Ahead of the 2023 budget presentation, the Federal Government on Monday reiterated petrol subsidy will remain in place until mid-2023. According to the Minister of Finance, Zainab Ahmed, the government is proposing to spend only N3.36 trillion for petrol subsidy in 2023. She made the comment while meeting with the House of Representatives Committee […]
The federal government has proposed to borrow over N11 trillion to finance the proposed 2023 budget deficit, a development far above the stipulated threshold in the Fiscal Responsibility Act. Zainab Ahmed, minister of finance, budget and national planning, said this on Monday while appearing before the house of representatives committee on finance to defend […]
The naira has continued its downward trend, falling to N702 per dollar at the parallel market on Monday. The figure represents N10 or 1.4 percent depreciation compared to the N692 it traded last week. Bureaux De Change (BDC) operators in Lagos and Abuja, who spoke to TheCable, said that there is high demand for […]
Nigeria’s gross domestic product (GDP) grew by 3.54 percent year-on-year in real terms in the second quarter of 2022. The development is an improvement from the 3.11 percent growth recorded in the previous quarter. The National Bureau of Statistics (NBS) said this in the latest GDP figures released on Friday. On a year-on-year basis, […]
The federation’s revenue from the oil and non-oil sector crossed N1 trillion for the second month in July. Details of the revenue report from the office of the accountant-general of the federation seen by TheCable showed that the country raked in N1.26 trillion for the month. The figure represents a N36.9 billion increase from […]
The World Bank and the US Export-Import Bank (EximBank) say they will commit over $3 billion to the implementation of Nigeria’s energy transition plan. The international organisations made the commitment on Wednesday at the official global launching of the Energy Transition Plan by Yemi Osinbajo, vice-president. Shubham Chaudhuri, Nigeria country director, World Bank, said […]
The National Bureau of Statistics (NBS), says prices of selected food items increased in July. It made the declaration in its Selected Food Prices Watch Report for July 2022 released in Abuja on Monday. The NBS stated that the average price of 1kg of white beans rose by 23.22 per cent from N444.21 in […]
Zainab Ahmed, minister of finance minister, budget and national planning, says plans are underway for a national conference on the removal of petrol subsidy. Ahmed said the federal executive council (FEC) has approved the summit, adding that it will take place soon. The minister spoke on Thursday when she appeared before the house of […]
The Minister of Finance, Zainab Ahmed, has put the projected daily payment for fuel subsidy at N18.39 billion. She stated this during an investigative hearing of the House ad hoc committee which is investigating the petroleum subsidy regime between 2017 to 2021. “The total amount of subsidy per day is 18.397 billion per day,” […]
The Central Bank of Nigeria Governor, Godwin Emefiele, has disclosed that from next week, Nigerians would be able to transact on eNaira wallet through the Unstructured Supplementary Service Data code on mobile phones. The eNaira is a central bank digital currency backed by law and issued by the CBN as a legal tender. It […]
