In light of Nigeria’s dwindling revenue, the continued payment of trillions of naira on fuel subsidy by the government and the attendant economic challenges, the World Bank on Wednesday raised the alarm that the country might be facing an existential threat. The international financial institution warned that if the country failed to optimise its […]
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. The N19.91tn owed the apex bank […]
The Presidential candidate of the Labour Party, MR. Peter Obi, has cautioned the President Muhammadu Buhari-led Federal Government against further borrowing for consumption. Obi handed down the words of caution in a series of tweets on his verified twitter handle @PeterObi, on Wednesday. He said, “As a matter of urgency, Nigeria must stop borrowing […]
The naira, on Wednesday, weakened against the dollar at the parallel section of the foreign exchange market. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos, said the local currency depreciated by N15 or 2.3 percent to trade at N680 per dollar at the street market. Last week, […]
The House of Representatives Ad Hoc Committee investigating the petroleum products subsidy regime from 2013 to 2022, has summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed, to appear before it on Tuesday, August 16, 2022, for questioning. Ahmed is to appear before the committee with all the documents demanded by the […]
Femi Falana, human rights lawyer and senior advocate of Nigeria (SAN), has accused the federal government of ignoring the advice of the national economic council (NEC) — which includes all governors — on better management of the economy. He said this in a paper, titled ‘Good Governance or Misgovernance: The Contract Called Democracy’, which […]
The Nigeria Employers’ Consultative Association, NECA, on Sunday in Lagos, raised the alarm that the nation’s economy is on the brink of collapse, warning that spiralling inflation, rising energy cost, scarcity of FOREX, the dwindling value of the Naira among others, are bleeding the economy. Yhe Director-General of NECA, Mr. Wale Oyerinde, lamented that […]
The Naira on Friday remained constant exchanging at N428.12 to the dollar at the Investors and Exporters window. The local currency remained unchanged at N428.12 to the dollar, same as the N428.12 traded on Thursday. The open indicative rate closed at N429 to the dollar on Friday. An exchange rate of N444.00 to the […]
The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education. Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted that the amount was the largest of any country. He noted […]
The Central Bank of Nigeria (CBN) has called for the repatriation of foreign exchange (FX) earnings through official channels to ease the pressure on the naira. Egboagwu Ezulu, CBN deputy director, banking services, said this at the maiden stakeholders’ conference of the Association of Corporate Affairs Managers of Banks (ACAMB) on Wednesday in Lagos. […]
