Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Edited by Afolabi Hannah It appears that the reduction in the budget allocation for pensions, gratuities, and benefits for retirees in the 2024 budget is causing further delays in the disbursement of retirement benefits to Federal Government retirees and deceased employees. Investigations indicate that the hope of clearing outstanding entitlements for 2023 in the first…
The Central Bank of Nigeria (CBN) has removed the restrictions on the importation of milk and dairy products. This decision was made after initially adding milk and dairy products to the list of items not eligible for foreign exchange (forex) on February 11, 2020. In a notice to customers, Zenith Bank confirmed that the CBN…
President Bola Tinubu says his administration is deploying resources to critical sectors to have a significant impact on the welfare of Nigerians. A statement by presidential spokesman Ajuri Ngelale said Tinubu emphasized that the government would not allow the abuse of the nation’s treasury. He made the commitment at a meeting with the Forum of…
The Minister of Power, Mr Adebayo Adelabu, says the Federal Government has released N12.7 billion to provide meters in Army barracks across the country. The amount is from the N40 billion earmarked for the mass metering project. Mr Bolaji Tunji, Special Adviser, Strategic Communication, and Media Relations to the Minister, said this in a statement…
The Tin-Can Island Command of the Nigeria Customs Service (NCS) has reported a substantial revenue generation exceeding two hundred and forty billion naira for the year 2024. This significant milestone was disclosed by the Comptroller of the Command, Mr. Dera Nnadi, during a press briefing held in Lagos. Mr. Nnadi clarified that the revenue figures…
The National Bureau of Statistics (NBS) has reported a surge in Nigeria’s headline inflation rate, reaching 31.70 percent in February, a notable increase from January’s 29.90 percent. According to the Consumer Price Index and Inflation Report for February released by the NBS on Friday afternoon, there was a 1.80 percent rise from January’s figures. Comparatively,…
The latest findings from the National Bureau of Statistics (NBS) have pinpointed Kogi, Rivers, and Kwara states as the epicenters of soaring food prices across Nigeria. According to the NBS’s recent Consumer Price Index and Inflation report released on Friday, Kogi recorded a staggering 46.32 per cent increase, closely followed by Rivers at 44.34 per…
The naira experienced a decline to N1,620 per dollar in the unofficial parallel market yesterday, falling from N1,615 per dollar on Tuesday . Similarly, the naira depreciated to N1,615.94 per dollar in the Nigerian Foreign Exchange Market (NAFEM) on the same day. According to data from FMDQ, the indicative exchange rate for NAFEM increased to…
The Central Bank of Nigeria, CBN, commenced a Treasury Bills, T-Bills Primary Market Auction, PMA, on Wednesday. This is according to CBN’s latest T-BIlls schedule. At the PMA, existing T-Bills totalling N161.50 billion (N730 million, N920 million and N159.85 billion across the 91-day, 182-day, and 364-day instruments, respectively) will mature and be rolled over. “In…
Edited by Afolabi Hannah The House of Representatives has instructed the Central Bank of Nigeria to prevent commercial banks in the country from holding onto customers’ reversed funds beyond the specified timeline outlined by the apex bank. This decision was made following the adoption of a motion titled “Need to restrain commercial banks from holding…
Edited by Afolabi Hannah Nigeria has experienced a 7% decrease in its crude oil production, falling to 1.3 million barrels per day in February 2024 from 1.4 million barrels per day the previous month, despite the federal government’s efforts to boost oil output. According to the March Monthly Oil Market Report (MOMR) by the Organization…
The turnover of US Dollar transactions at the official foreign exchange market plunged by 64.31 per cent to $96.13 million at the close of work on Monday. FMDQ data on Monday showed that USD transactions depleted to $96.13 million from $269.35 million. Meanwhile, the naira appreciated slightly to 0.58 per cent to N1,617.96 per USD…
Kano State governor, Abba Yusuf, has made a fervent plea to President Bola Tinubu for the reopening of Nigeria’s land borders to alleviate the prevailing food insecurity gripping the nation. Governor Yusuf, during a meeting with the Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, underscored the critical need to reopen the borders…
Former President Muhammadu Buhari has commended President Bola Tinubu despite the current economic hardship in the country. Buhari said Tinubu has done well since assuming office on May 29, 2023. He spoke while receiving the Comptroller-General and members of the management team of the Nigeria Customs Service in Daura, Katsina State. The former president said…
In a pivotal meeting held in Abuja, Senator Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), affirmed the Federal Government’s dedication to resolving the ownership discord surrounding the Atala Oil Field, a key asset of Bayelsa State. The commitment was voiced during a courtesy visit by a delegation from Bayelsa State Government, led by Governor…
The Senator representing Bauchi Central in the Senate, Abdul Ningi, has said that things were getting worse under the leadership of President Bola Ahmed Tinubu. According to the lawmaker, President Tinubu seemed not to understand the country and the issues affecting its components, especially the North. Ningi, who is the chairman of the Northern Senators…
Twenty-three per cent of children under five years in Cross River State are stunted as a result of severe malnutrition, according to UNICEF. UNICEF Field Officer, Dr Ngozi Onuora, a nutrition specialist, disclosed this when the management of the State Planning Commission and UNICEF Field Office, Abuja, paid a familiarization visit to Governor Bassey Otu…
The price of garri, a popular staple food in Nigeria, has increased by 108 per cent in three months, reaching a record high as cassava production shrinks nationwide A survey in major markets in the Federal Capital Terrritory, FCT, shows that the average price of a 50kg bag of yellow garri surged by 108 per…
Edited by Afolabi Hannah Finance Minister Wale Edun has stated that the N22.7 trillion printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, threw the country into the present inflation. Edun, who made the complaint on Wednesday during an…
Minister of the Federal Capital Territory, FCT, Nyesom Wike, has vowed to end open grazing within Abuja city. Wike made this vow when he received in the audience the Belgian Ambassador to Nigeria, His Excellency, Daniel Bertrand, in Abuja on Wednesday. The minister told worried residents of Abuja that plans are underway to put an…
The global Monetary Fund has highlighted the need for the Nigerian government to fully implement its cash transfer programme targeted at assisting susceptible households.The fund expressed this in a document titled, “IMF Staff Completes 2024 Article IV Mission to Nigeria” published on its website on Monday.IMF noted that this step is vital before tackling the…
The Special Adviser to Governor Babajide Sanwo-Olu of Lagos State on Housing, Barrister Barakat Odunuga-Bakare, has attributed the rising inflation in the country and the population as major factors affecting the delivery of massive housing schemes to residents in the state’s government’s drive to bridge the deficit. Odunuga-Bakare, however, revealed that the agency has received…
In a momentous event at the Qatar Presidential Palace, President Bola Ahmed Tinubu and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, presided over the signing of groundbreaking agreements, marking a significant stride in the bilateral ties between the two nations. The comprehensive agreements span various key areas, including education, enterprise development, investment…
In a pivotal move addressing the prevailing hardships, Senator Abubakar Kyari, Minister of Agriculture and Food Security, has announced the imminent rollout of a comprehensive grain distribution initiative. President Bola Tinubu has greenlit the allocation of 42,000 metric tons of grains to be disseminated across all 36 states. Minister Kyari, in a statement on his…
A clinical psychologist, Dr Akin Gabriel, at the Federal Neuropsychiatric Hospital, Yaba, Lagos, says about four out of 10 Nigerian women are depressed. “In this country, out of 10 women, four will have one form of depression or another,’’ he told the News Agency of Nigeria (NAN) in Lagos. Gabriel also said that about 25…
President Bola Tinubu has vowed that he will fight the menace of corruption in Nigeria to ruin. Tinubu made this vow while speaking at the inauguration of the Red Line Rail Project in Lagos on Thursday. He said, “We said we can do it, you believed in us. We said the people’s lives will end…
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, said he and his team are not responsible for Nigeria’s current economic woes. Cardoso stated this while responding to a question about whether the CBN is responsible for the current economic challenges faced by Nigerians at the first Monetary Policy Committee (MPC) meeting in…
The Police Commissioner in Lagos State, Mr Adegoke Fayoade, said the command provided water and biscuits for protesters so as to avoid anyone collapsing on the way. Fayoade spoke with the News Agency of Nigeria (NAN) in Lagos on the sidelines of the Nigeria Labour Congress (NLC) nationwide protest carried out on Tuesday. He said…
President Bola Tinubu has approved the appointment of Mr. Ibrahim Khalil Gaga as Executive Director, Corporate Services, at the Nigerian Export-Import Bank (NEXIM). The appointment was contained in a statement released by special adviser to the President on media & publicity, Ajuri Ngelale. Mr. Gaga, who is a lawyer, has over 25 years of experience…
Removal of fuel subsidy, inflation and the increasing prices of medications influenced by foreign exchange have adversely affected healthcare in Yobe State. This is according to the Commissioner for Health in the state, Dr Muhammad Lawan Gana. Gana made the assertions at the validation of the Yobe State Contributory Healthcare Management Agency, YSCHMA, the operational…
Fuel marketers have blamed supply disruption for the resurfacing of queues in Lagos and the Federal Capital Territory. The President of Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, disclosed this in a Channels Television interview on Thursday monitored by DAILY POST. “Undoubtedly, the queues have spiralled in some parts of the country. Simply…
