State-run oil firm, the Nigerian National Petroleum Company Limited (NNPCL) said it generated N2.57 trillion revenue in January this year. According to the NNPCL monthly report of January 2026, it also posted N385 billion profit after tax (PaT). NNPCL further disclosed that in the period under review, N726 billion was remitted into the Federation account…
Africa’s largest oil producer, Nigeria, underperformed its 1.5 million barrels per day (bpd) quota in nine months of 2025 and again in January 2026, according to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) figures. Using the Central Bank of Nigeria (CBN’s) average Bonny Light price of $72.08 per barrel over the 10 months for which data…
Oil markets have recorded their steepest annual fall since the COVID pandemic and could be on track to plummet further as oil producers continue to pump more crude than needed by the global economy. Oil prices slumped by almost 20per cent in 2025, marking the biggest annual loss since 2020 and the first time that…
President Bola Tinubu has approved the cancellation of $1.42 billion and N5.57 trillion ($3.85 billion) in debts owed by state oil firm NNPC Ltd to the government, the Presidency said on Monday. The decision is part of Tinubu’s push to clean up NNPC’s books and boost transparency as Africa’s top oil producer deals with weak…
The House of Representatives Committee on Public Accounts has given the Central Bank of Nigeria (CBN) till January 19, 2026 to conclude all ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) over alleged unremitted revenues into the Federal government Account. Chairman of the Committee, Bamidele Salam, gave the directives yesterday…
Nigeria could enter 2026 on its strongest economic footing in more than a decade, according to leading economist, Bismarck Rewane. He said a combination of easing inflation, rising investment, major corporate listings and stabilising monetary conditions will propel the country into a new and more durable cycle of growth. Presenting his projections at the Parthian…
The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) grew by 3.98 per cent (year-on-year) in real terms in the third quarter (Q3) of 2025. The report also said the growth rate is higher than the 3.86 per cent recorded in the third quarter of 2024. NBS said in nominal terms, the…
Nigeria’s President Bola Tinubu has directed financial and capital market regulators to monitor the growing use of stablecoins and digital currencies in the country, warning that the shift away from traditional banking channels poses challenges that must be managed proactively. Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers…
Nigeria’s foreign reserves has reached $41 billion, highest point since December 2021, sparking cautious cheers in Abuja, the seat of government. To put it simply, foreign reserves are the country’s emergency savings, mostly in dollars, used to pay for imports like fuel, machinery, and food. Hitting this level is a sharp turnaround from late 2024…
