Lagos, February 15, 2026 – In a significant move to enhance retirement security and restore confidence in the Contributory Pension Scheme (CPS), the Ogun State Government under Governor Dapo Abiodun has approved the introduction of an Additional Pension Benefit (APB) for retirees and workers transitioning under the scheme. The announcement came during a high-level strategic…
The Nigerian Senate has set Tuesday, March 17, 2026, as the firm target date for the final consideration and passage of the ₦58.472 trillion 2026 Appropriation Bill, marking a decisive step toward shaping federal spending priorities for the year ahead. This timeline was confirmed by the Chairman of the Senate Committee on Appropriations, Senator Solomon…
Lagos, Nigeria – January 15, 2026 – The Nigeria Revenue Service (NRS) has firmly debunked widespread misinformation claiming that the recently enacted Nigeria Tax Act introduced Value Added Tax (VAT) on banking fees, commissions, and related charges.In an official statement released today, the NRS emphasized that VAT has always applied to fees and commissions for…
Clarion Newschannel – January 2, 2026 The International Monetary Fund (IMF) forecasts that several African nations will lead the world in economic growth for 2026, with multiple countries expected to achieve expansion rates exceeding 6%, far outpacing the projected global average of around 3.1%.According to the latest IMF data and analyses, emerging and developing economies…
New York – December 30, 2025 (Clarion Newschannel) – As 2025 draws to a close, major U.S. and global stock indexes are hovering near all-time highs, poised for robust double-digit annual gains despite a year marked by intense tariff wars, shifting central bank policies, and persistent geopolitical tensions.The S&P 500, the benchmark for U.S. large-cap…
In a striking reveal from the Central Bank of Nigeria (CBN)’s latest money and credit statistics, Nigerians held ₦4.47 trillion in currency outside the banking system in September 2025. At the same time, the broad money supply (M3) contracted to ₦117.78 trillion, down from ₦119.69 trillion in August a reduction of ₦1.91 trillion or 1.6…
The Central Bank of Nigeria (CBN) has clarified that the $1.25 billion spent on oil sector imports in the first quarter of 2025 was not a direct intervention from the apex bank but transactions carried out through authorized dealers within the foreign exchange market. The clarification followed reports suggesting that the CBN directly financed the…
Naira Records Strongest Level Under EFEMS Nigeria’s local currency, the naira, appreciated sharply on Monday to ₦1,452.79 per U.S. dollar in the official foreign exchange market – its highest level since the launch of the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. The current figure represents a ₦208.33 gain, or 14.3 percent appreciation,…
Nigeria’s foreign exchange market is facing renewed tension as Bureau De Change (BDC) operators struggle to stay afloat following the Central Bank of Nigeria’s (CBN) decision to stop selling dollars directly to them. The move, which the apex bank said was aimed at curbing market abuse and speculative trading, has left thousands of licensed forex…
In a landmark decision, Financial Action Task Force (FATF) has removed Nigeria from its “grey list” of jurisdictions under enhanced monitoring for money-laundering and terrorist-financing risks. At the October 2025 plenary in Paris, the Paris-based body formally announced the delisting. Why Nigeria Was Grey-Listed Nigeria was placed on the grey list in February 2023 after…