ALIKO Dangote has explained that the high price of cement in Nigeria is largely due to multiple taxes and levies imposed on local production. In an interview with Business Insider Africa, the Dangote Industries president said regulatory costs significantly inflate domestic cement prices. Dangote said cement exported from Nigeria is cheaper because exporters are exempt […]
A Budgeting System in Disarray NIGERIA’S national budgeting process, once regarded as the backbone of public finance and economic planning, has steadily collapsed into a cycle of disorder, serial revisions and politically expedient assumptions. What should serve as a disciplined framework for allocating scarce resources has instead become a rolling document […]
By SANI BATURE A fire outbreak was recorded on Saturday at the Abuja headquarters of the Federal Inland Revenue Service (FIRS), affecting one of the agency’s office blocks. The incident occurred on the fourth floor of the building, according to an official statement released by the service. The Technical Assistant (Print Media) to the Executive […]
By OBIOMA TORI Dollar Demand Pushes Naira Lower THE naira closed weaker at the official foreign exchange market on Friday, settling at ₦1,464.49 to the dollar, as renewed demand for foreign currency outweighed earlier support. CBN data showed the currency lost 0.4 per cent compared to Thursday’s close of ₦1,457.84, extending a gradual depreciation observed […]
Customs Moves to Enforce Timely Revenue Remittance THE Nigeria Customs Service (NCS) has announced the commencement of enforcement actions against Deposit Money Banks (DMBs) that delay remitting revenue collected on its behalf, introducing a stiff financial penalty to curb the practice. 3% Interest Penalty Above NIBOR Under the new directive, any bank that fails to […]
By TAYO TAIWO (T. T.) OLUWOLE UBA Leads $100m Vehicle Ownership Initiative UBA Plc has entered a $100 million financing partnership with CIG Motors, LagRide and the Lagos State Government to promote asset ownership, improve urban mobility and expand access to formal credit for commercial drivers. Flexible Credit for Commercial Drivers Under the Drive to […]
By NJORIGE LYNUS Tinubu’s Fiscal Overhaul Raises Questions Over 2026 Budget Viability FRESH concerns have emerged over Nigeria’s 2026 budget following President Bola Tinubu’s push to repeal and re-enact the 2024 and 2025 Appropriation Acts under a single ₦43.56 trillion spending framework. The proposal, now before the National Assembly, is aimed at curbing the long-standing […]
By FIDELUS ZWANSON THE Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced the recovery of ₦37.44 billion and $2.353 million in 2025 through asset seizures and forfeitures. The disclosure was made by the Commission’s Chairman, Dr. Musa Adamu Aliyu, SAN, during the ICPC End-of-Year Engagement and Annual Merit Awards held in Abuja. […]
By ANITA KNIGHT NIGERIA and the Czech Republic are positioning for deeper economic engagement as Prague seeks to expand cooperation across strategic sectors of the Nigerian economy. Czech Ambassador to Nigeria, Tomáš Výprachtický, said Abuja remains central to his country’s outreach efforts due to its economic potential and long history of bilateral relations. […]
By OBIOMA TORI THE end of the year brings prosperity for commerce—and peril for banks. Nigeria’s financial institutions are once again bracing for a familiar pattern: a spike in digital fraud driven by the surge in electronic payments that accompanies festive spending. Criminal networks exploit this predictable cycle, timing attacks for moments of peak activity […]