Economy Archives - Page 2 of 14 - Independent Digital News Network

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

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

IDNN2 months ago2 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

IDNN2 months ago2 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

IDNN2 months ago2 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.

FCC–Nigeria Revenue Service Collaboration Signals Governance Reform Alignment

IDNN2 months ago2 months ago0

The FCC Nigeria Revenue Service collaboration has been positioned as part of broader institutional reforms aimed at strengthening transparency and constitutional compliance across federal agencies. During a high-level meeting in Abuja, leaders of both bodies emphasized regulatory alignment, data governance coordination, and the role of inter-agency cooperation in reinforcing national cohesion and macroeconomic stability.

Tinubu Signs Executive Order Redirecting Oil Revenues to Federation Account

IDNN2 months ago2 months ago0

President Bola Tinubu has signed a sweeping executive order mandating direct remittance of key oil and gas revenues to the Federation Account, halting several retention mechanisms previously operated under the Petroleum Industry Act. The directive targets multiple deductions by NNPC Limited and signals a structural fiscal reset with implications for federal, state, and local government finances.

NLC Threatens Strike Over Grid Collapse as Power Instability Deepens

IDNN2 months ago2 months ago0

The Nigeria Labour Congress has warned of nationwide industrial action as NLC threatens strike over grid collapse following repeated failures of the national power grid. Labour leaders argue that persistent instability reflects structural weaknesses in the post-privatisation framework, raising concerns about economic productivity, worker welfare and Nigeria’s fragile energy infrastructure.

Shettima to Lead FG Delegation to Kano After Singer Market Fire

IDNN2 months ago2 months ago0

Vice President Kashim Shettima will lead a Federal Government delegation to Kano following the devastating Singer Market fire Kano incident that reportedly destroyed goods worth billions of naira. President Bola Tinubu has ordered financial support for affected traders and a full investigation into recurring market fires in the state.

Soludo Says Sit-at-Home Suspension Is Driving Monday Trade Rebound in Onitsha

IDNN3 months ago3 months ago0

Anambra Governor Charles Soludo says the sit-at-home suspension trade rebound is becoming visible in Onitsha, with increased Monday market activity following recent security enforcement. He linked improved commercial turnout to restored public confidence, though no independent economic data has yet quantified the scale of recovery.

Health Minister Says Only ₦36m Released From ₦218bn Capital Budget Allocation

IDNN3 months ago3 months ago0

Nigeria’s Minister of Health has disclosed that only ₦36 million has been released from a ₦218 billion capital allocation to the ministry, raising concerns about budget execution in the health sector. The revelation highlights widening gaps between appropriation and disbursement as public hospitals grapple with funding shortages and service pressures nationwide.