24hrs News & Updates
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.300 trillion to the Federal Government, state governments, and the 774 local government councils as revenue allocation for May 2026, despite a notable decline in Value Added Tax (VAT) collections during the period. The allocation was approved at the June 2026 FAAC meeting held…
The International Monetary Fund (IMF) has advised the Federal Government of Nigeria to consider introducing new taxes on fuel products and telecommunications services as part of broader efforts to strengthen public revenue and create fiscal space for national development. The recommendation was contained in the IMF’s latest assessment of Nigeria’s economy, where the Fund emphasized…
Read More “IMF Recommends Fuel and Telecom Taxes to Boost Nigeria’s Revenue” »
Nigeria’s once-thriving ginger export industry has suffered a dramatic collapse, with export earnings plunging from about ₦26.2 billion to zero within three years, raising fresh concerns over the vulnerability of the country’s non-oil export sector. According to a recent report by , the sharp decline was driven largely by a devastating fungal blight disease that…
Read More “Nigeria’s Ginger Export Earnings Crash from ₦26bn to Zero in Three Years” »
The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising the fee from ₦1,000 to ₦1,500. The adjustment is part of a broader review of bank charges under the apex bank’s updated regulatory framework for financial institutions. With…
A Federal High Court sitting in Lagos has issued an interim order restraining the Federal Competition and Consumer Protection Commission (FCCPC) from enforcing key provisions of its 2025 digital lending regulations, pending the determination of a substantive suit challenging the framework. The order was granted by Justice Ambrose Lewis-Allagoa following an ex parte application filed…
Read More “Court Halts FCCPC Enforcement of 2025 Digital Lending Rules Amid Legal Challenge” »
Nigeria’s currency, the Nigerian naira, has appreciated to ₦1,348 against the United States dollar at the official foreign exchange market, marking one of its strongest positions in recent months. Data from the Nigerian Foreign Exchange Market (NFEM) shows that the local currency firmed up to this level, reflecting improved liquidity conditions and renewed investor confidence…
Read More “Naira Strengthens to ₦1,348/$ at Official FX Market Amid Liquidity Boost” »
President Bola Ahmed Tinubu has directed Nigeria’s top economic managers to urgently design measures aimed at cushioning the impact of the ongoing Middle East crisis on citizens, as rising fuel prices tighten pressure on households and businesses. The directive, conveyed in an official statement by presidential spokesman Bayo Onanuga, followed the President’s remarks during a…
The Federal Government of Nigeria has approved a sweeping reduction in import tariffs on key commodities, including vehicles, sugar, and palm oil, as part of its newly introduced 2026 Fiscal Policy Measures (FPM). The policy, approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was conveyed through an official circular…
Read More “FG Slashes Import Tariffs on Vehicles, Sugar, Palm Oil Under 2026 Fiscal Policy Reset” »
Nigeria’s Dangote Petroleum Refinery has entered the European energy supply chain with exports of aviation fuel to the United Kingdom, signaling a major shift in global fuel dynamics amid worsening supply shortages. The development comes as Europe, particularly the UK, grapples with tightening jet fuel availability triggered by disruptions in traditional supply routes linked to…
Read More “Dangote Refinery Exports Jet Fuel to UK as Global Supply Crunch Reshapes Energy Trade” »
The Nigerian naira has depreciated to approximately ₦1,415 per dollar at the parallel market, reflecting renewed pressure on the country’s foreign exchange environment amid persistent dollar scarcity and fluctuating liquidity conditions. Market data from key trading hubs, including Lagos and Abuja, show that the local currency weakened against the U.S. dollar during recent trading sessions,…
Read More “Naira Slides to N1,415/$ in Parallel Market as FX Liquidity Pressures Mount” »