Fuel prices will eventually moderate – Tinubu Spokesperson on 15% petrol import duty
The Presidency has assured Nigerians that fuel prices will not remain high forever despite the newly-introduced 15 percent import duty on petrol. According to President Bola Tinubu’s spokesperson, the policy is part of a long-term economic plan, and the cost of petrol will eventually reduce once the system stabilises. He explained that the government is […]
Nigerian petrol retailers, PETROAN, back Tinubu’s 15 percent import duty on petrol
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has expressed full support for President Bola Ahmed Tinubu’s decision to impose a 15 percent import duty on petrol. The association stated that the policy would help strengthen Nigeria’s petroleum sector and boost government revenue. PETROAN noted that although the policy may come with challenges, it […]
Fresh fuel price hike looms as Tinubu approves 15 per cent import duty on petrol, diesel
Nigeria may face another rise in fuel prices after President Bola Tinubu approved a 15% import duty on petrol and diesel. The new duty will be applied to imported fuel costs, covering cost, insurance, and freight (CIF). The approval was communicated in a letter dated October 21, 2025, sent to the Federal Inland Revenue Service […]
Naira records three straight appreciations against dollar
The Naira continued its upward trend at the official foreign exchange market on Wednesday, marking its third straight day of appreciation against the US dollar. This improvement comes as Nigeria’s foreign reserves climbed to $43.11 billion as of Tuesday, October 28, 2025, according to data from the Central Bank of Nigeria (CBN). On Wednesday, the […]
CBN refutes reports of involvement in oil sector forex use
The Central Bank of Nigeria has dismissed reports claiming it disbursed $1.259 billion to big oil companies for importing fuel and other petroleum products. According to the apex bank, the report is false and misleading. In a statement released by the bank’s spokesperson, Hakama Sidi Ali, the CBN clarified that the quoted $1.259 billion figure […]
NUPRC seeks finance, investment from Bank of America to increase oil production
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has appealed to the Bank of America to increase funding support for Nigeria’s oil and gas sector. According to the agency, more financial investment is needed to grow crude oil production in the country. This appeal was made by the Commission’s Chief Executive, Gbenga Komolafe, during a courtesy […]
Naira appreciation continues against US dollar as BDC operators lament FX access
Nigeria’s currency continued its upward trend on Tuesday as the naira gained strength against the US dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira appreciated to N1,448.20 per dollar, improving from N1,452.79 recorded on Monday. This means the currency strengthened by N4.59 in one day, […]
170 foreigners applied for Nigerian citizenship, we are reviewing their request – FG
The Federal Government of Nigeria has disclosed that it is currently reviewing applications from 170 foreign nationals seeking Nigerian citizenship. The revelation was made by the Minister of the Interior, Dr. Olubunmi Tunji-Ojo, who confirmed that the applications are undergoing due process and assessment. According to the Minister, the review is part of the government’s […]
Segilola Resources Cements Leadership Role in Nigeria’s Mining Future
Segilola Resources Operating Limited (SROL), a subsidiary of Thor Explorations Ltd and the operator of Nigeria’s first commercial gold project — the Segilola Gold Mine in Osun State — has reaffirmed its leadership in the mining sector. The company took center stage as a Gold Sponsor at the 2025 Nigeria Mining Week (NMW) held in […]
Dangote announces expansion target to become world’s largest refinery at 1.4m bpd
Africa’s richest man, Aliko Dangote, has revealed plans to expand the Dangote Petroleum Refinery from its current capacity of 650,000 barrels per day (bpd) to 1.4 million bpd, a move that would make it the largest oil refinery in the world. Speaking during a briefing in Lagos on Sunday, Dangote said the expansion, when completed, […]