General News
What the Recent Oil Disruption Means for Nigeria

By Lukman Otunuga, senior,Research Analyst,FXTM
The unprecedented Oil disruption in Saudi Arabia in September shocked the markets and triggered multiple financial reactions for investors across the globe.
Oil prices exploded 20 percent higher on Monday September 16 after attacks on Saudi Oil fields caused disruptions of 5.7 million barrels per day, roughly five percent of global Oil supplies. Oil later gave back gains after Saudi Arabia pledged that Oil production would be up and running by the end of September.
However, there are doubts that the damage – which is thought to run into the hundreds of millions of Dollars – will be fixed so quickly.
Dynamic influencing Oil market swing back and forth
The uncertainty is also disrupting Oil prices, which spike intermittently before calming on data like the US Energy Information Administration’s (EIA) report about a 2.4 million barrel build in Crude oil inventories on September 25.
On top of that, geopolitical tensions in the Middle East add more concerns for the short-term future of Oil markets.
Going forward, Oil prices are expected to be more sensitive to negative supply shocks, at least in the short term. If the serious tensions between Iran and the US escalate, Oil prices may be supported with a degree of upside potential.
OPEC continues with its quest to stabilize markets
Another factor to consider is OPEC’s reaction and possible change of mind over its supply cut policy. As recently as September 12, OPEC persuaded Nigeria to join supply cuts to prevent a global glut from drastically undercutting prices and Oil revenues for Oil-producing countries. The supply-side circumstances have changed considerably since then.
Recent reports have revealed that OPEC’s oil output fell to an eight-year low in September, pumping 28.9 million barrels per day (bpd) which was down 750,000 bpd from August’s revised figure and lowest monthly total since 2011.
Should Saudi Arabia experience more attacks or take longer than expected to restore normal Oil production from the damaged facilities, OPEC may need to reconsider supply cuts and increase production so its members can meet global supply demand.
At the time of writing, Nigeria’s Light Sweet Crude Oil Kwa Ibo and Bonny Light are trading at their normal level of $3 above the Brent Crude benchmark because Saudi Arabia has pledged to be back to normal light Crude oil production levels by the end of September. In the meantime, Saudi Arabia has restored output to 11.3 million barrels per day but is relying on sales of heavy Crude oil. Should Saudi Arabia disappoint the market’s expectations, light sweet Crude oil prices may change in Nigeria’s favour.
Overall, given how Oil sales account for roughly 70 percent of government revenues and 90 percent of Nigeria’s foreign exchange earnings, if the recent disruption results in a net rise in Oil prices, it could offer short-term support to the nation.
Impact on Nigeria’s economic growth
As an emerging market energy exporter, the prospects of rising Oil prices should feed back into Nigeria’s economic growth. Higher Oil prices would boost the nation’s foreign exchange reserves, promote foreign exchange stability and boost government spending in economic infrastructure which in turn would be positive for growth.
On the other hand, Nigeria’s fiscal and monetary policy makers must always be on the lookout for inflationary pressures. In August, inflation in Nigeria fell to 11.02 percent, a 43-month low. But higher Oil prices may squeeze company and consumer transportation budgets, re-igniting inflation.
Higher Oil price could hit consumer spending
The flip side of higher Oil prices is the risk of rising inflation. This would likely drag on consumer spending and complicate central bank efforts to ease monetary policy, which may end up pressuring economic growth.
On a larger scale, the threat of a global recession lurks around the corner. Rising Oil prices could also threaten global growth with higher running costs.
While Nigeria and energy producers would welcome higher Oil prices, everyone will lose if unaffordable costs tip the global economy into recession.
Diversification remains the cure to Nigeria’s oil dependence
In September, the Central Bank of Nigeria (CBN) left interest rates unchanged at 13.5 percent. Movements in the Oil markets have a direct impact on CBN’s rate decisions, so I am closely watching developments in this area. Especially when considering how the CBN Governor wants inflation to slow to 9% or less before he considers cutting interest rates further.
Long term, for Nigeria to reduce exposure to Oil volatility, the quest for diversification needs to build momentum. Nigeria could source growth from non-Oil sectors like Agriculture and Services.
In conclusion, until diversification reduces Nigeria’s dependence on Oil revenues, the economy remains vulnerable to Oil price volatility and an uneven demand-supply equation.
General News
New Tax Law Empowers NRS to Fine Offenders up to N10m

The newly enacted Nigeria Tax Administration Act, 2025, has empowered the Federal Inland Revenue Service (FIRS), renamed Nigeria Revenue Service (NRS), to impose fines for individuals and companies for failing to register, file returns, use tax technology, or disclose basic information like a change of business address.
The Act is among the tax laws signed by President Bola Tinubu on June 26.
The tax administration law is expected to take effect from January 1, 2026, under a renamed agency — the Nigeria Revenue Service (NRS), currently known as the FIRS.
The Act, which is an updated version of previous fragmented tax enforcement provisions, outlines a comprehensive list of offences and corresponding penalties, with fines ranging from N10,000 to N10 million, as well as prison terms of up to 10 years for serious breaches.
Under the general offences and penalties section of the law, a taxable person who fails to register with the relevant tax authority is liable to a N50,000 fine in the first month and N25,000 for each subsequent month of default.
The Act stressed that companies that award contracts to unregistered vendors will face a N5 million penalty.
The law also imposes a N100,000 fine for failure to file tax returns, plus N50,000 monthly for as long as the failure continues.
“A taxable person who fails or refuses to file returns or knowingly files incomplete or inaccurate returns to the relevant tax authority in accordance with the provisions of this Act, shall be liable to pay an administrative penalty of (a) 100,000 in the first month in which the failure occurs; and (b) N50,000 for each subsequent month in which the failure continues,” the Act reads.
“A taxable person who Failure to books (a) fails to keep accounts, books and records of business transactions and income, to allow for the correct ascertainment of tax and filing of returns to the relevant tax authority; or (b) upon request by the relevant tax authority, fails to provide any record or book prescribed in this Act shall be liable to pay an administrative penalty of- (i) in the case of a person other than a company, N10,000, and (ii) in the case of a company, N50,000.”
Also, the law states that failure to notify the tax authority of a change of address within 30 days of such change, giving a wrong address, or failing to comply with the requirement for notification of permanent cessation of trade or business under the relevant tax laws shall be liable to an administrative penalty.
“A taxable person who fails to notify the relevant tax authority – Failure to notify change of address (a) N100,000 for the first month in which the failure occurs; and (b) 45,000 for each subsequent month failure persists,” the law reads.
In a bid to modernise tax compliance, the Act makes it compulsory for businesses to allow the Federal Inland Revenue Service (FIRS) to deploy fiscalisation technology or face a N1 million fine for the first day of refusal and N10,000 for each day after.
Any business that fails to process sales through the fiscalisation system will also be fined N200,000, pay 100 percent of the tax due, and accrue interest at the prevailing Central Bank of Nigeria (CBN) monetary policy rate.
The Act is especially punitive toward those who fail to deduct or remit taxes.
“A person that deducts, collects, or withholds any tax under this Act, and fails to remit the amount deducted, collected, or withheld by the 21st day of the month immediately succeeding the month in which the amount was deducted, collected, or withheld, is liable to pay,” it added.
“Failure to remit tax deducted source or self-account (a) the amount deducted, collected or withheld but not remitted; (b) an administrative penalty of 10% per annum of the tax deducted, collected or withheld but not remitted; and (c) interest at the prevailing Central Bank of Nigeria monetary policy rate. “A person convicted of any of the offences under this section shall be liable to a term of imprisonment not exceeding three years, or a fine of not less than the principal amount due plus a penalty of not more than 50% of the sum, or both.
“A person who (a) fails to comply with the requirements of a notice served under this Act or any other tax law; (b) fails to attend or provide answers to a notice, summons or process served under this Act or any other tax law; or (c) having attended, fails to answer any question lawfully put to him, is liable to an administrative penalty of N100,000 in the first day of default and N10,000 for every subsequent day where the default.”
General News
Taskforce Arrests Six for over Fake Lottery Scam

Lagos State Environmental and Special Offences Enforcement Unit (Taskforce) has apprehended six suspects allegedly involved in a fraudulent lottery scheme that targeted unsuspecting residents at Iyana-Ipaja.
Those arrested include Amaike Nelson, Kenneth Opuana, Oguntade Olusegun, Ogologo Obi, Goodluck Abel, and Oluwafunmilayo Adebimpe. The syndicate was tracked down following intelligence reports about their activities.
According to the taskforce, the suspects lured a 19-year-old student, identified as Rukayat Kamilu, into a manipulated street game. During the encounter, the group reportedly coerced her into surrendering her mobile phone and personal belongings.
The victim said one of the suspects, later identified as Oguntade Olusegun, posed as a confused passer-by seeking help to pick a “winning number.” After she got involved, her phone was seized, and she was allegedly pressured to pay N100,000 to retrieve it.
Acting on a tip-off, operatives led by CSP Adetayo Akerele, chairman, stormed the area and arrested the suspects. Several empty Android phone boxes, allegedly used as props in the scam, were recovered during the operation.
Condemning the criminal act, Akerele assured residents that the agency is intensifying its crackdown on street scams across the state.
“Our responsibility is to safeguard the lives and property of Lagosians. We will leave no room for such fraudulent activities to thrive,” he stated.
The suspects were subsequently arraigned before a Magistrates’ Court on charges bordering on gambling, extortion, theft, and conspiracy.
They all pleaded guilty. The court ordered that they remain in custody pending further hearing, scheduled for August 7, 2025.
General News
FG Plans N50m STEEM Grant to Support Student Innovation in August

In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.
The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.
According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.
Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.
The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.
“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.
Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.
Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
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