Federation Account allocation falls third straight month to N1.57tn –

The Federation Account Allocation Committee has reported a further decline in monthly disbursements to the Federal Government, states, and local government councils, with a total of N1.578tn shared as March 2025 revenue. This marks the third consecutive monthly drop in allocations this year, following N1.678tn shared in February and N1.703tn in January. This was disclosed in a press statement issued on Tuesday by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, following the April FAAC meeting held in Abuja. According to the statement, the N1.578tn shared was made up of N931.325bn from statutory revenue….(Read More)

 Oil slump, Trump tariffs put Nigeria’s economy at risk — FG –

The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, says the ongoing instability in global oil markets is negatively impacting Nigeria’s economy. He said while falling petroleum product prices may benefit consumers, the broader economic consequences are severe for Nigeria, which heavily relies on oil exports. “As consumers, we are happy that the price is coming down, but…as a nation, it’s not good for our economy because our revenue inflow is also impacted,” Ahmed told State House Correspondents at the Meet-the-Press briefing series organised by the Presidential Communications Team at the Aso Rock Villa, Abuja, on Tuesday…….(Read More)

 Nigeria reaffirms strong ties with US amid global uncertainty –

The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, has reaffirmed Nigeria’s long-standing strategic relationship with the United States, amid global uncertainty stirred by the imposition of tariffs by the US. Oduwole said this on Saturday as she received an award during the 65th anniversary of the Nigerian-American Chamber of Commerce, which also doubled as the inauguration of its new president, Sheriff Balogun. She noted that the NACC was critical to fostering a mutually beneficial relationship between both countries. She said, “The relationship between the Federal Republic of Nigeria and the United States of America is a long and strategic one….(Read More)

83 firms get refining licences as petrol imports drop – NMDPRA –

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has disclosed that the government has approved refining licenses to about 83 companies with a combined total refining capacity of 1,124,500. He explained that eight refineries have been issued Licenses to Operate (LTO), 30 refineries with Licenses to Construct (LTC) and 40 refineries with License to Establish (LTE). Addressing a press conference at the Presidential Villa, Abuja, on Tuesday, Ahmed said with the refineries, Nigeria has recorded a significant decline in the importation of Premium Motor Spirit (PMS), as local refineries begin to play a more active role in meeting domestic fuel demand…..(Read More)

Nigeria’s Inflation Rate Hits 24.23% –

 In March 2025, the headline inflation rate rose to 24.23 per cent relative to the February 2025 headline inflation rate of 23.18 percent, according to latest data by the National Bureau of Statistics (NBS). On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 per cent. On a month-on-month basis, the core inflation rate was 3.73 per cent in March 2025 up by 1.21 per cent compared to February 2025 (2.52 per cent). Food inflation rate was 21.79 percent year on year in March 2025. The food inflation rate in March 2025 was 21.79 per cent on a year-on-year basis. However, on a month-on-month basis, the food inflation rate in March 2025 was 2.18 per cent, up by 0.50 per cent compared to February 2025 (1.67 per cent)…..…(Read More)

China Q1 GDP growth beats expectations, but US tariff shock looms large –

China’s first-quarter economic growth outstripped expectations, underpinned by solid consumption and industrial output, but analysts fear momentum could shift sharply lower as U.S. tariffs pose the biggest risk to the Asian powerhouse in decades. President Donald Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on U.S. imports that have raised the stakes for the world’s two biggest economies and rattled financial markets. Data on Wednesday showed China’s gross domestic product (GDP) grew 5.4% in the January-March quarter from a year earlier, unchanged from the fourth quarter, but beat analysts’ expectations in a Reuters poll for a rise of 5.1%….(Read More)