Digital Skills to Power Nigeria’s Economy CBN Targets $1bn Monthly in Diaspora Financial Authorities to Track Digital Currencies President Bola Tinubu has directed Nigeria’s financial and capital market authorities to monitor the growing use of stablecoins and digital currencies. Speaking at the 18th Annual Banking and Finance Conference in Abuja, the president, represented by Finance … Read more
The federal government’s plan to introduce a 5 percent surcharge on refined petroleum products — including petrol and diesel — has been met with swift and loud opposition from industry stakeholders, civil society groups, and political figures. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the tax could push many … Read more
Tinubu Group accuses Wale Edun of historic zero budget performance. The group demands his resignation, citing worsening economic hardship. It also warned the National Assembly against shielding him. The South West Agenda for Tinubu (SWAGA) has demanded the resignation of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, accusing him of … Read more
Wale Edun-Led Customs Board Cracks Down on Officer Misconduct NCSB Approves New Trade Policy The Nigeria Customs Service Board (NCSB) has introduced a new $300 duty-free threshold for low-value imports. According to Eko Hot Blog, the Board, chaired by Finance Minister Wale Edun, approved a major policy change at its 63rd regular meeting, which takes … Read more
Nigeria and Saudi Arabia have begun moves to strengthen their economic ties with export credit and infrastructure development. EKO HOT BLOG reports that a statement from the Ministry of Finance on Tuesday, said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun led a Nigerian delegation to Riyadh to strengthen economic cooperation … Read more
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has assured that the Federal Government will soon begin payment of pension backlog. Edun gave this assurance on Tuesday in Abuja during a peaceful rally by the Nigeria Union of Pensioners Contributory Pension Scheme Sector, NUPCPS, at the Federal Ministry of Finance. … Read more
President Bola Tinubu is expected to present the 2025 budget to the National Assembly during the first week of December, sources indicate. This timeline was clarified by the Senate Committee on Finance, led by Senator Sani Musa (APC, Niger East), who stressed that the decision on when to present the budget remains exclusively with the … Read more
Senator Mohammed Ali Ndume, representing Borno South in the National Assembly, has urged Minister of Finance Wale Edun, the Federal Inland Revenue Service (FIRS), and other economic managers to stop misleading President Bola Tinubu. Ndume made this statement in response to the Federal Government’s plan to increase the country’s tax regime. He expressed concern that … Read more
President Bola Tinubu is currently in a meeting with members of the crude oil and refined products sales in the local currency implementation committee. The committee was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to the State House, Abuja for the meeting. EDITOR’S PICKS BBNaija: It Was … Read more
The federal government, led by President Bola Tinubu, has revealed plans to significantly reduce the use of the U.S. dollar, in the Nigerian economy , focusing on strengthening the local currency, Naira. According to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, the administration aims to de-dollarise the economy as part of … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has begun the process of addressing its outstanding debt of over $6 billion, a development confirmed by the Nigerian government through the Ministry of Finance. EDITOR’S PICKS BREAKING: Tinubu Arrives Abuja After Two-Week Working Vacation In UK, France NIDCOM Gears Up for 7th Nigeria Diaspora Investment Summit, Aims … Read more
The Federal Government’s efforts to reduce food prices through a zero percent duty and exemption from value-added tax on basic food items are facing serious setbacks, as the average price of imported food items surged to a staggering 878.3 price point index in September 2024. This spike reflects the mounting economic challenges hampering attempts to … Read more
The Federal Government has unveiled plans to roll out cash transfers aimed at supporting 20 million of Nigeria’s poorest citizens as part of its broader social intervention program. The initiative, designed to alleviate poverty and improve living conditions, is a key component of the government’s strategy to address the economic challenges facing the country while … Read more
The federal government is planning to raise the Value Added Tax (VAT) from 7.5 percent to 10 percent. EKO HOT BLOG reports that an executive bill to formalize the increase has already been submitted to the National Assembly. According to a Sunday report by The Cable, the proposed legislation seeks to gradually raise the VAT … Read more
The Federal Government has officially granted petroleum marketers the authority to lift petrol directly from the Dangote refinery, effectively bypassing the Nigerian National Petroleum Company Limited (NNPC) and ending its monopoly as the sole distributor of Dangote’s refined fuel. EDITOR’S PICKS Health, Planning Ministries Partner with AfDB on Sustainable System Project Shamim Ahmed: Student Ally … Read more
In a landmark move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. EKO HOT BLOG reports that the announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who confirmed that the policy took effect on October 1, 2024, following a directive … Read more
The Federal Government has commended the beginning of petroleum product lifting from the Dangote Petroleum Refinery and Petrochemicals, describing it as a significant step towards national industrialisation and self-sufficiency in refining. The Head of Communications, Dangote Group, Mr Anthony Chiejina, in a statement said that trucks from the Nigerian National Petroleum Corporation Ltd, NNPCL, had … Read more
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Dangote Refinery will begin the distribution of Premium Motor Spirit (PMS) on Sunday. Edun, who was represented by the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, said this at a news conference in Abuja on Friday. “I … Read more
Finance Minister and Coordinating Minister of the Economy, Wale Edun, has dismissed rumours of an imminent increase in the Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement released on Monday, Edun clarified that the VAT rate remains firmly at 7.5%, as stipulated by Nigerian tax laws. EDITOR’S PICKS School Proprietress Allegedly Killed, … Read more
The Federal Government has inaugurated a new Board of Directors for the Nigeria Sovereign Investment Authority (NSIA), entrusting them with the responsibility of guiding the nation’s economic growth and stability. During the inauguration at his office in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, urged the Board to utilize … Read more