The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025. CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. However, the apex bank in
The inflation rate in Nigeria eased for the second consecutive month to 32.15% in August, but the cost of rent, medical services and transportation remain on an upward trend This was disclosed in the Consumer Price Index (CPI) Inflation Report published by the National Bureau of Statistics (NBS) on Monday. According to the report, “All
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the apparently illegal and unconstitutional increase in the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets.” SERAP
Catholic Bishop of Sokoto Diocese, Mathew Hassan Kukah, has asked leaders of the ruling All Progressives Congress (APC) to reduce the current pump price of fuel, saying Nigerians are hungry. He spoke on Friday in Abuja, during the official unveiling of The Progressive Institute (TPI). Recall that the pump price of petrol per litre in
The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday said it has no plans to regulate prices in the Nigerian market. FCCPC in a statement by its spokesman, Ondaje Ijagwu, clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace. The statement came in response to feedback
Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, says the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%. Oyedele stated this during an interview on Channels TV’s Politics Today. He also said his committee was working to consolidate multiple taxes in
The Arewa Democratic Front (ADF), a non-governmental organization established in 2007 has called President Bola Tinubu to arrest and investigate the NNPCL CEO, Mele Kyari over alleged N6 trillion subsidy and persistent fuel crisis. The group lamented that the ongoing fuel scarcity, marked by unbearable queues and skyrocketing prices, is not just an economic burden
The rising inflation rate will force Nigerian households to spend the largest amounts of their earnings on food in the next six months, a recent survey by the Central Bank of Nigeria (CBN) has shown. This is as the most recent report by the National Bureau of Statistics (NBS) puts the inflation rate at 33.40
The Federal Competition and Consumer Protection Commission has given a one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja. According
Over 31.8m Nigerians are suffering from acute food insecurity compounded with malnutrition among women and children in the country. According to statistics provided by the 2024 Cadre Harmonise report, the surge in food commodity prices which is a result of the removal of fuel subsidy in addition to security challenges, has placed millions of Nigerians