The National Bureau of Statistics (NBS) today reported that the headline inflation rate climbed by 4.4 percentage points to 24.23 percent in March, up from 23.18 percent in February 2025. This was revealed in its Consumer Price Index (CPI) Report for March 2025. According to the NBS: “The Consumer Price Index (CPI) rose to 117.34 in March 2025, indicating a 4.40-point increase from the previous month.” NBS said: “The Consumer Price Index (CPI) rose to 117.34 in March 2025 reflecting a 4.40-point increase from the preceding month. “In March 2025, the Headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%. “Looking at the movement, the March 2025 Headline inflation rate showed an increase of 1.05% compared to the February 2025 Headline inflation rate.”

Imports of Premium Motor Spirit (petrol) have dropped sharply from 44.6 million litres per day in August 2024 to 14.7 million litres by April 13, 2025—a decline of about 30 million litres or 67 per cent—according to the latest supply data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The Authority’s Chief Executive Officer, Farouk Ahmed, revealed this on Tuesday while briefing State House correspondents during the sixth edition of the "Meet-the-Press" series hosted by the Presidential Communications Team at the Aso Rock Villa in Abuja. Ahmed noted that local production rose significantly during the same period, increasing by 670 per cent. While local refineries contributed almost nothing in August, their output climbed to 26.2 million litres per day in early April, up from 3.4 million litres in September—the first month with measurable production. Ahmed attributed the growth to the phased restart of the Port Harcourt Refining Company in late November and increased contributions from modular refineries. Despite this progress, combined daily supply exceeded the government’s 50 million-litre consumption benchmark only twice over the eight-month period—56 million litres in November and 52.3 million litres in February. In March, supply dipped slightly below the target to 51.5 million litres and dropped further in early April to 40.9 million litres per day. Ahmed emphasized that the Authority only issues import licenses based on national supply needs.

Nigerians have flooded various social media platforms to express outrage and share stories of financial loss after a digital asset trading platform, CBEX, allegedly siphoned over N1.3 trillion from investors' accounts on Monday. The platform, which reportedly operated without regulatory approval from the Nigerian Securities and Exchange Commission (SEC), collapsed on Monday after funds mysteriously disappeared from users’ wallets. In the aftermath, CBEX locked its Telegram groups, suspended withdrawals, and introduced a controversial "verification" scheme—offering $2,000 or $1,000 in exchange for $200 or $100, respectively. The incident has triggered widespread condemnation across X (formerly Twitter). Commenting on the situation, cryptocurrency expert and security analyst Taiwo Owolabi revealed that the total amount stolen—so far—is estimated at $847 million in USDT, with the figure expected to rise. Owolabi also criticized investors for trusting an unregistered platform that promised a 100% return on investment. “They designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile. “What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.

Fitch Ratings has projected Nigeria’s external debt service to rise to $5.2 billion in 2025, underscoring increasing pressure on public finances despite ongoing economic reforms. The credit rating agency revealed this in a commentary published Friday, where it upgraded Nigeria’s long-term foreign-currency issuer default rating from ‘B-’ to ‘B’, with a stable outlook. According to Fitch, the government’s external debt service will grow from $4.7 billion in 2024 to $5.2 billion in 2025. This figure includes $4.5 billion in amortisation payments and a $1.1 billion Eurobond repayment scheduled for November. “Government external debt service is moderate but expected to rise... and fall to $3.5 billion in 2026,” Fitch noted, adding that the outlook reflects continued fiscal strain. The agency also pointed to a slight delay in the payment of a Eurobond coupon due March 28, 2025, as an indication of ongoing public finance management issues. While external debt service remains within manageable limits, Fitch highlighted major concerns, including high interest costs, poor revenue generation, and limited fiscal flexibility. It further estimated that Nigeria’s general government debt will hover around 51% of GDP in both 2025 and 2026, but warned that a significant share of revenue will be swallowed by interest payments. It stated, “We expect general government revenue-to-GDP to rise but to remain structurally low (averaging 13.3 per cent in 2025–2026), largely accounting for a high general government interest/revenue ratio, above 30 per cent, with federal government interest/revenue ratio of nearly 50 per cent.” The agency observed that Nigeria’s gross reserves rose to $41bn at the end of 2024, before declining to $38bn due to debt service payments. Despite this, Fitch expects the country’s reserves to average five months of current external payments over the medium term, above the median for similarly rated economies. It added that recent policy reforms had contributed to increased foreign exchange inflows and better monetary stability, with inflation projected to average 22 per cent in 2025. Fitch stated, “Net official FX inflows through the CBN and autonomous sources rose by about 89 per cent in Q4 2024. We expect continued formalisation of FX activity to support the exchange rate, although we anticipate modest depreciation in the short term.” Fitch praised the Nigerian government's dedication to economic reforms, citing key measures such as the removal of fuel subsidies, exchange rate liberalisation, and tighter monetary policy. According to the agency, these reforms have enhanced policy credibility and boosted the country's resilience to external shocks. Nonetheless, Fitch cautioned that Nigeria’s fiscal and external positions remain vulnerable, especially in the event of declining oil prices or delays in policy execution. This latest review follows earlier concerns from JP Morgan, which warned that sustained low oil prices could tip Nigeria’s current account into a deficit and potentially drive the naira past N1,700 to the dollar. Despite the risks, Fitch affirmed a stable outlook for Nigeria, noting that the reform agenda is beginning to deliver positive outcomes.

Power generation companies (GenCos) on Monday raised an alarm over a looming shutdown of power plants nationwide due to a staggering N4 trillion debt owed by the Federal Government. In a statement by Col. Sani Bello, Chairman of the Board of Trustees of the Association of Power Generation Companies (APGC), the GenCos revealed they are currently owed N2 trillion for electricity supplied in 2024, in addition to N1.9 trillion in outstanding legacy debts. They also pointed out that power plants are receiving less than 30 percent of their monthly invoices for electricity delivered to the national grid. The companies stated: “It is no more news that the power generation companies have continued to bear the brunt of the liquidity crisis in the Nigerian Electric Supply Industry (NESI). “GenCos on their part as responsible investors with patriotic zeal have made large-scale investments and have continued to demonstrate absolute commitment by ramping capacities in line with their contract these over (10) years, amid system constraints, policies & regulations that are not investors friendly, increasing debts owed by the FGN without a clear financing plan, lack of firm contracts and a market without securitisation but based on best endeavours, thereby hampering future planning. “Notwithstanding this and other severe difficulties the GenCos have battled with since takeover in 2013, they have kept to the terms of their contractual agreements by ramping up capacity which has been largely constrained systemically. “Against the backdrop of the many challenges facing the power sector in Nigeria, the crises from cash liquidity are on the top burner and have reduced GenCos ability to continue to perform their obligations, thereby threatening to completely undermine the Electricity value chain. “The GenCos expectations of being settled through external support such as the World Bank PSRO has also been dampened due to other market participants’ inability to meet their respective distribution linked indicators (DLIs), enshrined in the Power Sector Recovery Program (PSRP)”. The GenCos added: “In the light of the severity of the issues highlighted above, the GenCos are requesting that immediate and expedited action is taken to prevent national security challenges that may result from the failure of the GenCos to sustain steady generation of electricity for Nigerians. “The 2024 collection rate has dropped below 30%, and 2025 is not any better, severely affecting GenCos’ ability to meet financial obligations. Tax and Regulatory Challenges: High corporate income tax, concession fees, royalty charges, and new FRC compliance obligations are further straining GenCos’ revenue. GenCos are currently owed about N4 trillion (N2 trillion for 2024 and N1.9 trillion in legacy debts). No possible solutions, including cash payments, financial instruments, and debt swaps are in sight. “The 2025 government budget allocates only N900 billion, raising concerns about its adequacy to cover arrears and future payments. The power generated by GenCos have continued to be consumed in full without corresponding full payment, notwithstanding the commencement of the Partial Activation of Contracts in the NESI which took effect from July 1, 2022, the minimum remittance order, bilateral market declaration, waterfall arrangement, the risks of inflation, forex volatility with no dedicated window to cushion the effect of the forex impact, the supplementary MYTO order which leaves about 90% of GenCos monthly invoices unmet without a bankable securitisation, or financing plan. This situation has dire consequences for the GenCos and by extension the entire power value chain”. The companies which called for the implementation of payment plans to settle all outstanding GenCos invoices, observed that “the flow of money within the power industry is one of the fundamental problems preventing Nigerians from enjoying continued and sustainable improvement in electricity supply”.

Delta State has called on the Benin Electricity Distribution Company (BEDC) to end estimated billing by prioritising the widespread deployment of prepaid meters across the state. This appeal was made by the Commissioner for Energy, Sunday Tatabuzogwu, during a courtesy visit by BEDC’s Regional Head in Asaba, Mr. Gboyega Agunlejiga, and his team to the Ministry of Energy on Thursday. Tatabuzogwu emphasised that estimated billing continues to frustrate electricity consumers, particularly small-scale businesses that find it difficult to budget and manage their power usage effectively. He maintained that the key solution is the mass distribution of prepaid meters to all customers, beyond just those classified under Band A. “The focus should not be solely on Band A. BEDC must extend metering to Bands B, C, and D, where most small-scale industries fall. “This will ensure fairness, transparency, and help these businesses manage their electricity consumption and cost effectively,” Tatabuzogwu stated. He noted that Governor Sheriff Oborevwori’s administration, through the MORE Agenda, is consistently investing in electricity infrastructure across Delta State and expects BEDC to support these efforts by eliminating estimated billing for all consumers. The commissioner also urged the immediate energising of transformers provided by the state government and private individuals, cautioning that idle transformers are vulnerable to vandalism. He stressed that promptly powering these installations would safeguard public infrastructure and enhance electricity supply. Tatabuzogwu described Delta State as a rising force in Nigeria’s electricity sector, citing increasing investor interest in the region. He encouraged BEDC to maintain strong collaboration with the Ministry of Energy to prevent miscommunication and ensure seamless implementation of power projects.

The Federal Government of Nigeria has announced that citizens earning as little as N30,000 per month will be eligible to benefit from its proposed 77,400 housing units to be constructed across 774 local government areas nationwide. Minister of Housing and Urban Development, Ahmed Dangiwa, disclosed this during a recent meeting in Abuja with representatives of Creative Sphere Limited. He explained that the Renewed Hope Social Housing Programme aims to provide affordable homes for low-income Nigerians. Dangiwa stated that 80% of the houses will be allocated to low-income earners, while the remaining 20% will be distributed free of charge to the poorest Nigerians. He further emphasized that the project will be launched soon and is expected to be completed within one year. According to him, 100 housing units will be constructed in each of the 774 local government areas. “The federal government plans to construct 100 housing units in each of the 774 local government areas across the country, amounting to a total of 77,400 units. The construction is expected to be completed within one year from the date of launch. “Anyone earning as low as N30,000 per month will be able to purchase a house, as they will only need to pay N10,000 monthly, which is one-third of their earnings. Similarly, someone earning N90,000 will pay N30,000. “The remaining 20 percent of the housing units will be allocated free of charge to citizens with low or no income, such as widows, orphans, and others identified as vulnerable in society,” he stated.

The Federal Government of Nigeria has issued a stern warning to expatriates, stating that those who overstay their visas by more than six months will face a five-year entry ban, while a one-year overstay will attract a 10-year ban. Additionally, beginning August 1, overstaying a visa will incur a daily fine of $15 from the date of the visa’s expiry. This was disclosed by the Minister of Interior, Olubunmi Tunji-Ojo, during a meeting with the Organised Private Sector and other stakeholders in Ikeja, Lagos, on Friday, where he unveiled the Ministry’s new Expatriate Administration System. “Our records indicate fewer than 50,000 expatriates in Nigeria, which we know is inaccurate. “We need to establish the true number of foreigners living in the country. A nation without reliable data cannot progress, as data is the foundation of effective planning,” he said. Starting May 1, several key reforms will take effect, including automated Landing and Exit Cards, an Electronic Visa system, Expatriate Comprehensive Insurance, and an enhanced Combined Expatriate Resident Permit and Alien Card (CERPAC). Additional measures include the introduction of a Temporary Resident Visa, a Temporary Work Permit, and an updated Expatriate Quota system.

China announced on Friday that it will raise tariffs on U.S. goods to 125 percent, while dismissing any further tariffs from President Donald Trump, arguing that American imports are no longer economically viable. Following a turbulent week of escalating trade tensions between the world’s two largest economies, Beijing brushed off Trump’s aggressive tactics, calling them a “joke” and a mere “numbers game.” China blamed Trump for triggering global market instability through sweeping tariff hikes, insisting that the United States must take full responsibility for the resulting economic disruption. Trump has implemented widespread tariffs targeting major economies in an attempt to pressure companies to relocate to the U.S. and to reduce trade barriers for American goods. However, after a chaotic week in the markets, he eased off, pausing many tariffs for 90 days — though he increased levies on Chinese goods to a striking 145 percent. China’s latest response raises its tariffs to 125 percent starting Saturday. But its finance ministry stated that any new U.S. actions would be ignored, as the current tariff levels make American goods unviable in the Chinese market. “The United States’ imposition of round upon round of abnormally high tariffs on China has become a numbers game with no practical significance in economics,” Beijing’s commerce ministry said. “If the US continues to play the tariff numbers game, China will ignore it,” a spokesperson said. Beijing also said it would file a lawsuit with the World Trade Organization over the latest round of levies. Beautiful thing’ – Trump has acknowledged “a transition cost and transition problems” arising from his tariff strategy, but he has dismissed global market turmoil. “In the end it’s going to be a beautiful thing,” he said. He described the European Union as “very smart” to refrain from retaliatory levies. “(The EU) were ready to announce retaliation. And then they heard about what we did concerning China’,” Trump said. But the 27-nation bloc’s chief Ursula von der Leyen told the Financial Times that it remained armed with a “wide range of countermeasures” if negotiations with Trump hit the skids. “An example is you could put a levy on the advertising revenues of digital services” applying across the bloc, she said. French President Emmanuel Macron also urged the EU to keep preparing action to counter the tariffs, which are only paused but not scrapped. “With the European Commission, we must show ourselves as strong: Europe must continue to work on all the necessary counter-measures,” he said on X. At talks with Spain’s Prime Minister Pedro Sanchez on Friday, state media quoted Xi as saying that China and the EU should simply team up on the issue. “China and Europe should fulfil their international responsibilities… and jointly resist unilateral bullying practices,” Xi said. THE LOUNGE: Mind-Reading or Effort, What Do Women Really Want? | Punch0:00 / 0:00 But following market turmoil this week, he blinked first in his push to remodel the post-war system of global commerce and froze many tariffs for 90 days, although he raised them for China to a staggering total of 145 percent. Beijing’s latest round of retaliation brings its levies to 125 percent, effective Saturday. But the Chinese finance ministry said further action by the US will be ignored because “at the current tariff level, there is no possibility of market acceptance for US goods exported to China”. “The United States’ imposition of round upon round of abnormally high tariffs on China has become a numbers game with no practical significance in economics,” Beijing’s commerce ministry said. “If the US continues to play the tariff numbers game, China will ignore it,” a spokesperson said. Beijing also said it would file a lawsuit with the World Trade Organization over the latest round of levies. – ‘Beautiful thing’ – Trump has acknowledged “a transition cost and transition problems” arising from his tariff strategy, but he has dismissed global market turmoil. “In the end it’s going to be a beautiful thing,” he said. He described the European Union as “very smart” to refrain from retaliatory levies. “(The EU) were ready to announce retaliation. And then they heard about what we did concerning China’,” Trump said. But the 27-nation bloc’s chief Ursula von der Leyen told the Financial Times that it remained armed with a “wide range of countermeasures” if negotiations with Trump hit the skids. “An example is you could put a levy on the advertising revenues of digital services” applying across the bloc, she said. French President Emmanuel Macron also urged the EU to keep preparing action to counter the tariffs, which are only paused but not scrapped. “With the European Commission, we must show ourselves as strong: Europe must continue to work on all the necessary counter-measures,” he said on X.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said that Nigerians will soon benefit from the recent decline in global crude oil prices, following Dangote Refinery’s announcement of a price cut in premium motor spirit. PETROAN’s spokesperson, Joseph Obele, disclosed this in a statement on Thursday. His comments came less than 24 hours after the Nigerian government reiterated its commitment to the naira-for-crude oil sales agreement. Shortly after, Dangote Refinery reduced its ex-depot petrol price by N13, dropping from N880 to N867 per litre, as relayed to marketers. Reacting to the development, PETROAN said, “The global crude oil price continues to fluctuate. PETROAN is optimistic that the Naira-for-Crude policy will help to insulate the Nigerian economy from the volatility of the global market. “By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers. “With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers.”