The rising food inflation rate has increased the average cost of cooking a pot of jollof rice in Nigeria from N20,274 in June to N21,300 in September, reflecting a 5.1% increase. A report ‘Crisis On The Menu’: The SBM Jollof Index Q3, 2024 said the prices of key ingredients such as tomatoes and peppers, remained […]
Babagana Zulum, governor of Borno, says he will rally lawmakers from the north to reject the tax bills proposed by President Bola Tinubu. Speaking with BBC, Zulum said previous laws took years of debate, wondering why the proposed legislations are being rushed. He said the bills would cripple the north and boost the economy of […]
The unemployment rate in Nigeria declined to 4.3 per cent in the second quarter of 2024, according to the latest report released on Monday, by the National Bureau of Statistics. This marked a decrease from the 5.3 per cent recorded in Q1 2024 and reflected a gradual recovery from the 5.0 per cent in Q3 […]
Nigeria’s Gross Domestic Product (GDP) has grown by 3.46 per cent in real terms in the third quarter (Q3) of 2024 on a year-on-year basis. This is according to a Monday GDP report published by the National Bureau of Statistics (NBS) which showed that the growth represents a 3.19 percent increase from the one recorded […]
In an apparent reflection of the multidimensional poverty in the country and the impact of continuous reduction in the purchasing power of Nigerians due to rising prices of goods and services, two-thirds of households in the country lack money to eat healthy, nutritious food, a survey by the National Bureau of Statistics, NBS has revealed. […]
The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2 billion to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year. The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary. Presiding over the session, Deputy Senate President […]
Nigeria’s external debt may rise to $45.1bn by the end of 2024 as the Federal Government advances plans to secure additional external funding. The Debt Management Office revealed in its latest report that the country’s external debt stock increased by $780m in the second quarter of 2024, growing from $42.12bn in March to $42.9bn as […]
The Federal Executive Council on Thursday approved a $2.2bn external borrowing plan. This is part of the Federal Government’s external borrowing programme for the 2024 Appropriation Act, the Finance Minister, Mr Wale Edun, told State House Correspondents after the Federal Executive Council meeting at the Aso Rock Villa, Abuja. The financing initiative will combine Eurobond […]
The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget. Atiku Bagudu, the minister of budget and economic planning, told journalists on Thursday after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu. The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy […]
The Central Bank of Nigeria (CBN,) said it spent $3.57 billion servicing the country’s foreign debt in the first nine months of 2024. According to data obtained from the Central Bank of Nigeria (CBN) report on international payment statistics, the federal government debt service increased by 39.7 percent from the $2.56 billion spent during the […]
