Davos: FG Targets Less Borrowing, More Investment — Wale Edun The Federal Government has said it plans to reduce borrowing and focus more on investment to grow Nigeria’s economy. The Minister of Finance, Wale Edun, made this known at the World Economic Forum in Davos. According to him, the government wants to rely more on local resources and attract investments while carrying out fiscal reforms to strengthen the economy. He said these steps are aimed at improving economic stability and long-term growth. #NigeriaEconomy #FGReforms #Davos2026 #InvestmentGrowth

Dangote Signs $350m Deal With Indian Firm EIL to Expand Lagos Refinery Dangote Group has signed a $350 million agreement with Indian engineering firm Engineers India Ltd (EIL) to expand its flagship refinery and petrochemicals complex in Lagos, a move expected to significantly boost Nigeria’s industrial capacity and reduce Africa’s dependence on imported refined fuels. The expansion project will increase the refinery’s processing capacity from 650,000 barrels per day to 1.4 million barrels per day, positioning it as one of the largest single-location refinery complexes in the world. Located in the Lekki Free Zone, the Dangote Refinery represents a major milestone in Nigeria’s transition from fuel importation to local production and export of refined petroleum products. As part of the deal, Dangote Group will also expand its petrochemical operations, with polypropylene production set to rise to 2.4 million tonnes per annum, strengthening Nigeria’s position in the global petrochemical market. #DangoteRefinery #NigeriaEconomy #IndustrialGrowth #EnergySector

Naira Strengthens Against US Dollar Amid Rising Reserves and Narrowing FX Gap The Nigerian naira showed resilience against the US dollar, despite multiple economic pressures. Analysts attribute the development to rising external reserves and a narrowing gap between official and black-market foreign exchange rates. Market watchers suggest that these factors may help stabilise the currency in the near term, offering some relief amid ongoing financial uncertainties. #Naira #USDExchangeRate #NigeriaEconomy #Forex

Tinubu Laying Strong Foundation for Long-Term Growth — Information Minister The Minister of Information and National Orientation, Mohammed Idris, has assured Nigerians that President Bola Tinubu is laying a solid foundation for long-term economic growth and shared prosperity. Idris made the statement while receiving members of the Grassroots Advocacy for Tinubu (GAT) 2027 during a courtesy visit, noting that the administration’s reforms are aimed at stabilising the economy and securing sustainable development for the future. #Tinubu #NigeriaEconomy #GAT2027 #NigeriaPolitics

🚨 7.5% VAT on Mobile Transfers and USSD Transactions Starts January 19 🚨 From January 19, 2026, Nigerians making mobile bank transfers or USSD payments will be charged a 7.5% VAT. The government-backed directive was shared by Moniepoint, detailing the new charges on electronic banking services. #VAT #NigeriaFinance #USSD #MobileBanking #BankingNews #FinanceUpdate #NigeriaEconomy #Moniepoint #BreakingNews

Court Orders NNPC to Disclose Details of $3B Afreximbank Crude-for-Cash Loan to HEDA The Federal High Court in Abuja has directed the Nigerian National Petroleum Company Limited (NNPC Ltd.) to provide HEDA Resource Centre with full details of the $3 billion “crude-for-cash” loan obtained from the African Export-Import Bank (Afreximbank). Justice Emeka Nwite ruled that the requested information is “simple and harmless” and cannot be withheld under the Freedom of Information Act. The court order requires NNPC to disclose the loan’s anticipated benefits for both the company and the Nigerian economy, the economic implications, oil grades involved, the exchange rate applied, and the quality of the oil used as collateral. HEDA chairman Olanrewaju Suraju hailed the ruling as a major victory for transparency and accountability, calling on stakeholders to support public access to information and the fight against corruption in the oil sector. #NNPC #HEDA #Afreximbank #Transparency #OilAndGas #NigeriaEconomy #FreedomOfInformation #AntiCorruption #NigeriaNews

10 Nigerian States Plan N4.28tn Borrowing to Fund 2026 Budgets Amid Fiscal Concerns Ten Nigerian states—including Lagos, Ogun, Abia, Enugu, Osun, Delta, Sokoto, Edo, Bayelsa, and Gombe—plan to raise a combined N4.287 trillion through loans, bonds, grants, and public-private partnerships to fund their 2026 budgets. The states’ total budgets amount to N14.174 trillion, highlighting growing reliance on non-recurring funds beyond federal allocations and internally generated revenue. Lagos, Ogun, and Abia are leading in borrowing for capital projects. Analysts warn that excessive reliance on debt could strain fiscal sustainability and increase debt servicing costs. Experts also emphasize the need for improved revenue management and fiscal discipline to reduce dependence on borrowing. #NigeriaEconomy #StateBudgets2026 #FiscalSustainability #Borrowing #InfrastructureFunding

FG, States, LGs Share ₦1.928trn November 2025 Revenue A total sum of ₦1.928 trillion, representing the November 2025 Federation Account Revenue, has been shared among the Federal Government, states, and local government councils. The revenue was distributed at the December 2025 meeting of the Federation Account Allocation Committee (FAAC), which was held in Abuja. The allocation reflects funds accrued to the federation account from various revenue sources, including oil and non-oil receipts, and is aimed at supporting the running of government activities at all levels amid ongoing economic challenges. The FAAC meeting brought together representatives of the Federal Government, state governments, and relevant revenue-generating agencies to deliberate on the disbursement. #FAAC #NigeriaEconomy #RevenueSharing #PublicFinance

Peter Mbah Presents Record N1.62 Trillion ‘Budget of Renewed Momentum’ to Accelerate Enugu’s Transformation Enugu State Governor Peter Mbah has unveiled a landmark N1.62 trillion budget for 2026, marking a 66.5% increase from the revised 2025 budget. Tagged the “Budget of Renewed Momentum,” it allocates 80% (N1.29 trillion) to capital projects and 20% (N321 billion) to recurrent spending. The economic sector receives the largest share—N825.9 billion (51%)—to fund major infrastructure projects, including 1,200 urban roads, rural road networks, completion of key dual carriageways, expansion of Enugu Air’s fleet to 20 aircraft, and new transport terminals. The social sector gets N644.7 billion, with education taking 32.27%, supporting Smart Secondary Schools, TVET colleges, and expansion of the state’s Smart Green Schools initiative. The budget will be funded through N870 billion IGR, N387 billion federal allocation, and N329 billion capital receipts. Mbah praised President Tinubu’s economic reforms for boosting Enugu’s revenue, noting that IGR is expected to exceed N400 billion, the highest in the state’s history, while FAAC allocation surpassed projections by over 50%. He also earmarked funds for gratuity payments, security surveillance expansion, healthcare, and ongoing city development projects. #PeterMbah #EnuguState #EnuguBudget2026 #BudgetOfRenewedMomentum #NigeriaEconomy #InfrastructureDevelopment #SmartSchools #EnuguAir #TinubuReforms #IGR #FAAC #GideonArinze #BreakingNews #NigeriaPolitics

🚨 Local Contractors Protest Non-Payment of ₦4 Trillion — Accuse Tinubu Govt of Ignoring 2024 Project Debts Local contractors under the All Indigenous Contractors Association of Nigeria (AICAN) are protesting again over the Federal Government’s failure to pay ₦4 trillion owed for completed 2024 capital projects. Despite multiple meetings with the Minister of Finance, Wale Edun, the contractors say no payment has been made. Many say they are now out of business: “We’ve run out of cash. We can’t pay school fees. We can’t continue like this,” a contractor told SaharaReporters. In September, the contractors stormed the Ministry of Finance in Abuja demanding payment. Only 5 out of 5,000 contractors have reportedly received anything. The protests forced the House of Representatives to suspend plenary earlier this month, after lawmakers acknowledged the “dire hardship” contractors are facing. Meanwhile, data from GovSpend shows the Presidency spent billions on vehicles and foreign exchange in 2024 — raising more questions about government priorities. The contractors vow to remain on the streets until every member is paid. Stay alert. Stay informed. Share to raise awareness. more in the commnet section #NigeriaEconomy #TinubuAdministration #ContractorsProtest

Nigeria’s Inflation Rate Drops to 20.12% in August — NBS Nigeria’s headline inflation rate eased to 20.12% in August 2025, down from 21.88% in July 2025, according to the latest data from the National Bureau of Statistics (NBS). The decline represents a 1.76% decrease compared to the July rate. In its report, the NBS noted that the month-on-month headline inflation rate stood at 0.74% in August, significantly lower than the 1.99% recorded in July, indicating a slower rate of increase in average prices. Food inflation on a monthly basis was reported at 1.65%. On a year-on-year basis, the inflation rate dropped by 12.03% from 32.15% in August 2024 to 20.12% in August 2025, reflecting a notable decline. The NBS further revealed that the Consumer Price Index (CPI) rose to 126.8 in August 2025, up from 125.9 in July, representing a 0.9-point increase. NigeriaEconomy #InflationUpdate #NBSSurvey

In his column, Azu Ishiekwene warns that NNPCL boss Bayo Ojulari may be “walking into a trap” with his promise to revive Nigeria’s moribund refineries. Although crude oil production has risen under his watch, Ishiekwene argues that Ojulari’s pledge to unions risks repeating decades of failed, costly “turnaround maintenance” projects that enriched contractors and politicians while leaving refineries idle. He notes that past rehabilitation efforts — including billions paid under Buhari’s administration — delivered little, while refinery workers still drew huge salaries. Instead of making hasty promises, Ishiekwene urges Ojulari to publish the ongoing refinery review and avoid falling prey to vested interests. #NNPCL #RefineryCrisis #NigeriaEconomy

The National Economic Council (NEC) has endorsed the Renewed Hope Development Plan (2026–2030), designed to consolidate reforms and drive Nigeria towards a $1 trillion economy by 2030. Chairing the 151st NEC meeting at the Presidential Villa, Vice President Kashim Shettima said the plan will build on the National Development Plan (2021–2025), align with Nigeria Agenda 2050, and ensure policy continuity. Shettima stressed that the plan will be participatory, involving states, local governments, the private sector, civil society, and youth groups. He also highlighted new interventions, including NASENI’s rollout of solar-powered irrigation pumps to cut farmers’ energy costs and boost food security. #NEC #RenewedHope #NigeriaEconomy #Shettima #Agenda2050 #BreakingNews

News Brief: Tinubu Orders Immediate Ban On Raw Shea Nut Export President Bola Tinubu has approved a six-month ban on the export of raw shea nuts to boost local processing and grow Nigeria’s shea industry. Vice President Kashim Shettima, who announced the directive, said the move is aimed at securing raw materials for processors, creating jobs, and generating about $300 million annually in the short term. Nigeria, which produces nearly 40% of the world’s shea, currently accounts for less than 1% of the $6.5 billion global market. Officials say the ban will help curb informal exports, expand value addition, empower rural women, and position the country as a major player in the global shea trade. #SheaIndustry #NigeriaEconomy #Tinubu

EXCLUSIVE: NNPC Boss Charters Private Jets For Brazil Trip August 24, 2025 NNPC Limited CEO, Bashir Ojulari, has come under fresh criticism after chartering private jets for a Brazil trip, barely two months after the company’s board held a lavish retreat in Kigali, Rwanda. At the Kigali retreat, the NNPC board, chaired by Ahmadu Musa Kida, lodged at the Marriott Hotel, reportedly booking the entire facility with insiders claiming at least five private jets were arranged for executives. The spending spree comes as the Senate probes NNPC over financial discrepancies amounting to more than ₦210 trillion in its audited accounts between 2017 and 2023. Lawmakers described the irregularities as “mind-boggling” and warned of serious accountability concerns. #NNPC #NigeriaEconomy #Accountability

Workers’ Group Condemns Planned Salary Hike For Politicians August 24, 2025 The Solidarity Network for Workers’ Rights (SNWR) has slammed the Revenue Mobilisation Allocation and Fiscal Commission’s (RMAFC) plan to increase salaries for the President, governors, legislators, and other political office holders, calling it a “callous insult” to Nigerians. SNWR said the proposal comes amid rising inflation, poverty, and strikes by workers demanding fair wages, accusing the government of rewarding politicians while neglecting ordinary citizens. It urged labour unions, students, and civil groups to mobilise protests to resist the move. #WorkersRights #NigeriaEconomy #SayNoToSalaryHike

Nigeria Risks Energy, Trade Instability in Russia-Ukraine War – Prof Akinyemi Former External Affairs Minister, Prof. Bolaji Akinyemi, has warned that Nigeria could face energy and trade disruptions if it gets entangled in the Russia-Ukraine war. Speaking on Channels Television, Akinyemi said global power play between the US, Russia, and Europe will affect oil markets, tariffs, and trade flows, with direct consequences for Nigeria’s economy. He advised African nations to avoid being pawns in conflicts between global powers, stressing that Nigeria must narrowly define its national interests to safeguard stability. According to him, while Russia seeks to reassert Soviet-era influence, Nigeria should focus on energy security, trade resilience, and non-alignment in global rivalries. #NigeriaEconomy #RussiaUkraineWar #EnergySecurity #GlobalPolitics

JUST IN: Nigeria’s Inflation Eases to 21.88% in July Amid Harvest Season Boost Nigeria’s headline inflation rate has slowed to 21.88% in July, marking a slight relief for consumers as the harvest season helps ease food prices. Economic analysts say the seasonal supply boost could provide temporary stability, though challenges like currency pressures and production costs remain. #NigeriaEconomy #InflationRate #HarvestSeason #EconomicUpdate #BusinessNews #CBN #FoodPrices

Tinubu Declares Ajaokuta Steel a ‘National Failure’ — Vows to Revive Nigeria’s Steel Industry President Bola Ahmed Tinubu has described the Ajaokuta Steel Company as both an economic failure and a threat to Nigeria’s sovereignty, pledging bold reforms to transform the country into a steel powerhouse. Speaking at the inaugural Stakeholders’ Summit on Steel Development in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu — represented by Vice-President Kashim Shettima — said Ajaokuta symbolises decades of wasted potential. > “Steel is more than an industrial input—it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel, yet for decades, Nigeria has failed to do so,” he said. Tinubu emphasised that the steel sector is now a “national imperative” for industrial growth, job creation, and sustainable development. The Ministry of Steel Development, created in August 2023, has been tasked with driving innovation, expanding infrastructure, and reducing dependence on imports. Despite Nigeria’s vast deposits of iron ore, limestone, and coal, over 90% of the nation’s steel is still imported. Tinubu vowed to “rethink, retool, and revitalise” the industry, conserve foreign exchange, and secure Nigeria’s place as a regional steel leader by the end of the decade. #Tinubu #AjaokutaSteel #SteelIndustry #NigeriaEconomy #IndustrialGrowth #MadeInNigeria #SteelRevolution

Tinubu to Nigerians: Endure Economic Pain for a Stronger Future President Bola Tinubu, through Minister of Information Mohammed Idris, has urged Nigerians to remain patient as his administration pushes bold reforms aimed at rescuing the economy. Despite soaring inflation, subsidy removal, and rising costs, Tinubu insists the “temporary hardships” are necessary for lasting stability. While some citizens demand urgent palliatives, others cautiously back the reforms, urging the government to match policies with tangible relief. #Tinubu #EconomicReforms #NigeriaEconomy #InflationCrisis #FuelSubsidyRemoval #CostOfLiving