Appeal Court Voids Judgement Stopping Monthly Allocation To Rivers State
The court of appeal in Abuja has set aside the judgment restraining the Central Bank of Nigeria (CBN) from disbursing financial allocations to the Rivers state government. The three-member panel, on Friday, ruled that the subject matter of the state’s appropriation bill is not within the jurisdiction of the federal high court. The Hamman Barka-led appellate court held that the lower...
Naira Appreciates To N1,685/$ In Parallel Market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,695 per dollar on Wednesday Similarly, the naira appreciated to N1,567 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria, CBN, on the Daily Nigerian Foreign Exchange Market (NFEM) showed Naira appreciated for four consecutive days to N1,567 per dollar from...
Abia Workers To Receive 13th Month Salary Before Dec 20, Gov. Otti Assures
Governor of Abia State, Alex Otti, has announced plans by his administration to pay both the December and the 13th month salaries to workers before December 20, 2024. Speaking during a critical meeting with leaders of workers’ unions in the state including the Nigeria Labour Congress (NLC), Otti assured that just like he did last year, he will pay the...
No Rest Till Nigerians Feel Impact Of My Economic Reforms, Tinubu Vows
Following the newly released third quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics, President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand. Nigeria’s GDP grew by 3.46 per cent, compared to the 3.19 per cent growth recorded in the second quarter, according to the NBS. The growth in GDP shows...
Despite Improved Revenue, We Still Need More Borrowings, Edun Tells Senate
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian government needs more borrowings to fund its budget even though some Ministries, Departments and Agencies have surpassed their revenue target. Edun said this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure...
Customs Generates N144.2bn Revenue In 10 Months
The Murtala Mohammed Area Command of the Nigeria Customs Service, Thursday stated that it realised the sum of N143.2 billion revenue into the federal government coffers between January and October, 2024. Aside, the revenue the command also intercepted, 250 turtles, 23 pieces of walkie-talkies, 175 pieces of military helmet, and 50 pieces of drones allegedly being smuggled into the country...
Gov. Sanwo-Olu Presents ₦3trn 2025 Budget To Lagos Assembly
Governor Babajide Sanwo-Olu of Lagos has presented the sum of ₦3.005 trillion before the state House of Assembly as a proposed budget for the year 2025. Briefing the lawmakers on Thursday in Alausa, Sanwo-Olu emphasised the budget’s focus on infrastructural development and sustainability. Tagged the “Budget of Sustainability,” it seeks to focus on capital projects aimed at economic growth and development. A...
Senate Approves Tinubu’s $2.2BN Loan Request
President Bola Tinubu's request for a $2.2 billion loan to help partially finance the ₦9.7 trillion budget deficit for the fiscal year 2024 was approved by the Senate on Thursday. The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary. Presiding over the session, Deputy Senate President Jibrin Barau...
Tinubu Writes NASS, Seeks Approval For N1.77tn Fresh Loan
President Bola Tinubu has written to the National Assembly, seeking approval of a fresh N1.767tn as a new external borrowing plan in the 2024 appropriation act. If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget. The president’s request was read by the speaker during plenary on Tuesday. The president has also forwarded the...
CBN Threatens Severe Sanctions Against Banks Hoarding Currency
The Central Bank of Nigeria (CBN) has announced severe penalties for any bank involved in currency hoarding or diversion as part of its commitment to ensuring proper distribution of the nation’s currency. In a circular issued on November 13, 2024, the CBN outlined stringent measures for Deposit Money Banks (DMBs) found to be diverting cash to unauthorised hawkers. Under the new...
