Category: Business
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N7bn Per Annual: South-West Tops Nigeria’s Mining Revenues
The Federal Government says Nigeria earned more than ₦30bn from licence fees, royalties and approvals in the solid minerals sector between January and September this year. The South-West accounted for ₦7.2bn of that figure, the highest contribution by any region in the period under review. Minister of Solid Minerals Development, Dr Dele Alake, disclosed this…
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Naira Strengthens for Third Day as Reserves Hit $43.1bn
The Naira continued its upward trend against the United States dollar on Wednesday, marking the third consecutive day of appreciation at the official foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed at ₦1,444.42 per dollar, stronger than ₦1,448.21 recorded on Tuesday. This represents a day-to-day gain of…
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Tinubu Seeks $2.35bn Loan, $500m Sukuk to Fund 2025 Budget
President Bola Ahmed Tinubu has formally asked the House of Representatives to approve a fresh external borrowing of $2.347 billion and the issuance of a $500 million sovereign Sukuk to fund key parts of the 2025 national budget and refinance existing debts. The President’s request was contained in a letter read on the floor of…
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Borrowing Not a Weakness – FIRS Boss Defends Govt Loans
The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has said borrowing by the Nigerian government should not be viewed as a sign of financial failure, but as a normal and strategic part of modern governance. Speaking during a press briefing in Abuja, Adedeji explained that government borrowing is a globally accepted tool…
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Nigeria’s Economy Grows by 4.23% in Q2 2025 — NBS
Nigeria’s economy recorded a significant boost in the second quarter of 2025, with the Gross Domestic Product (GDP) growing by 4.23% year-on-year, according to the latest report from the National Bureau of Statistics (NBS). The figure, released by the NBS on Monday, marks an improvement compared to the 3.48% growth recorded in the second quarter…
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Dangote Refinery Cuts Fuel Price, Begins Direct Sales Sept 15
The Dangote Refinery has announced a nationwide reduction in petrol prices and a new date to begin its direct fuel distribution initiative. The $20 billion refinery confirmed that direct petrol and diesel distribution will now commence on Monday, September 15, 2025, a month after the earlier planned date of August 15. This initiative, which involves…
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New Regulations Target Digital Loan Sharks, N100m Fine for Defaulters
The Nigerian government has taken a bold step to regulate the booming digital lending industry by introducing the Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025. This new law aims to curb unethical practices by digital money lenders and mobile money operators (MMOs), commonly known as loan sharks, who have for years faced criticism over…
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Driver Caught With ₦1m Fake Notes in Oyo
The Oyo State Police Command has arrested a commercial driver found with ₦1 million in fake N1,000 notes along the Ibadan-Lagos Expressway. According to a statement released on Saturday by the State Police Public Relations Officer, SP Adewale Osifeso, the arrest was made during a routine stop by officers of the Federal Highway Patrol Team…
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Naira Strengthens by N0.95 at Official FX Window, External Reserves Rise
For the first time in over a week, the Naira recorded a slight gain against the United States dollar at the official foreign exchange market. On Thursday, August 21, 2025, the Central Bank of Nigeria (CBN) reported that the Naira traded at N1,535.78 to the dollar, compared to N1,536.73 on Wednesday. This marks a marginal…
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Naira Falls for Third Straight Day Despite Rising Foreign Reserves
The Nigerian Naira has recorded its third consecutive depreciation against the United States dollar at the official foreign exchange market, sparking renewed concerns over the country’s currency stability. According to data published by the Central Bank of Nigeria (CBN) on Wednesday, August 20, 2025, the Naira exchanged at ₦1,536.73 per US dollar, weakening further from…