Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
•Backs recapitalisation of banks, tax raise, FX reform •Keeps Nigeria’s 2024 growth forecast at 3.3% •Says petrol subsidy will be fully off in 2yrs The International Monetary Fund (IMF) has cautioned the Federal Government against the proposed amendment of the Act establishing the Central Bank of Nigeria (CBN), calling rather for the strengthening of…
The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN), instructing the suspension of the proposed implementation of a 0.5% cybercrimes levy on electronic transactions conducted by bank customers. Consequently, the House mandated the CBN to retract the existing ambiguous circular and issue a clear directive in alignment with the…
The Presidential candidate of Labour party in the 2023 general election, Peter Obi, has condemned the Federal government over the introduction of the Cybersecurity levy. In a statement released this morning May 8, Obi said the “introduction of Cybersecurity Levy is further proof that the government is more interested in milking a dying economy instead…
President Bola Tinubu returned to the country on Wednesday morning from his trips to the Netherlands, and Saudi Arabia. It was reported that the president landed in Abuja and was welcomed by some of the officials of his administration to Aso Rock. Recall that there have been national discussions on the whereabouts of the…
The deadlock between Governor Siminalayi Fubara and the Rivers State House of Assembly persists as the Assembly intensifies its scrutiny of the state’s Public Procurement Law, culminating in a veto standoff. During Monday’s plenary session, Speaker Martin Amaewhule leveled accusations of fiscal mismanagement and unauthorized spending against the governor, sparking heated debate over the state’s…
The federal government has unveiled plans to remove the naira from all peer-to-peer (P2P) exchanges, a decision aimed at tackling concerns related to the manipulation of the local currency’s value in the foreign exchange market. The announcement was made by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual conference…
The federal government has unveiled plans to remove the naira from all peer-to-peer (P2P) exchanges, a decision aimed at tackling concerns related to the manipulation of the local currency’s value in the foreign exchange market. The announcement was made by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual conference…
President Bola Tinubu has given the assurance that his administration would continue to put in place policies for the industrialisation of the country. A statement by the presidential spokesman Ajuri Ngelale, said Tinubu disclosed this when he received a delegation of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association. The President, represented…
Young serial investor, Osborn Nweze Umahi, is emerging as a powerhouse businessman in Nigeria and in Africa. Born 24 years ago, Osborne Nweze, the son of minister of Works, Dave Umahi, is changing the narrative about the reliance of sons of the rich on the pedigree and profile of their parents. Groomed and sharpened by…
Edited By Margret Oshinowo The entire executive committee members of the Peoples Democratic Party, PDP, Item ward C in Bende local government area of Abia State have resigned from the party. This was disclosed in a letter addressed to the chairman of the PDP in Bende Local Government Area, copied to the Abia chairman and…
The Brazilian Civil Defence Agency disclosed that the death toll from heavy rains in the southern part of the country has climbed to 29, with at least 60 people missing. According to Brazilian authorities, a state of emergency have been declared as the rescue team intensifies search for dozens of people reported to be missing….
Former Kaduna senator and social critic, Sen. Shehu Sani, says Nigeria should not only be a giant of Africa in population, but in all sectors of the economy. Sani, who represented Kaduna Central in the 8th National Assembly and served as the Chairman, Senate Committee on Local and Foreign Debts, told the News Agency of…
Former President Donald Trump held a major campaign rally in Wisconsin during a break in his hush money trial. He blamed his legal troubles and various issues in America on his election rival, President Joe Biden. In his speech in Waukesha, Trump emphasized the importance of winning the upcoming election, stating that he believes the…
The Federal Government has issued a stern warning to manufacturers involved in the production of substandard water pipes. The Minister of Water Resources and Sanitation, Prof Joseph Utsev, emphasized that stringent measures would be taken against any company found compromising quality standards in water pipe production within the nation. This warning was issued during Prof…
In a bid to address the issue of unstable market prices and recurring infernos leading to property loss, the President of the National Union of Market Traders Employers of Nigeria (NUMTEN), Comrade James Ogu, has vowed decisive action. Speaking during a media interaction at the Labour House in Abuja, Comrade Ogu highlighted the pressing need…
Edited By Margret Oshinowo Organised Labour has disclosed the reason for proposing an N615,000 minimum wage. In an interview on Wednesday, the President of Trade Union, Festus Osifo, said organised labour have considered many factors before coming up with the N615,000 minimum wage. Osifo said that organised labour awaits the Nigerian federal government’s counteroffer on…
In a significant political move, Senegal has officially replaced French with Arabic as its official language. The decision, announced after a recent Cabinet meeting, reflects the evolving political landscape following the election of opposition leader Bassirou Faye as president. President Faye, in a televised address, underscored Senegal’s commitment to its international obligations while signaling a…
The son of the former US President Donald Trump was among Americans who criticised South Dakota governor, Kristi Noem for killing her dog. Kristi Noem faced revealed in a new book that she killed her 14-month-old dog Cricket, a revelation that has attracted backlash from Republican and Democratic critics. A pair of top figures in…
The Naira on Tuesday, sustained its gain at the parallel market, and for the first time in one week gains also at the official window. At the Nigerian Autonomous Foreign Exchange (NAFEM) window, Naira recorded gains as it closed at N1,380.96/$1 a N38.15 appreciation compared to N1,419.11/$1 it closed on Monday By the end of…
The Federal Government has inaugurated the 4th National Productivity Order of Merit Award Committee, NPOMAC to select the awardees for the 2024 award. Mrs Nkeiruka Onyejeocha, Minister of State for Labour and Employment, said this during the inauguration ceremony of the 13-man committee on Tuesday in Abuja. The 13-man committee was inaugurated to determine the…
The House of Representatives has invited President Bola Tinubu and all relevant stakeholders in the petroleum industry to appear before the it to brief Nigerians on the measures put in place to end the current fuel scarcity and avert its reoccurrence in the future. The summon followed the adoption of a motion of urgent public…
The Major Energy Marketers Association of Nigeria (MEMAN) has now confirmed availability of Premium Motor Spirit (PMS), also called petrol, and was working with key stakeholders to end the present product delivery glitch. In a statement in Lagos, MEMAN, said: “Our members in Apapa and other locations in Lagos are taking product from 8 vessels…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a warning of a potential service withdrawal within the span of one month in Anambra State. The announcement follows claims that the state government has failed to settle its outstanding debt owed to IPMAN members. In a recent interview conducted in Awka, the capital of…
Edited by Afolabi Hannah Governor Godwin Obaseki of Edo State has made a significant announcement by increasing the minimum wage for civil servants to N70,000. This decision was disclosed by the governor during the inauguration of the Labour House in the state. Governor Obaseki also declared that the Labour House will be named after Adams…
Gabriel Suswam, former Governor of Benue State, expressed skepticism about the ability of the government led by President Bola Tinubu to address Nigeria’s economic challenges. In an interview on Channels Television, Suswam argued that the Tinubu administration lacks the capability to improve the country’s economic situation, which he believes was worsened by the policies of…
The Economic and Financial Crimes Commission (EFCC) has acknowledged the reimbursement of $760,910 by the American International School, Abuja. This payment, originally made as an advanced school fee by former Kogi State Governor Yahaya Bello for his children, was confirmed by EFCC spokesperson Dele Oyewale during a national television broadcast on Saturday. The reimbursement initiative…
By Margret Oshinowo The lead Counsel of Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, Aloy Ejimakor, reacted to the United States, US, report on the Biafra agitator on Saturday. Ejimakor asked the Nigerian government to admit its error in Kanu’s trial and bring the prosecution to a closure, “without further ado.” The…
By Margret Oshinowo The Economic and Financial Crimes Commission, EFCC, attached to the Taskforce on Currency mutilation, Dollarization of the Economy and Forex Malpractice, have arrested 34 suspected currency speculators for alleged foreign exchange fraud. In a statement made by EFCC spokesman, Dele Oyewale, they were arrested in a sting operation on Friday, following credible…
By Margret Oshinowo Minister of Interior, Dr Olubunmi Tunji-Ojo on Thursday said that the federal government would relocate a lot of correctional centres to create better space, security, and infrastructure. Tunji-Ojo made the pledge during his visit to Suleja Medium Security Custodial Centre, where inmates escaped following a rainstorm that damaged the facility on Wednesday….
The Federal Government has taken decisive action by revoking 924 dormant mining licenses. This move, announced by the Minister of Solid Mineral Development, Dr. Dele Alake, comes as part of the government’s ongoing efforts to reposition the sector. Dr. Alake, speaking at a news briefing in Abuja, emphasized that the revocation followed due process, with…
By Margret Oshinowo Governor Babajide Sanwo-Olu of Lagos State, yesterday, kicked off a socio-economic intervention programme, tagged Eko Cares Initiative, to address the economic challenges facing the citizens of the country. The first phase of the programme has been designed to take care of over 500, 000 households as beneficiaries. Beneficiaries of the scheme cut…
