Nigerian filling stations reduce fuel price as landing cost drops
Fuel prices in Nigeria have started dropping as filling stations adjust pump rates following a decline in landing cost. According to reports, marketers are reducing prices in several states and major cities to reflect the lower cost of importing petrol into the country. This development comes as many Nigerians continue to struggle with high living […]
Naira records second depreciation against US dollar
The Nigerian Naira has fallen again against the US dollar, marking its second consecutive day of depreciation. This continued slide comes as pressure remains high in the foreign exchange market. Traders and forex watchers say demand for the dollar has continued to rise, while supply remains tight, pushing the currency further down. Market reports indicate […]
NNPCL reaffirms plan to hit 2 million barrels daily by 2027
The Nigerian National Petroleum Company Limited (NNPCL) has repeated its commitment to raising the country’s crude oil production to two million barrels per day by 2027. The company explained that several strategic reforms, investments in technology, and partnerships with private firms are already being put in place to achieve this goal. According to NNPCL, boosting […]
15 per cent fuel duty: Stakeholders, NLC raise concerns over tariff policy
The decision by President Bola Ahmed Tinubu to approve a 15% import duty on petrol and diesel has sparked debates across the country, with labour unions and economic stakeholders expressing deep concerns about its impact on Nigerians. The policy, expected to take effect in the coming weeks, will result in a significant rise in pump […]
Nigerian Stock Exchange gains N285bn after days of losses
The Nigerian stock market bounced back strong on Friday, adding N285 billion in value after several days of declines. This rebound brought fresh relief to investors who had seen continuous losses earlier in the week. The recovery shows renewed confidence in the market, especially as traders took advantage of lower share prices to buy into […]
Naira records massive appreciation against US dollar on month-on-month basis
The Nigerian Naira saw a major improvement against the US Dollar in October, closing the month stronger in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira appreciated from ₦1,455.23 per dollar at the beginning of the month to ₦1,421.73 at the end of October. This marks […]
Why Tinubu’s 15% import duty on petrol is good for Nigeria – Rewane
Financial expert Bismarck Rewane has said that President Bola Tinubu’s 15% import duty on petrol will benefit Nigeria in the long run. According to him, even though the policy may cause short-term price increases, it is designed to strengthen the nation’s economy and reduce reliance on imported fuel. Rewane explained that Nigeria cannot continue depending […]
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 […]