Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Edo State governor, Mr. Godwin Obaseki, has linked Nigeria’s persistent rising inflation to the country’s inability to consistently produce and export goods and services. According to him, the trend continues to affect the nation’s economy negatively. Obaseki said this while receiving representatives from the World Bank, led by the organisation’s Task Team Leader, TTL,…
Operatives of the National Drug Law Enforcement Agency (NDLEA) have dismantled a shrine guarded by a snake used for storing illicit drugs in the Igor community of Benin City, Edo State. The NDLEA discovered a specially constructed large hole in a wall, hidden by wallpapers and surrounded by fetish objects, used for concealing drugs. According…
The Minister of Information and National Orientation, Muhammed Idris, has emphasized that the accelerated development of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project will significantly enhance the economic prospects of Northern Nigeria. During a site visit to the River Kaduna segment of the AKK Gas Pipeline Project on Friday, Mr. Idris was accompanied by the Minister…
The Nigeria Customs Service, NCS, said its revenue grew by ₦1.9trn in the past year, and that it has started working with the Central Bank of Nigeria (CBN), to achieve a stable exchange rate for imports. A breakdown of its revenue in the period under review, showed that it generated ₦4.49 trillion in revenue in…
The average price of Premium Motor Spirit (PMS), also known as petrol, shot up by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023, according to data from the National Bureau of Statistics (NBS). The statistics bureau disclosed this in its report,…
First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as the substantive Managing Director (MD) and Chief Executive Officer (CEO) of the bank. Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, in a notice on Wednesday, said the appointment of Alebiosu is subject to…
The federal government has awarded a N14 billion contract to Buildwell for the reconstruction of the outer Mariner shoreline, aimed at reinforcing the rail line. Speaking in Lagos, the Minister of Works, Senator Dave Umahi, emphasized that infrastructure, whether it serves Lagos State or the federal government, benefits all Nigerians. He noted, “Over the past…
The construction of the Adiabo-Ikoneto Road in Odukpani LGA of Cross River State which started and was abandoned by the late General Sani Abacha’s military government 30 years ago has begun. This follows Governor Bassey Otu’s ground-breaking ceremony for the commencement of the 11-kilometre project on the road yesterday. Otu said the road has been…
Nigeria LNG Limited has reaffirmed its commitment to economic development through the Train 7 project on Bonny Island, aligning with President Bola Tinubu’s 8-point agenda that includes poverty eradication, infrastructure improvement, economic growth, and increased access to capital. During a session of the Senate and House of Representatives’ Joint Committee on Gas, NLNG’s General Manager…
The Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central has appealed with the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC to accept whatever the federal government offered them above N60,000 as the new minimum wage. Bamidele, hereby, urged the NLC and TUC to toe the path of dialogue and peace in the…
The Presidency has tackled the New York Times over its report on the current economic situation in Nigeria, saying President Bola Tinubu on May 29, 2023, inherited a dead economy. It also justified some of the policy decisions taken by Tinubu’s administration, such as the floating of the naira and fuel subsidy removal, declaring that…
Pope Francis pressed world financial ministers and leading economists to support an international mechanism to alleviate foreign debt, lamenting that a “poorly managed globalisation” has deprived millions of people of a “dignified future.” Francis’ remarks were delivered during a meeting with participants in the “Addressing the Debt Crisis in…
Vice President Senator Kashim Shettima has lauded the Zeberced Group for its creation of 40,000 jobs and the development of the Abuja Industrial Park, among other initiatives in the Federal Capital Territory (FCT). Speaking with journalists after a tour of the company’s site in Idu, Abuja, Vice President Shettima highlighted that these projects align with…
Sultan of Sokoto and Co-President of World Religions for Peace Headquarters, New York, His Eminence Alhaji Muhammad Sa’ad Abubakar, CFR, mni, has sent his word of felicitation to Muslims from all over the world, who are gathered in Minna in Makkah, Kingdom of Saudi Arabia, from this Friday June 14, 2024 equivalent to Dhul-Hijjah 8,…
In response to the growing economic challenges facing Nigeria, Oyo State Governor, Engr Seyi Makinde has decried the Federal Government’s recent re-introduction of the old national anthem, calling for a shift in priorities towards addressing pressing issues which is hunger and poverty. Makinde, who blasted the decision yesterday as “a waste of time and resources,”…
The Governor of Anambra state, Charles Soludo has called for elected officials to start earning minimum wage, highlighting the urgent financial crisis facing Nigeria. Speaking on Wednesday at a special edition of The Platform, an event organised by The Covenant Nation to promote national development, Soludo emphasised that Nigeria is financially strained. He proposed that…
The Senate has approved the Federal Capital Territory (FCT) Supplementary Appropriation Bill for 2024, amounting to N98.5 billion. The bill was passed following the review of a report by the Senate Committee on FCT during a plenary session. Senator Osita Ngwu (PDP-Enugu West), Vice Chairman of the Committee, presented the report on behalf of the…
President Bola Tinubu has assured Nigerians, that the ongoing national reforms were not intended to inflict pain, but to “fix” the economy. Tinubu while addressing the nation in the wake of the 2024 Democracy Day on Wednesday, said the various initiated reforms are intended to create a stronger, and better foundation for future growth. “There…
President Bola Tinubu has assured the Organised Labour that a an executive bill on the new national minimum wage for workers will soon be sent to the National Assembly for passage. Tinubu made this known on Wednesday in his second Democracy Day speech on June 12, 2024. “In this spirit, we have negotiated in…
The Nigerian National Petroleum Corporation (NNPC) has signed a Project Development Agreement (PDA) with Golar LNG for the deployment of a floating Liquefied Natural Gas (LNG) facility offshore in the Niger Delta, Nigeria. This initiative aligns with NNPC’s commitment to monetize Nigeria’s extensive natural gas resources. In a statement, Olufemi Soneye, Chief Corporate Communications Officer…
The Association of Local Government of Nigeria (ALGON) has said that local councils cannot afford to pay the proposed N62,000 as new minimum wage because of the lean allocation from the Federation Account. National President of ALGON, Mr. Aminu Muazu-Maifata who addressed newsmen in Lafia, the Nasarawa state capital, on Monday, June 10, said…
The latest data from the Central Bank of Nigeria has revealed that the federal government spent about $2.2 billion on debt servicing in the first five months of this year. A breakdown of the report, ‘International Payments Data,’ revealed that FG spent the most on debt financing in May, at $854.36 million, which is also…
Youths in Ondo State protested on Monday against a sting operation by the Economic and Financial Crimes Commission (EFCC) at several nightclubs in Akure, the state capital, over the weekend. The EFCC’s Ibadan Zonal Directorate confirmed the arrest of 127 individuals suspected of internet fraud during the operation. Protesters gathered at the First Bank area…
The new minimum wage discussion between the Federal Government and Organised Labour are expected to end on Monday (today) as the Nigeria Labour Congress and the Trade Union Congress leaders await President Bola Tinubu’s decision on their N250,000 offer. The labour leaders had given a Monday deadline for the conclusion of talks on the new…
A former federal lawmaker, Shehu Sani has described as shocking the governors’ opposition to a minimum wage of N60, 000 for civil servants. During the ongoing negotiations by the tripartite committee, the Federal Government had at one point made an offer of N60, 000 as new minimum wage. The offer was, however, swiftly rejected by…
The House of Representatives has approved the 2024 supplementary budget for the Federal Capital Territory (FCT), amounting to N98.5 billion. The budget, which passed its second and third readings, was presented by Aliyu Betara, Chairman of the House Committee on FCT. During the plenary session, Betara referenced the 1999 Constitution, noting that a communication from…
The Presidency has said two trending fiscal policy documents in circulation are still proposals and have not been approved by President Bola Tinubu. It also reiterated that the fuel subsidy regime has ended, and the government’s position on fuel subsidy has not changed since President Tinubu’s declaration on 29 May 2023. The presidency also added…
The Chairman, House of Representatives Committee on Information and Communication Technology (ICT), Honourable Adedeji Dhikrullahi Olajide, has declared that an average Nigerian worker can no longer purchase essential commodities like rice and other food items. Olajide, who represents Ibadan North-West/Ibadan South-West federal constituency in Oyo State, used the opportunity to call for an urgent upward…
The state leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have reopened the Oyo State government secretariat following the suspension of the national strike. Initially, union leaders had blocked the secretariat’s entrance gates and enforced a sit-at-home directive by patrolling various ministries, departments, and agencies, effectively halting all activities within the…
The Central Bank of Nigeria (CBN) has refuted allegations that it plans to revoke the licenses of three banks following regulatory action against Heritage Bank Plc. This clarification was provided in a statement issued by the apex bank on Tuesday. The CBN described the allegations as false and intended to incite panic within the financial…
Activist Deji Adeyanju has applauded the Nigerian Labour Congress, NLC, and Trade Union Congress, TUC, for employing a “good strategy” in their push for a new minimum wage. Recall that organised labour embarked on an indefinite strike on Monday to protest the low wages for workers in the country. In response to the current high…
