Business & Economy - Page 24

Dangote Petroleum Refinery has expanded the distribution of its Premium Motor Spirit (PMS), popularly known as petrol, by commencing direct sales to independent oil marketers with the capacity to purchase a minimum of 250,000 litres. The development marks a shift from the

The Chartered Institute of Taxation of Nigeria (CITN) has dismissed reports that bank balances are taxed under Nigeria’s new tax regime, saying only certain electronic transfers attract a ₦50 stamp duty. CITN Chairman Ben Enamudu, who spoke in an interview with Arise

Nigeria’s poverty rate is projected to rise sharply to 62 per cent by 2026, with about 141 million people expected to be living below the poverty line, according to Price water house Coopers (PwC). The projection is contained in PwC’s Nigeria Economic

Nigeria’s currency recorded another milestone at the official foreign exchange market, with the naira appreciating to ₦1,419 per US dollar amid easing demand pressures and improved liquidity conditions across the FX ecosystem. Market data from the Central Bank of Nigeria (CBN) showed

has reinforced its position as one of the major forces underpinning Nigeria’s payments ecosystem after processing more than ₦100 trillion worth of transactions in 2025, highlighting its expanding role in the country’s digital economy. The payment technology platform, licensed by the Central

Nigeria Revenue Service (NRS) says its replacement with the defunct Federal Inland Revenue Service (FIRS) will overhaul the architecture of the country’s revenue administration. The Executive Chairman of NRS, Dr Zacch Adedeji, said this in a television interview monitored from Abuja. The

​The Nigerian Naira opened the first full week of 2026 with continued fluctuations across the various market segments. As of the morning of January 5, 2026, the local currency showed a slight recovery trend compared to the closing figures of the previous

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has said that Nigeria is fully prepared to trade within Africa under the preferential terms of the African Continental Free Trade Area (AfCFTA) Agreement, having fulfilled key obligations required for effective participation.

Some economic stakeholders have expressed worry over the delay in the preparation of the 2026 budget. They noted with concern the delay in presenting the 2026 appropriation bill to the legislature for consideration. President Bola Tinubu finally presented a N58.47 trillion budget

For Individuals You can withdraw up to ₦500,000 weekly across all channels: ATM, POS, or over the counter. If you withdraw more than ₦500,000 in one week, you will pay a 3% fee on the excess amount only. This is a cumulative