Monthly House Rent Payment Proposed Amidst High Inflation
Nigeria finds itself grappling with a formidable economic challenge as inflation continues its upward trajectory. According to the National Bureau of Statistics, headline inflation surged from 29.9% in January to 31.7% in February, exacerbating the already burdensome cost of living for citizens. Rent Reform Bill Despite Inflation In response to the mounting pressure on citizens […]
Why I Removed Fuel Subsidy- Tinubu Begs Nigerians For Patience
President Bola Tinubu has shed light on the rationale behind the removal of fuel subsidy, emphasizing the need for transparency and redirecting funds towards critical sectors. Speaking at the seventh Nigeria International Energy Summit in Abuja, Tinubu outlined the government’s strategy to mitigate the impact on vulnerable Nigerians and foster economic growth. Shared Equitably: Protecting […]
AfDB Warns of Social Unrest Amidst Rising Prices Of Food, Fuel, Other Commodities
The African Development Bank (AfDB) has sounded the alarm, cautioning that soaring prices of goods and fuel could ignite social turmoil, particularly due to opposition against government policies such as subsidy removal. In its latest report on macroeconomic performance and outlook for 2024, the bank projects a promising economic growth trajectory for the continent, surpassing […]
IMF Warns Of Nigeria’s Foreign Reserves To Depreciates To $24bn
The International Monetary Fund (IMF) has forecasted a troubling trajectory for Nigeria’s foreign reserves, predicting a potential plunge to $24 billion by 2024. The IMF’s latest country report for Nigeria paints a grim picture, highlighting challenges ahead for Africa’s largest economy. “The financial account is likely to deteriorate, with no projected issuance of Eurobonds, large […]
Nigeria’s Economic Crisis Deepens Amid High Debt Servicing- IMF Warns
The International Monetary Fund (IMF) has sounded the alarm on Nigeria’s deepening economic woes, citing stalled per-capita growth, escalating poverty, and soaring food insecurity as exacerbating factors in the ongoing cost-of-living crisis. In a report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria,’ the global lender highlighted Nigeria’s struggles with rising inflation, currency […]
NNPCL Approves Creation Of New Department For Oil Revenue Transactions
In a move, the Nigerian National Petroleum Company Limited (NNPCL) announced the establishment of a new department in collaboration with the Central Bank of Nigeria (CBN) to streamline crude oil sales transactions. The Group Chief Executive Officer of NNPCL, Mele Kyari, disclosed this decision during a recent meeting with the CBN delegation, emphasizing the significance […]
World Bank Warns Of Looming Food Crisis In Borno, Kaduna, Zamfara, Others.
In a revelation, the World Bank has pointed out the looming threat of severe food crises in seven states spanning the North-west and North-east regions of Nigeria. Highlighting factors such as heightened insecurity and armed conflicts, the bank’s latest Food Security report paints a grim picture of deteriorating living standards in these regions. Speaking to […]
Foreign Investors Eye Nigeria’s Reforms For Long-Term Gains- Cardoso
Foreign Portfolio Investors (FPIs) are eyeing Nigeria due to an interest in the country’s policy reforms, according to Olayemi Cardoso, the Governor of the Central Bank of Nigeria. In an exclusive interview on Arise TV, Cardoso emphasized the need for policy adjustments to accommodate the influx of funds from these investors. Addressing concerns about the […]
State Governors Rally Strong Collaboration With Federal Ministry To Boost Agriculture
The Governors of Kwara, Taraba, Ondo, and Kogi converged on the Abuja headquarters of the Federal Ministry of Agriculture and Food Security, highlighting the urgent need to enhance crop production for national food security. During the meeting, Abdulrahman Abdulrazaq, the Chairman of the Nigeria Governors Forum, emphasized the importance of concentrating efforts on food security. […]
CBN Governor Reveals $2.4 Billion Forex Scandal, Vows No Payment For Illegitimate Transactions
Dr Olayemi Cardoso, the governor of the Central Bank of Nigeria, unveiled a startling revelation regarding the $7 billion foreign exchange backlog inherited upon taking office. Cardoso in an interview on Arise TV disclosed that a forensic audit by Deloitte management consultants exposed approximately $2.4 billion linked to non-existing entities, absence of import documents, and […]