Naira slipped to an eight-month low against the dollar on Monday, depreciating 0.75 per cent against the dollar at the spot market window. The local currency opened trading at N431.30 but closed at N434.75 to a dollar at the close of business on Monday, data published by FMDQ, where forex is officially traded, revealed. […]
Governor Godwin Obaseki of Edo State has decried Nigeria’s continued importation of petroleum products despite being one of the largest producers of crude oil in the world. The governor made the submission while speaking with journalists at Ewohimi, Esan South East Local Government Area of Edo State, at the 10-year remembrance service of Pa Jeremiah […]
Vice President Yemi Osinbajo says the Federal Government will be reaping billions of dollars in debt relief from some creditors if the Debt-for-Climate (DFC) swap deal is accepted. Osinbajo’s spokesman, Laolu Akande, in a statement on Sunday in Abuja, said the swap deal was proposed recently in the U.S. by the vice president. The […]
The Nigerian National Petroleum Company (NNPC) Limited says it deducted N448.78 billion in July to cater for subsidy payments. The company said in its monthly presentation to the federation account allocation committee (FAAC) meeting on August 24th, 2022. The figures showed that the country has paid N2.04 trillion to offset subsidy payments in the […]
The World Bank Group President, David Malpass, has said that the bank is ready to support Nigeria in phasing out regressive fuel subsidies while increasing social assistance for the poor and vulnerable. He also stressed the need for a unified exchange rate in Nigeria, which would significantly improve the business-enabling environment in Nigeria, attract […]
The Nigeria National Petroleum Corporation Limited will have the first right of refusal to supply the Dangote refinery with about 300,000 barrels of crude oil per day for the next 20 years. The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, disclosed this to journalists when he appeared at the 49th Session of the […]
Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed yesterday disclosed that the government has planned for 60 percent of revenue to be spent on debt servicing, but in some months, the ratio went up to 90 percent. Ahmed made the declaration in Abuja on Monday when she said the 2023 budget had […]
Consumers of household kerosene, also known as cooking kerosene, paid 99 per cent more to purchase a gallon of the product in the last one year. This is according to data from the Nigerian Bureau of Statistics, NBS. The statistics agency said the average retail price per gallon of cooking kerosene paid by consumers […]
Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn quarter-on-quarter. While real GDP grew by 3.54 per cent year-on-year in Q2 2022, it declined by 0.37 per cent from the N17.35tn that was recorded in the first quarter of 2021 to N17.29tn in […]
N19.76 trillion has been proposed by the Federal Government as budgetary expenditures for 2023 fiscal year. However, the budget may hit a fiscal deficit of between N11.30 trillion and N12.41 trillion, depending on the removal timeline of the subsidy regime. Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, disclosed this, yesterday, while […]
