Economy Archives - Independent Digital News Network

Tinubu Defends Borrowing as Nigeria’s Debt Nears ₦159 Trillion Amid Fiscal Concerns

Nigeria debt borrowing debate has intensified as total public debt approaches ₦159 trillion, with President Bola Ahmed Tinubu defending continued borrowing to fund infrastructure and reforms. Critics warn of rising fiscal risks, highlighting concerns over debt sustainability, revenue constraints, and the long-term impact of sustained borrowing on economic stability.

Nigeria Aviation Collapse Risk Surges as Airlines Threaten Nationwide Shutdown Over Fuel Crisis

IDNN5 days ago5 days ago0

Nigeria aviation collapse risk has surged to a critical level as domestic airlines warn of a possible nationwide shutdown over spiralling Jet A1 fuel prices. Operators say revenues now barely cover fuel costs, with negotiations deadlocked. With a shutdown deadline looming, the crisis threatens travel disruption, economic activity, and the long-term stability of Nigeria’s aviation sector.

FG Cuts Vehicle Tariffs to 5%, Raises Excise on Alcohol and Tobacco in Fiscal Policy Shake-Up

IDNN3 weeks ago3 weeks ago0

FG vehicle tariffs alcohol tobacco duties policy has shifted as the Federal Government reduces vehicle import tariffs to around 5% while increasing excise duties on alcoholic drinks and tobacco products. The adjustment, outlined in recent fiscal policy updates, signals a recalibration of revenue strategy, balancing consumer relief with targeted taxation amid Nigeria’s ongoing economic and fiscal reforms.

NNPC Reports ₦2.68tn Revenue — But Oil Output Falls to 1.25mbpd, Profit Drops

IDNN3 weeks ago3 weeks ago0

NNPC revenue oil production paradox has intensified as the Nigerian National Petroleum Company reported ₦2.68 trillion in revenue in its latest monthly report, despite crude output falling to about 1.25 million barrels per day and profit declining. The contradiction highlights rising costs, operational inefficiencies, and structural weaknesses, raising urgent questions about sustainability in Nigeria’s oil-dependent economy.

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

IDNN3 weeks ago3 weeks ago0

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

IDNN3 weeks ago3 weeks 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

IDNN1 month ago1 month 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

IDNN2 months ago2 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

IDNN2 months ago2 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

IDNN2 months ago2 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.