Nigerian banks increased their lending to the Federal Government by N15.66 trillion over the past year, underscoring the growing dominance of public sector borrowing in the country’s credit market. Data from the Central Bank of Nigeria (CBN) shows that credit to government rose from N23.93 trillion in April 2025 to N39.60 trillion in April 2026, representing a 65.44 per cent increase year-on-year. The sharp rise means government borrowing accounted for the bulk of the expansion in domestic credit during the period, while lending to businesses and households recorded only modest growth. According to the CBN’s money and credit statistics, net…
Author: Elvis Eromosele
The Nigeria Union of Teachers (NUT) has directed all public school teachers in Oyo State to embark on an indefinite strike following the abduction of teachers and pupils in Oriire Local Government Area. The directive, which takes effect from Monday, June 1, 2026, was contained in a statement issued by the Oyo State Wing of the NUT and signed by the State Secretary, Comrade Salami B. Olukayode, on behalf of the union’s national leadership. The industrial action comes more than two weeks after armed men abducted teachers and pupils during coordinated attacks on schools in communities near Ogbomoso. The victims…
Nigeria imported £1.1 billion worth of refined petroleum products from the United Kingdom in 2025, underscoring the country’s continued dependence on imported fuel despite ongoing investments aimed at boosting local refining capacity. The figure was contained in the latest Trade and Investment Factsheet released by the UK Department for Business and Trade, which showed that refined oil remained the largest British export to Nigeria during the 12 months ended December 2025. According to the report, refined petroleum products accounted for 60.5 per cent of all UK goods exports to Nigeria, with export value rising by 9.4 per cent compared to…
The Lagos State Government has recorded 21,603 planning permit applications within a 10-month period, reflecting growing compliance with physical planning regulations and increasing public confidence in the state’s approval process. Abiodun Olumide, Commissioner for Physical Planning and Urban Development, disclosed this during the 2026 Ministerial Press Briefing held in Alausa, Ikeja. According to him, the Lagos State Physical Planning Permit Authority (LASPPPA) received 21,603 applications between June 2025 and March 2026, out of which 17,279 were approved. A breakdown of the figures showed that between June and December 2025, LASPPPA received 14,549 applications and granted 11,701 approvals. Between January and…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a strong financial performance in April 2026, with revenue rising by 79 per cent month-on-month to N4.97 trillion, driven by higher crude oil production and improved operational efficiency. According to the company’s April 2026 operational and financial report released on Saturday, revenue increased significantly from N2.77 trillion recorded in March 2026. The report also showed that profit after tax rose sharply to N481 billion in April, compared to N276 billion in the previous month, underscoring the company’s improving financial position. NNPC attributed the improved performance largely to higher crude oil and…
Honeywell Flour Mills Plc has reported a profit before tax of N21.9 billion for the financial year ended March 31, 2026, despite a decline in revenue, as lower production costs and stronger finance income boosted earnings. The company’s audited financial statements filed with the Nigerian Exchange (NGX) showed that profit before tax rose by 3.3 per cent from N21.2 billion recorded in the previous year. In a move likely to excite shareholders, the Board of Directors recommended a dividend payout of N1.59 billion, representing 20 kobo per ordinary share of 50 kobo each. The company did not declare a dividend…
Peter Obi, Presidential candidate of the Nigerian Democratic Congress (NDC), has pledged to increase Nigeria’s electricity generation and distribution capacity by at least 10,000 megawatts (MW) within four years if elected president in 2027. Obi made the promise on Saturday while accepting the party’s presidential nomination at its convention in Abuja, where he also unveiled a broad reform agenda covering power, healthcare, education, security, agriculture, and governance. The former Anambra State Governor described Nigeria’s chronic power deficit as one of the biggest obstacles to economic growth, industrial development and job creation. “We currently generate and distribute a mere 4,000 megawatts…
Distinguished leaders from business, governance, media, education, faith-based institutions, and civil society have called for a deliberate national commitment to mentorship, leadership development, and intergenerational knowledge transfer as critical pillars for Nigeria’s future. The call was made at the Passing the Torch Initiative, organised in celebration of the 60th birthday of renowned leadership mentor and corporate executive, Idy Enang, whose life and work have been dedicated to developing people, building leaders, and creating opportunities for the next generation. The event, themed “Mentorship as a Catalyst for Nation Building,” featured a keynote address by Pastor Tunde Bakare, remarks by Dr. Vitus…
Nigeria’s petrol prices surged sharply in April 2026, with the average retail price of Premium Motor Spirit (PMS) climbing to N1,532.93 per litre, underscoring the continued impact of deregulation, foreign exchange pressures, and rising distribution costs on consumers and businesses. The latest Petrol Price Watch report released by the National Bureau of Statistics shows that fuel costs recorded significant increases on both a monthly and annual basis, further intensifying inflationary pressures across the economy. According to the report, the average retail price of petrol rose by 18.97 per cent month-on-month, increasing from N1,288.54 per litre in March 2026 to N1,532.93…
The Central Bank of Nigeria (CBN) has extended the enforcement deadline for its mandatory Point of Sale (PoS) terminal geo-fencing framework to August 1, 2026, while significantly increasing the permitted operating radius for terminals from 10 metres to 70 metres. The directive was contained in a circular dated May 29, 2026, and signed by Dr. Rakiya O. Yusuf, Director of the Payments System Supervision Department. The extension provides banks, mobile money operators, payment service providers, switching companies, and other licensed operators additional time to meet compliance requirements and address outstanding technical issues. Under the revised framework, the approved geo-fence radius…