Economy

It’s not often I agree with Nigeria’s Minister of Finance Zainab Ahmed. Not because of anything but because I fundamentally disagree with what I consider her fiscal mismanagement of Nigeria. But at least she recently gave an honest…

“Petroleum Subsidy” has assumed a life of its own and is operating in dual capacity as the Convener and the Chairman, Nigerian Governors Forum. Monthly, the 36 States of the Federation assemble in Abuja to collect their “share”, i.e FAAC,…

The Federal Government has obtained a 134-million-dollar loan from the Africa Development Bank to boost wheat production. Minister of Agriculture and Rural Development, Dr Muhammad Mahmoud, said this in Abuja, while briefing State House…

The Minister for Communications and Digital Economy, Professor Isa Ali Pantami says the planned introduction of excise duty on telecommunication services is capable of destroying the digital economy sector. Pantami stated in his address…

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) says it is mandatory for traveling agents to obtain clearance certificate before embarking on any journey. The Director-General of the agency, Dr Fatima…

EFCC operatives on Friday raided Wuse Zone 4, home to most bureaux de change in Abuja. The raid, conducted on other locations across the country, was undertaken days after the CBN blamed currency speculators of exacerbating the crash of…

BudgIT raises serious concerns over the poor performance of the 2022 budget, implications of petrol subsidy on the national economy and precarious debt service to revenue ratio

The House of Representatives has urged the Central Bank of Nigeria (CBN) to address delays arising from instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria. The call was sequel to a unanimous adoption of a motion by Rep.…

The Senate has passed the Nigerian Start-up Bill, 2022. The passage of the bill followed the adoption of a report of the Senare Committee on ICT and Cyber Security at Wednesday’s plenary. Presenting the report, the Chairman of the…

The Debt Management Office (DMO) says Nigeria does not face the risk of experiencing “debt distress” due to its $15.9 billion Eurobonds. The $15.9 billion Eurobonds is the foreign component of the debt Nigeria owes. The DMO said this…

The Russia and Ukraine standoff, vis a vis boycott of Russian gas has triggered significant disruptions and created a huge shortage in global gas supply chain. Available data indicate that Russia is the world’s largest natural gas…

Prices of staple food have continued to increase in Abuja and Nasarawa State, the News Agency of Nigeria (NAN) reports. A NAN survey revealed that in Nasarawa and the FCT, residents are frustrated due to the price increase of staple food…

The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to provide an integrated support system to reduce the impact of increasing cost of diesel on manufacturing. Director-General, MAN, Mr Segun Ajayi-Kadir,…

Naira depreciated against the dollar at the Investors and Exporters Window on Tuesday, exchanging at N430. The figure represented a depreciation of 1.00 per cent, compared to the N425.75 for which it exchanged for the dollar on Monday.…

The Debt Management Office (DMO) has listed N250 billion Sovereign Sukuk on the Nigerian Exchange (NSE) Limited and the FMDQ Securities Exchange. The N250 billion Sovereign Sukuk was issued in December 2021. Proceeds from the…

Edo State Police Command has confirmed the kidnap of two Catholic Reverend fathers from Central Senatorial District on Benin-Auchi Expressway between Ehor and Iruekpen areas. The Police Public Relations Officer, (PPRO) SP Chidi Nwabuzor,…

The Federal Executive Council (FEC) has approved reforms to shore up the non-oil revenue to N3.8 trillion and oil revenue to N160 billion annually. Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office…

The National Bureau of Statistics (NBS) says the average price of refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N3,921.35 in May 2022. This is contained in the NBS Liquefied Petroleum Gas (Cooking Gas)…

The Director of Programmes, Corporate Accountability and Public Participation Africa (CAPPA), an NGO, Mr Philip Jakpor, has appealed to Rivers Government to tackle soot menace for safety of residents of the state. Soot otherwise ashes,…

One of the cornerstones of seamless trade in financial markets is liquidity. In simple terms, liquidity refers to the ease and speed with which assets can be bought and sold without impacting their prices. If a market is described as…

The National Bureau of Statistics (NBS) says Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis in May. This is according to NBS Consumer Price Index(CPI) and Inflation Report May 2022 released in Abuja on…

Mr Jean-Claude Brou, President of the Economic Community of West African States (ECOWAS) Commission, has said that the community has resumed convergence to launch of the ECOWAS single currency “ECO” in 2027. Brou made this known on…

The Central Bank of Nigeria (CBN) says it is set to introduce the Unstructured Supplementary (USSD) code as part of steps to improve the Central Bank Digital Currency (CBDC). The Deputy Governor of the CBN, Kingsley Obiora, said this at…

The Securities and Exchange Commission (SEC) says capital market participants are to be given unique identifiers to curb issues of fraud in the market. According to SEC, the unique identifiers will also reduce high number of unclaimed…

The Debt Management Office (DMO) says it is advisable for Nigerians to invest in the various Federal Government Securities,  as they are profitable and risk-free. The Director-General of the DMO,  Patience Oniha,  said this in…

The Nigeria Customs Service (NCS) says it will generate a whopping revenue of $176 billion over the next 20 years through the implementation of e-customs project. The NCS Comptroller-General, retired Col. Hameed Ali, disclosed this on…

After appreciating for two days, the Naira on Thursday dipped against the green back by 0. 21 per cent at the Investors and Exporters window. The local currency exchanged at 418.88 to the dollar, compared to 418 traded on Wednesday.…

Forex trading in Nigeria has become immensely popular due to its ease of access to one of the most liquid and volatile financial markets. Forex brokers that offer a low minimum deposit allow for new traders to enter the Forex trading…

Dr Aminu Usman, a lecturer at the Kaduna State University, says that Nigeria’s inflation rate will likely increase in the coming months. Usman, a lecturer at the Department of Economics, said that the increase may occur due to the onset…