Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Ekiti State Government has refuted claims of a ₦25,000 Christmas cash grant allegedly distributed by Governor Biodun Oyebanji, urging residents to disregard the rumor. In a statement released on Thursday, the governor’s Special Adviser on Media, Yinka Oyebode, labeled the information as false and warned the public against falling victim to fraudulent…
The African Centre for Human Rights (ACHR) has described the 2025 budget presented to the National Assembly by President Bola Ahmed Tinubu as the largest in the history of Nigeria, which it said reflects a strategic and forward-thinking approach. Titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” the N47.96 trillion budget is being hailed…
The House of Representatives has recommended the delisting of National Examinations Council, NECO, University of Ibadan, Federal Ministry of Labour and Employment from the 2025 budget. Also, 21 ministries, departments and agencies, MDAs, for their alleged repeated failure to account for previous budgetary allocations and internally-generated revenue, IGR. The Reps reached the…
Nigeria’s exports to member countries of the Economic Community of West African States (ECOWAS) totaled N1.54 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The report revealed that imports from the ECOWAS region amounted to N82 billion, resulting in a significant trade surplus. Ivory Coast emerged as Nigeria’s…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to launch another oil licensing round in 2025, leveraging the “Drill or Drop” clause from the Petroleum Industry Act (PIA) 2021, which mandates oil operators to commence production within three years or relinquish their licenses. This initiative aims to boost oil production, enhance resource management,…
The Presidential Livestock Reform Implementation Committee has convened discussions with stakeholders in Bauchi State to address longstanding challenges in the country’s livestock sector. The 25-member committee, co-chaired by Professor Attahiru Jega, aims to find sustainable solutions to farmer-herder conflicts, seasonal migrations, and inefficiencies in livestock production and processing. Speaking at the session held at the…
The Central Bank of Nigeria (CBN) has disclosed that the nation’s external reserves, which stand at $42.01 billion, are sufficient to finance the importation of goods and services for over nine months. CBN Governor, Mr. Olayemi Cardoso, made this known in Abuja during a performance report presentation to the Senate Committee on Banking, Insurance, and…
Kogi State Governor Ahmed Usman Ododo has engaged in discussions with China’s Consular General in Lagos, Yan Yuqing, to attract Chinese investment aimed at driving the state’s economic growth and industrialization. The meeting, held as part of the governor’s efforts to position Kogi as an industrial hub, focused on fostering partnerships in agriculture, manufacturing, infrastructure,…
Human rights lawyer and activist, Dele Farotimi, has stated that he did not ask anyone to plead with Afe Babalola (SAN), who took him to court for defamation. Farotimi is currently standing trial in Ekiti State following a petition by Babalola regarding his book, ‘Nigeria and Its Criminal Justice System.’ Recall that the…
Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items inflation was 0.72 on…
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against enabling the illegal sale of mint naira notes to currency hawkers, imposing a penalty of N150 million for each offending branch involved in such activities. In a circular issued by Solaja Mohammed J. Olayemi, Acting Director of Currency Operations, on December 13,…
The Minister of Solid Minerals Development, Dr. Dele Alake, has commended African Natural Resources and Mines Limited for its role in driving local value addition in Nigeria’s mining sector. This recognition came during the commissioning of the country’s first ultra-modern mineral analysis laboratory in Sabon-Wuse, Niger State. Dr. Alake described the facility as a milestone…
Vice President Kashim Shettima has left Abuja for Dubai, United Arab Emirates, to represent President Bola Ahmed Tinubu at the inauguration of a $315 million oil production and storage facility owned by Nigerian firm, Oriental Energy Ltd. The commissioning, scheduled for December 14, highlights the achievements of indigenous companies in the global oil and gas…
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.727 trillion as November 2024 revenue to the federal, state, and local governments. This allocation was drawn from a gross revenue pool of ₦3.143 trillion. Under the distribution, the Federal Government received ₦581.856 billion, while the states were allocated ₦549.792 billion. Local Government Councils…
The Central Bank of Nigeria (CBN) says all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out. A statement on Friday by CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said all banknotes, including the old and new designs of N1,000,…
President Bola Tinubu will present the 2025 budget to the joint session of the National Assembly on Tuesday. This was stated by President of Senate, Godswill Akpabio, during the plenary on Thursday. Akpabio said the budget presentation would take place at the chamber of House of Representatives. Recall that November 14, the Federal Government proposed…
Point of Sale (POS) operators have been spotted in the Lekki area of Lagos State hawking new Naira notes as bank customers lament their inability to withdraw cash from ATMs. Point of Sale (POS) operators have been spotted in the Lekki area of Lagos State hawking new Naira notes as bank customers lament their…
President Bola Tinubu has appointed Mr. Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF), effective immediately. The appointment follows the commencement of pre-retirement leave by the incumbent AGF, Mrs. Oluwatoyin Sakirat Madein. A statement from the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, highlighted the move…
Investors are flocking to short-term Nigerian government debt, attracted by high yields and renewed confidence in the naira following Nigeria’s successful issuance of a $2.2 billion eurobond. On Monday, the Central Bank of Nigeria (CBN) auctioned N1.56 trillion ($990 million) in 365-day and 351-day bills, offering yields close to 24%. This is more…
The Governor of Borno, Professor Babagana Zulum, has presented the 2025 Budget, titled the “Budget of Recovery and Continuity,” with a total sum of ₦584.76 billion aimed at consolidating the state’s developmental strides. The budget prioritizes health, education, and economic recovery, alongside critical investments in security, infrastructure, and social services. The budget is divided into…
Banks in Ebonyi State have been accused of hoarding cash to maximize profits during the yuletide season, leaving many customers stranded. Investigations revealed that customers, particularly those from rural areas, faced significant challenges when attempting to withdraw money for business and festive purposes. Some bank customers reported being told they could only withdraw as little…
The Federal Government has dismissed a circulating list of ambassadorial nominees on social media as fake, urging the public to disregard it. In a statement issued on Sunday, Kimiebi Imomotimi Ebienfa, the Acting Spokesperson for the Ministry of Foreign Affairs, clarified that no such appointments have been made. “The Ministry of Foreign Affairs wishes to…
The Coalition of Nigerian Youth Leaders (CONYL) has declared its unequivocal support for Seyi Tinubu to contest the Lagos State governorship election in 2027, asserting that his participation is a constitutional right and a “divine call.” In a statement signed by CONYL President General, Comrade Goodluck Ibem, the youth body dismissed criticisms questioning…
The Federal Government has released ₦44 billion to the Retirement Benefits Bond Redemption Fund account at the Central Bank of Nigeria to ease the backlog of unpaid pension rights for retirees under the Contributory Pension Scheme. In a statement issued by the National Pension Commission (PenCom), the funds will cover retirees who were verified and…
Nigeria’s Value Added Tax collection increased by 14.16 percent to N1.78 trillion in the third quarter of 2024 from N1.56 trillion in Q2. The National Bureau of Statistics disclosed this in its VAT data released on Friday. On a year-on-year basis, VAT collections in Q3 2024 increased by 88.00 percent from Q3…
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has said the Port Harcourt refinery is operating at 70 percent installed capacity with plans to increase production shortly. Onanuga said the refinery receives regular crude oil contrary to claims of lacking the product. He disclosed this after joining a fact-finding…
Nigeria and South Africa have inaugurated the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant advancement in economic cooperation between the continent’s two largest economies. The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable in Cape Town, attended by key business leaders and government…
The Nigeria Labour Congress (NLC) has criticized Ebonyi State Governor, Francis Nwifuru, for threatening to dismiss workers who joined an ongoing strike over the non-implementation of the new minimum wage. In a statement issued on Monday, NLC President, Comrade Joe Ajaero, described the governor’s stance as counterproductive. He directed workers and affiliate unions in Ebonyi…
Nigeria’s Central Bank will penalise commercial banks that fail to provide cash to customers at their automated teller machines (ATMs) and branches, as the country faces a prolonged cash crunch. “We are conducting spot checks across deposit money banks, DMBs, and will impose penalties on institutions effective December 1, 2024,” CBN governor Olayemi Cardoso…
The Port Harcourt Refinery, which recently resumed operations, is reportedly producing refined petroleum products but has yet to commence distribution to the public. An anonymous source disclosed to newsmen that the delay in product loading stems from pricing issues. According to the source, the cost of Premium Motor Spirit (PMS) per litre from the refinery…
President Bola Ahmed Tinubu’s state visit to France may seem to many just another matter of diplomatic routine. However, for those attuned to international relations, President Tinubu’s visit to France is an important strategic opportunity. Indeed, President Tinubu’s three-day state visit to France is more than a symbolic gesture; it is a strategic…
