Controversy has surrounded the presence of a team of policemen at the Federal Capital Territory home of the Central Bank of Nigeria Governor, Godwin Emefiele. The armed police officers, numbering over 10, were seen by our correspondent around 8.40pm, Tuesday, at the Maitama, Abuja home of the embattled governor of the apex bank. […]
The Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, popularly called petrol, at a loss because of its mandate from the Federal Government as regards PMS subsidy, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Monday. Sylva’s remarks came as oil marketers stated that the supply hitches in […]
Patience Oniha, director general, Debt Management Office (DMO), says the incoming administration would inherit about N77 trillion as debt by the time President Muhammadu Buhari’s tenure ends in May. Oniha said this while fielding questions from journalists at the public presentation and breakdown of the highlights of the 2023 appropriation act in Abuja on […]
A professor of political economy and Founder of the Centre for Values in Leadership, Pat Utomi, has said the recently passed 2023 budget will lead to massive inflation, loss of jobs and collapse of exchange rate. The economist who described it as a budget of debt service, said the projected figures of N9 trillion […]
A former Minister of Education, Obiageli Ezekwesili, has raised concerns over the 2023 National budget, describing it as “hopeless”. The PUNCH reports that the President, Major General Muhammadu Buhari (retd.), signed the 2023 Budget of N21.83tn along with the 2022 Supplementary Appropriation Bill into law. Buhari signed the 2023 transition budget Tuesday morning at […]
Kristalina Georgieva, managing director, International Monetary Fund (IMF), has warned that a third of the global economy will face recession this year. Georgieva spoke in an interview with CBS, an American broadcast television and radio network, on Sunday. She said economic activities in the United States, the European Union, and China are all slowing […]
The National Assembly has passed the 2023 appropriation bill at N21.83 trillion. This shows an increase of N1.32 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari. A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and […]
The Central Bank of Nigeria (CBN) has made an upward review of its cash withdrawal limit directive 15 days after issuing the policy as individuals can now withdraw N500,000 cash weekly and up to N5 million for corporate entities from 9th January, 2023. In a circular issued on Wednesday and signed by the Director […]
In a bid to protect Nigerians from falling victim of counterfeiters, the Central Bank of Nigeria, CBN, has released details and position of the security features in the new naira notes. Details and position of the security features are highlighted in the documents below as released by the CBN.
The World Bank has warned the newly redesigned naira which went into circulation last week may have negative effect on economic activity especially poor Nigerians due to its timing and short transition period. The Washington-based bank revealed this in a new report titled, “Nigeria Development Update.” This came amid the mixed reactions that have […]
