Business
Nigeria’s Money Supply Drops To N118.99trn In May, Says CBN
Nigeria’s money supply dropped to N118.99 trillion in May 2025, representing a 0.23% month-on-month decline from N119.27 trillion in April 2025, according to the Central Bank of Nigeria’s (CBN) Money and Credit Statistics Data.
This marks the third decline in Nigeria’s money supply recorded this year since January.
The decline in money supply follows a mixed performance in its components. Quasi-money, including Currency Outside Banks (COB), rose, while narrow money and demand deposits declined.
Specifically, quasi-money grew by 0.42% to N78.6 trillion in May from N78.27 trillion in April, and COB increased slightly by 0.87% to N4.6 trillion in May from N4.56 trillion in April.
On the other hand, narrow money (M1) declined by 1.4% to N40.4 trillion in May from N40.99 trillion in April, and demand deposits fell by 1.89% to N35.74 trillion in May from N36.43 trillion in April.
Meanwhile, the government borrowed N1.14 trillion in one month, with credit to the government growing by 4.76% to N25.07 trillion in May from N23.93 trillion in April.
This represents the first increase after two consecutive months of decline since March.
Nigeria’s public debt has continued to rise, reaching N144.67 trillion in 2024, with a projected deficit of N13.18 trillion to be funded through borrowing in the 2025 budget.
Analysts from Afrinvest West Africa Limited noted that the full principal repayment under the Rapid Financing Instrument (RFI) is not a solution to the country’s current fiscal challenges.
“The RFI repayment is not a silver bullet for the current fiscal challenges as IMF debt stock accounts for only 3.6% and 1.7% of multilateral loans and total external debt stock as of 2024-end.
“The implication is that concrete fiscal measures must be employed to ensure sustainable fiscal outlook and external balance, especially considering recent adverse events in the oil sector,” they said.
Given the current fiscal challenges, analysts estimate that deficits could exceed N17 trillion in 2025, pushing total debt stock to N180 trillion, approximately 60% of GDP.
They emphasised the need for a more prudent framework prioritising sustainable budget growth and capital expenditure to complement the CBN’s efforts in fostering real growth while maintaining price stability.
Tribuneonlinebg.com
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
Barely 24 hours after announcing a reduction in the price of premium motor spirit (PMS), commonly known as petrol, Dangote Refinery has adjusted its ex-depot price upward, joining several other fuel depot operators in responding to renewed volatility in the global oil market.
The latest development comes after the refinery had cut petrol prices twice within two days, lowering its ex-depot rate from N1,275 per litre to N1,250 per litre.
However, fresh market data now indicates a reversal of that trend as rising crude oil prices continue to influence domestic fuel pricing.
Industry observers attribute the latest increase to growing uncertainty in the international energy market, particularly concerns surrounding the Strait of Hormuz, a critical shipping route for global oil supplies.
Data from PetroleumPriceNG shows that Dangote Refinery increased its petrol price by 0.46 per cent to N1,256 per litre, up from N1,250 per litre announced earlier.
The refinery’s adjustment was mirrored by several major depot operators across the country. According to the data, AIPEC raised its petrol price to N1,252 per litre, while Ardova also fixed its rate at N1,252 per litre. Bulk Strategic and Liquid Bulk both increased their prices to N1,285 per litre.
The coordinated adjustments reflect growing concerns among marketers and depot operators over the rising cost of crude oil and the need to manage pricing risks.
Bandits Strike Again, Kill Vice Principal as Students Abducted in Fresh School Attack
BREAKING: Court Takes Action on APC Primaries
BREAKING: Tinubu’s Ex-Minister in Trouble Over Certificate Scandal
Former Super Eagles Star Loses Life Savings, Duped By A Pastor of ₦1.2 Billion
I’m A Married Man, I Can Never Get Myself Involved With Such A Thing, Delta Gov Aide Reveals Why He Offered Comfort ₦500,000 Job
Lagos Imposes ₦250,000 Fine For Illegal Waste Disposal
-
News2 days agoJUST IN: INEC Releases Final List Of Candidates For 2026 elections
-
Politics1 day agoBREAKING: Kwankwaso Breaks Silence on Dumping NDC
-
News19 hours agoFG to Declare Nationwide Public Holiday, Date Revealed
-
Business1 day agoJUST IN: Marketers Crash Petrol Prices Nationwide, New Pump Prices Emerge
-
News1 day agoBREAKING: Top Nigerian Emir is Dead, Details Emerge
-
Politics1 hour agoBREAKING: Court Takes Action on APC Primaries
-
News2 days ago
BREAKING: Tinubu Swears In Two New Ministers
-
News5 hours agoBREAKING: Tinubu’s Ex-Minister in Trouble Over Certificate Scandal