Stocks Waver as Oil Rises on Iran Tensions
By Julian Osamoto Asian stocks traded unevenly on Tuesday as investors weighed rising tensions over Iran and awaited Nvidia’s latest earnings report. Oil prices edged higher after the United States threatened tougher economic measures against Iran, raising concerns about the impact of prolonged geopolitical tensions on global markets. US Treasury Secretary Scott Bessent said Washington […]
Tax Ombud, OGFZA Move to Resolve Tax Disputes, Boost FDI
By Oluwakemi Kindness The Office of the Tax Ombud and the Oil and Gas Free Zones Authority, OGFZA, are partnering to address tax and fee-related complaints from investors in Nigeria’s oil and gas free zones. The collaboration is aimed at boosting investor confidence, improving tax compliance and attracting more foreign direct investment, FDI according to […]
PENGASSAN Warns Regulatory Overlaps Threaten Oil Sector
By Chinedu Echianu Confusion and overlaps in the regulatory framework governing Nigeria’s oil and gas industry are threatening investment, efficiency and stability in the sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned. PENGASSAN President, Festus Osifo, raised the concern at the fifth edition of the PENGASSAN Energy and Labour […]
Oyedele Says Poverty Reduction Remains ‘Unfinished Business’
By Oluwakemi Kindness The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has acknowledged that poverty reduction and improved household welfare remain “unfinished business” for the Federal Government despite what he describes as significant gains from its economic reforms. Oyedele made the remarks on Wednesday while presenting the government’s economic scorecard, where […]
CSO Calls for Stronger Oversight of N68.3tn 2026 Budget
By Anayo Akwitti The Advocate for the Promotion of Transparent Procurement Initiative (APTPI) has called for stronger collaboration among government institutions, the National Assembly, civil society organisations, development partners and procurement professionals to safeguard public funds and improve value for money. The call was made at the inaugural forum of the organisation, themed “2026 Budget […]
CBN Introduces Regulatory Tracks for Virtual Assets
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has introduced dedicated regulatory tracks for virtual assets and data-enabled financial services under the second cohort of its Regulatory Sandbox Programme. The programme, which opens for applications on Wednesday, August 12, will run until August 31, 2026. The CBN said in a statement signed by the […]
FG Queries NAICOM Over N500m Recapitalisation Fee Demand
By Mardiyyah Abubakar The Federal Government has queried the National Insurance Commission (NAICOM) over disputed fees and escrow demands linked to the ongoing recapitalisation of NICON Insurance Limited and Nigeria Reinsurance Corporation. The Ministry of Finance directed NAICOM to provide a detailed response and legal justification for the disputed charges. The query follows a petition […]
AfCFTA Seeks Africa-wide Adoption of Nigeria Customs Technology
By Oluwakemi Kindness The African Continental Free Trade Area (AfCFTA) has called for the adoption of Nigeria Customs Service’s digital innovations across Africa to improve customs administration and boost intra-African trade. AfCFTA Secretary-General, Wamkele Mene, made the call during a working visit to the Nigeria Customs Service headquarters in Abuja, according to Abdulahi Maiwada, Customs […]
Subsidy Bill Could Have Hit ₦53tn, Says NRS Chairman
By Oluwakemi Kindness The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, says Nigeria’s petrol subsidy bill could have risen to about ₦53 trillion if the government had retained the policy. Adedeji also claimed that the naira could have weakened to about ₦3,500 to the dollar if the subsidy regime had continued. He made […]
NMDPRA Unveils Rules to End Fuel Price Fixing
By Mardiyyah Abubakar The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled draft regulations aimed at ending fuel price fixing, artificial scarcity and other anti-competitive practices in Nigeria’s petroleum sector. The proposed rules would prohibit petroleum companies from coordinating pump prices, restricting fuel supply, sharing markets, rigging bids or exchanging commercially sensitive information […]