President Bola Tinubu has approved the imposition of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria. The move, aimed at safeguarding local refineries and stabilising the downstream oil market, is expected to trigger a rise in pump prices nationwide. According to a letter dated October 21, 2025 — made public on October 30, 2025 — and addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the President directed the immediate enforcement of the new tariff under what the government described as a “market-responsive import tariff framework.” The directive, conveyed through a letter signed by his Private Secretary, Damilotun Aderemi, followed a proposal submitted by the Executive Chairman of the FIRS, Zacch Adedeji. The proposal recommended a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect prevailing domestic market conditions. In his memo to the President, Adedeji noted that the initiative was part of the administration’s broader reforms to encourage local refining, promote price stability, and strengthen Nigeria’s naira-based oil economy in line with the Renewed Hope Agenda for energy security and fiscal sustainability. “The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated. The FIRS boss also warned that the current misalignment between locally refined products and import parity pricing has created instability in the market. “While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

Economic experts have called on the Central Bank of Nigeria (CBN) to introduce higher-denomination naira notes, ₦10,000 and ₦20,000, to restore the currency’s value, improve transaction efficiency, and reduce the cost of cash handling in the country. According to a recent economic review, the persistent depreciation of the naira has rendered the ₦1,000 note, Nigeria’s highest denomination, practically inadequate for everyday transactions. The report noted that while ₦1,000 was worth about $7 in 2005, it now trades for less than 60 cents, representing a staggering 94 percent decline in real value over the past 20 years. The analysts argued that introducing higher-value notes would not fuel inflation, explaining that price increases stem from production costs and market demand, not from the size of currency denominations. They pointed out that many countries with similar economic challenges have adopted higher denominations to preserve currency convenience without destabilising prices. They further observed that many Nigerians—especially traders and residents in rural areas—are forced to carry bulky cash for routine purchases due to the limited value of existing notes. Additionally, the cost of printing, transporting, and securing lower-denomination notes has become a significant financial burden for the CBN. The review recommended either introducing ₦10,000 and ₦20,000 notes or considering a currency redenomination to improve cash management, enhance transactional ease, and align Nigeria’s monetary system with international standards. Experts concluded that the move would not amount to printing excess money but rather to modernising the naira to reflect current economic realities and its severely weakened purchasing power.

The House of Representatives has granted approval for President Bola Tinubu’s request to obtain $2.35 billion in foreign loans to help bridge Nigeria’s 2025 budget deficit. In addition, the lawmakers endorsed the issuance of a $500 million sovereign sukuk on the international market — an Islamic bond aimed at funding key infrastructure projects and diversifying Nigeria’s borrowing sources. These approvals came after the House adopted the report of its Committee on Aids, Loans, and Debt Management during Wednesday’s plenary session. According to the 2025 Appropriation Act, the approved borrowing includes ₦1.84 trillion (approximately $1.23 billion) in new external loans, based on an exchange rate of ₦1,500 per dollar, to help fund the projected ₦9.28 trillion fiscal deficit. In his earlier communication to the National Assembly, President Tinubu cited Sections 21(1) and 27(1) of the Debt Management Office (DMO) Act, which require legislative approval for external borrowing. He noted that the proposed loans may be raised through Eurobonds, syndicated loans, or bridge financing — depending on prevailing market conditions — and that interest rates would align with Nigeria’s existing international bonds, currently yielding between 6.8% and 9.3%. Explaining the rationale for the $500 million international sukuk, Tinubu said it would attract new investors, deepen Nigeria’s capital market, and fund vital infrastructure projects. He added that since 2017, domestic sukuk issuances have raised over ₦1.39 trillion for road and capital development, and the new international issuance would complement those efforts. Up to 25% of the sukuk proceeds may also be used to refinance existing high-interest debt. With the House’s approval, the Federal Government can now proceed with the implementation of its 2025 external financing strategy.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has applauded President Bola Tinubu’s economic reforms, noting a significant drop in food prices — particularly rice, which has fallen from ₦120,000 to ₦80,000 per bag. Edun said the reduction reflects the positive impact of Tinubu’s policies, which, according to him, have set the nation “firmly on the right path” toward recovery and growth. He further noted that prices of other staple items such as garri, pepper, and tomatoes have also declined in recent weeks. His remarks were contained in a publication titled “Nigeria Turns Towards Prosperity,” written by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, and shared by the Finance Minister. While acknowledging the improvement, the statement admitted that many Nigerians still face “tough realities” as the administration continues efforts to stabilize the economy and ease the cost of living

Chairman of Dangote Petroleum Refinery, Aliko Dangote, has revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange (NGX) within the next year. In an interview with S&P Global, Dangote explained that the move aligns with the approach taken by other Dangote Group companies already listed on the stock market, including Dangote Cement and Dangote Sugar Refinery. “We don’t want to keep more than 65%-70%,” Dangote said, adding that the refinery shares would be offered gradually, depending on investor demand and market conditions. Dangote also revealed that the group is exploring strategic partnerships with investors from the Middle East to fund the refinery’s expansion and support a new petrochemicals project in China. He stated: “Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners.” Dangote also hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery. The national oil company had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could take place once the refinery’s next growth phase begins. Refering to the NNPCL’s stake, he said, “I want to demonstrate what this refinery can do, then we can sit down and talk”. The refinery which began operations in 2024, plans to ramp up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of this year.

Nigeria’s inflation rate dropped by 2.1 percentage points to 18.02 percent in September 2025, down from 20.12 percent recorded in August, marking the sixth straight month of decline since April 2025. The National Bureau of Statistics (NBS) revealed this in its Consumer Price Index (CPI) report for September 2025. Similarly, food inflation fell by 2.34 percentage points to 19.53 percent in September, compared to 21.87 percent in August 2025.

The Central Bank of Nigeria (CBN) has issued a directive compelling Deposit Money Banks and other financial institutions to refund customers within 48 hours for failed Automated Teller Machine (ATM) transactions. The move forms part of a broad reform aimed at strengthening consumer protection and restoring public confidence in the nation’s banking system. The directive is contained in a draft guideline released by the apex bank on Saturday, titled *“Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”* The document, signed by Musa I. Jimoh, Director of the Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM operators. Stakeholders are expected to submit feedback by October 31, 2025. According to the draft, failed “on-us” transactions—those conducted on a customer’s own bank’s ATM—must be reversed immediately. If technical issues delay instant reversal, banks are required to process refunds manually within 24 hours. For “not-on-us” transactions—carried out on other banks’ ATMs—refunds must be completed within 48 hours. “Customers must not be made to suffer for failed transactions resulting from system errors or network disruptions,” the CBN emphasized. In a major policy shift, the apex bank also directed financial institutions and ATM acquirers to deploy systems that automatically reverse failed or partial transactions, eliminating the need for customers to lodge complaints. Funds trapped due to unsuccessful disbursements must be promptly reconciled and returned to customers. The CBN noted that the new measures respond to widespread complaints over delayed reversals and poor customer service, adding that the reforms are designed to improve reliability, enhance consumer protection, and modernize Nigeria’s payment ecosystem in line with international standards. The draft guideline also sets new operational benchmarks for ATM deployment. Banks and card issuers must provide at least one ATM per 5,000 active cards, with compliance targets of 30% by 2026, 60% by 2027, and 100% by 2028. Any deployment, relocation, or removal of ATMs will require prior CBN approval. For safety and efficiency, all ATMs must be equipped with anti-skimming devices, CCTV cameras, and installed in secure, well-lit locations. Machines must also comply with Payment Card Industry Data Security Standards (PCI-DSS), maintain audit trails, and display active helpdesk contact details. Additionally, at least 2% of ATMs must feature tactile symbols to aid visually impaired users. Other operational requirements include dispensing cash before card ejection, offering free PIN changes, issuing receipts for all transactions (except balance inquiries), displaying transparent transaction fees, dispensing only clean notes, and maintaining backup power to minimize downtime. The guideline limits ATM downtime to a maximum of 72 consecutive hours, after which operators must inform the public of the reason and expected restoration time. The CBN said it will monitor compliance through audits, on-site inspections, and monthly reports detailing ATM deployments and locations. Defaulting institutions will face sanctions, though the specific penalties were not disclosed. According to the apex bank, the reforms were necessitated by increasing complaints of failed transactions, cyber fraud, and deteriorating service quality. “Our goal is to build a payment system that functions efficiently for all Nigerians—both in urban and rural communities,” it stated. Nigeria’s electronic payment sector has expanded rapidly, boasting over 200 million cardholders and growing digital adoption. However, persistent network failures, poor infrastructure, and delayed reversals have continued to undermine user confidence—issues the CBN now seeks to decisively address.

The management of Dangote Petroleum Refinery has strongly refuted claims that it is importing dirty or high-sulfur petrol (PMS) into Nigeria, describing the reports as false, malicious, and misleading. In a statement, the management explained that the refinery processes various crude oils and intermediate feedstocks — a common global practice designed to optimise both production and quality. It clarified that the cargo in question is an intermediate feedstock, not finished petrol, and will undergo full refining at its facilities to meet both Nigerian and international quality standards. As a world-scale refinery complex, that is operating within a Free Trade Zone, the statement affirms that Dangote Refinery refines and sells only high-quality fuels that are compliant with all regulatory specifications. “…Our exports of petroleum products to the United States and Europe, among the world’s most regulated markets, underscore our adherence to global benchmarks.” The refinery further stated that all its imports are backed by quality certificates, which are transparently shared with regulatory authorities. It added that “Dangote Petroleum Refinery is prepared to make these documents publicly available in the spirit of transparency and accountability.” The management also reaffirmed its commitment to promoting Nigeria’s energy independence, maintaining the highest standards of quality and transparency, and providing cleaner fuels for both domestic and international markets.

The Federal Government lost an estimated 13.5 million barrels of crude oil, worth about $3.3 billion, to theft and pipeline vandalism between 2023 and 2024, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, disclosed this in Lagos on Thursday during the 2025 conference of the Association of Energy Correspondents of Nigeria (NAEC). Speaking on the theme, *“Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth,”* Orji lamented the continued lack of transparency and accountability in the oil and gas industry, describing it as a major barrier to sustainable national development. He noted that the lost revenue could have funded the federal health budget for an entire year or provided electricity access to millions of households nationwide. He said: “The funds owed could have financed critical infrastructure, improved healthcare delivery, or supported the development of energy access projects. “Transparency and accountability are not optional—they are necessary conditions for a sustainable energy future.” Orji stressed that NEITI remains committed to ensuring that every barrel of crude produced in Nigeria is properly accounted for. He said the agency’s ongoing reforms have moved it beyond auditing to becoming a governance reform institution. “Over the past decade, NEITI has institutionalised regular audits of the oil, gas, and solid minerals sectors. “We are tracking production, payments, and remediation; developed the Beneficial Ownership Register that unmasked the real owners of over 4,800 extractive assets; and launched the NEITI Data Centre to provide real-time access to industry information,” he noted.

Neighbouring countries such as Benin and Togo have defaulted on more than half of their electricity payments to Nigeria for power supplied in the second quarter of 2025, according to the Nigerian Electricity Regulatory Commission (NERC). In its Second Quarter 2025 Report, NERC revealed that six international bilateral customers who receive electricity from Nigerian generation companies remitted only $9.01 million out of a total invoice of $17.54 million issued by the Market Operator for services rendered during the period. This resulted in an outstanding balance of about $8.53 million, reflecting a remittance performance of 51.33 per cent. The report identified Benin’s Société Béninoise d’Énergie Électrique (SBEE), Togo’s Compagnie Energie Electrique du Togo (CEET), and Niger’s NIGELEC as the major international buyers. Mainstream Energy Solutions, for instance, received $2.59 million out of a $3.71 million invoice issued to NIGELEC, representing a 69.8 per cent payment rate. However, CEET made no remittance for its $4.31 million power bill, while SBEE, which sources electricity from Transcorp and Paras Energy, also failed to settle its invoice in full. “The six international bilateral customers being supplied by GenCos in the NESI made a payment of $9.01m against the cumulative invoice of $17.54m issued by the MO for services rendered in 2025/Q2, translating to a remittance performance of 51.33 per cent,” NERC said. It added that the domestic bilateral customers made a cumulative payment of N1.4bn against the invoice of N2.8bn issued to them by the MO for services rendered in 2025/Q2, translating to 50.10 per cent remittance performance. In total, Transcorp (Ughelli)–SBEE was the only contract that achieved full remittance, paying its entire $5.47m invoice. Others, including Paras–SBEE, Paras–CEET and Odukpani–CEET, recorded zero payment for the period. NERC added that one of the domestic bilateral customers made partial settlements for older invoices outside the quarter under review. “It is noteworthy that one domestic bilateral customer made payments during 2025/Q2 for outstanding MO invoices from previous quarters. The MO received N10.53m from Trans-Amadi (OAU/FMPI) towards outstanding invoices from previous quarters,” the report stated.