How Nigeria Lost N13trn to Forex Subsidy — World Bank   The Federal Government incurred a significant loss of N13.2tn in foregone revenue as a direct consequence of the implementation of its foreign exchange subsidy policy between 2021 and 2023, the World Bank has stated. It said...

Nigeria Lost 5% of GDP to Petrol Subsidy – Wale Edun The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says petrol subsidy cost Nigeria about 5 percent of its gross domestic product (GDP). On May 29, President Bola Tinubu said the petrol...

N'assembly Considers Bill to Increase VAT by 2.5% in 2025 Consumption tax, also known as value-added tax (VAT) may soon become higher in Nigeria. According to a report by The Cable, the National Assembly is reportedly considering a bill to increase value-added tax (VAT) from 7.5%...

In-country Food Production Will Strengthen Exchange Rate, Tame Inflation - Edun   The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday argued that with adequate in-country food production, the current high inflation rate will be curbed considerably. Edun made the comment as the...

Finally, Nigeria Begins Crude Oil Sales in Naira Nigeria has officially commenced the sales of crude oil and refined petroleum products in naira, the Federal Government has announced. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Saturday said that in line...

FG Imports Staple Foods to Tackle Shortages – Finance Minister  The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government has procured some imported staple foods such as maize and wheat to tackle food shortages in Nigeria. The minister made...