Economy Archives - Page 2 of 15 - Independent Digital News Network

Nigeria Power Crisis Deepens as Adelabu’s Two-Week Promise Fails, Grid Stuck at 3,000MW

Nigeria power crisis has worsened after Power Minister Adebayo Adelabu’s two-week recovery promise failed to deliver results, with electricity generation still trapped between 3,000 and 4,000 megawatts. The failure highlights a deeper structural breakdown across generation, transmission, and distribution, intensifying economic hardship and exposing widening gaps between government assurances and sector realities nationwide.

Dangote Refinery Cuts Petrol Price to ₦1,200 After Global Oil Drop

IDNN5 months ago5 months ago0

Dangote refinery petrol price cut has reduced pump prices to ₦1,200 following a dip in global crude oil markets. The adjustment signals a shift in Nigeria’s fuel pricing structure, as easing geopolitical tensions reshape supply expectations. The move carries direct implications for consumers, transport costs, and inflation pressure across the country’s fragile economic landscape.

Senate passes revised 2026 budget at ₦68.323tn as fast-track approval sparks scrutiny over deficits and oversight

IDNN5 months ago5 months ago0

Nigeria’s Senate passes revised 2026 budget at ₦68.323tn after President Bola Tinubu’s request, but the speed of approval has triggered sharp scrutiny. Opposition figures, civil society groups, and economists are questioning oversight depth, revenue assumptions, and execution credibility. The focus has shifted from the size of the budget to the risks embedded within it.

Fuel Price Policy Tension Builds as Government Signals Possible Review

IDNN6 months ago6 months ago0

Nigeria’s fuel price policy debate is intensifying as government officials signal the possibility of adjustments amid volatile global oil markets and persistent pressure on domestic energy costs. Analysts warn that any recalibration of pricing mechanisms could reshape inflation trends, fiscal balances, and the political climate as the country moves closer to the 2027 election cycle.

Nigeria’s Hidden Tax Problem: Why Multiple Levies Still Exist Despite Reforms

IDNN6 months ago6 months ago0

Nigeria’s tax reform agenda promises a simpler system for businesses, yet many traders and transport operators still face overlapping levies imposed by different authorities. Despite federal reforms aimed at harmonising tax administration, complex revenue structures at federal, state and local levels continue to create a compliance burden that analysts say discourages small enterprises from entering the formal economy.

FG Bans Roadside Tax Collection as Nigeria Moves to Presumptive Tax System

IDNN6 months ago6 months ago0

The Federal Government has banned roadside tax collection across Nigeria as part of a wider effort to reform revenue practices affecting small businesses. Authorities say the move will eliminate informal levies and introduce a new presumptive tax system designed to simplify compliance while reducing the burden of multiple taxation.

Cooking Gas Prices Jump in Nigeria as LPG Hits ₦900/kg After Petrol Surge

IDNN6 months ago0

Nigeria’s cooking gas market is entering a fresh inflation cycle as LPG prices surge sharply across the country. Retail prices that hovered around ₦800 per kilogram only weeks ago are now approaching ₦900–₦950 in many locations, raising fears that the country is facing a second wave of energy inflation following the recent spike in petrol prices.

Fuel Price Spike in Nigeria as Dangote Raises PMS Ex-Depot Price Toward ₦1,000 Pump Threshold

IDNN6 months ago6 months ago0

Nigeria’s fuel market has been jolted by a sharp adjustment in refinery pricing after Dangote Petroleum Refinery raised its petrol ex-depot price from ₦774 to ₦874 per litre. Retail pump prices have already climbed above ₦930 in several locations, with marketers warning the surge could soon push petrol close to ₦1,000 per litre nationwide.

Federal Government Proposes 1% Informal Sector Tax Framework to Expand Nigeria’s Revenue Base

IDNN6 months ago6 months ago0

Nigeria’s federal government has unveiled a proposal for a 1% informal sector tax framework aimed at expanding the country’s revenue base without imposing heavy burdens on small businesses. The policy, currently under consultation with market associations and state authorities, targets millions of informal enterprises that operate outside the formal tax system.

Tinubu Signals PIA Review Following New Executive Order

IDNN6 months ago6 months ago0

President Bola Tinubu has signalled a potential review of the Petroleum Industry Act (PIA) following the issuance of a new executive order affecting the oil and gas sector. Officials say the move aims to address implementation gaps, fiscal incentives and regulatory overlaps as Nigeria seeks to boost investment and production stability.