The House of Representatives Committee on Public Accounts has given the Nigerian National Petroleum Company Ltd. (NNPCL) until December 15 to explain alleged revenue leakages, following repeated failures to attend scheduled hearings. The announcement was made by Committee Chairman Rep. Bamidele Salam during Monday’s session in Abuja. NNPCL management, in a letter read by Salam,…
Nigeria’s electricity distributors increased their revenue collection efficiency in the second quarter of 2025, raising ₦564.71 billion out of ₦742.34 billion billed to customers, the country’s regulator has said. Figures released by the Nigerian Electricity Regulatory Commission (NERC) show efficiency improved to 76.07 per cent, up from 74.39 per cent recorded in Q1. The modest…
President of the Ijaw National Congress (INC), Prof. Benjamin Okaba, has accused successive governments of neglecting the Niger Delta despite the region contributing over 75 percent of Nigeria’s oil wealth. Delivering a lecture at the 10th Anniversary of GbaramatuVoice in Abuja on Wednesday, Okaba described the situation as an “ecological genocide,” lamenting that most Niger…
The Nigerian government has recorded a 40% rise in its quarterly revenue, reaching ₦6.9 trillion in Q1 2025, as part of a broader fiscal reform effort aimed at improving transparency, accountability, and economic growth. Finance Minister and Coordinating Minister for the Economy, Wale Edun, revealed the figures at a public engagement session in Abuja, noting…
As Nigeria prepares to take on new external and domestic loans totalling over $21 billion, economists are urging the government to prioritise sustainable funding models and utilise domestic revenues more effectively. Professor Sherifdeen Tella of Babcock University and Dr Ayo Teriba, CEO of Economic Associates, raised concerns over the federal government’s latest borrowing plan presented…
Ope George, the Lagos State Commissioner for Economic Planning and Budget, has announced an ambitious revenue target of N2.96 trillion for the year 2025. This projection was revealed during the annual ministerial press briefing on Wednesday, coinciding with the two-year anniversary of Governor Babajide Sanwo-Olu’s administration. The target represents a 42.7% increase over the N2.08…
The Nigerian Exchange Group (NGX) has announced a profit of N2.1 billion for the first quarter of 2025. The Exchange disclosed this in its unaudited financial statement released on Wednesday. This represents an increase compared to the N1.34 billion profit recorded during the same period in 2024. The NGX also reported a revenue of N3.56…
Nestlé Nigeria has reported a 61 per cent revenue growth of N294.9 billion in first quarter of 2025. This is compared to N183.5 billion reported for the first quarter of 2024. The company disclosed this in a corporate disclosure sent to the Nigerian Exchange Ltd. on Wednesday. Its operating profit grew to N74.1 billion, representing…
Dangote Cement has reported a 62.2 per cent revenue growth, reaching N3,580.6 billion in 2024. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also grew by 56.0 per cent to N1,388.2 billion, with a 38.6 per cent margin. Arvind Pathak, Chief Executive Officer and Group Managing Director of Dangote Cement, disclosed this in…
The Federal Government has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), to sanction all revenue generating agencies that refuse to comply with the collection and remittance laws. Sen. George Akume, Secretary to the Government of the Federation (SGF), gave the directive on Tuesday in Abuja, at the Inaugural Plenary Session, after the inauguration…
