Approximately 37 per cent of employed Nigerians are now earning less than N100,000 per month in 2024, representing a 42 per cent increase from the 26 per cent recorded last year, according to the PiggyVest 2024 Savings Report. The report highlights a significant rise in those reporting no income or earnings below the N100,000 threshold. […]
Global food prices rose in October to their highest level in 18 months, with a sharp increase in the cost of vegetable oil, the Food and Agriculture Organization said on Friday. The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a […]
As food scarcity intensifies in Nigeria, the recently released Cadre Harmonisé report on food and nutrition insecurity indicates that 133.5 million Nigerians could be affected by a hunger crisis in 2025. According to a statement issued Thursday by the Food and Agriculture Organization (FAO), the report, led by the Government of Nigeria with support from […]
The National Bureau of Statistics (NBS) yesterday said Nigerians spend an average N10,239.7 on liquefied petroleum gas (LPG) cooking gas monthly. This was contained in its report titled: “Nigeria Residential Energy Demand-Side Survey (NREDSS), 2024, which the Statistician General of the Federation Adeyemi Adeniran launched in Abuja. The report also said 19.4 percent of households […]
The World Bank says the federal government incurred a significant loss of N13.2 trillion in foregone revenue as a direct consequence of the implementation of its foreign exchange (FX) subsidy policy in three years. On October 17, Wale Edun, minister of finance and coordinating minister of the economy, said the FX subsidy era was gone. […]
Despite the rising cost of living spreading like wildfire across the country, Nigerians paid 24 per cent more to purchase one litre of the Premium Motor Spirit (PMS) or petrol in September. This is as the World Bank in its latest report on Nigeria, said 129 million Nigerians currently live below poverty. In its Nigeria […]
The World Bank has urged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country. Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that while the reforms may […]
The World Bank says the naira is among the worst-performing currencies in sub-Saharan Africa in 2024. In its regional economic outlook report ‘Africa’s Pulse,’ released recently, the World Bank said the naira continued to lose value, with a year-to-date depreciation of about 43 percent as of August. According to the World Bank, limited dollar inflows, […]
During his inaugural address at Eagle Square, Abuja, President Bola Ahmed Tinubu exclaimed “Subsidy is gone”, resulting in an instant increase in fuel price from N198 per litre to N540. According to the president, fuel subsidy had become a clog in the wheel of progress and needed to give way for the country to survive. […]
The presidential candidate of the Labour Party in the 2023 general election, Mr Peter Obi described the recent hike in the price of petrol products as “unfortunate and insensitive”. Obi made this known in a statement he titled “Reversing the Sudden Fuel Price Increase”, on his X.com account, on Saturday. PUNCH Online reports that transportation […]
