• NNPC begins operation of Port Harcourt Refinery, operates at 70% capacity
• Labour and OPS predict higher inflation and weaker naira since CBN raised the interest rate
• FIRS Chairman alleges that Nigeria needs more taxpayers, not new taxes
• Court dismisses suit requesting to halt EFCC from investigating Sanwo-Olu after his tenure
• Opay partners with AfriGOpay to improve digital payments in Nigeria

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

NNPC begins operation of Port Harcourt Refinery, operates at 70% capacity

The Nigerian National Petroleum Company (NNPC) has commenced operation on the rehabilitated Port Harcourt Refinery and is currently functioning at 70% capacity.

The PH Refinery is said to have two refineries: the old one operates at 60,000 barrels per stream day (bps), and the newly installed one operates at 150,000 bps.

The NNPC has stated that it has begun a daily production of straight-run petrol (naphtha), which is mixed into 1.4 million litres of petrol, 900,000 litres of kerosene and 1.5 million litres of diesel; each quantity is produced per day, respectively.

Labour and OPS predict higher inflation and weaker naira since CBN raised the interest rate

The Nigerian Labour Congress (NLC) and the Organised Private Sector (OPS) have predicted higher inflation and a weaker naira following the Central Bank of Nigeria’s (CBN) announcement of raising the interest rate to 27.50%.

Both union groups have spoken up about the CBN’s decision to increase the interest rate for the sixth time in a year, citing how it could badly affect the country’s economy given the recent rise in inflation and poor performance of the naira in the foreign exchange market.

They claimed that the Governor of CBN, Yemi Cardoso, would soon begin to see the repercussions of raising the interest rate from the first quarter of 2025.

“This hike will amplify the cost of funds for manufacturers, pushing production costs higher. In a country where energy prices and raw material imports are already expensive, this policy risks making goods unaffordable and increasing consumer resistance,” an NLC staff states.

FIRS Chairman alleges that Nigeria needs more taxpayers, not new taxes

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has opined that what Nigeria needs most right now is more taxpayers, not fresh taxes to cripple the current taxpayers.

He explained that the proposed Tax Reforms Bill seeks to increase the number of taxpayers in the country, not to create new taxes.

“We are committed to fair tax administration and responsive and accessible service to optimise revenue for national development,” he said.

Court dismisses suit requesting to halt EFCC from investigating Sanwo-Olu after his tenure

The federal high court in Abuja dismissed the suit, which requested that the Economy and Financial Crimes Commission (EFCC) agency be restrained from probing Babajide Sanwo-Olu, the governor of Lagos State, after his tenure.

According to reports, Joyce Abdulmalik, the presiding judge, struck out the suit after Gbenga Femi Akande, the counsel who appeared for the governor, moved the motion to discontinue the case.

In October, a lawsuit on behalf of Sanwo-Olu was placed to prevent the anti-graft agency from arresting the governor after his tenure, as it was found “unconstitutional and a flagrant violation of his fundamental right to personal liberty and freedom of movement as stipulated under sections 35(1) & (4) and 41(1) of the constitution”, but the court has now dismissed such suit.

Opay partners with AfriGOpay to improve digital payments in Nigeria

Nigerian fintech company Opay has collaborated with AfriGO Card powered by Afrigopay Financial Services Limited, a subsidiary of Nigeria Inter-Bank Settlement System, to improve the availability of digital payment services to Nigerians.

Opay announced on November 26 that its partnership with AfriGO will facilitate fast scaling while ensuring that secure and convenient payment services are easily accessible in the country.

“Our partnership with AfriGO aligns perfectly with our goal of simplifying financial services for every Nigerian. The OPay/AfriGO card is not just a product; it’s a powerful tool that will enable us to reach more Nigerians, particularly those underserved by traditional banking services,” the Opay statement reads in part.