BUSINESS
Petrol Price Increased To N626.21 In September — NBS Report
The National Bureau of Statistics (NBS) has reported that the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023. This information was provided in the Petrol Price Watch for September 2023, released in Abuja on Saturday. According to the NBS, the September 2023 price of N626.21 represents a 226.75 per cent...
IMF Says South Africa May Overtake Nigeria As Africa’s Biggest Economy
The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy. According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent is reaching towards achieving $401 gross domestic product (GDP) in 2024. The global financial institution, however, envisioned that based on current prices, Nigeria and...
FG Proposes N26trn Budget For 2024 Fiscal Year
The Federal Government, yesterday, projected N26 trillion for the 2024 budget which it has targeted to submit to the National Assembly before December 31, 2023. Minister of Planning and Budget, Atiku Bagudu, made the disclosure at the end of the Federal Executive Council (FEC), presided over by President Bola Tinubu, while briefing State House Correspondents alongside his colleagues from Ministry...
Watch Your Debt Profile, IMF Cautions Nigeria As Borrowing Spree Continues
As President Bola Tinubu proposes N26.01 trillion budget for 2024 fiscal year, the International Monetary Fund (IMF) has raised concerns about Nigeria’s increasing debt burden. In its recent report on ‘Africa: Special Issue: In Pursuit of Stronger Growth and Resilience,’ IMF raised some concerns fearing that Nigeria’s government debt will surge by 4.3 percent of its GDP in 2024, from...
Tinubu Delists FCT From TSA, Minister To Enjoy Financial Autonomy
President Bola Tinubu has made the decision to remove the Federal Capital Territory Administration (FCTA) from the Treasury Single Account (TSA). This was announced during a press conference held on Friday in Abuja. This strategic move is anticipated to facilitate the advancement and expansion of the FCTA under the leadership of the FCT Minister. Reports say Nyesom Wike will enjoy greater financial...
Beneficiaries To Get N50,000 As FG Reintroduces Tradermoni Next Month
The Federal Government will restart the Tradermoni scheme in November with each beneficiary getting N50,000 to support their business. While the interest-free loan scheme for traders – started in 2018 – has been on hold for some time, the Minister of Humanitarian Affairs and Poverty Alleviation Mrs Betta Edu said the government is set to relaunch it. Confirming that the scheme...
President Tinubu Increases Minimum Wage To Cushion Effects Of Fuel Subsidy
President Bola Tinubu has announced a N25,000 wage award to low grade workers in the civil service, as part of measures to cushion the impact of the fuel subsidy removal policy. Tinubu made the pledge on Sunday, October 1, as part of his Independence Day Broadcast to the nation, where he noted that the salary increase will last for a...
Fuel Subsidy Removal: Give Tinubu More Time To Address Hardship, Gov. Sani Begs Nigerians
Amid the pain caused by the fuel subsidy removal, Governor Uba Sani has pleaded with Nigerians to be patient with President Bola Tinubu’s government. He made the call on Thursday when he was featured on Channels Television’s Politics Today. According to him, the President and the governors are taking preventative measures and adopting an approach to lessen the impact of...
How Senate Confirmed Cardoso As CBN Governor, 4 Deputies
The Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) governor and four others as deputy governors of the apex bank. They were confirmed on Tuesday following a screening by the upper legislative body. The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello. “The nomination of...
Kaduna Govt Seeks Investment From Saudi Arabia
The Kaduna State Government has canvassed for investment and support from the Kingdom of Saudi Arabia. Deputy Governor, Dr Hadiza Sabuwa Balarabe stated this at an event to celebrate the 93rd National Day of the Kingdom of Saudi Arabia at The Afficent event centre, in Kano on Saturday. In her remarks, the deputy governor thanked the Kingdom of Saudi for the...
