Stay Away From Further Borrowing, DMO Cautions FG
The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt. According to the DMO, the projected FGN Debt Service to Revenue ratio of 73.5 per cent for 2023 is high and cannot support higher levels of borrowing, and is also a threat...
Tinubu Orders CBN To Stop Payment To MDA’s Till Further Notice
As part of the ongoing efforts at taking firm control of his Administration, President Bola Ahmed Tinubu has reportedly directed the Central Bank of Nigeria CBN to stop further payments to the Ministries, Departments, and Agencies, MDAs, of the Federal Government till further notice. A presidency told the Saturday Tribune in Abuja on Friday that the Presidential order was issued...
‘High Petrol Price Could Spike Headline Inflation To 20%’ – J P Morgan
Meanwhile, President Bola Tinubu declared that petrol subsidy payments have ceased during his inaugural speech on May 29. Nigerian National Petroleum Company (NNPC) Limited instantly modified the pump price at all of its retail outlets across the country. According to JP Morgan, the country's petrol price hike might result in headline inflation rising from 22.41 percent in May 2023 to 25...
Tinubu Considers Extension Old Naira Notes Use
President Bola Ahmed Tinubu is thinking of extending the validity of old naira notes. The Central Bank of Nigeria (CBN) had redesigned the naira last year and set a deadline that was extended after outcry. However, ruling in a suit filed by some aggrieved governors, the Supreme Court shifted the deadline to December 2023. But in an Advisory Report released by President...
President Bola Tinubu To Inaugurate National Economic Council Today
Today, President Bola Tinubu and Vice President Kashim Shettima will host the first National Economic Council meeting. The meeting will include the 36 state governors and the acting governor of the Central Bank of Nigeria. More details to come...
CBN Floats Naira, Allowing Banks To Trade FOREX Freely
Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy. Sources familiar with the matter told BusinessDay Wednesday that a market rate based on a willing buyer and a willing seller is currently being quoted by banks who sent out emails to some customers confirming the...
Emefiele’s Humiliation Despite Keeping Economy Afloat Unacceptable — Agbor Indigenes
A community-based organization, Concerned Citizens of Agbor Initiative also known as Concerned Agbor Citizens, CAC, has condemned in strong terms the suspension and arrest of Mr Godwin Emefiele, Governor of Central Bank of Nigeria, CBN. The group in a press release, signed by Mr Echi Obue and Mr Williams Eghebi, Chairman and Secretary respectively, said the Department of State Security,...
Uber, Bolt Drivers Begin Nationwide Strike
The Amalgamated Union of App-based Transport Workers of Nigeria, comprising drivers under the platform of e-hailing companies like Uber and Bolt, has said it will commence a nationwide protest today (Wednesday). It planned to withdraw services of its drivers from the general public today. After the hike in the price of Premium Motor Spirit, the drivers decried the low fare increase...
Subsidy Removal: Gov. Makinde To Review Minimum Wage Of Oyo Workers
Governor Seyi Makinde of Oyo State has shown commitment to review salaries of civil servants in the state, as part of efforts to cushion the effect of the oil subsidy removal by the Federal Government. The development came barely 48 hours to the commencement of the proposed nationwide strike by labor unions across the country. Consequently, the governor has set up...
Young Nigerians To Undergo Training On Cultural Tourism Economy In China
Young Nigerians will undergo critical cultural tourism training in China, which is strategically billed to reduce unemployment and crime, and also mobilise the youths to drive the Nigerian creative cultural tourism economy. The cheering development was disclosed by the Director General of the National Council for Arts and Culture (NCAC), Otunba Segun Runsewe, who is leading an African delegation to...
