Category: Economy
Tinubu Approves 15% Import Duty on Petrol, Diesel; Pump Prices Set to Rise
President Bola Tinubu has approved the immediate implementation of a 15 per cent ad-valorem import duty on petrol and diesel, a move aimed at protecting Nigeria’s burgeoning local refining industry but is expected to lead to an increase in fuel pump prices across the country. The directive was conveyed in a letter dated October 21,…
Economists Urge CBN to Introduce N10,000, N20,000 Notes as Naira Value Plummets
A new economic report is urging the Central Bank of Nigeria (CBN) to introduce higher-value currency notes, such as N10,000 and N20,000 bills, to combat the severe decline in the naira’s purchasing power and restore its portability. The review, conducted by Quartus Economics and titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warns…