Economy

Again, Dangote Refinery Slashes Fuel Price As Oil Rate Drop To $72 Per Barrel The Dangote Refinery has reduced the ex-depot price of petrol by ₦50 per litre, adjusting it from ₦1,175 to ₦1,125 per litre. The refinery attributed the reduction in petrol prices to the easing of tensions in the Middle East, which has led to a decrease in global energy prices. A notice to customers indicated that the gantry loading price has been reduced from ₦1,175 per liter to ₦1,125 per liter, while the coastal supply price has decreased from ₦1,495,215 per metric ton to ₦1,428,165 per metric…

Poverty Persists Despite Nigeria’s Reforms Gains; But Don’t Reintroduce Subsidy – IMF Tells Tinubu The International Monetary Fund (IMF) has urged the federal government to maintain a neutral fiscal stance in 2026, warning that poverty and food insecurity could worsen despite improvements in Nigeria’s macroeconomic stability. In its 2026 Article IV consultation report released on Tuesday, the Washington-based lender said reforms implemented over the past three years have strengthened economic resilience, but cautioned that higher global fuel and food prices pose fresh risks to inflation and living standards. “Strong reforms over the past three years have yielded improved macroeconomic outcomes…

Tinubu’s N65.9trn Debt In 24 Months Exceeds Five Times Nigeria’s Total Borrowing In 55 years — Oye The Chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye, has lamented the unprecedented rise in public debt under the current administration, noting that the N65.9 trillion borrowed by the Bola Tinubu administration in the last 24 months exceeds more than five times the total debt Nigeria incurred in the first 55 years of its independence. Oye, who is the immediate past chairman of the Organised Private Sector of Nigeria (OPSN), noted that while successive governments accumulated debt over decades,…

2026 Budget: Nigeria Service Debts With N15.81 Trillion Nigeria will spend about ₦15.81 trillion on servicing its public debt in 2026, one of the largest components of a record ₦68.32 trillion budget, according to data from civic tech organisation BudgIT and official government figures. The spending plan, recently approved by lawmakers and signed by President Bola Tinubu, outlines total expenditure of ₦68.32 trillion, with debt servicing accounting for a significant share alongside capital and recurrent spending. BudgIT, in its analysis of the budget, said the allocation highlights the growing burden of debt obligations on Africa’s largest economy, warning that public…