BUSINESS
Tinubu Tells IMF That Nigerians Are Happy With His Economic Reforms
President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office in May 2023, Tinubu has scrapped subsidy on petroleum products and floated the naira, the result of which worsened inflation and subjected the masses to hardship. But receiving the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the...
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 Piloting Nigeria To Economic Recovery — Shettima
Vice President Kashim Shettima says Nigeria is currently on the path of economic recovery. Shettima stated that the country’s Gross Domestic Product (GDP) grew by 2.98 percent year-on-year in real terms in the first quarter of 2024. According to him, the performance of the GDP in the first quarter of 2024 was driven mainly by the services sector, which recorded a...
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...
Our Prayers Made $1 Not To Hit N10,000 By Now, Says Pastor Adeboye
Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), has attributed Nigeria’s current exchange rate stability to divine intervention, warning that without it, the naira could have plunged to ₦10,000 to $1. Speaking at the Special Holy Ghost Congress in Abuja, Pastor Adeboye noted that, through his prayers and those of his followers, the naira’s...
FG Secures Fresh $134m Loan From AfDB To Boost Dry Season Farming
The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country. This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja. Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made this...
AI Software Company Cogna Lands $15m Investment From Leading Venture Capitalist
An AI software company which counts Britain's largest gas distribution network among its clients will this week announce it has secured $15m (£11.6m) in new backing from a syndicate of leading venture investors. Sky News understands that Cogna, which launched last year, has landed the funding from Notion Capital, with backing from Hoxton Ventures - an early shareholder in Darktrace...
Dangote Refinery Sells Petrol At N960/Litre To Ships, N990 For Trucks
Dangote Refinery has disclosed the price of its petrol, saying that it sells at N990 per litre in trucks and N960 per litre into ships. The disclosure follows the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claim of importing the products at cheaper rates compared to that of Dangote. The marketers...
