The National Bureau of Statistics (NBS) says prices of beans, bread, yam, rice and other food items increased in August 2024. In its ‘Selected Food Prices Watch’ report for August on Wednesday, NBS said the average price of 1 kilogram (kg) of brown beans (sold loose) stood at N2,574.63. On a year-on-year basis, NBS said […]
Nigeria’s local currency, the naira, is among the 10 worst-performing currencies in the world, Bloomberg is reporting. According to a report by the publication, out of the 10 worst-performing currencies, five are from Africa, including the Zambian kwacha, the Angolan kwanza and the naira. The drop in the performance of the African currencies was linked […]
The federal government is expected to receive a new loan from the World Bank, totalling $1.5 billion. According to the Washington-based financial institution’s project list, the loan is set to be approved on September 26. The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilisation […]
The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025. CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. However, the apex bank in […]
The inflation rate in Nigeria eased for the second consecutive month to 32.15% in August, but the cost of rent, medical services and transportation remain on an upward trend This was disclosed in the Consumer Price Index (CPI) Inflation Report published by the National Bureau of Statistics (NBS) on Monday. According to the report, “All […]
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the apparently illegal and unconstitutional increase in the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets.” SERAP […]
Catholic Bishop of Sokoto Diocese, Mathew Hassan Kukah, has asked leaders of the ruling All Progressives Congress (APC) to reduce the current pump price of fuel, saying Nigerians are hungry. He spoke on Friday in Abuja, during the official unveiling of The Progressive Institute (TPI). Recall that the pump price of petrol per litre in […]
The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday said it has no plans to regulate prices in the Nigerian market. FCCPC in a statement by its spokesman, Ondaje Ijagwu, clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace. The statement came in response to feedback […]
Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, says the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%. Oyedele stated this during an interview on Channels TV’s Politics Today. He also said his committee was working to consolidate multiple taxes in […]
The Arewa Democratic Front (ADF), a non-governmental organization established in 2007 has called President Bola Tinubu to arrest and investigate the NNPCL CEO, Mele Kyari over alleged N6 trillion subsidy and persistent fuel crisis. The group lamented that the ongoing fuel scarcity, marked by unbearable queues and skyrocketing prices, is not just an economic burden […]
