Category: Finance and Economy

BREAKING NEWS: Federal Government Exceeds 2025 Borrowing Target by 55.6%

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BREAKING NEWS: Federal Government Exceeds 2025 Borrowing Target by 55.6%

The Federal Government of Nigeria has surpassed its 2025 borrowing target by a staggering 55.6 percent, raising concerns about the nation’s growing debt profile and fiscal discipline. According to fresh data from the Debt Management Office (DMO) and the Budget Office, the government borrowed a total of ₦17.36 trillion between January and October 2025, far…

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Finance and Economy

Federal Government Signs $400 Million Deal with Stellar Steel to Establish Major Steel Plant in Ogun State

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Federal Government Signs $400 Million Deal with Stellar Steel to Establish Major Steel Plant in Ogun State

In a major push toward Nigeria’s industrial revival, the Federal Government has announced the signing of a $400 million cooperation agreement with Stellar Steel Company Limited, a Chinese-backed firm, to build a state-of-the-art steel plant in Ewekoro, Ogun State. The agreement, signed in Abuja on Tuesday, marks one of the largest single investments in Nigeria’s…

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Finance and Economy

Nigerian Farmers Lament Falling Food Prices Amidst Bumper Harvests

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Nigerian Farmers Lament Falling Food Prices Amidst Bumper Harvests

Nigerian farmers are raising alarm over a sharp drop in food prices nationwide. While consumers celebrate cheaper rice and maize, local producers warn of huge losses, rising costs, and the threat to future food security. Farmers Count Losses as Market Prices Crash Across States Across Nigeria’s major farming belts, from Niger to Nasarawa, Kogi, and…

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Food and Agriculture, Trade and Commerce

FIRS Rakes in ₦22.59 Trillion in 2025, Hits Record ₦47.39 Trillion in Two Years Amid Sweeping Tax Reforms

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FIRS Rakes in ₦22.59 Trillion in 2025, Hits Record ₦47.39 Trillion in Two Years Amid Sweeping Tax Reforms

The Federal Inland Revenue Service (FIRS) has achieved another historic milestone, collecting a massive ₦22.59 trillion in tax revenue within the first nine months of 2025 and an impressive ₦47.39 trillion over the last two years. The development marks a significant leap in Nigeria’s domestic revenue generation drive, reflecting the impact of far-reaching fiscal and…

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Finance and Economy, Tax enforcement, Taxation and Tax Laws

Lagos Markets Witness Sharp Crash in Rice Prices as Supply Floods the City

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Lagos Markets Witness Sharp Crash in Rice Prices as Supply Floods the City

The prices of rice have crashed dramatically across major Lagos markets, bringing huge relief to consumers and sparking mixed reactions among traders. A market survey across key trading centres such as Mile 12, Oyingbo, Festac Town, and Arena Market in Oshodi revealed that the price of a 50-kilogram bag of rice has dropped significantly to…

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Trade and Commerce

BREAKING: Abuja Area Council Seals Homes over Unpaid Tenement Rates, Residents Locked Out

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BREAKING: Abuja Area Council Seals Homes over Unpaid Tenement Rates, Residents Locked Out

In a controversial enforcement move, the Abuja Municipal Area Council (AMAC) has reportedly commenced the sealing and locking of residential buildings belonging to Abuja residents for alleged non-payment of tenement rates and related levies. The action has sparked outrage among affected homeowners and tenants, some of whom were temporarily denied access to their properties. Early…

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Tax enforcement, Taxation and Tax Laws

Bitcoin Tumbles to $112,000 as U.S.–China Trade Tensions Spark Global Crypto Sell-Off

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Bitcoin Tumbles to $112,000 as U.S.–China Trade Tensions Spark Global Crypto Sell-Off

The price of Bitcoin has slumped sharply to $112,000, extending losses across the cryptocurrency market as escalating trade tensions between the United States and China trigger widespread risk aversion among investors. After rallying to a record high of $125,000 just over a week ago, the world’s largest digital asset by market capitalization is now struggling…

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Cryptocurrencies, News

Finance Minister, Wale Edun Flown Abroad After Sudden Stroke

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Finance Minister, Wale Edun Flown Abroad After Sudden Stroke

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has been flown abroad for urgent medical treatment after reportedly suffering a stroke, sparking concerns within the presidency and across the nation’s financial circles. Sources close to the presidency confirmed that the minister, a key figure in President Bola Tinubu’s economic team,…

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Finance and Economy, News

Massive Tax Relief Coming: 98% of Nigerians to Enjoy Reduced or Zero PAYE from 2026 — Oyedele

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Massive Tax Relief Coming: 98% of Nigerians to Enjoy Reduced or Zero PAYE from 2026 — Oyedele

In what could become one of the most significant fiscal overhauls in Nigeria’s history, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Dr. Taiwo Oyedele, has announced that an overwhelming 98 percent of Nigerians will experience either a sharp drop in personal income tax or total exemption beginning January 2026. Speaking…

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Finance and Economy, Taxation and Tax Laws

Naira rises to N1,518/$ in Parallel Market

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Naira rises to N1,518/$ in Parallel Market

The Naira yesterday appreciated to N1,518 per dollar in the parallel market from N1,520 for a dollar on Monday. However, Naira depreciated to N1,493.2 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,493.2 per dollar…

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Exchange and Forex