Day: May 9, 2025

Nigeria’s landmark tax reform bills, currently awaiting final approval from the Senate, are expected to deliver significant relief to millions of workers by increasing disposable income, reducing living costs, and safeguarding low-income earners. The reforms, championed by the Presidential Committee on Fiscal Policy and Tax Reforms, have already passed the House of Representatives and are poised to reshape the nation’s fiscal landscape. Dr. Taiwo Oyedele, Chairman of the committee, highlighted the bills as a game-changer for Nigeria’s workforce. In a statement, he emphasized that the proposed changes would exempt workers…

Nigerian crude oil prices have fallen sharply below $65 per barrel, dipping well under the Federal Government’s budget benchmark and exacerbating economic concerns in Africa’s largest oil producer. The decline is attributed to a combination of global oversupply, weakening demand, and the Organisation of the Petroleum Exporting Countries and its allies (OPEC+)’s decision to ramp up production, despite mounting market skepticism. The slump in prices has left cargoes scheduled to load from Nigeria on May 10 unsold, highlighting tepid buyer interest and doubts about the future of West African crude…

The Nigerian Exchange (NGX) wrapped up the first trading week of May with a modest rebound, as investors pocketed N151.91 billion in gains amid renewed bargain hunting and optimistic sentiment surrounding the release of Q1 2025 earnings. The market’s upward momentum reversed earlier losses from a shortened trading week, signaling a cautious yet hopeful outlook among traders. The All-Share Index (ASI) climbed 0.27 per cent week-on-week, closing at 106,042.57 points, while market capitalization surged to N66.65 trillion. This performance was driven by increased buy-side interest in key mid- to large-cap…