Business

The Federal Government disclosed on Tuesday, July 21, that it has disbursed approximately N333 billion to eight electricity generation companies (GenCos) as part of its ongoing power sector debt resolution framework.,Concurrently, the government launched a second bond issuance valued at N729 billion, designed to settle outstanding legacy debts and inject liquidity into the Nigerian Electricity Supply Industry (NESI).Addressing stakeholders at an investors’ forum organized by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja, government representatives noted that the fresh bond issuance completes the initial phase of the Presidential Power Sector Debt Reduction Programme, an initiative structured to address verified liabilities and stimulate private capital injection across the powe...

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦115 per litre. A market survey conducted on Tuesday showed that NNPCL retail outlets in Abuja and surrounding areas now sell petrol at ₦1,270 per litre, up from the previous ₦1,155 per litre. The latest adjustment comes amid growing uncertainty in Nigeria’s downstream oil sector. Several NNPCL and MRS filling stations in Abuja reportedly shut their operations on Monday, while other marketers also raised fuel prices. The development follows two upward price reviews by depot owners and fuel marketers within the past week. It also comes shortly after Dangote Refinery resumed the sale of refined petroleum products in U.S. dollars, a mo...

The Federal Government has announced that 13 of the 50 oil and gas blocks offered during the 2025 Licensing Round will be returned to the licensing pool after they failed to receive bids from investors. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, made the disclosure on Tuesday during the 2025 Commercial Bid Conference in Abuja. According to Eyesan, although 50 blocks were made available for bidding, only 37 attracted interest from prospective investors. She revealed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available assets. Eyesan described the response as encouraging, noting that nearly 300 companies initially expressed interest in the licensing round, a devel...

Despite Nigeria’s headline inflation rate easing marginally in June 2026, residents in more than half of the country’s states continued to face annual inflation above 30 per cent, with Niger, Kogi and the Federal Capital Territory recording the highest rates. The latest Consumer Price Index report released by the National Bureau of Statistics showed that headline inflation slowed slightly to 15.91 per cent in June from 15.93 per cent recorded in May. However, an analysis of the state-by-state inflation data by The PUNCH showed that 19 states and the FCT, representing 20 of Nigeria’s 37 sub-national entities or 54.1 per cent, recorded annual all-items inflation rates above 30 per cent in June. The analysis also showed that Imo, which recorded the country’s lowest annual inflation r...

The Nigeria Revenue Service (NRS) has fixed July 31 as the deadline for all large companies to fully comply with the national electronic invoicing (e-invoicing) and Electronic Fiscal System (EFS).  Demographics The agency announced the deadline in a statement issued on Sunday, July 19, by Dare Adekanmbi, Special Adviser on Media to the Executive Chairman of the NRS, Zacch Adedeji. According to the statement, the NRS has commenced compliance monitoring activities to assess the level of adherence to the e-invoicing mandate among large taxpayers. The agency warned that companies that fail to comply with the directive could face regulatory sanctions. "Consequently, any defaulting member may be subjected to appropriate regulatory and enforcement actions in accordance with the ...

The Dollar to Naira exchange rate in Nigeria's parallel market, commonly known as the black market (Aboki FX), remained steady as trading continued. According to Bureau De Change (BDC) operators in the Lagos parallel market, the US dollar was bought at ₦1,413 and sold at ₦1,425 on Sunday, July 19, 2026. Black Market (Parallel Market) Exchange Rate CurrencyBuying RateSelling RateUS Dollar (USD)₦1,413₦1,425 Meanwhile, the Central Bank of Nigeria (CBN) does not recognise the parallel market and continues to advise individuals and businesses seeking foreign exchange to obtain it through authorised commercial banks and other approved financial institutions. CBN Official Exchange Rate CurrencyLowest RateHighest RateUS Dollar (USD)₦1,378₦1,382 It is important to note that for...

Nigerians may soon face another increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a reported hike in the ex-depot price by fuel importers from ₦1,230 to ₦1,350 per litre. Industry sources disclosed that petroleum marketers were informed on Thursday, July 16, of the revised depot price, which is expected to take effect from Friday, July 17. The development is likely to prompt filling stations that rely on imported petroleum products to adjust their retail prices upward. Rising Import Costs Behind Increase According to industry reports, the latest price adjustment is linked to the growing cost of importing refined petroleum products into Nigeria. The increase comes shortly after the Nigerian Midstream and Downstream Petroleum Regulat...

Nigeria's headline inflation rate eased marginally to 15.91 per cent in June 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The latest figure represents a slight decline of 0.02 percentage points from the 15.93 per cent recorded in May 2026. On a year-on-year basis, inflation also dropped significantly compared to the 25.29 per cent recorded in June 2025. The NBS further reported that month-on-month headline inflation slowed to 1.66 per cent in June, down from 1.75 per cent in May, indicating a slower pace of price increases between the two months. According to the report, food and non-alcoholic beverages remained the biggest contributors to headline inflation, accounting for 6.37 percentage points. Restaurants ...

Nigeria lost N34 trillion, which represents 61 percent of the 2025 budget, to import waivers in the year 2025.  The Comptroller-General, Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, says the value of Import Duty Exemption Certificate (IDEC) approvals granted by the federal government for imported goods and equipment rose to N34 trillion in 2025. Adeniyi made the disclosure known in an investigative hearing on the Senate Committee on Finance on Monday, July 13.  Adeniyi said the country’s import duty exemption certificate issuance has depleted the nation’s revenue.  He noted that the federal government’s fiscal measures have both positive and negative impacts on the service’s revenue generation capacity.  According to him, Customs would...