Rising Dependence on Imported Food NIGERIA spent a staggering ₦7.65 trillion on food and beverage imports in 2025, according to the latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS). The report highlights the country’s growing reliance on foreign food products, both for household consumption and industrial production. Breakdown of Imports Primary […]
Nigeria’s Economy: Recovery or Rebranding? WHEN President Bola Ahmed Tinubu recently declared that Nigeria was “out of the woods,” the remark immediately sparked debate across policy circles, markets, and households. The statement, delivered at the Presidential Villa, suggested that a mix of economic reforms, improving security conditions, and governance initiatives had begun steering the country […]
By OBIOMA TORI NIGERIA’S value-added tax (VAT) revenue rose significantly in the third quarter of 2025, reaching ₦2.28 trillion, according to the latest report released by the National Bureau of Statistics (NBS). The report showed that the figure represents a 10.66 per cent increase compared with the ₦2.06 trillion generated in the second quarter of […]
CBN Announces Rate Reduction THE Monetary Policy Committee (MPC) of the Central Bank of Nigeria has reduced the country’s benchmark interest rate to 26.5 per cent. CBN Governor Olayemi Cardoso announced the decision at the end of the committee’s two-day meeting held from 23 to 24 February in Abuja. The move represents a 50-basis-point cut […]
By FIDELUS ZWANSON Rising Rents, Growing Frustration AMID growing public anger over escalating housing costs, real estate stakeholders have warned that removing VAT on land and rent will not deliver meaningful relief to tenants. Although the Federal Government has exempted VAT on land, buildings and rent under the current tax framework, property professionals argue that rental […]
Single-Digit Food Inflation After a Decade NIGERIA has recorded its first single-digit food inflation rate in more than 10 years, signalling a dramatic shift in the country’s inflation trajectory and offering relief to households battered by years of rising food costs. Data from the National Bureau of Statistics show that food inflation slowed to 8.89 […]
By DAVID JOHN-FLUKE A new performance audit by the Presidential Enabling Business Environment Council (PEBEC) has exposed deep inefficiencies across several federal agencies, with 17 ministries, departments, and agencies (MDAs) scoring zero in the latest Business Facilitation Act (BFA) compliance ranking. The report evaluates how well government institutions are implementing reforms designed to improve Nigeria’s […]