In a bid to stabilise global trade amidst rising tensions fueled by U.S. President Donald Trump’s tariff policies, the European Union has taken an assertive stance, advocating for a 0% tariff regime. The EU, alongside nations like Vietnam, argues that eliminating tariffs on both sides could lead to a more balanced and frictionless trading system. Read More…
Business
Telecom operators face ₦5 billion loss due to fibre cuts in Lagos
Telecommunications operators in Lagos State have reported significant losses amounting to ₦5 billion in 2024, attributed to over 2,500 fibre cuts across the state. This alarming revelation was made during the 7th edition of the Policy Implementation Assisted Forum (PIAFo), themed “Strengthening Protection of Critical Information Infrastructure through Proactive Implementation and Strategic Coordination.” The high-risk Read More…
NCC approves price hike for phone calls, data services
The Nigerian Communications Commission (NCC) announced on January 20, 2025, that it has approved tariff adjustments for telecommunications operators in response to prevailing market conditions. This is the first adjustment since 2013, marking a significant move aimed at balancing telecom consumer interests and industry sustainability. The NCC’s decision comes under the authority vested in Section Read More…
Dangote Refinery blames petrol price increase on global crude oil surge
Dangote Petroleum Refinery has addressed the recent increase in petrol prices, attributing it to the sharp rise in global crude oil prices. Anthony Chiejina, Group Branding and Communications Officer emphasised that the refinery’s ex-depot price adjustment from ₦899.50 to ₦950 per litre is a direct response to the 15% surge in Brent Crude prices, which Read More…
TCN clarifies: Benin-Omotosho line tripped, not system collapse
The Transmission Company of Nigeria (TCN) has refuted reports of a national grid collapse today, attributing the power disruption to the tripping of transmission lines. “The nation’s grid did not experience any collapse today, contrary to the widely published misinformation in the media,” said Ndidi Mbah, General Manager, Public Affairs. Earlier today, at about 13:41 Read More…
Port-Harcourt Refinery Fully Operational: NNPC Counters Misleading Reports
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has refuted claims circulating in some media outlets that the Old Port Harcourt Refinery, which resumed operations two months ago, has been shut down. According to NNPC Ltd., the refinery is fully operational and preparations for the day’s loading operation are currently ongoing. Olufemi Soneye, Chief Corporate Read More…
Nigerian SEC proposes new law for crypto influencers: Penalties include fines and jail time
The Nigerian Securities and Exchange Commission (SEC), under the leadership of Dr. Emomotimi Agama, has proposed a new law aimed at regulating the activities of crypto influencers. The law, set to take effect on June 30, 2025, requires all crypto platforms or Virtual Assets Service Providers (VASPs) to obtain a license from the SEC before Read More…
President Tinubu presents N47.96 trillion 2025 budget to National Assembly
President Bola Tinubu has presented the 2025 national budget, totaling N47.96 trillion, to the National Assembly. This budget, themed the “Budget of Restoration: Securing Peace and Rebuilding Prosperity,” aims to address key areas such as defence, infrastructure, health, and education. In his address, President Tinubu emphasized the importance of collective effort in rewriting Nigeria’s narrative. Read More…
RMAFC position on VAT sharing formula sparks debate
The debate surrounding Nigeria’s Value Added Tax (VAT) sharing formula has deepened following the recent clarification by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. In a press statement, Oyedele responded to the Revenue Mobilisation Allocation and Fiscal Commission’s (RMAFC) position on the proposed VAT distribution formula, emphasizing the need for Read More…