Costs Of Food, Gas, Fuel Push Inflation To 28.20%, Says NBS
Following the rise in the costs of food, fuel, energy, electricity, and others, the National Bureau of Statistics (NBS) on Friday, December 15, said the inflation rate rose from 27.33% in October 2023 to 28.20% in November 2023. Accounting for the cause of the increase in inflation, the Bureau said food and non-alcoholic beverages costs rose to 14.61%. It also noted that clothing...
World Bank Accuses NNPCL Of Lack Of Transparency In Managing Subsidy Funds
The Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal, the World Bank has disclosed. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. The Washington-based made this call in its Nigeria Development Update, December 2023 edition titled, ‘Turning The...
Sanwo-Olu Presents N2.2trn 2024 Budget To Lagos Assembly
The Lagos State Governor, Mr Babajide Sanwo-Olu, on Wednesday, presented a budget estimate of N2.2 trillion for the 2024 fiscal year to the state House of Assembly. The budget, entitled “Budget of Renewal”, was presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja. The proposed budget comprises N1.02 trillion recurrent expenditure, which is 45 per...
Nigeria Records N948.07bn VAT In Q3 2023 – NBS
The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at N948.07 billion in Q3 2023. This is according to the VAT Q3 2023 Report released in Abuja on Monday. The report shows a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in Q2 2023. It said local payments recorded were N522.08 billion, while...
IMF’s Projection Of Nigeria’s Economic Growth Wrong — Akabueze
The Director-General of the Budget Office of the Federation, Ben Akabueze, says the International Monetary Fund (IMF) has been wrong in its projections of the Nigerian economy in the last four years. Akabueze spoke on the economic projections of the President Bola Tinubu government for 2024. According to him, “In the last four years, IMF has got it wrong about our...
Tinubu Says 100 Electric Buses Will Hit Nigerian Roads To Enhance Eco-friendly Future
Nigeria will rollout 100 electric buses in a step towards a sustainable and eco-friendly future, President Bola Tinubu said Saturday. The “pioneering initiative” is to “significantly” reduce Nigeria’s carbon footprint and modernise the country’s transportation systems,” Tinubu said in Dubai, United Arab Emirates, on the margins of the COP28 climate summit. ”This initiative stands as a testament to our dedication to...
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...
Let’s Be Patient With Tinubu, He Inherited “Almost Comatose” Administration — Abiodun
Governor Dapo Abiodun of Ogun State believes Nigerians should be patient with President Bola Tinubu’s government which, according to him, inherited an “almost comatose” administration. Tinubu came to power in May – taking over from Muhammadu Buhari of the same APC and quickly introduced economic reforms aimed at restoring public finances and attracting more foreign investment. His administration has ended...
We’re Not Creating Debt Crisis But Reducing Poverty In Africa, Says Chinese Envoy
The Chinese government has said it is partnering with African countries to reduce poverty on the continent, pledging that it will not create a debt crisis for African countries. The Chinese Consul-General, Lagos, Yan Yuqing, made this known at the 18th China-African lecture held on Thursday at the Faculty of Arts of the University of Lagos. Yuqing said the partnership between...
Our Economic Environment Does Not Support Further Borrowing, Finance Minister Tells Senate
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has disclosed that the country cannot rely on borrowing to fund the 2024 budget. Edun stated this on Thursday when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator Sani Musa. The finance minister told the joint...
