Taiwo Oyedele, Minister of Finance and coordinating minister of the economy, says the federal government will not reintroduce fuel subsidy, insisting that the policy distorted Nigeria’s economy. Oyedele spoke in Paris during an investment meeting with international investors held as part of Bola Ahmed Tinubu’s visit to France. According to him, the Tinubu administration remains…
Joseph Tegbe, minister-designate for power, says Nigerians will begin to see clear improvements in the electricity sector within three months if he is sworn in. Tegbe spoke on Wednesday during his screening at the Senate. The upper legislative chamber later confirmed him as minister of power. His nomination followed the resignation of Adebayo Adelabu, former…
Agencies Move to Strengthen Consumer Protection The Federal Competition and Consumer Protection Commission and National Agency for Food and Drug Administration and Control have signed a Memorandum of Understanding to improve consumer protection and fight unsafe products in Nigeria. Both agencies signed the agreement in Abuja on Wednesday. Partnership Targets Regulatory Gaps The agreement aims…
Currency Strengthens in Official Market The Nigerian naira recorded a modest gain against the United States Dollar on Wednesday, May 6, 2026. The improvement appeared in both the official and parallel markets. Data from the Central Bank of Nigeria showed the naira trading around ₦1,362 per dollar in the Nigerian Foreign Exchange Market (NFEM). This…
Crude Prices Fall on De-escalation Hopes Global oil prices declined sharply after reports suggested that the United States and Iran are close to reaching a peace agreement. West Texas Intermediate (WTI), the US benchmark, fell by about 10% in early trading before recovering slightly to trade near $94 per barrel. Brent crude also dropped, trading…
Presidency Rules Out Return of Fuel Subsidy The Federal Government has ruled out any return of fuel subsidy, despite growing public pressure over rising living costs. Taiwo Oyedele made the position clear during an investor meeting in Paris. He stated that the Presidency will not restore subsidy payments. He also confirmed that fuel prices will…
Petrol prices across Nigeria have crossed the ₦1,300 per litre mark as global crude oil prices remain unstable. The increase has raised concerns about another hike in pump prices nationwide. Industry data shows that depot owners are adjusting Premium Motor Spirit (PMS) prices in response to rising international crude costs and uncertainty in the energy…
Nigeria’s passport has moved up six places on the latest Henley Passport Index since President Bola Tinubu took office. The April 2026 report places Nigeria at 89th position, up from 95th in January 2024. Visa-Free Access Declines Despite Ranking Gain The improved ranking has not translated into broader travel freedom. Nigerian passport holders now access…
Naira Maintains Stability Across Markets The Nigerian naira traded within a stable range against the United States dollar on May 5, 2026. Activity remained steady across both the official and parallel foreign exchange markets. Data from Central Bank of Nigeria showed that the official rate hovered around ₦1,374 per dollar. Trading ranged between ₦1,362 and…
Millions affected as MTN, Airtel, Globacom, and 9mobile tighten recovery measures amid regulatory changes Nigeria’s major telecom operators have begun restricting outgoing calls for subscribers with unpaid airtime and data loans. The move affects millions of users across the country and reflects stricter enforcement of new lending regulations. Operators, including MTN Nigeria, Airtel Nigeria, Globacom,…
