IMF Says Naira Showing Signs Of Stability
The International Monetary Fund (IMF) has said Nigeria’s currency, the naira, is showing signs of stability. This, it said, is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN). The IMF made this known during a press briefing in Washington DC on Tuesday. “In Nigeria, rate hikes and the clearing of...
Senator Kalu’s Ambitious Plan To Make Abia North The Food Basket Of Nigeria Amidst Economic Hardships
As Abia North, like other regions in Nigeria, faces a severe economic crisis marked by hunger and unemployment, Senator Orji Uzor Kalu is spearheading an initiative to transform the region into the nation's food basket. This visionary plan aims to address the immediate hardships of the populace while laying the foundation for long-term economic stability and growth. THE CURRENT SITUATION Like many...
Tinubu Writes National Assembly, Wants 2024 Budget Increased By ₦6.2tn
President Bola Tinubu, on Wednesday, requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget with ₦6.2tn. Tinubu’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday. The President in the letter, said the move was pursuant to Section 58, sub-section...
Budget Office: Ben Akabueze Out, Tanimu Yakubu Kurfi In
President Bola Ahmed Tinubu has approved the appointment of Mr. Tanimu Yakubu Kurfi as the Director-General of the Budget Office of the Federation, following the expiration of the tenure of Mr. Ben Akabueze. Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement said Yabuku is an accomplished economist and was Chief Economic Adviser to late...
FG Has Secured $30bn Investment In Last One Year, Says Minister Of Trade And Investment
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite said Nigeria had secured an investment commitment of over $ 30 billion in the last one year. She spoke on plans to establish commercial courts across the country to adjudicate business cases. She said the government had approved N430 million to fix the Lagos International Trade Fair Complex, adding that the complex...
Tinubu’s Implementation Of Fuel Subsidy Removal, Coup In Niger Was Poor — Obasanjo
Former President Olusegun Obasanjo has knocked the administration of President Bola Tinubu over poor implementation of the removal of subsidy from petroleum products as well as the floating naira. Obasanjo said though the policies were necessary, they were wrongly implemented. According to a statement made available to journalists on Sunday by his Special Assistant on Media, Kehinde Akinyemi, Obasanjo also condemned...
Nigeria’s Ten Years Economic Mismanagement Cannot Be Reversed In One Year — Sanusi
A former Central Bank of Nigeria governor and the 14th Emir of Kano, Muhammadu Sanusi, says it will take a while to for the Nigerian economy to bounce back from 10 years of mismanagement. He said that realistically, it requires more than six months or one year for the economic mismanagement of the last 10 years to be undone. The former...
We’ve Received N3.911bn In Oil Derivation — Lagos State Govt
The Lagos State Government has disclosed that the sum of N3.911bn has been realised since it became an oil-producing state but the production has been hampered due to challenges faced by the company managing its exploration. The state’s Commissioner for Energy and Mineral Resources, Biodun Ogunleye, made this known on Wednesday at the 2024 Ministerial Press Briefing to mark the...
We’re Worried Over Naira Depreciation — Senate
The Senate Committee on Finance has expressed worry over the instability and continuous depreciation of the naira. According to the Senate, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern. In a statement signed in Abuja on Sunday, Senator Sani Musa who noted that there was the urgent need for concerted efforts at tackling the...
Logistics Issues Responsible For Fuel Scarcity — NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) says logistics issues were responsible for the resurfacing of fuel queues in some parts of the country. But it says the issues have been resolved, according to a statement by its spokesperson Olufemi Soneye. “The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that the tightness in the supply of Premium...
