Business

The Nigerian National Petroleum Company Limited (NNPC) says the N66 discount motorists hope to enjoy at all its retail outlets can only be via its mobile apps. The petroleum company announced it via its X handle over the weekend.  Recall that last week, the Federal Government announced it will embark on a 30-day price discount on fuel prices as part of measures to cushion the effect of rising fuel costs on Nigerians, particularly commercial transport operators. According to an announcement shared on its X handle, NNPCL states that enjoying the proposed discount is tied to the use of its app. Motorists are expected to download the company's app and make payment for the discounted rate via the app. Nigerians have questioned the efficacy of this model of pa...

The Federal Government spent N7.7tn on interest payments in the first half of 2026, representing 124.2 per cent of its total revenue of N6.2tn during the period, according to the World Bank. The figures indicate that interest payments alone exceeded the government’s revenue by N1.5tn between January and June 2026, raising concerns about Nigeria’s debt burden despite improved revenue collections. The findings were contained in the World Bank’s October 2026 Nigeria Development Update, titled Beyond the Federal Purse: How Higher Revenues Shaped State Priorities, obtained by The PUNCH. The report showed that interest payments increased by N2.1tn, or 37.5 per cent, from N5.6tn recorded in the corresponding period of 2025, largely due to elevated domestic borrowing costs. Accordi...

FAAN Announces temporary closure is tentatively scheduled for October 20 to allow runway resurfacing, pavement repairs and extension ahead of increased Christmas travel traffic. The Federal Airports Authority of Nigeria (FAAN) has announced that it would temporarily cloe the Sam Mbakwe International Cargo Airport,  Owerri for the repair of the runway.  In a statement signed by the Director, Public Affairs and Consumer Protection,  Henry Agbebire, the agency it would close the airport for essential repairs and resurfacing works of the runway. “The closure is tentatively scheduled to commence on 20 October 2026, for approximately 25 days, subject to final confirmation. “The planned intervention has become necessary due to the deterioration of sections...

The Washington-based World Bank has disclosed that revenues allocated to states, or subnational governments in Nigeria grew by 93 per cent in real terms over two years. The bank made this disclosure in its October Nigeria Development Update on Thursday. According to the World Bank, revenue allocations to states surged following the removal of fuel subsidy between 2023 and 2025. However, the bank noted that higher revenues to states should translate into improved living standards for citizens and poverty reduction. The World Bank urged state governments to improve spending efficiency and invest more in human capital to raise living standards and reduce poverty. In his remarks, the World Bank Country Director for Nigeria, Mathew Verghis, said, “strengthening spen...

The Nigerian government has announced plans to remove export bottlenecks and boost foreign exchange inflows into the Nigerian economy. The Managing Director of the Nigerian Ports Authority, NPA, Abubakar Dantsoho, made this disclosure at an event in Abuja at the weekend. He noted that Nigeria’s trade resilience required efficient infrastructure, predictable fiscal frameworks and seamless supply chains. According to him, Nigeria’s economic resilience could no longer depend largely on imports and oil revenues. Dantsoho explained that the recent approval by the Federal Government for the transfer of Inland Dry Port (IDP) management and development functions to the NPA would bring port efficiency closer to businesses operating far from coastal ports. “By bringing Inland Dry ...

The 36 states of the federation and the Federal Capital Territory, FCT, generated N5.15tn in Internally Generated Revenue, IGR, in 2025, representing a 40.93 per cent increase from the N3.65tn recorded in the previous year. The National Bureau of Statistics, NBS, disclosed this in its 2025 Internally Generated Revenue Report released on Thursday. Lagos State topped the revenue table with N1.77tn, followed by Rivers State with N428.42bn and Enugu State with N406.77bn. The FCT ranked fourth with N356.34bn, while Ogun State occupied the fifth position with N252.36bn. Delta State generated N202.49bn, Edo N132.21bn, Oyo N103.25bn, Kano N102.26bn and Akwa Ibom N100.80bn. At the bottom of the table were Ebonyi and Yobe states, which generated N17.18bn and N16.01bn, respectively. ...

US Treasury Secretary Scott Bessent says all Iranian airlines will be shut down as Washington intensifies economic pressure on Tehran US Treasury Secretary Scott Bessent has said all Iranian airlines will be shut down from September 23 as Washington intensifies economic pressure on Tehran. Speaking to CNBC’s Squawk Box, Bessent said the US would target services supporting Iranian airlines, including fuel, landing services and ticket sales. He warned that companies providing such services could be cut off from the US dollar financial system. “If they land, you cannot provide them with fuel. You cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system.” Bessent said Washington was pressuring Iran “like never ...

The Central Bank of Nigeria, CBN, has cut its interest rate to 23 per cent from 26.5 per cent. The CBN Governor, Olayemi Cardoso, disclosed this during a briefing after the 307th Monetary Policy Committee, MPC meeting on Tuesday. Announcing the rate cut, Cardoso said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.” He added that the apex bank has been able to raise the country’s foreign reserves to $55 billion.  The MPR cut follows a hold at the two previous MPC meetings and a 50-basis-point cut announced in February 2026. Recall that Nigeria’s inflation rate fell for two consecutive months in July and August 2026, declining to 15.39 per cent in August from 15.43 per cent recorded in July. https://youtu.be/Bg5MfOA2u4E?si=GSiQ7ab...