No More Loans For FG, CBN Declares
The Central Bank of Nigeria (CBN) says it has discontinued granting loans through its Ways and Means advances to the federal government. The CBN Governor, Olayemi Cardoso, said the decision was because of the government’s failure to settle its outstanding debt. Cardoso said this on Friday at an interactive session with the Senate Committee on Banking, Insurance and other Financial Institutions...
Nigeria’s Economic Problem Generational, Tinubu Working Hard To Tackle It — APC
Felix Morka, the All Progressives Congress (APC) Publicity Secretary, has said that the economic problems the President Bola Tinubu-led administration is working to tackle were created generationally. Morka stated this while commenting on the hardship Nigerians are facing as a result of some economic policies introduced by President Biola Ahmed Tinubu in an interview on Channels TV’s Politics Today. He said...
CBN Pumps $500m Into Forex Market, Promises To Clear Backlog Soon
In a move aimed at addressing the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected another $500 million into the market. This comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, Acting Director of the Corporate...
Shettima Urges African Leaders To Ramp up 3% of continent’s global GDP
Vice President Kashim Shettima, has implored African leaders to work towards ramping up the total $3.1 trillion Gross Domestic Product (GDP) of countries on the continent, amounting to a paltry three percent of the overall global GDP. The Vice President, who gave the charge during the African Economy of Scale Plenary on the sidelines of the ongoing World Economic Forum...
How Vessel With 200,000 Litres Of Stolen Crude Was Intercepted In Delta
The Chief of Defence Staff (CDS), General Christopher Musa, in company of top officials of the Nigerian National Petroleum Company (NNPC) Limited on Monday, inspected a vessel caught with about 200,000 litres of stolen crude. The vessel was arrested by a joint sting operation carried out by the Nigerian Navy and a private security firm Tantita Security Services. Twenty three suspects...
VP Shettima Jets Out To Switzerland For World Economic Forum
The Vice President, Senator Kashim Shettima, has departed Abuja for the World Economic Forum in Davos, Switzerland. This was disclosed in a statement on Sunday by the Vice President’s spokesman, Stanley Nkwocha, saying the trip was at the instance of President Bola Ahmed Tinubu. At the 2024 forum, Shettima will “join other political and business leaders across the world at the...
I Prevented Nigeria From Sliding Into Economic Disaster — Tinubu
In his first New Year address to the nation, President Bola Tinubu, on Monday, said he took difficult steps at reforming Nigeria’s economy to avert a looming fiscal crisis He assured Nigerians that the harsh economic realities would not last long, as his reforms would yield the desired results in 2024. Upon assuming office in May 2023, the President announced the...
Nigeria’s Unemployment Rate Increased To 4.2% In Q2 2023 – NBS
The National Bureau of Statistics (NBS) says the unemployment rate in Nigeria increased to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in Q1 2023. The NBS said this in its Nigeria Labour Force Survey for Q2 2023, released in Abuja on Thursday. It said the unemployment rate was defined as the share of the labour force who were...
Gov. Sani Presents N458.3 Billion 2024 Budget To Kaduna Assembly
Kaduna State Governor Senator Uba Sani, yesterday presented a N458.3 billion budget for the 2024 fiscal year to the state’s House of Assembly for approval. The budget has N318.8 billion as capital expenditure and N139 billion as recurrent expenditure, reflecting a capital-to-recurrent ratio of 69.57 per cent to 30.43 per cent. Governor Sani said the budget prioritised capital spending in line...
NLC Carpets World Bank For Advising FG To Sell Petrol N700 Per Litre
The Nigeria Labour Congress (NLC) has condemned the advice by the World Bank to the Federal Government to increase petrol prices to N750 per litre. NLC President, Joe Ajaero said this on Friday in Abuja in a statement, titled: ”World Bank’s N750 per litre for premium motor spirit is a threat to Nigerians economy”. It would be recalled that the World...
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