Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
The Senate is working on plans to create access to foreign exchange and also provide uninterrupted supply of gas to the power sector. The Senate Committee on Privatisation and Commercialisation, said this and other plans are expected to support other efforts to improve access to electricity supply across the country. Deputy chairman…
Key civil society groups in the country have repudiated the continuous deployment of militant elements to provide security to critical oil and gas pipelines in Niger Delta. They have therefore called on President Bola Ahmed Tinubu to put a stop to the tradition of using armed militants to protect critical energy infrastructure. The…
The National Bureau of Statistics, NBS, has said that prices of beans, eggs, bread, rice, and other food items witnessed significant price increases in October 2024 Read Also: http://Nigeria’s uneployment rate drops to 4.3% in Q2 2024 – NBS The NBS said this in itsSelected Food Prices Watch report for October 2024 released in…
President Bola Tinubu has arrived in Paris for a three-day state visit at the invitation of French President Emmanuel Macron, aimed at strengthening bilateral relations across various sectors. The President touched down at Orly Airport at 5:10 p.m. local time on Wednesday. His visit is set to focus on deepening political, economic, and cultural cooperation,…
Vice President Kashim Shettima has lauded the growing trade volume between Nigeria and China, highlighting its significance as one of the highest in Africa. Speaking during a meeting with a Chinese delegation led by Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja, Shettima emphasized…
The Peoples Democratic Party (PDP) has said Nigeria was thrown into a sorry state because the mandate of its presidential candidate in the 2019 and 2023 elections, Atiku Abubakar was subverted by undemocratic forces. The party said this in a statement which celebrated Atiku, a former vice president and a founding father of…
Nigeria’s petroleum marketers said that the Premium Motor Spirit (Petrol) price may be reduced to between N900 and 1000 per litre by this year’s Yuletide with the intervention of Dangote Refinery. The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association…
The National Association of Seadogs (Pyrates Confraternity) has raised the alarm over Nigeria’s rising debt profile, saying such borrowings could further sink the economy. The group, in a statement by the NAS Capn, Dr. Joseph Oteri, said President Bola Tinubu’s latest $2.209bn external borrowing request to partially finance the 2024 budget deficit…
The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil…
Afrobeats sensation Davido has come under heavy criticism over his recent remark advising black Americans against relocating to Nigeria. Newsmen reports that Davido had while appearing on The Big Homies House podcast, urged the black Americans particularly Nigerians not to return home, citing the country’s current economic woes. The singer’s remark followed speculations…
