The Federal Government has no immediate plans to implement the five per cent fuel surcharge contained in the newly signed Tax Administration Act 2025. Mr Wale Edun, the Minister of Finance and Coordinating Minister of the economy, said this at a news conference in Abuja on Tuesday He said that the surcharge was a long-standing…
Fuel distribution in parts of Nigeria is set to normalise after the Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, announced the suspension of its strike. The association said the decision, effective 9 September, followed successful negotiations with Dangote Group and the oil workers’ union NUPENG over disputes involving alleged anti-labour and monopolistic practices….
Vice-President Kashim Shettima has defended Nigeria’s current wave of economic reforms, describing them as “painful but inevitable” steps toward long-term recovery. Delivering the keynote address at the Nigerian Economic Society’s 66th Annual Conference in Abuja, Shettima said Africa must shift from “outdated explanations” of economic growth to a knowledge-based model that drives productivity. “President Tinubu…
President Bola Tinubu has called on Nigeria’s bankers and investors to align with his administration’s reform agenda, warning that innovation, accountability and inclusion are critical to the nation’s economic recovery. Addressing the 18th CIBN Annual Banking and Finance Conference in Abuja through Finance Minister Wale Edun, Tinubu highlighted achievements from recent reforms, including improved debt-to-GDP…
Chinese authorities have launched an investigation into Lin Jingzhen, former vice president of the state-owned Bank of China, over alleged “serious breaches of Party discipline and national law.” The Communist Party’s Central Commission for Discipline Inspection and the National Commission of Supervision confirmed the probe in a statement on Tuesday, without elaborating on the accusations….
Nigeria will take centre stage at this year’s Gastech Exhibition and Conference in Milan, leading a delegation of seven African nations at the global gas industry’s flagship summit from 9–12 September. The event, which brings together ministers, policymakers, and industry leaders from more than 140 countries, will focus on building solutions to pressing energy challenges…
Filling stations across Ibadan were partly shuttered on Monday after unions in Nigeria’s oil distribution sector launched an indefinite strike, raising fears of fuel shortages in the coming days. The industrial action was declared by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). The…
OPEC+ has announced plans to raise crude oil production by 137,000 barrels per day in October, easing part of its voluntary output cuts in response to steady market conditions. The decision was confirmed in a statement released on the group’s website after a virtual meeting of eight member states, including Saudi Arabia, Russia, Iraq, the…
The Association of Distributors and Transporters of Petroleum Products (ADITOP) has publicly opposed the strike action declared by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), aligning instead with Dangote Refinery’s new fuel distribution model. NUPENG had earlier announced its intention to embark on an indefinite strike beginning Monday, citing concerns over alleged…
Afrinvest (West Africa) Ltd. has marked its 30th anniversary with the release of its 20th Nigerian Banking Sector Report, setting out strategies to help Nigeria achieve its ambition of becoming a $1 trillion economy. The report, themed “ACT-BOLD: Turbocharging Nigeria to a New Growth Frontier,” urges policymakers and investors to embrace bold reforms across seven…
