Senate Backs Naira Redesign, Seeks Extension Of Mop Up Timeline For Old Notes
The Senate on Wednesday endorsed the proposed redesign of the country's official currency, Naira note by the apex bank, Central Bank of Nigeria but not without seeking the extension of deadline to mop up old notes. The Senate insists that the deadline of Tuesday, January 31 2023 to pay all cash in circulation into banks was too short and should...
Nasarawa Governor, Abdullahi Sule Expresses Shock Over Reduction In Naira Value
Governor Abdullahi Sule of Nasarawa State has expressed shock over the continued fall in value of naira against the dollar. He, however, hoped the situation would be reversed soon. The governor, who spoke in an interview on Channels Television’s ”Politics Today” programme on Wednesday night, said he was extremely worried over the move of the Central bank of Nigeria, CBN, to...
Nigeria At Risk Of Debt Distress — Report
Nigeria is at a very high risk of debt distress, a report released by an Abuja-based policy think tank, Agora Policy, has said. The report noted that “despite official statements about the sustainability of Nigeria’s growing debts, the public debt is not only understated but has also become a major drag on public finance”. According to the report, “the proportion of...
Group Condemns Kogi State Govt Over Closure Of Obajana Cement Factory, Says It’s Illegality
A group, The Coalition For Civil Society Groups in Abuja has condemned the illegal closure of Obajana cement factory by the government of Kogi State, describing it as illegality taken too far. The group insists that Kogi State Governor, Yahaya Bello cannot be the complainant and a judge at the same time, calling for immediate reopening of the factory while...
Buhari Presents N20.5 Trillion 2023 Budget To National Assembly
President Muhammadu Buhari has put the total budget estimate for 2023 at N20.5 trillion. Out of this, the government is budgeting about N6 trillion for debt servicing in 2023. He however said that the 2023 proposals reflect the serious challenges facing the country. He said the policy of government is designed to ensure strategic thinking in government performance in 2023. The President said...
Reps Approve ₦8.4tn Borrowing, ₦6.3tn Debt Service
President Muhammadu Buhari will on Friday lay the 2023 Appropriation Bill before a joint session of the National Assembly in Abuja. Ahead of the Federal Government budget presentation, the House of Representatives, on Thursday, passed the 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, which the President earlier presented to the National Assembly. The House approved an aggregate FGN expenditure...
Buhari To Present 2023 Budget Friday To National Assembly
Barring last-minute changes, President Muhammadu Buhari will on Friday formally present the 2023 budget estimates before the joint session of the National Assembly. According to the key assumptions for 2023 in the documents presented to the House of Representatives and seen by Tribune Online, the oil benchmark is estimated at $70, crude oil production – 1.69mbpd, exchange rate – N435.57/$;...
Hardship For Nigerians As Inflation Hits Highest Since 2005 At 20.5%
Nigerians are gasping for breath as the inflation rate rose by 0.92 basis points to 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005. This represents the seventh consecutive monthly rise in Headline inflation since February. Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared...
Nigeria’s Economy On A Steady Growth Despite Global Challenges, Says Buhari
President Muhammadu Buhari Friday in the State House Abuja stated that despite the disruptions in global economy and internal troubles, the Nigerian economy has continued to be resilient and maintains an upward trajectory. Speaking at the inauguration of a Presidential Committee on the National Economy, President Buhari said the COVID-19 pandemic, the war in Ukraine, and the loss of substantial...
FG Talks Tough, Vows To Deal Bloody Nose On Oil Vandals, Thieves
The federal government yesterday said it would clamp down on vandals and oil thieves sabotaging the economy. The Minister of Interior, Rauf Aregbesola, said President Muhammadu Buhari had given the resources and the marching order to take the war to them. He spoke yesterday at the commissioning of eight gunboats acquired by the Nigeria Security and Civil Defence Corps (NSCDC) in...
