Here are the seven top business stories you need to track this week — August 25 to August 29.
NCAA SAYS PHONES MUST BE SWITCHED OFF DURING FLIGHT TAKE-OFF
The Nigeria Civil Aviation Authority (NCAA) says all mobile phones must be completely switched off during flight take-off and landing.
On August 19, Michael Achimugu, the NCAA’s director of public affairs and consumer protection, said the regulation concerning phones and other electronic devices in Nigeria has now been unified.
Advertisement
He said the use of airplane mode is no longer permitted until the regulations are reviewed to “reflect evolving technological situations”.
RMAFC TO REVIEW REVENUE ALLOCATION FORMULA — FIRST MAJOR CHANGE IN 33 YEARS
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it has commenced a review of Nigeria’s revenue allocation formula (RAF) among the federal, state, and local governments.
Advertisement
The development comes more than three decades after the last adjustment.
Speaking on the plan, Mohammed Shehu, chairman of RMAFC, said the last comprehensive review of the RAF was carried out in 1992, with subsequent modifications through executive orders from 2002 to date.
NIGERIA’S FX RESERVES RISE TO $41BN — FIRST TIME SINCE 2021
Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 — the highest in four years.
Advertisement
The current record marks the highest level recorded since December 3, 2021, according to data obtained from the Central Bank of Nigeria (CBN).
TheCable Index analysis showed that the foreign reserves steadily climbed by 3.69 percent from $39.54 billion reported on August 1 to $41 billion on August 19.
NNPC SAYS ITS PROFIT DECREASED BY 79% TO N185BN IN JULY
The Nigerian National Petroleum Company (NNPC) Limited has reported a profit after tax (PAT) of N185 billion for July.
Advertisement
In its latest ‘Monthly Report Summary’ for July 2025, the national oil firm said the figure dropped by 79.56 percent from N905 billion recorded in June.
The NNPC said the figure reflects the cost of sales and income tax adjustments
Advertisement
‘TINUBU HAS REMOVED 5% EXCISE DUTY ON TELECOMS SERVICES’
Aminu Maida, the executive vice-chairman (EVC) of the Nigerian Communications Commission (NCC), says President Bola Tinubu has removed the 5 percent excise duty on telecommunications services.
Advertisement
Speaking to journalists in Abuja on August 19, Maida said the levy, which had been temporarily suspended, has now been scrapped under the new tax law.
“Before it was suspended, but now the president has been magnanimous to remove it entirely,” he said.
Advertisement
NIGERIAN GOVERNORS LAUNCH PLATFORM TO ATTRACT FUNDING FOR STATES’ PROJECTS
The Nigeria Governors’ Forum (NGF) has unveiled the NGF Investopedia — an investment platform aimed at unlocking capital flows into bankable projects across all 36 states.
The NGF said the investment platform was created in an effort to address Nigeria’s annual infrastructure financing deficit estimated at $100 billion.
NIGERIA TO SET TO ACHIEVE 2.5M BPD CRUDE OUTPUT TARGET IN 2026
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country is on track to achieve a crude oil production target of 2.5 million barrels per day (bpd) by 2026.
Gbenga Komolafe, chief executive officer (CEO) of the NUPRC, spoke in Abuja during the 4th PENGASSAN energy and labour summit (PEALS 2025).
Speaking at the event, he said Nigeria’s oil output increased from 1.46 million bpd in October 2024 to 1.8 million bpd, “with momentum building toward the 2026 target”.
