Your wallet just got lighter! ATM debit/credit card issuance and replacement fees are jumping 50% – from N1,000 to N1,500 – starting May 1, 2026. This directive, detailed in CBN's latest circular to all Deposit Money Banks (DMBs), aims to "enhance service quality and cover rising operational costs amid inflation." No grace period – banks must comply immediately, passing the…

The Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, has warned against reverting to petrol‑subsidy regimes despite rising global shocks, saying developing countries are now spending more on debt servicing than they receive in external support. Speaking at a high‑level economic forum earlier this week, Edun urged the international community to…

President Bola Ahmed Tinubu has blamed Nigeria’s colonial‑era and legacy tax laws for deepening poverty, arguing that their fragmented structure and unfair burden left ordinary citizens carrying the heaviest load while stifling productive enterprise. He said these outdated rules discouraged investment, pushed many businesses into the informal economy, and punished compliance instead of rewarding it.…

Nigeria’s debt pressures intensified in early 2026 as the Federal Government increased its domestic borrowing to N8.1 trillion in the first quarter of 2026, according to data obtained from the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO). This represents a 7.4 per cent year-on-year increase compared with N7.5 trillion borrowed in…

The federal government has rolled out fresh 2026 Fiscal Policy Measures (FPM) that slash import tariffs on fully built cars, crude palm oil and sugar as part of a broader strategy to stimulate key sectors and ease import costs for businesses and consumers. The new framework, which replaces the 2023 FPM, is expected to reshape…

Nigeria’s downstream oil sector is once again in focus as Dangote Refinery has announced a fresh increase in the pump prices of refined petroleum products, raising petrol to N1,275 per litre and diesel to N1,950 per litre. The price adjustment, according to industry sources, reflects ongoing shifts in global oil markets, including fluctuations in crude…

In a decisive move aimed at reviving Nigeria’s troubled electricity value chain, President Bola Ahmed Tinubu has approved a ₦3.3 trillion intervention to settle longstanding debts within the nation’s power sector—an action widely seen as a critical step toward improving electricity supply and restoring investor confidence. The approval targets the chronic liquidity crisis that has…

Nigeria’s total public debt stock is on course to reach approximately ₦155.1 trillion, after the Senate yesterday expeditiously approved President Bola Ahmed Tinubu’s request to secure fresh external financing of $6 billion. The approval, which came barely three and a half hours after the President’s loan request letter was read on the floor of the upper chamber,…

The Central Bank of Nigeria (CBN) has issued a directive requiring all International Money Transfer Operators (IMTOs) to open naira settlement accounts within the Nigerian banking system, marking a significant shift in the country’s remittance framework. Under the new policy, all diaspora remittance inflows will be processed and disbursed in naira, effectively ending the long-standing…

Nigeria’s Minister of Power, Adebayo Adelabu, has issued a public apology to Nigerians following a wave of crippling power outages that have disrupted homes, businesses, and critical services across the country. In a candid address, the minister acknowledged the severity of the situation and appealed for patience, assuring citizens that urgent measures are underway to…

Africa’s foremost industrialist, Aliko Dangote, has raised fresh concerns over the economic ripple effects of escalating tensions in the Middle East, warning that a sustained crisis could significantly disrupt Nigeria’s energy costs and, by extension, its work patterns. Dangote cautioned that any major instability in the region—long regarded as the nerve centre of global oil…