Monday at the official presentation of the draft National Public Policy Development and Management Framework, Shettima described the new initiative as a “long-overdue” move to…

Naira Shows Stability as Dollar, Yuan Ease Slightly. The Nigerian Naira continued to demonstrate signs of           resilience on Monday, May 26, 2025, trading with relative stability in the black-market foreign exchange (FX) segment. After a week of moderate activity, the local currency managed to post marginal gains against the U.S. Dollar and Chinese Yuan, while remaining steady against the Euro and experiencing minimal fluctuations against the…

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) for allegedly failing to disclose details of any direct payments made to Nigeria’s 774 local government councils, including councils in Rivers State. SERAP revealed on its website on Sunday that the suit numbered FHC/L/MSC/521/2025 was filed last Friday at the Federal High Court in Lagos. In the suit, SERAP asked the court…