Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
The Socio-Economic Rights and Accountability Project, SERAP, has urged President Bola Tinubu to probe the alleged theft of over N57 billion from the Federal Ministry of Humanitarian Affairs and Poverty Alleviation in 2021. SERAP made this call in a letter dated 23 November 2024, signed by its Deputy Director, Kolawole Oluwadare. It…
The Head of the Civil Service of the Federation (HCSF), Esther Didi Walson-Jack, has marked her first 100 days in office with a series of innovative reforms aimed at modernizing Nigeria’s civil service. Appointed in July by President Bola Tinubu and inaugurated in August, her tenure has focused on implementing transformative changes in line with…
*Says livestock development programme will curb Herder-farmers’ clashes *Seals $2.5bn deal with Brazilian meatpacker JBS, company to build six factories in Nigeria *President says move’ll transform tragedy, hopelessness into economic opportunity * Edun: Petrol subsidy removal, multiple exchange rates elimination saved Nigeria $20bn President Bola Tinubu has assured that with the…
Minister of Finance, Wale Edun, has said that non-implementation of economic reforms by past administrations is the reason Nigerians are in pain, discomfort, and difficulties under President Bola Ahmed Tinubu’s reforms. Edun said this on Friday in Abuja at the launch of ‘Federal Civil Service Policies and Guidelines on Rewards’. This comes…
A recent survey conducted by the National Bureau of Statistics, NBS, revealed that two-thirds of households in Nigeria do not have enough money to afford healthy and nutritious food. The survey, titled “Nigeria General Household Survey–Panel (GHS-Panel) Wave 5 (2023/2024),” found that 71 percent of households were affected by rising prices of major…
The Akwa Ibom State Executive Council has approved the draft budget for the 2025 fiscal year, totaling N955 billion. The announcement was made by the State Commissioner for Information, Ini Ememobong, during the council’s meeting at Government House in Uyo, chaired by Governor Umo Eno. The budget includes N655 billion earmarked for capital projects, representing…
Owerri – The Imo state government on Wednesday said the World Bank has rewarded the government with a whopping sum of Four million US dollars which he said was about (N6.8 billion)for engendering good governance and accountability in the ease of doing business in the state. The State Commissioner for Information, Public Orientation…
Lagos State Governor, Mr Babajide Sanwo-Olu, is set to present the appropriation bill for year 2025, expected to hit several trillions of Naira to the Lagos State House of Assembly today, Thursday, November 21, 2024. The budget size, described as ambitious, according to a source is expected to be above the N 2.267 trillion of…
The Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has stated that the removal of fuel subsidies by President Bola Tinubu’s administration has significantly boosted the economies of Nigeria’s federal, state, and local governments. Speaking at the National Council on Finance and Economic Development (NACOFED) conference in Bauchi on Monday, Edun explained…
The Governor of Benue State, Hyacinth Alia, has approved a new minimum wage of ₦75,000 for workers across the state, surpassing the federal minimum wage of ₦70,000 recently announced by President Bola Ahmed Tinubu. The decision was made public during a meeting with representatives of organized labor at the State Secretariat on Monday. The announcement…
In a bid to address the rising hunger crisis in Nigeria, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, has officially launched the inaugural National Dry Season Farming initiative in Cross River State. This initiative, aimed at enhancing food production and ensuring food security, is part of the federal government’s strategy to combat…
A new tax book offering comprehensive and valuable insight about the Nigeria Tax Appeal Tribunal (TAT) has been unveiled by the immediate-past chairman of the TAX Appeal Tribunal Lagos Zone Panel 1, Mr. Olanrewaju Moshood Lassise-Phillips. The book titled “Nigeria’s Tax Appeal Succinctly Explained”, according to the the experienced tax luminary, was originally…
With the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), and the Development Bank of Nigeria (DBN) commitment to the Women Entrepreneurs Finance Code (We-Fi Code) the stage is set to close the N294 billion funding gap affecting Women-Led businesses in the country. To this end, stakeholders eagerly awaiting positive feedback…
Indications have emerged that President Bola Tinubu may present Nigeria’s 2025 budget to a joint session of the National Assembly in the first week of December 2024, even as crucial budget templates remain incomplete as of mid-November. In response to concerns about the budget’s timing, the Senate Finance Committee clarified that determining the presentation date…
The Nigeria Labour Congress (NLC) has alledged fuel marketers of increasing petrol prices, claiming the pump price is significantly higher than the actual market value. The NLC contends that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution. In a communique released following…
President Bola Tinubu has arrived in Riyadh, Saudi Arabia, to attend the highly anticipated Joint Arab-Islamic Summit, where leaders from across the Middle East and the Islamic world will convene to address urgent issues is affecting the region, including the ongoing conflict between Israel and Palestine. The summit, which will open on Monday, November 11,…
The world is nowhere near ready for the “calamity” being caused by climate change and must urgently prepare for even worse in the future, UN Secretary General Antonio Guterres said Thursday. Global efforts to adapt to climate change — from building defensive sea walls to planting drought-resistant crops — have not kept pace…
The Nigerian National Petroleum Company (NNPC) Limited has firmly stated it does not import adulterated fuel and is not responsible for the recent hike in fuel prices. Responding to demands for Group Chief Executive Officer Malam Mele Kyari’s resignation over rising fuel prices, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, clarified on Tuesday…
In a significant move toward reducing carbon emissions in the aviation sector, the Nigerian government has intensified efforts to develop and implement Sustainable Aviation Fuel (SAF), Low Carbon Aviation Fuel (LCAF), and other eco-friendly fuel alternatives. These efforts are part of a broader strategy to make aviation in Nigeria more sustainable and align with global…
President Bola Tinubu has turned down the National Economic Council’s (NEC) recommendation to withdraw the proposed Tax Reform Bills submitted to the National Assembly, emphasizing that ongoing reforms remain vital for Nigeria’s economic future. Vice President Kashim Shettima, along with the 36 state governors comprising NEC, had suggested that the bills be withdrawn to allow…
In a recent interview with DAILY POST, Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association (PETROAN), expressed the unpredictability surrounding the future price of Premium Motor Spirit (Petrol) in Nigeria. Responding to speculation that prices could soar to N1,500 per litre by December, Gillis-Harry stated, “Nothing is static,” highlighting the challenges posed…
The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. During a plenary session on Thursday, lawmakers also asked the CBN to increase the issuance of the new banknotes to ensure…
As fuel prices continue to soar in Nigeria, many motorists are looking for alternatives to petrol. Compressed Natural Gas (CNG) is gaining attention as a viable option. But how does it compare to petrol? This post explores five key aspects to consider when weighing CNG vs Petrol in Nigeria. 1. Cost Efficiency: CNG Offers Major…
In a decisive move aimed at controlling the surging prices of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, the federal government has mandated domestic producers to halt all exports of the commodity. This action is part of a broader strategy to mitigate the economic strain on Nigerian consumers grappling with increasingly high…
The head of Enterprise Risk Management and Product Development at the Federal Housing Authority (FHA) Mortgage Bank Limited, Stanley Oparaocha has advised Nigerians to key into the National Housing Fund (NHF) to become homeowners. He said Nigerians can access the fund which has hit N21 trillion. The mortgage banker noted that keying into…
The African Union (AU) has called on Nigeria to incorporate blue economy performance indicators into its fiscal policies, highlighting the country’s significant potential to lead Africa’s blue economy initiatives. This appeal was made by the Head of the AU’s Blue Economy Division, Mr. George Mba-Asseko, during the conclusion of a stakeholder validation workshop for Nigeria’s…
The Naira yesterday appreciated to N1,680 per dollar in the parallel market compared to N1,690 per dollar last weekend. Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from…
The World Bank Group has urged the Nigerian government to redirect its oil wealth to benefit all citizens, not just the elite. Addressing the current economic challenges, Indermit Gill, the Chief Economist and Vice President of the World Bank stated that the suffering is widespread in Nigeria, with children and young people bearing the…
Compiled and Edited by Saula quadri T The Polytechnic Ile-Ife, Osun State The Federal Government has selected Osun State to coordinate the implementation of the Food System Transformation Pathways in the South West region. This initiative, aimed at improving food security and nutrition in Nigeria, will focus on boosting food production, increasing employment, and enhancing…
Oando Plc has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, which was owned by the defunct Petrotrin. Speaking during a budget presentation on September 30, the Trinidadian finance minister, Colm Imbert noted that among the initial 10 proposals, BusinessDay reports. …
The Bauchi State government, in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has inaugurated an 11-member tripartite technical committee to finalize the implementation of the national minimum wage for civil servants in the state. Speaking to reporters after the State Executive Council meeting, NLC Chairman Comrade Dauda Shu’aibu announced…
