Nigeria’s Petrol Import Fight Puts Pump Prices And Supply Security Back In Focus

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Nigeria’s Petrol Import Fight Puts Pump Prices And Supply Security Back In Focus

EBC Financial Group says Nigeria’s shift toward local refining may be judged by fuel availability, stock cover, price stability and clear import-backup rules.

LAGOS, 21 May 2026 – EBC Financial Group (EBC) notes that Nigeria’s petrol-import dispute has become a test of pump-price stability and supply security as Dangote Petroleum Refinery raises local output and marketers push to keep import licences available as a backup supply channel. Dangote has filed a fresh lawsuit challenging fuel import licences granted to marketers and Nigerian National Petroleum Company Limited (NNPC Limited), while marketers argue that imports remain needed to protect supply security and competition. The test for Nigeria is whether it can quickly cut petrol imports while maintaining stable fuel reserves, depot supply, trucking, pump prices, foreign exchange (FX) demand, and investor confidence.

Falling Imports Make Stock Cover the Key Market Test

Dangote Petroleum Refinery has changed Nigeria’s petrol supply balance by adding large-scale domestic refining capacity to a market that has relied heavily on imported refined fuel. The refinery has a nameplate capacity of 650,000 barrels per day, giving Nigeria its largest route for producing refined fuel locally rather than relying heavily on imported cargoes. That capacity can reduce shipping exposure, cut FX demand from refined-fuel imports and keep more refining activity inside Nigeria.

The shift away from imported petrol is already visible in Premium Motor Spirit (PMS) import volumes for January to April 2026, which fell from about 25 million litres per day in January 2026 to 3.7 million litres per day in April 2026 as local refining expanded, while PMS stock cover fell from 21.2 days in March to 17.7 days in April. Lower imports show progress toward local supply, but lower stock cover means the system has fewer days of stored petrol available if refinery output, depot loading or trucking slows.

According to Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) data, Dangote’s PMS production was placed at 53.6 million litres per day in April 2026, while domestic supply from the refinery reached 40.7 million litres per day, and imports fell to 3.7 million litres per day. The commercial issue is whether that output is reaching depots and filling stations fast enough to support daily demand, reduce regional shortages and limit extra trucking or storage costs.

Production is not the same as availability because petrol still must move through several physical and commercial steps before it reaches consumers. PMS must leave the refinery, enter depots, be loaded into trucks, reach filling stations and be sold to households and businesses. Any delay in refinery loading, depot release, truck allocation or station replenishment can raise waiting time, lift trucking charges, widen price gaps between cities and force marketers to tie up more working capital before sales are completed.

Import licences remain commercially important because imported cargoes can refill depots when local refinery supply or trucking delivery falls short. When domestic petrol is available and can move smoothly to filling stations, extra imports can add cost and weaken demand certainty for local refiners. When stock cover tightens or regional delivery falls behind consumption, imports can rebuild reserves and shorten replenishment cycles. The policy issue is who measures a shortage, what data proves it and when import licences are activated.

David Precious, Senior Market Analyst at EBC Financial Group, said, “Nigeria’s downstream fuel debate is moving from a question of refinery capacity to a question of market reliability. Local refining is a major structural gain, but the market still needs clear rules on when imports are allowed, how supply shortfalls are measured, and how fuel can move consistently from refinery gate to final consumer.”

Pump Prices Carry the Public Cost

The dispute is significant because petrol prices move through the wider economy, including transport fares, food distribution, generator costs, retail delivery and small-business margins. Local refining may reduce import dependence, but it does not automatically lower pump prices. Pump prices can still be shaped by crude costs, FX costs, prices charged as petrol leaves the refinery, depot margins, loading charges, trucking costs and competition between refiners, importers and marketers.

The price risk is sensitive because depot prices set the cost base for marketers before petrol reaches filling stations. Dangote’s ex-depot PMS price was recently reported at NGN 1,350 per litre, while the National Bureau of Statistics’ latest PMS price data put the average retail price at NGN 1,288.54. When wholesale or depot costs stay high, the pressure can move into pump prices, minibus fares, ride-hailing costs, food distribution, generator use, retail delivery and small-business operating costs.

Fuel also feeds into inflation through transport fares, food distribution, generator costs and retail operating expenses. Nigeria’s headline Consumer Price Index (CPI) inflation rate rose to 15.69% in April 2026 from 15.38% in March 2026, according to National Bureau of Statistics (NBS) report. If petrol supply becomes less predictable or depot prices rise, businesses face higher input costs and households face higher daily transport and food costs.

Local refining can reduce one source of demand for US dollars because fewer imported petrol cargoes may be needed. The full FX benefit depends on how crude oil is sourced, priced and supplied. If crude costs remain linked to the US dollar, imported crude is still required, shipping costs rise or refinery-gate prices follow international benchmarks, the currency benefit becomes more complex. The naira impact depends on crude supply, crude pricing, refinery output, domestic sales, exports and actual import reduction.

S&P Upgrade Raises the Stakes for Clear Rules

S&P Global Ratings (S&P) upgraded Nigeria’s long-term sovereign credit rating from B- to B, citing a stronger macroeconomic profile, higher oil production and prices, exchange-rate liberalisation and increased domestic refining capacity. That makes the import-licence dispute more visible to investors: if local refining reduces import demand while keeping petrol supply reliable, it supports the reform case; if unclear import rules or weak stock cover raise pump-price risk, investors may price the fuel market as a source of policy and inflation risk.

Also read: https://brandspurng.com/2026/05/21/paystack-rebuilds-its-dashboard-for-the-ai-era/

“The risk for Nigeria is not simply whether petrol is imported or refined locally,” Precious added. “The bigger issue is whether the transition can keep pump prices, fuel reserves and investor confidence stable at the same time.”

Clear rules matter because each part of the fuel chain needs certainty. Refiners need predictable domestic demand. Marketers need transparent import rules and reliable depot access. Trucking operators need loading schedules that reduce idle time and improve fleet use. Households and businesses need stable fuel supply to avoid unnecessary cost increases in transport, food, power generation and retail pricing.

Nigeria’s domestic refining expansion is a major shift, but the transition will be judged by outcomes rather than capacity alone. The real test is whether the country can reduce petrol imports while keeping stock cover adequate, pump prices manageable, distribution reliable and competition credible. If those conditions hold, local refining strengthens Nigeria’s wider economic reform case. If they weaken, the pressure moves from import terminals to refinery gates, depots, trucks and filling stations.

For more information, visit www.ebc.com.

Disclaimer: This material is for information only and does not constitute a recommendation or advice from EBC Financial Group and all its entities (“EBC”). Trading Forex and Contracts for Difference (CFDs) on margin carries a high level of risk and may not be suitable for all investors. Losses can exceed your deposits. Before trading, you should carefully consider your trading objectives, level of experience, and risk appetite, and consult an independent financial advisor if necessary. Statistics or past investment performance are not a guarantee of future performance. EBC is not liable for any damages arising from reliance on this information.

About EBC Financial Group  

Founded in London’s esteemed financial district, EBC Financial Group (EBC) is a global brand known for its expertise in financial brokerage and asset management. Through its regulated entities operating across major financial jurisdictions—including the UK, Australia, the Cayman Islands, Mauritius, and others—EBC enables retail, professional, and institutional investors to access a wide range of global markets and trading opportunities, including currencies, commodities, shares, and indices.

Recognised with multiple awards, EBC is committed to upholding ethical standards and these subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC); EBC Financial (MU) Ltd is authorised and regulated by the Financial Services Commission Mauritius (FSC); EBC Financial Group SA (Pty) Ltd is authorised and regulated by the Financial Sector Conduct Authority (FSCA).

At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.

As the Official Foreign Exchange Partner of FC Barcelona, EBC provides specialised services across Asia, LATAM, the Middle East, Africa, and Oceania. Through its partnership with United to Beat Malaria, the company contributes to global health initiatives. EBC also supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, helping to demystify economics and its application to major societal challenges, fostering greater public understanding and dialogue.

Paystack Rebuilds Its Dashboard For The AI Era

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Paystack Rebuilds Its Dashboard For The AI Era

New Dashboard introduces AI-powered Command Centre, giving merchants instant answers about their business performance

 

The launch marks a major evolution in how businesses interact with
Paystack.  For nearly a decade, the Paystack Dashboard has been the core
surface for monitoring transactions, managing settlements, reviewing
disputes, and running day-to-day payment operations for thousands of
merchants. As Paystack expanded its products and workflows, the
Dashboard grew more powerful, but more complex. Built on Pax,
Paystack’s internal design system, the redesigned Dashboard includes:

  • An AI-native Command Centre, embedded directly into the Dashboard — no
    separate chatbot or assistant, that allows businesses to ask questions
    in plain language and receive answers grounded in their own Paystack
    data,  as text, tables, or charts. The system combines GPT models,
    structured data retrieval, and visualisation tools to deliver responses
    in the most relevant format.
  • A simpler product architecture, with navigation reorganised into two
    core sections: Payments and Products, making it easier for merchants to
    find what they need and scale as Paystack’s offerings grow.
  • Full mobile parity, making every screen, feature, and action available
    on mobile as well as desktop. It also offers a dark mode feature.
  • Stronger analytics and clearer navigation built into the foundation of
    the product

“Businesses don’t come to their dashboard because they want to click
through pages. They come because they have questions,” said Dara
Assim-Ita, Senior Product Designer at Paystack, who led the rebuild. ”
Over the last decade, we have seen firsthand how much time merchants
lose navigating tools that were built to display data rather than
deliver answers. With this rebuild, we have changed that.  Merchants can
now simply ask ‘What happened with this transaction?’ or ‘Why is revenue
down this week?’ and get a direct answer. The goal is to make the
Dashboard feel less like a static reporting tool and more like an
intelligent command centre – one that helps  merchants understand
what’s happening, find what they need faster, and make better
decisions.”

Also read: https://brandspurng.com/2026/05/21/tinubu-orders-full-digital-transition-across-mdas-as-38-federal-ministries-adopt-paperless-e-workflow-system/

To support the experience, Paystack built a new service called Project
Canvas API, which handles conversations, connects to model providers,
and interfaces with existing Paystack systems. As the Dashboard handles
sensitive financial data, the system was built to ensure responses are
grounded in real merchant data and screened against safety and
compliance requirements before being returned. The company also worked
closely with its Data Protection and Privacy team, completed a Data
Protection Impact Assessment, and ran extensive adversarial testing
ahead of launch.

Dara Assim-Ita added: “We are at a point where artificial intelligence
is rapidly becoming integral to how businesses operate, and Paystack is
committed to being on that curve for our merchants. The most powerful
application of  AI disappears into the work people are already trying to
do, and that was the design principle behind this.”

The product direction was shaped by merchant research, including tree
testing and direct feedback on how businesses expect to find
information. This release focuses on core payments modules, with more
Paystack products expected to move into the new architecture over time.

The new Paystack Dashboard is available to merchants today via
dashboard.paystack.com/v2 [3]. Businesses can share feedback or ask
questions by contacting support@paystack.com.

Paystack Rebuilds Its Dashboard For The AI EraPaystack Rebuilds Its Dashboard For The AI EraPaystack Rebuilds Its Dashboard For The AI Era

Tinubu Orders Full Digital Transition Across MDAs As 38 Federal Ministries Adopt Paperless E-Workflow System

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Tinubu Orders Full Digital Transition Across MDAs As 38 Federal Ministries Adopt Paperless E-Workflow System

President Bola Tinubu has intensified the Federal Government’s digital transformation drive after announcing that 38 ministries and extra-ministerial departments have fully adopted secure paperless electronic workflow systems as part of sweeping reforms within Nigeria’s civil service.

The President disclosed this while declaring open the International Civil Service Conference 2026 in Abuja, where he said the Federal Government was accelerating efforts to eliminate bureaucratic delays, improve transparency and modernise public sector operations through technology-driven governance. Tinubu stated that the ongoing reforms under his Renewed Hope Agenda were already producing measurable outcomes across critical government institutions.

Brandspur Politics reports that Tinubu directed all ministries, departments and agencies to deepen the adoption of digital systems and technology-based service delivery, insisting that government institutions must transition away from outdated manual processes. According to the President, Nigeria’s public service must evolve into a faster, data-driven and citizen-focused system capable of supporting economic growth, investment and national productivity.

Also read: https://brandspurng.com/2026/05/21/south-africa-inflation-climbs-to-4-as-fuel-prices-trigger-sharp-rise-in-transport-costs/

Represented by the Secretary to the Government of the Federation, Senator George Akume, the President said the successful deployment of end-to-end electronic workflow systems across dozens of ministries demonstrates Nigeria’s commitment to building a modern and globally competitive civil service structure.

Tinubu noted that government reforms were moving beyond policy discussions into concrete implementation stages, adding that the administration’s ongoing Personnel Audit and Skills Gap Analysis was nearing completion. He explained that the exercise was designed to identify competency gaps within the civil service and reposition workers for technology-driven governance and 21st-century administrative demands.

The President also linked the digital reforms to broader infrastructure initiatives being pursued by his administration, including Project BRIDGE — Building Resilient Digital Infrastructure for Growth — aimed at expanding Nigeria’s digital economy and attracting private sector investment into connectivity and public sector innovation.

Tinubu further commended the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, for advancing reforms under the Federal Civil Service Strategy and Implementation Plan. He praised the integration of emerging digital tools, including Service-Wise GPT, describing the initiative as evidence of how innovation and institutional discipline could strengthen governance efficiency across the public sector.

He urged participants at the conference to focus on building sustainable reforms that would strengthen accountability, improve service delivery and make public sector transformation irreversible across all levels of government.

South Africa Inflation Climbs To 4% As Fuel Prices Trigger Sharp Rise In Transport Costs

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South Africa Inflation Climbs To 4% As Fuel Prices Trigger Sharp Rise In Transport Costs

South Africa’s annual inflation rate accelerated to 4.0% in April 2026, reaching its highest level since August 2024 as surging fuel prices pushed transportation and consumer costs higher across the economy. The latest figures signal renewed inflationary pressure despite continued moderation in food prices and softer costs across some consumer categories.

Fresh data released by Statistics South Africa showed headline inflation rose sharply from 3.1% recorded in March, driven largely by a steep increase in petrol and diesel prices during the month. Fuel prices jumped by 18.2% month-on-month in April, marking the strongest monthly increase since the country adopted its current consumer price index framework in 2008. Petrol prices rose by 15.2%, while diesel costs surged by 35.4%, increasing pressure on businesses and households already dealing with elevated living expenses.

Brandspur Banking News Desk reports that higher fuel prices also triggered significant increases across transportation services and related sectors. Passenger transport costs recorded one of their biggest monthly jumps in nearly two years, while airfare prices surged sharply following rising operational expenses within the aviation sector. Analysts say the sharp increase in transport costs could continue to filter into broader consumer prices if energy pressures remain elevated in the coming months.

Healthcare-related expenses also moved higher during the period, with medical aid contributions contributing to increased inflation within the health sector. Despite these pressures, food inflation continued to slow, helping to cushion consumers from the full impact of rising fuel and transport costs. Food and non-alcoholic beverage inflation eased for the third consecutive month as prices of cereals, bread flour, maize meal and rice remained lower compared to previous periods.

Also read: https://brandspurng.com/2026/05/21/united-kingdom-plans-new-5-million-investor-visa-to-attract-global-wealth-and-tech-capital/

The moderation in food prices was also reflected in the meat category, where inflation slowed significantly across several products. Inflation on beef-related products weakened considerably compared to earlier levels, while dairy and egg prices recorded only marginal increases after months of softer pricing trends.

South Africa’s inflation outlook now places increased attention on the South African Reserve Bank ahead of its next monetary policy decision scheduled for later this month. The central bank has maintained a cautious stance in recent meetings after signs that inflationary pressures were gradually easing earlier in the year.

The latest inflation figures also arrive amid growing economic concerns surrounding South Africa’s labour market after unemployment climbed above 32% in the first quarter of 2026. Economists say policymakers now face the difficult task of balancing inflation control with the need to support economic growth and consumer spending across Africa’s most industrialised economy.

United Kingdom Plans New £5 Million Investor Visa To Attract Global Wealth And Tech Capital

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United Kingdom Plans New £5 Million Investor Visa To Attract Global Wealth And Tech Capital

The United Kingdom is preparing a fresh investor residency programme targeted at wealthy foreign nationals willing to inject at least £5 million into key sectors of the British economy, marking a major policy shift in the country’s post-Brexit investment strategy.

Under the proposed framework, selected investors and entrepreneurs could receive up to three years of UK residency if their capital is directed into government-priority industries including artificial intelligence, clean energy, biotechnology, life sciences and advanced technology businesses. British authorities are reportedly designing the programme as a tightly controlled invitation-only system aimed at attracting high-value global investors capable of driving innovation, business expansion and job creation.

Brandspur Banking News Desk reports that the proposed visa structure represents a significant departure from the United Kingdom’s former Tier 1 Investor Visa scheme, which was scrapped in 2022 amid mounting concerns over illicit financial flows, weak regulatory oversight and the growing participation of politically exposed individuals. The new model is expected to introduce stricter vetting procedures and stronger controls over both the source of investment funds and the sectors receiving capital inflows.

The planned residency pathway also reflects intensifying global competition among major economies seeking to attract internationally mobile wealth. Countries across Europe, the Middle East and Asia have increasingly launched tax-friendly residency schemes and business incentives aimed at drawing entrepreneurs, technology founders, athletes and ultra-high-net-worth individuals into their economies.

Also read: https://brandspurng.com/2026/05/21/2017-lagos-court-ruling-on-fanta-safety-renews-questions-over-soft-drink-standards-in-nigeria/

Analysts say the United Arab Emirates has become one of the strongest beneficiaries of this global migration trend by offering low-tax structures, long-term residency options and a business-friendly regulatory climate that continues to attract wealthy individuals from Africa, Europe and Asia.

The UK government’s renewed focus on investor migration comes as Britain seeks to strengthen foreign direct investment inflows amid slower economic growth, mounting global competition and long-term post-Brexit economic pressures. Policymakers are expected to prioritise investors capable of contributing to productive sectors of the economy rather than passive wealth holders focused primarily on property investments.

The proposal could attract strong interest from high-net-worth individuals across Africa, Asia and the Middle East seeking access to Britain’s financial system, educational institutions, legal framework and global commercial network. Industry observers say the move signals a broader global shift toward investment migration programmes built around innovation, technology development and strategic economic growth rather than traditional real estate-driven residency models.

2017 Lagos Court Ruling On Fanta Safety Renews Questions Over Soft Drink Standards In Nigeria

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2017 Lagos Court Ruling On Fanta Safety Renews Questions Over Soft Drink Standards In Nigeria

A 2017 judgment by the Lagos High Court continues to fuel debate over beverage safety standards in Nigeria after the court heard claims that Nigerian-made Fanta and Sprite were rejected abroad over concerns linked to their chemical composition. The case, which drew national attention, exposed sharp differences between Nigerian beverage regulations and stricter standards applied in some foreign markets, particularly within Europe.

The controversy centred on the use of benzoic acid preservatives in soft drinks and the potential reaction when combined with Vitamin C under certain conditions. During proceedings, the court ordered the National Agency for Food and Drug Administration and Control to direct the manufacturer to include warnings on the products, stating that the beverages should not be consumed alongside Vitamin C. The ruling immediately triggered widespread public concern over food safety enforcement and consumer protection in Nigeria’s beverage industry.

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Brandspur Brand News reports that the case also reopened broader conversations around product formulation differences across international markets. Global beverage manufacturers often adjust ingredients, preservative levels and labelling standards depending on regulatory requirements in individual countries. Analysts say the issue is not limited to one soft drink brand, as several carbonated beverage makers around the world use varying formulations for African, European and North American markets.

Food safety experts have repeatedly pointed to the global debate surrounding benzene formation in beverages containing benzoates and ascorbic acid. Regulatory agencies in the United States and Europe have previously carried out reviews on soft drinks after concerns emerged over chemical reactions that could occur under prolonged heat exposure and poor storage conditions. Industry observers say the Nigerian case highlighted the need for stronger monitoring systems, clearer product disclosures and more consistent enforcement of international food safety standards.

Nearly a decade after the court ruling, Nigerian consumers are still drinking many of the same beverage products that sparked the legal battle, while discussions over manufacturing standards, regulatory oversight and consumer awareness continue across the country’s fast-moving consumer goods sector.

Checker Secures $8 Million Funding To Expand Stablecoin Payment Infrastructure Across Africa

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Checker Secures $8 Million Funding To Expand Stablecoin Payment Infrastructure Across Africa

Global digital asset infrastructure company Checker has raised $8 million in fresh funding to accelerate the growth of stablecoin-powered financial services across Africa and other emerging markets, as investors increase interest in cross-border digital payment solutions.

The investment round attracted support from major global and African investors, including Al Mada Ventures, Galaxy Ventures and Framework Ventures, alongside prominent technology ecosystem players such as Iyin Aboyeji and other fintech executives with deep experience in digital payments and financial innovation.

Checker said the new capital will be used to strengthen its infrastructure network, expand global payment connectivity and improve access to stablecoin liquidity for banks, remittance operators, neobanks and cross-border businesses operating across African markets.

Brandspur Finance News Desk reports that the company is positioning itself as a major infrastructure provider for stablecoin settlement systems by offering financial institutions a unified API that connects them to global payment rails, treasury management services and digital asset liquidity networks.

The company noted that African businesses continue to face challenges linked to fragmented payment systems, expensive correspondent banking relationships and foreign exchange volatility, creating delays and higher costs for international transactions. Checker believes stablecoin-powered infrastructure can significantly reduce settlement timelines while improving efficiency for businesses operating across trade corridors between Africa, China and the United States.

Also read: https://brandspurng.com/2026/05/21/nigeria-tax-revenue-reaches-n7-44-trillion-in-q1-2026-falls-short-of-budget-target-amid-reforms/

Company executives said the latest funding also reflects growing institutional confidence in Africa’s digital asset ecosystem as regulators across several African markets gradually introduce clearer frameworks for virtual asset operations and fintech innovation.

Checker disclosed that it currently operates across multiple African markets, including Nigeria, Kenya, Tanzania and Francophone West Africa, while processing billions of dollars in transaction volume through its expanding network. The company added that future plans include the rollout of embedded lending and borrowing solutions aimed at improving liquidity access and reducing pre-funding requirements for financial institutions using stablecoin settlement systems.

Industry analysts believe the investment highlights increasing global attention on Africa’s fintech and digital payments sector as stablecoins continue to gain relevance in international trade, remittances and cross-border commerce.

Nigeria Tax Revenue Reaches N7.44 Trillion In Q1 2026, Falls Short Of Budget Target Amid Reforms

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Nigeria Tax Revenue Reaches N7.44 Trillion In Q1 2026, Falls Short Of Budget Target Amid Reforms

Nigeria recorded a total tax revenue collection of N7.44 trillion in the first quarter of 2026, but still fell short of its projected target by N2.24 trillion despite ongoing reforms under the country’s new tax framework. The figure represents 76.87% performance against a prorated target of N9.68 trillion for the period January to March 2026.

Data obtained from the Nigeria Revenue Service (NRS) and presented at the Federation Account Allocation Committee (FAAC) meetings showed that the performance marks a shift from the same period in 2025, when the revenue agency exceeded its target. Total collections also reflect a year-on-year increase of N1.40 trillion, or 23.2%, compared to N6.04 trillion recorded in Q1 2025.

Brandspur Banking News Desk reports that Companies Income Tax, Capital Gains Tax, and Stamp Duties emerged as major pressure points during the quarter, generating N3.75 trillion against a target of N5.05 trillion, leaving a shortfall of N1.30 trillion. Petroleum royalties also underperformed significantly, collecting N1.12 trillion compared to a N2.03 trillion target.

Oil-related tax inflows showed stronger performance in contrast, with Petroleum Profits Tax and Hydrocarbon Tax rising to N1.62 trillion, exceeding projections by N318.23 billion and achieving a 124.42% performance rate. However, gains from oil taxation were not enough to offset weaknesses in non-oil revenue categories.

Also read: https://brandspurng.com/2026/05/21/enugu-air-launches-direct-kano-enugu-lagos-and-abuja-routes-to-boost-domestic-connectivity/

Value Added Tax (VAT) remained relatively stable, generating N2.42 trillion against a target of N2.49 trillion, reflecting a marginal shortfall. Meanwhile, upstream Companies Income Tax contributed N349.95 billion, falling below expectations, while mineral royalties recorded zero inflows despite budgetary projections.

For March 2026 alone, total tax revenue stood at N2.31 trillion, below the monthly target of N3.23 trillion, although this represented a slight increase compared to February collections. Oil taxes in March marginally exceeded expectations, while non-oil tax categories recorded weaker performance due to lower remittances and reduced economic activity in VATable sectors.

The Nigeria Revenue Service has projected a full-year revenue target of N40.7 trillion for 2026, driven by expanded tax reforms and improved compliance measures. This marks a significant increase from the N28.23 trillion collected in 2025, as authorities continue efforts to strengthen fiscal sustainability and widen the tax base.

Enugu Air Launches Direct Kano, Enugu, Lagos And Abuja Routes To Boost Domestic Connectivity

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Enugu Air Launches Direct Kano, Enugu, Lagos And Abuja Routes To Boost Domestic Connectivity

Enugu Air has expanded its domestic flight network with the introduction of new direct routes linking Kano with Enugu, Lagos, and Abuja, marking a major shift in Nigeria’s regional air travel connectivity. The development removes the need for passengers to transit through multiple cities, significantly reducing travel time between key commercial hubs in the country.

The new flight operations, which officially commence on May 21, 2026, establish a non-stop connection between Mallam Aminu Kano International Airport and Akanu Ibiam International Airport, alongside additional links to Nnamdi Azikiwe International Airport in Abuja and Murtala Muhammed International Airport in Lagos. The expansion positions the carrier as a key player in improving north-south mobility within Nigeria’s aviation sector.

Brandspur Brand News reports that the initiative is backed by the Enugu State Government as part of a broader transportation and economic development strategy aimed at strengthening inter-state trade and improving logistics efficiency. The airline operates under a commercial arrangement with XEJet Airlines, which provides technical and operational support through its Air Operator Certificate framework.

Also read: https://brandspurng.com/2026/05/21/cbn-maintains-monetary-policy-rate-at-26-5-after-305th-mpc-meeting-amid-inflation-pressures/

The fleet deployed for these routes includes Embraer E170, E190, and newly introduced E195 aircraft, selected for their efficiency and suitability for short-to-medium haul domestic operations. Industry observers note that the network expansion is designed to improve passenger comfort while maintaining operational cost efficiency across regional routes.

Akanu Ibiam International Airport in Enugu and Mallam Aminu Kano International Airport now serve as direct endpoints of a previously underserved route, eliminating long layovers that were once required via Lagos or Abuja. The development is expected to stimulate business travel, agricultural trade, and commercial activity between northern and southeastern Nigeria.

Market analysts say the move also introduces increased competition within Nigeria’s domestic aviation sector, particularly on routes traditionally dominated by established carriers. The new pricing structure for economy-class tickets reportedly begins at around ₦110,000, reflecting prevailing market conditions for regional air travel.

The expansion is expected to enhance connectivity, support regional economic integration, and strengthen Enugu Air’s position in Nigeria’s rapidly evolving aviation landscape.

CBN Maintains Monetary Policy Rate At 26.5% After 305th MPC Meeting Amid Inflation Pressures

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CBN Maintains Monetary Policy Rate At 26.5% After 305th MPC Meeting Amid Inflation Pressures

The Central Bank of Nigeria (CBN) has kept its benchmark Monetary Policy Rate (MPR) unchanged at 26.5% following the conclusion of its 305th Monetary Policy Committee (MPC) meeting held in Abuja. The decision reflects continued caution by policymakers as they assess inflation trends and broader macroeconomic stability.

CBN Governor Olayemi Cardoso announced the outcome, noting that all committee members in attendance agreed to maintain existing monetary policy parameters. The move signals a steady policy stance after recent adjustments in earlier meetings.

Brandspur Banking News Desk reports that the MPC also retained other key monetary tools, including the Cash Reserve Ratio (CRR), which remains at 45% for commercial banks and 16% for merchant banks, alongside a 75% CRR on non-TSA public sector deposits. The Standing Facilities Corridor was also left unchanged at +50/-450 basis points around the MPR, while the Liquidity Ratio remains at 30%.

Also read: https://brandspurng.com/2026/05/21/lagos-targets-250mw-data-centre-capacity-by-2030-amid-surging-ai-demand/

The committee said its decision was driven by persistent inflationary pressures and the need to preserve macroeconomic stability. Recent data showing successive increases in inflation for March and April 2026 further reinforced the cautious approach adopted by policymakers.

Nigeria’s headline inflation rose to 15.69% in April 2026, up from 15.38% in March 2026, underscoring ongoing price pressures in the economy despite earlier signs of moderation. The MPC had previously cut the MPR by 50 basis points in February 2026, marking the first rate reduction after a prolonged tightening cycle.

Analysts had widely expected the decision to hold rates, citing inflation risks, exchange rate instability, and global economic uncertainty, including rising crude oil prices and geopolitical tensions. These factors continue to influence the CBN’s balancing act between controlling inflation and supporting economic recovery.

The Monetary Policy Rate remains a key tool used by the CBN to regulate lending conditions, liquidity levels, and overall economic stability. While higher interest rates help curb inflation, they also increase borrowing costs for businesses and households, a concern repeatedly raised by private sector operators.

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