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...
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...
