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…
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…
Amidst escalating economic challenges, the Nigeria Labour Congress (NLC) announces a two-day nationwide protest slated for February 27 and 28. NLC President Joe Ajaero revealed this development during a press conference at Labour House, Abuja, on Friday. The NLC, in conjunction with the Trade Union Congress (TUC), had issued a 14-day ultimatum to the Federal…
In response to the current economic struggles in Nigeria, Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, conveyed optimism about the nation’s imminent resolution. Stressing that the issues are spiritual rather than political, he highlighted Nigeria’s abundant resources and the intelligence of its people. During his visit to Governor Uba…
Nigerian Naira reached an unprecedented low, sliding to N1,534.39 against the US dollar in the foreign exchange market on Monday. FMDQ data reveals a stark depreciation from Friday’s rate of N1,469.97, marking a 4.2% or N64.42 decline. This notable drop mirrors the exchange rate observed on Monday, January 29, coinciding with the Central Bank of…
The Auditor-General of the Federal Republic of Nigeria, Shaaka Chira has demanded accountability from the Central Bank of Nigeria (CBN) regarding an elusive $4.5 billion within the country’s foreign reserves. The call for clarification stems from an audit report released by the Office of the Accountant General, revealing an unexplained deficit in Nigeria’s foreign reserves…
The Senate, in a decisive move, summoned Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria, on Wednesday. This summons, issued by the Committee on Banking, Insurance, and other Financial Institutions led by Senatorial Adetokunbo Abiru, is in response to the alarming free fall of the Naira and escalating hyperinflation. Governor Cardoso and…
The newly appointed board members of the Nigerian National Petroleum Corporation (NNPCL) have pledged their commitment to President Tinubu’s goal of increasing the country’s oil production to 2 million barrels per day by next year. In a briefing to State House correspondents in Abuja, the Chairman of the Board, Okokon Ekanem Udo, emphasized that the…
The National Bureau of Statistics has released its Consumer Price Index report for November 2023, which shows that the rate of inflation in Nigeria has increased by 0.87% points from October 2023. Consequently, this means that prices of goods and services are continuing to rise, making it more difficult for people to afford basic necessities….
Countries Under OPEC has initiated important steps towards maintaining a stable and balanced oil market took center stage at the 36th OPEC and non-OPEC ministerial meeting held via video conference with participating countries. OPEC Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda disclosed this to newsmen in Abuja at the end of a virtual…
The Ministry of Women Affairs is collaborating with a Chinese-owned company to enhance the skills and productivity of women through mechanized farming. The Minister, Mrs Uju Kennedy-Ohanenye, who made this known when she received some staff of the company in Abuja, said the partnership, is part of the ministry’s program, to elevate the income levels…
The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 notes will continue to be accepted as legal tender indefinitely. The decision comes in the wake of new currency notes that were introduced last year, initially intended to replace the old ones. Isa AbdulMumin, Director, Corporate Communications, CBN, saidin a…
Plans are on by the federal government to establish the Nigeria Institute of Vocational Studies alongside upgrading the infrastructure of secondary and tertiary vocation systems. Senior Special Assistant to the President on technical, vocational and entrepreneurial education, Abiola Arogundade, made this known at the unveiling ceremony of the House Committee on Federal Polytechnics and higher…
President Bola Tinubu has assured potential investors that their investments are safe in Nigeria. The President, who gave the assurance at the Saudi-Africa Summit in Riyadh, Saudi Arabia, said Nigeria was ready for business. He said Nigeria was desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko…
Members of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) on Thurday have mobilised their members for a protest at the Nnamdi Azikiwe International Abuja. The organized labour gathered at the airport around 8:58am to enforce their directive to members working in the aviation sector to stop all flights to Owerri, the…
Nigeria and France have signed an agreement worth about $600m under the investment in digital and creative enterprise, I-DICE in Abuja. The programme, is an initiative of the Federal Government of Nigeria, which is aimed at promoting entrepreneurship and innovation in the digital technology and creative industry. The Vice President, Kashim Shettima who welcome the…
The House of Representatives Committee on Petroleum Resources downstream has pledged to assist the Federal Government to recover over twenty Billion US dollars revenue from the sector. The committee also said it will review the implementation of Petroleum Industry Act (PIA) to remove bottlenecks and allay fears of stakeholders in the sector. The Chairman of…
The Central Bank of Nigeria (CBN) has refuted claims of planning to redenominate the country’s currency, the Naira, with effect from January 2024. This clarification was provided in a statement released by the CBN’s Director of Corporate Communications, Isa AbdulMumin, in response to speculations about the apex bank’s intentions regarding the nation’s legal tender. The…
The naira dropped even more on Friday, in the parallel segment of the foreign currency (FX) market, reaching N1,315 per dollar. Comparing the amount to the N1225 it traded on Monday, it shows a depreciation of N90, or 7.35 percent. Bureau De Change operators (BDCs) in Lagos set the dollar’s purchasing and selling prices at…
President Bola Tinubu has praised the judgment delivered by Judge Robin Knowles of the Business and Property Court in London which awarded a significant victory to the Federal Government in a case against Process & Industry Development (P&ID) Limited. Judge Knowles dismissed the $11.5 billion award, which included accumulated interest, previously granted to P&ID over…
Mining is one of the oldest economic activities in Nigeria. However, the sector have been plagued with lack of regulation, hazardous health impact, illegal mining, lack of globally accepted equipment and very recently insecurity associated to mining activities. As a result of banditry and other insecurity challenge associated with the mining sector, some governors have…
Workers of the Nigerian Postal Service (NIPOST) have shut down the head office of the service in Abuja, protesting the appointment of Tola Odeyemi as Chief Executive Officer/Postmaster-General. Ajuri Ngelale, a Presidential spokesman, announced last week that President Bola Tinubu changed the leadership of under the Ministry of Communications, Innovations and Digital Economy., including NIPOST….
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has been appointed as the Chairman of the African Governors’ Forum of the World Bank. In a congratulatory message, the Ministry on its X handle said Mr Edun’s appointment will further create platforms of opportunities for the Nigeria to implement the ‘Renewed Hope…
Nigeria’s external reserve fell by $841.75 million between July and September, 2023 Figures obtained from the Central Bank of Nigeria CBN report on the movement of external reserve, shows that the reserves, stood at $34.07bn as of July 7, 2023, but fell to $33.23bn as of October 5, 2023. External reserves fell by $2.85bn in…
President Bola Tinubu is set to launch a $617.7 million investment through the digital and creative enterprises (i-DICE) programme. The i-DICE plan is a federal government programme aimed at promoting investment in information and communications technology (ICT) and creative industries as part of efforts to build better, more inclusive, and more sustainable jobs. While speaking…
On Thursday, the Nigerian naira had a conflicting performance against the US dollar, strengthening on the black market but weakening through the Investors and Exporters (I&E) window. The naira increased in value, selling at N997 to the dollar as opposed to N1,000 on Wednesday, according to black market data. However, at the I&E window, the…
The Federal Ministry of Humanitarian Affairs and Poverty Alleviation will from next month start payment of N25,000 grants to the benefiting members of the Nigeria Union of Pensioners captured in the expanded National Social Register of the Conditional Cash Transfer (CCT) Scheme. Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu announced this during…
Following consultations between a Federal Government delegation and leadership representatives from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in Abuja on Sunday, the federal government has agreed on a provisional wage increase of N35,000 to all treasury-paid federal government employees for a duration of six months. President Bola Tinubu had, during an…
The Federal Government has acceded to the organised labour’s demand that the N25,000 salary award to junior workers announced by President Tinubu in his nationwide broadcast be extended to all categories of their colleagues. This was part of the agreements reached between the government and the organised labour during their meeting in Abuja. After the…
Chairman of the House committee on Petroleum Resources (Downstream), Ikeangwuonu Ugochinyere, says that the House of Representatives is committed to amending the act that established the Nigeria Extractive Industries Transparency Initiative (NEITI). He stated this when he visited the NEITI office in Abuja. This amendment will ensure that NEITI functions optimally and has the power…
The Nigerian naira has faced further depreciation, reaching an exchange rate of N980 to the US dollar on the parallel market, as reported by The Cable. The situation has prompted concerns among citizens and businesses, as they grapple with the impact of these currency fluctuations on their daily lives and financial stability. The Central Bank…
