Author: Ifetayo Adeniyi

Central Bank of Nigeria | Credit: CBN The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said Nigeria’s net foreign exchange reserves rose sharply to $34.80bn at the end of 2025, signalling what he described as a significant strengthening in the country’s external buffers. In a press statement issued by the CBN on Monday, the apex bank said the improvement in both gross and net reserves reflected “stronger external sector fundamentals and sustained policy reforms.” Cardoso had earlier disclosed at the post-Monetary Policy Committee briefing on February 24, 2026, that Nigeria’s gross external reserves stood at $50.45bn as…

Elegbede Abiodun The Dangote Petroleum Refinery has raised its Premium Motor Spirit gantry price by N101, increasing the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country. A senior official at the refinery confirmed the development on Monday, noting that the adjustment followed recent volatility in global crude oil prices. “Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. Checks on petroleumprice.ng showed that the revised…

The Lagos State Scholarship Board has extended the registration deadline for its 2025/2026 Bursary and Scholarship Awards to March 6, 2026. In a public service announcement issued by its Public Affairs Unit on Sunday on its Facebook handle, the board said the extension provides an additional opportunity for eligible indigenous students of Lagos State in higher institutions across the country who are yet to complete their registration. “Registration will now close on Friday, 6th March, 2026. This extension provides an additional opportunity for eligible applicants who are yet to complete their registration,” the statement read. The board advised all interested…

The Minister of Education, Dr. Maruf Tunji Alausa. Credit: X | Maruf Tunji Alausa The Federal Government has approved N4 billion each for 12 selected universities of engineering and technology to rehabilitate workshops and procure modern equipment. The Minister of Education, Dr. Tunji Alausa, disclosed this on Monday at the inauguration of the Implementation Committee on Tertiary Education Trust Fund Special High-Impact Intervention Projects in Abuja. The News Agency of Nigeria reports that the intervention targets the rehabilitation of engineering and technology faculties in Federal Universities of Technology and conventional universities nationwide. Beneficiary institutions include FUT Minna, FUT Akure, FUT…

Elegbede Abiodun * Following the directive of President Bola Tinubu on revenues. The Federal Government has commenced the implementation of Executive Order 9 of 2026, mandating the direct remittance of oil revenues into the Federation Account Allocation Committee (FAAC). The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in a statement issued on Monday following the inaugural meeting of the implementation committee set up to enforce the directive. According to the minister, the move aligns with the directive of President Bola Tinubu that all revenues accruing to the federation from petroleum operations be managed strictly…

President of Dangote Group, Aliko Dangote, has shown his plans to expand into steel production, electricity generation and port development as part of a broader ambition to accelerate industrialisation across Africa. Dangote, whose conglomerate spans cement, sugar, salt, fertiliser, and petrochemicals, said his long term goal is to deepen Africa’s manufacturing base beyond oil refining and position the continent as a global industrial force. His latest flagship project, the Dangote Petroleum Refinery & Petrochemicals, is now operational and producing about 650,000 barrels of refined products daily. He said output is expected to double within the next three year as expansion…

Manny Ita  – Lebanon’s government on Monday banned the military and security activities of Hezbollah, marking an unprecedented move against the Iran-backed group as Israeli airstrikes pounded Beirut’s southern suburbs and multiple towns across the country. The decision came hours after Hezbollah announced it had launched rockets and drones toward Israel early Monday in response to the killing of Iran’s supreme leader, Ali Khamenei, in US-Israeli attacks. Israel responded with extensive bombardments, vowing to make the group pay a “heavy price”. At least 52 people were killed and 154 wounded in the strikes, according to the Lebanese government. The Israeli…

Manny Ita  – Young people from across the globe are converging on New York for international competitions that spotlight excellence in sports and entrepreneurship under the banner of “World Challenge” events. One of the flagship gatherings is the Youth World Challenge, an international football tournament designed to bring together youth teams from different countries in a competitive and culturally enriching environment. The competition features age categories including Under-10 and Under-12, with matches played in a seven-a-side format to encourage fast-paced and inclusive participation. Organisers describe the tournament as a “global youth football experience,” with participating teams guaranteed at least six…

The Nigerian private sector returned to growth in February, following a muted start to 2026. A renewed rise in new orders fed through to an accelerated increase in business activity. Employment, input buying and inventories were also up midway through the opening quarter of the year. Meanwhile, an improvement in the strength of the currency helped lead to an easing of inflationary pressures, with both purchase costs and output prices rising at the slowest rates in just over six years. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index™ (PMI®). Muyiwa Oni, Head of Equity…

In a landmark move to sanitize public finance and plug revenue leakages, Governor Dauda Lawal has ordered the immediate and total abolition of cash collections for all government revenues across Zamfara State. The directive marks a significant shift toward a fully digitized financial architecture, aimed at ensuring transparency and accountability in the state’s fiscal operations. The Governor announced the ban during a high-level town hall meeting convened in Gusau by the Zamfara State Internal Revenue Service (ZSIRS). The gathering was primarily organized to sensitize key stakeholders on the implications and opportunities presented by the Nigeria Tax Reform Acts 2025, which…