The Debt Management Office (DMO) on Friday, December 8, told the House of Representatives Committee on Appropriation that unless the revenue generating agencies in the country increase revenue generation and contributions to government treasury, the government will continue to borrow to fund the annual budget. Best Asset Management Software | Learn More Asset Management […]
The naira depreciated yesterday to N1,1200 per dollar in the parallel market from N1,172 per dollar on Wednesday. However, the naira yesterday appreciated to N843.07 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N843.07 per dollar from N951.22 per dollar […]
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. “In the last four years, IMF has got it wrong about our projections,” Akabueze said on Channels Television’s Politics Today programme on […]
The federal government says Baker Hughes, a global oilfield services company, has announced its willingness to invest in Nigerian refineries. Lorenzo Simonelli, the chairman and president of Baker Hughes, made this known during an engagement with Heineken Lokpobiri, minister of state for petroleum resources (oil), on the sidelines of 28th United Nations Climate Change […]
President Bola Tinubu, on Wednesday, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago. Read the full speech below: 1. In furtherance of my sacred duties and obligations as President of the Federal Republic of […]
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has disclosed that the country cannot rely on borrowing to fund the 2024 budget. Edun stated this on Thursday when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator Sani […]
Nigeria’s inflation rate surged to 27.33 per cent in October, the National Bureau of Statistics disclosed on Wednesday. This is a 0.61 percentage point from the 26.72 per cent that was recorded in September. In its Consumer Price Index (October 2023) that was released on Wednesday, the NBS stated, “In October 2023, the headline […]
Nigeria’s debt to China increased from $3.93bn as of June 30, 2022, to $4.73bn as of June 30, 2023, showing an increase of $800m in one year. It is an increase of 20.36 per cent from the second quarter of 2022 to Q2 2023, according to an analysis of the external debt stock data […]
The Federation Account Allocation Committee (FAAC) has saved N289 billion into the non-oil account for the month of September 2023 The FAAC has been operating the account since June 2023 as a buffer against hard times. It is different from the Excess Crude Account (ECA). This is contained in the statement at the end […]
The Federal Executive Council on Monday approved the application for a $3.45bn loan to finance five items. They include projects in the power sector, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment and a women’s empowerment project. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, […]
