Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America. According to a report by Bloomberg, economist Tatonga Rusike said in a note to clients on Tuesday that, “three indicators, the widely-used black-market rate, the […]
The collection of more taxes and effective blocking of revenue leakages remained the best measures that would drastically cut external borrowing and reduce the high debt burden of Nigeria, the Federal Government said on Tuesday. The government, however, said the debt burden was not beyond what it could effectively handle. The Minister of Finance, […]
The Ghanaian cedi has become the worst performing currency in the world after it lost 45.1 percent of its value to the US dollar this year. According to Bloomberg, the currency of the world’s second-biggest cocoa producer depreciated 3.3 percent on Monday to 11.2750 per dollar. The media company said the cedi’s poor performance […]
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.77 percent in September 2022, up from 20.52 percent in the previous month. The National Bureau of Statistics (NBS) said this on Monday in its consumer price index (CPI) report for September 2022. The figure […]
The federal government has earmarked N1.1 billion to the presidency for sitting allowance and welfare packages. President Muhammadu Buhari, on October 7, presented a record N20.51 trillion 2023 appropriation bill — with a fiscal deficit of N10.78 trillion — to the national assembly. Themed ‘budget of fiscal sustainability and transition’, it is the eighth […]
The deposed Emir of Kano and former governor of the Central Bank of Nigeria (CBN), Lamido Sanusi has berated President Muhammadu Buhari-led administration for heaping a mountain of debt for the future generation. Sanusi also said he was worried about the next Nigeria’s president that would succeed Buhari over the critical economic conditions he […]
The deposed Emir of Kano and vice chairman, Kaduna Investment Promotion Agency, Lamido Sanusi, has expressed his compassion for the next president that will succeed the President, Major General Muhammadu Buhari (retd), due to the perceived depleted state of the economy. Sanusi, who is also the current Khalifah, Tijaniyat Movement of Nigeria, said this […]
The World Bank says it will assess Nigeria’s debt sustainability plan before granting relief. It, however, said the country is yet to request debt restructuring under the G20 common framework. According to World Bank, the common framework requires private creditors to participate on comparable terms to overcome collective action challenges and ensure fair burden […]
The 2023 appropriation bill of N20.5 trillion on Wednesday passed through the second reading in the Senate and the House of Representatives. The upper chamber referred the bill to its Committee on Appropriation for further legislative action and expressed dissatisfaction over the rise in recurrent expenditure which is up from over 6 trillion naira […]
The Presidential Villa plans to spend N14.8bn on Internet access, stationery and telephone charges, among others, under the Federal Government’s planned expenditure captured in the 2023 budget. In the budget, N67.1m was budgeted for Internet access to the Villa, while stationery and computer consumables would be N79m. A further breakdown of the budget also […]
