Tinubu To Present 2024 Budget Wednesday
Barring any last minute changes, President Bola Tinubu will present the 2024 budget to a joint session of the National Assembly on Wednesday. This information was confirmed to journalists by the Secretary, Research and Information at the National Assembly, Dr Ali Umoru, who was at the Senate with respect to protocol arrangements. It was gathered that the number and category of...
Nigeria’s Debt Stock Hits ₦39.6 Trillion In 11 Months
Nigeria’s total debt stock rose from N32.9tn as of December 2020 to N39.6tn in November 2021. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021, according to a copy of the presentation obtained by our correspondent. The new borrowing in...
Nigeria Inflation Rate Drops to 15.99% in October as Food Prices Ease
Nigerian inflation slowed to a 10th-month low in October, giving the central bank scope to leave interest rates on hold next week. Consumer prices increased 15.99% from a year earlier, compared with 16.63% in September, Statistician-General Simon Harry told reporters Monday in Abuja, the capital. The median estimate in a Bloomberg survey of seven economists was 16.2%. While inflation has exceeded...
Nigeria Heading For Another Recession, To Recover In 2021 – Buhari
President Muhammadu Buhari on Thursday said the country was primed for a second recession in four years although the government has put in place plans to ensure rapid recovery in 2021. The President made the remarks during the presentation of the 2021 budget proposal to the National Assembly. Like many other countries, the Nigerian economy has been hit hard by the...
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...
Aero Contractors Suspends Scheduled Operations Indefinitely
Aero Contractors, Nigeria’s oldest airline, says it will suspend passenger flights from Wednesday, July 20. The airline, in a statement on Monday, said the suspension is temporary but did not indicate when it will resume operations. In May, Aero h...
Dollar Sells For N445 As Forex Scarcity Persists
The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association...
We’ve Returned Ibori’s Looted £4.2m To Delta State Govt, Says Accountant-General
The Accountant General of the Federation, Ahmed Idris on Tuesday said the £4.2m looted by ex-Delta State Governor, James Ibori, has been returned to the state. The Attorney-General of the Federation, Abubakar Malami had on March 9 said the loot would be used for the construction of the second Niger Bridge, Abuja-Kano road, and Lagos-Ibadan Express road and not returned...
Buhari Has Done Well in Job Creation – Festus Keyamo
The Minister of State for labour (state), Festus Keyamo on Sunday, May 31, said the Buhari-led administration has done well in job creation in the last five years. Keyamo said this while appearing on Channels Television “Sunday Politics” programme. Festus Keyamo stated that the effort of the government has gone unnoticed because Nigeria’s population grows faster than the rate of job...
#ENDSARS Protest Disruption Cost Economy N1.5 Trillion – FDC
The economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget, Financial Derivatives Company Limited has said. “This suggests that the economic recovery path could be longer than anticipated. Massive investment in job-elastic sectors with minimal control on the pricing mechanism will serve as catalysts and...
