The Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday. Also, the oil dealers stated that there was a high possibility for the cost of […]
The World Bank has approved a fresh $500 million loan for Nigeria to help improve the livelihood of women in Nigeria. Disclosing this in a statement, the World Bank said, “The World Bank has approved $500 million for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of […]
The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.41 percent in May 2023, up from 22.22 percent in the previous month. The country’s May inflation data is contained in the latest CPI report released on Thursday by the National Bureau of Statistics (NBS). […]
E-hailing drivers under the aegis of the Amalgamated Union Of App-Based Transport Workers Of Nigeria (AUATWON) have shutdown operations over low fares. The strike, which began on Wednesday, was also in protest of the high commission rates set by Uber and Bolt — the two biggest ride-hailing service providers in Nigeria. The development comes […]
The World Bank, yesterday, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in 2023, citing challenges of high inflation, foreign exchange shortages, and shortages of banknotes caused […]
Adams Oshiomhole, former governor of Edo, says the federal government has a plan to cushion the effect of petrol subsidy removal on Nigerians. On Sunday, a federal government delegation which included Oshiomhole, held a meeting with representatives of the Trade Union Congress (TUC) at the presidential villa, in Abuja. Festus Osifo, TUC president, who […]
President Bola Tinubu on Friday said that the national minimum wage needs a review to reflect realities, assuring that improved livelihood for Nigerians remains a top priority of his administration, with more people-focused economic policies. President Tinubu also advised national and sub-national governments to work together on the issue, which, according to him, already […]
The Nigeria Labour Congess (NLC) has declared a nationwide strike from next Wednesday. The union announced the industrial action on Friday, following a meeting of its National Executive Council (NEC) in Abuja over the fuel subsidy removal and subsequent hike in the pump price of petrol. The NEC comprises all Presidents, General Secretaries, Treasurers […]
Nigeria’s borrowing from the World Bank has risen by 121.46 per cent under the regime of the President, Major General Muhammadu Buhari (retd.), findings by The PUNCH have shown. The PUNCH learnt that the total debt owed to the World Bank Group by Nigeria rose by $7.64bn (N3.52tn, using the exchange rate of the […]
The Council of State meeting, presided over by President Muhammadu Buhari on Friday, gave their support to the naira redesign policy but with a caveat that the Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, should make new Naira notes available or recirculate the old notes to ease the suffering of Nigerians. The […]
