Nigeria’s foreign exchange (FX) reserve dropped by $1.02 billion within 18 days. According to data from the Central Bank of Nigeria (CBN), the FX reserve stood at $33.43 billion on April 4 — down from $34.45 billion on March 18. The record showed that the country’s foreign reserves declined from $34.45 billion on March […]
Long queues built up in filling stations across Lagos State on Friday, creating fears of impending fuel scarcity. Our correspondent, who went around the city, gathered that the queues in some of the filling stations affected the free flow of traffic. At the AP filling station in Alapere, commuters were held in traffic on […]
The National Average Cost of a Healthy Diet (CoHD) per adult a day stood at N938 in February 2024, the National Bureau of Statistics (NBS) said in a report. The NBS revealed this in its CoHD report for February 2024, released on Friday in Abuja. The bureau said the CoHD was the least expensive […]
Some Nigerians who benefited from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF) have failed to pay N261.07bn out of N419.42bn given out. Daily Trust reports that the facility launched in April 2020 was to cushion the effects of the COVID-19 pandemic on households and SMEs. Enchanted by […]
Nigeria’s public debt stock increased from N87.91 trillion (114.35 billion dollars ) in the third quarter of 2023 to N97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023. The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023, released in Abuja. […]
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate in a move aimed at tackling rising inflation. The new Monetary Policy Rate (MPR) now stands at 24.75% up from the previous rate of 22.75%. Speaking to journalists after the MPC meeting, CBN Governor […]
The Federal Executive Council (FEC) has approved the construction of 28 roads and bridges across the country worth over 1.2 trillion Naira. The Minister of Works, Dave Umahi, disclosed this shortly after the FEC meeting held on Monday. He said the projects were approved by FEC having gone through the Bureau of Public Procurement […]
President Bola Tinubu has said the Federal government will henceforth patronise made in Nigeria goods as part of its strategy to further strengthen the Naira, urging Nigerians to also do same. Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said this on behalf of his principal while addressing state house correspondents […]
The Federation Account Allocation Committee (FAAC) has disbursed N1.15 trillion to the three tiers of government for last month. Last month’s revenue into the federation account was N2.33 trillion, with deductions and savings of N1.17 trillion, including the cost of collection, transfers, interventions, refunds and savings of N250 billion. Notable highlights from the distributable […]
The removal of subsidy on Premium Motor Spirit, popularly called petrol, pushed up the statutory revenue allocations from the Federation Account that was shared by the three tiers of government in 2023 to N10.14tn. Data released on Tuesday by the Nigeria Extractive Industries Transparency Initiative in its latest report on the Federation Account revenue […]
