The Ghana cedi has depreciated by 35 percent against the US dollar this year, making it the second worst-performing currency in the world after Sri Lanka’s Rupee. According to a currency performance ranking by Bloomberg, the cedi dropped 1.1 percent to trade about GH¢9/$ on Wednesday, extending its fall this week to 5.2 percent […]
British inflation surged to a new 40-year high in July on rising food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession. The Consumer Prices Index accelerated to 10.1 percent last month from 9.4 percent in June — a 40-year record at the time — […]
Abdullahi Adamu, national chairman of the All Progressives Congress (APC), says the federal government “can borrow from here to eternity”. Speaking on a programme on Trust Television on Monday, Adamu said countries like the US and the UK borrow funds from international financial institutions to meet their needs. President Muhammadu Buhari has been criticised […]
The Imo state government on Tuesday cautioned BudgIT on what it described as an untrue and misleading report that Imo was among the states owing salaries of its workers. The state commissioner for Finance, Doris Uzoka-Anite, stated this to newsmen in Owerri, while reacting to BudgIT’s report. The commissioner argued that the government was […]
Barring any change, President Muhammadu Buhari is expected to present the 2023 appropriation to the National Assembly in September. The Director General, Budget Office of the Federation, Ben Akabueze, disclosed this on Monday in Abuja at training on budget preparation using the Government Integrated Financial Management Information System. Channels Television reports that two-day nationwide […]
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 19.64 percent in July 2022, up from 18.60 percent in the previous month. The development indicates a 1.82% month-on-month increase — and the highest ever inflation rate recorded since September 2005 The National Bureau of […]
The Nigerian Labour Congress has asked the federal government to raise taxes across the board for the ‘rich’ and ensure that governors above 50 years resign. The union made the recommendations in a letter signed by Ayuba Wabba, NLC’s president and sent to President Muhammadu Buhari. The letter, seen by TheCable, dated August 8th, […]
Hope Uzodimma, governor of Imo, says the country will continue to rely on the Central Bank of Nigeria (CBN) to secure the country’s economy. Uzodimma said this on Friday while speaking with state house correspondents after meeting with President Muhammadu Buhari. The World Bank had said the current petrol subsidy regime poses an “existential […]
Presidential candidate of the Labour Party in the 2023 elections, Peter Obi, on Thursday said Nigeria must end petrol subsidy. “Going forward, we must look for ways to move Nigeria beyond oil,” Mr Obi said in a series of tweets. “We must end this criminality called ‘oil subsidy’.” He said Nigeria is “vastly polarised […]
Nigeria has moved one spot up in the latest top 10 International Development Association (IDA) borrowers’ list. IDA, part of the World Bank, helps the world’s poorest countries. According to the organisation’s recently released financial statements, Nigeria is the fourth most indebted country, with a $13 billion debt as of June 30, 2022. Last […]
