The Dangote Petroleum Refinery and Petrochemicals has suspended its discounted fuel supply scheme following the uncovering of widespread fraud allegedly perpetrated by some of its affiliate marketers and strategic partners. The scheme, originally designed to make refined petroleum products more affordable and accessible nationwide, was halted on July 13, 2025, after internal investigations revealed large-scale
The President of Dangote Group, Alhaji Aliko Dangote, has announced an ambitious plan to reduce the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, across Nigeria. As part of this effort, he revealed that his refinery currently produces 22,000 tonnes of LPG daily and is ramping up production to meet domestic needs.
The International Monetary Fund (IMF) has pledged to deepen its support for Nigeria’s Federal Inland Revenue Service (FIRS) as the agency implements far-reaching reforms aimed at improving tax administration and boosting government revenue. This commitment was reaffirmed during the IMF-supported Headquarters Mission to Nigeria, which opened this week at the FIRS headquarters in Abuja. Speaking
The International Monetary Fund (IMF) has warned that Nigeria must urgently revise its 2025 budget to avert a looming fiscal crisis, citing risks of a significantly higher deficit than initially projected. In its latest Article IV Consultation Report, the IMF projects that Nigeria’s fiscal deficit could rise to 4.7% of its Gross Domestic Product (GDP),
Nigeria’s Federal Government generated ₦6.9 trillion in revenue between January and April 2025, marking a 40% increase from the ₦5.2 trillion recorded during the same period in 2024. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the second-quarter 2025 Citizens and Stakeholders Engagement Session held in
The Federal Government of Nigeria is in advanced negotiations with the World Bank to secure an additional $65 million for the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project. If approved, the new financing will raise the total project funding to $145 million. According to official documents obtained from the World Bank, the funding
The Major Energies Marketers Association of Nigeria (MEMAN) has announced plans to engage with Dangote Petroleum Refinery and relevant government agencies to better understand the logistics and implications of Dangote’s recently announced direct fuel distribution strategy, set to begin nationwide on August 15, 2025. Speaking during a webinar hosted by MEMAN on Thursday, the association’s
The House of Representatives Public Accounts Committee (PAC) has issued a stern ultimatum to 13 oil firms, demanding their appearance before the committee over allegations of not remitting approximately $456.95 million (₦731.1 billion) in revenues owed to the federal treasury. The PAC’s spokesman, Akin Rotimi, confirmed that despite repeated invitations and public notices, the companies
Nigeria’s major crude oil grades have recorded a sharp price increase amid rising geopolitical tensions in the Middle East, as fears of a full-blown conflict between Israel and Iran push global energy markets into turmoil. As of Sunday, Bonny Light crude climbed to $78.62 per barrel, while Brass River and Qua Iboe were priced at
The Bank of Industry (BOI) is set to roll out two major initiatives: a Youth Bank and an Impact Fund, aimed at advancing youth-led innovation and supporting enterprise development across Nigeria. BOI’s Managing Director, Olasupo Olusi, made this known while speaking at the maiden edition of the Innovation and Entrepreneurship Development Lecture held at Obafemi
