The Biggest Stories (May 26 - Jun 1)
Two Years with Asiwaju, Moody's Rating Upgrade and a Smoke-free Ado-Ekiti
Politics & Governance
Tinubu Marks Two Years in Office
President Bola Ahmed Tinubu delivered a national broadcast to mark his administration’s second anniversary. The Presidency emphasized that democracy is thriving under Tinubu's leadership, with stakeholders passing a vote of confidence in his government. In his midterm address, the President highlighted several achievements:
Over 900,000 Nigerians have benefitted from the Presidential Loan and Grant Scheme. More than 300,000 students have received loans.
The administration claims to have cleared over $10 billion in foreign exchange debt.
440 ongoing road projects, including 2,700 km of new superhighways.
3.84% GDP growth in Q4 2024, reportedly the highest in three years.
The new minimum wage set at N70,000.
Over 13,500 terrorists eliminated, according to official figures.
Non-oil taxes exceeded projections by 28% and now make up a commanding 73.4% of total revenues
$50 billion in new foreign direct investment commitments.
Foreign exchange reserves have increased from $3.99 billion (2023) to $23.11 billion (2024).
$800 million realized in solid minerals processing investments in 2024
Four new tax bills introduced:
Nigerian Tax Bill: Small businesses (≤₦50m turnover) and most low-income earners exempt from tax; 0% VAT on essential goods (food, education, healthcare)
Nigeria Tax Administration Bill: Standardizes and consolidates administrative provisions from various tax laws (CITA, PITA, VAT, etc.)
Joint Revenue Board Bill: Coordinate federal, state, and local tax authorities; reduce multiple taxation
Nigeria Revenue Service Bill: Centralizes revenue collection under a single agency, improving accountability
INEC Faces Pressure Over Political Party Registrations
The Independent National Electoral Commission (INEC) is under mounting pressure to process applications from over 104 political associations seeking recognition as political parties ahead of upcoming elections.
Senate Approves Major Budgets and Reforms
The Senate approved a ₦124.2 billion budget for the Nigeria Police Trust Fund for 2024 and passed four key tax reform bills, signaling ongoing legislative efforts to support security and economic growth.
Local Government Disputes and Legal Battles
The tussle over local government control in Osun State escalated, with the state government suing the Federal Government. Meanwhile, the federal government seized allocations to Osun LGs for several months, intensifying the dispute.
Security Developments
The Defence Headquarters dismissed recent Amnesty International reports on killings, asserting that the security situation is being exaggerated, while military operations led to the elimination of high-profile terror and kidnap kingpins in Borno and Rivers states.
Economy, Business & Investment
Moody’s Upgrades Nigeria’s Ratings
Moody’s upgraded Nigeria’s issuer ratings to ‘B3’, citing bold economic reforms under Tinubu’s administration. This follows a similar positive move by Fitch Ratings (in early April 2025), reflecting international confidence in Nigeria’s economic direction. President Tinubu and the Federal Government welcomed the upgrade, stating it underscores the administration’s commitment to transparency, discipline, and prosperity for all Nigerians. The government has pledged to continue its reform momentum, aiming to broaden the tax base, boost industrial productivity, and support vulnerable groups through targeted social protection programs during this period of reforms.
TotalEnergies' Divestment from the Bonga deep-water oil field
TotalEnergies has agreed to sell its non-operated 12.5% stake in Nigeria's Bonga deep-water oil field (OML 118) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $510 million. The deal was announced on May 29, 2025, and is subject to regulatory approvals.
Tax Reforms and Revenue Growth
Tinubu’s administration highlighted a significant rise in Nigeria’s tax-to-GDP ratio in 2024 (rising from 10% to 13.5%), emphasizing that ongoing tax reforms are in the best interest of the nation’s youth and economic future.
Access Bank completes NBK acquisition
Access Bank Plc has officially completed the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc, finalizing a transaction that began in March 2024 and concluded on May 30, 2025, after receiving all necessary regulatory approvals from the Central Bank of Kenya and the Competition Authority of Kenya.
Dangote Refinery Imports and Oil Sector
The Dangote Refinery announced plans to continue importing crude oil from the US in July, as it ramps up operations at the 650,000-barrel-per-day facility, positioning Nigeria for greater refining capacity.
Nigeria Trust Fund (NTF) Replenishment for Private Sector Growth
The African Development Bank Group and the Federal Government of Nigeria have signed a protocol agreement committing $500 million over 15 years to extend the Nigeria Trust Fund (NTF).
Technology, Innovation & Education
Telecom Consumer Protection
The Nigerian Communications Commission (NCC) ordered telecom operators to inform consumers in advance of any service outages, aiming to improve transparency and service quality.
Glovo’s Impact on Nigerian Commerce
Glovo Nigeria hosted its inaugural Future of Commerce 2025 Summit in Lagos, bringing together industry leaders, policymakers, and investors to discuss innovation and scaling in Nigeria's commerce sector. During the conference, they highlighted the platform's impact of generating over N71 billion in revenue for local partners since its 2021 launch and serving as a digital gateway for over 6,000 businesses.
Crackdown on Internet Fraud
The Economic and Financial Crimes Commission (EFCC) intensified its crackdown on internet fraud, arresting dozens and securing convictions across Nasarawa, Bauchi, Taraba, and other states. Several foreign nationals were also jailed for cybercrimes.
Technical Education Support
The federal government unveiled plans to pay students in technical colleges a monthly stipend of ₦45,000, aiming to boost skills development and innovation.
Green Mobility Initiatives
The Presidential Compressed Natural Gas Initiative (PCNGi) and National Union of Road Transport Workers (NURTW) launched a vehicle conversion centre in Lagos to accelerate Nigeria’s transition to cleaner, gas-powered vehicles. This facility is the first of its kind to be located directly within a commercial transport hub.
Arts, Culture & Entertainment
Ado-Ekiti Declared Smoke-Free
Corporate Accountability and Public Participation Africa (CAPPA) celebrated the declaration of Ado-Ekiti as a smoke-free city, a move welcomed by public health advocates and cultural leaders.
Did you know
Nigeria boasts the second largest film industry in the world, known as Nollywood (second only to Hollywood), which is a major cultural export and creative hub in Africa.