President Tinubu has signed the 2026 Appropriation Bill into law, approving a total budget of ₦68.32 trillion for the fiscal year. In addition, the President approved a bill extending the implementation period for the capital component of the 2025 budget. This extension moves the deadline from March 31, 2026, to June 30, 2026. According to…
Aliko Dangote, Africa’s richest man, is preparing to list about 10% of his oil refining company on multiple African stock exchanges. This move aims to raise funds for the next phase of expansion across his industrial empire. The listing will involve Dangote Petroleum Refinery and Petrochemicals FZE, with Dangote confirming that shareholders will receive dividends in…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the country has no intention of seeking IMF loans International Monetary Fund, even as fiscal pressures mount. Edun shared this during a press briefing on Thursday at the ongoing IMF-World Bank Spring Meetings in Washington, DC. Key Highlights from the…
Nigeria has stepped up efforts to host the African Union’s (AU) African Monetary Institute (AMI), a key body expected to drive financial integration across the continent. The renewed push was highlighted during the ongoing IMF and World Bank Spring Meetings in Washington DC. Where Nigerian officials reaffirmed their readiness to meet all hosting requirements. The…
Ogun State Governor, Dapo Abiodun, has approved a weekly day off and a ₦10,000 monthly transport allowance for public servants in the state as part of measures to cushion the hardship caused by rising fuel prices. The relief package, which takes effect from April 2026 and will run for three months, was announced in a…
By ALO360 Editorial Board A recent report by the Daily Trust puts Nigeria’s rising debt in simple terms: as of December 2025, the country’s total public debt of N159.28 trillion amounts to about N724,000 per Nigerian. Strip away the figures, and the implication is straightforward — the country is borrowing heavily, and the bill will…
The United States has announced stricter sanctions on Iran oil sector as tensions rise over Tehran’s continued closure of the Strait of Hormuz. The U.S. Department of the Treasury revealed the measures, which target over two dozen individuals, companies. And vessels tied to a shipping network linked to Mohammad Hossein Shamkhani. U.S. Treasury Secretary Scott…
The Federal High Court in Abuja has discharged First Bank of Nigeria Limited from a $8,488,752.88 garnishee proceedings dispute involving NIMEX Petrochemicals Ltd and another party against Conoil Plc. The ruling, delivered by Justice M. Umar on March 31, 2026, obtained by Alo360 on Wednesday and confirmed by the bank’s legal team, led by Michael J. Numa,…
Nigerian airlines have announced plans to suspend operations across the country starting April 20, 2026, due to a sharp increase in Jet A1 fuel prices, which have risen above N3,000 per litre. This development was reported by Channels TV on Wednesday, citing a letter from the Airline Operators of Nigeria (AON) addressed to the Major Energies Marketers…
The Nigerian Electricity Management Services Agency (NEMSA) has been given a two-year deadline to achieve financial independence and exit the federal government payroll, according to the Minister of Power, Adebayo Adelabu. Speaking at the inauguration of NEMSA’s board in Abuja. Adelabu disclosed that the agency had previously faced removal from government funding. However, it granted…
