Nigerian economy Archives - Independent Digital News Network

Tinubu Defends Painful Reforms, Says Nigeria Cannot Continue “Fake Life” Economy

Tinubu economic reforms Nigeria debate intensified after President Bola Tinubu defended fuel subsidy removal, tax reforms, and foreign exchange restructuring at the Africa CEO Forum in Kigali. The president insisted Nigeria could no longer sustain what he described as a “fake life” economy, arguing that painful sacrifices today were necessary to prevent fiscal collapse, stabilize the country, and secure future generations.

IFC To Send Investment Mission As Tinubu Pushes Nigeria’s Global Capital Reset

IDNN1 month ago1 month ago0

Nigeria global investment push has entered a high-stakes confidence phase after the International Finance Corporation signalled plans to send an investment mission following talks with President Bola Tinubu. The move places Nigeria at the centre of a broader battle for global capital as the government attempts to convince international investors that painful economic reforms can still translate into long-term growth and financial stability.

Senate Targets March 17 for Passage of ₦58.47tn 2026 Budget, Sets Tight Review Timetable

IDNN5 months ago5 months ago0

The Nigerian Senate has fixed March 17, 2026, for the final passage of the ₦58.47 trillion federal budget, unveiling an accelerated timetable for committee scrutiny, public hearings, and engagement with key economic managers. Lawmakers say the schedule is designed to balance speed with detailed oversight as fiscal pressures and reform expectations intensify.

Dangote Refinery Expansion to 1.4m bpd — Africa’s Richest Man Targets Global Oil Dominance

IDNN8 months ago8 months ago0

Aliko Dangote has unveiled plans to double the capacity of his Lagos refinery from 650,000 to 1.4 million barrels per day, aiming to rival the world’s largest petroleum facilities. The $5 billion expansion will boost exports, stabilize local fuel supply, and reinforce Nigeria’s position as Africa’s refining hub under the Euro VI emission standard.

Dangote Refinery Deploys CNG Trucks as Petrol Prices Rise Nationwide

IDNN8 months ago8 months ago0

The Dangote Petroleum Refinery has begun using compressed natural gas (CNG)-powered trucks to distribute petrol at ₦850 per litre, amid nationwide price surges. Market data show retail prices rising to ₦955 per litre in major cities, despite hopes that direct Dangote supply would stabilise costs. The move signals a deepening realignment in Nigeria’s fuel economy.

Rewane Projects 18% Inflation by November, Warns Fiscal Risks Amid Oil Price Decline

IDNN8 months ago8 months ago0

Leading economist Bismarck Rewane has predicted a drop in Nigeria’s inflation rate to 18% by November, citing authentic growth in GDP and stabilising FX rates. He, however, warned that falling oil prices and a bloated cost of governance could widen fiscal deficits unless spending and debt service obligations are urgently curtailed.

CBN Rate Cut: OPS Says Relief Still Marginal

IDNN9 months ago9 months ago0

The Central Bank of Nigeria cut rates for the first time in five years, lowering the MPR to 27%. But the Organised Private Sector says relief remains marginal for businesses battling high borrowing costs.

FAAC Disburses ₦2.225tn to FG, States, LGs in August

IDNN9 months ago9 months ago0

The Federation Account Allocation Committee (FAAC) shared ₦2.225 trillion among the three tiers of government for August, out of a gross ₦3.635 trillion. FG received ₦810bn, states ₦709bn, and LGs ₦522bn, while oil-producing states got ₦183bn as 13% derivation. VAT and oil royalties rose, but corporate tax and imports weakened.

Subsidy Removal in Nigeria: Ezekwesili Slams Tinubu Over ‘Good Policy, Wrong Execution’

IDNN10 months ago10 months ago0

Former Minister of Education Oby Ezekwesili has criticised President Bola Tinubu’s fuel subsidy removal, calling it a sound policy “implemented the wrong way.” Speaking at the Nigerian Bar Association conference in Enugu, she said the abrupt reform deepened poverty, worsened inflation, and left millions without safety nets.

📢 Chimamanda Adichie: ‘Nigeria’s Middle Class Now Begs to Survive’

IDNN11 months ago11 months ago0

Renowned author Chimamanda Adichie has warned that Nigeria’s worsening economy has pushed even the middle class into poverty, calling for political accountability.